Luca Ferrari

I think if you tried Evernote today, you would consider... They do different things, but the quality of the experience you consider probably on par.

So we had to close a big gap there.

Retention is at an all-time high, despite prices being higher, because now Evernote is substantially more expensive.

It varies by country, and it's probably an average, say, 60% more expensive.

So it's substantially more expensive than before, but actually retention is better, because, yeah, we did lose 10% of customers who were already not so sure, and once the price goes up, okay, I'm out of here.

But all the more engaged, loyal customers are still on board, and customer satisfaction by any quantitative metric is...

better than it's ever been before.

But it was a very time-consuming effort, not something, I think, completely beyond what, say, a private equity could do without having its own- R&D team and everything.

And having to maybe be ready to sell within a few years.

And again, we can't do it 100 companies each year, but we could do three or five or six.

It really depends on each case.

I'll give you another case that's quite different from Evernote, and that would be Meetup.

So Meetup, historically, you could only use it as an organizer.

You could only use it if you paid for it.

And since we acquired it, we introduced a free tier, so you could organize.

We actually do quite a lot for free.

It kind of qualifies as a price decrease in a way, like we give away more for free.

And we actually increased the price for the more advanced use cases for the truly dedicated.

Based on my observation, there's room for being more sophisticated about pricing, which is different from increasing prices, being better at segmentation, what's paid, what's given away for free, personalization, communications, experiences that ultimately all blend into monetization and the maximization of user LTV.

Our direct experience is that there's a wide range of levels of sophistication in the market.