Spencer Rascoff

So far, we've bought kind of one and a half in my year and a half here.

So we bought Her, which was the leading lesbian or sapphic app.

And then we invested last week $100 million in Sniffies, which is the number two app for non-heterosexual men with a right to buy the rest of that company.

Sure, sure, sure.

We've made those two moves so far.

But there are a lot of startups in this space.

There always have been.

There always will be.

Because every 15 to 22-year-old starts dating, and they think, oh, these dating apps are not great.

I can build a better one.

And it's easier than ever to build a new app or website, obviously.

So I think the competition will keep coming.

The challenge, of course, is this is a network effects business, and people tend not to want to use a new network because there's a cold start problem.

It can be sort of a nightclub, you know, kind of a hot new restaurant.

You're the first one there.

Yeah, I mean, once you start solving the cold start problem, then I think new brands can take on some momentum.

But it's very difficult at the very beginning.

This is, of course, the put and the take with a brand like Tinder, which is an older brand, has massive brand awareness.

Everybody knows Tinder.

Everyone also has an opinion about Tinder.