Spencer Rascoff

It's...

We love advertising here, I'm sorry.

The way we make most of our money, almost all of our money is subscription revenue where users pay for extra features, extra powers.

Some of our competitors have really leaned into advertising and I think advertising,

can improve the user experience, but sometimes it can not.

So you need to be very careful.

I mean, I think from my Zillow experience, when we had a pretty big ad business at Zillow, and when we had endemic advertisers, the moving companies, the mortgage companies, the title insurance companies, tightly integrated into the product, that was ads as product, ads as improving user experience.

In this category, we also have done some of that.

And the ads, for example, on Tinder,

are integrated in so you right swipe on an ad, you left swipe on an ad the same way you would right swipe or left swipe on a user.

So because it's endemic in that way and it's pretty tightly integrated, the ads perform very well.

But we're much more focused on driving user outcomes and getting people out on dates.

And so the subscription revenue is more aligned with user outcomes.

Yeah.

You know how much demand there is.

You know, there's obviously an affordability crisis.

There's mortgage rate lock-in.

If we could find a way to make mortgages transferable, that would be massive.

Tons of people are kind of stuck in their homes at 2% to 3% mortgages.

They're not in the right home that's right for them anymore, but they can't afford to fit it to a 5% or 6%.