Excellent post. I'd undercounted and had put their ARR at 10m, but the range is likely wider. I'm a little confused on the eventual size here though, especially as media businesses have higher attrition vs B2B saas, and low net revenue retention, but as a regular user the platform's great!
Thanks so much, man! You raise great points re: attrition and lower net revenue retention. Over the long-term, I think its likely they'll trade below traditional B2B SaaS but especially given how quickly they're growing a 10x multiple doesn't feel outlandish.
As for eventual size -- it will be fascinating to see. I think there's a path to something extremely big, though I think they'd have to make other content types and potentially other revenue models really sing. Thank you for reading!
Excellent article (and thanks for mention!). Would add that Finance Substack also has scope to tap into the sizeable market for paid investment research.
Excellent post. I'd undercounted and had put their ARR at 10m, but the range is likely wider. I'm a little confused on the eventual size here though, especially as media businesses have higher attrition vs B2B saas, and low net revenue retention, but as a regular user the platform's great!
Thanks so much, man! You raise great points re: attrition and lower net revenue retention. Over the long-term, I think its likely they'll trade below traditional B2B SaaS but especially given how quickly they're growing a 10x multiple doesn't feel outlandish.
As for eventual size -- it will be fascinating to see. I think there's a path to something extremely big, though I think they'd have to make other content types and potentially other revenue models really sing. Thank you for reading!
Excellent article (and thanks for mention!). Would add that Finance Substack also has scope to tap into the sizeable market for paid investment research.
Thank you, Marc! And, of course. Huge fan of what you do.
I totally agree with you. Powering the bottom up disruption of investment research in a very real way.