After buying a music app, hire a GM from Spotify and triple the team

Josh Peleg… shout them out. Sorry, guys. But essentially, people like us, we want to buy the app for its future growth potential. And the benefits there is that the founder doesn't need to stay on for a super long period of time. It's often a very, very short handover with a lot of cash up front. So you kind of take the money and walk away. And companies like this will try and take that app to be a category leader and hold it there for as long as possible.

Josh PelegThe first deal we did was in the music entertainment space. It was a solo founder. We paid him basically seven figures. Seven-figure deal for an app he'd spent two years building and the deal was closed within two months. That was almost four years ago. We bought it at about 200k MAU. And since then, we added to the team. We hired a killer GM from Spotify, actually, to manage this music app. We grew the team from 5 to 15 people. And we grew the MAU from 200k to almost 6 million today. And it's still pretty much top of the category. When I'm talking to a founder and they ask for a case study, I always give that one. But actually, because we're judged on our track record, we have to be very strict about the deals we do because one bad deal can kind of torpedo the whole company. So, actually, our track record is great for now, but with M&A and this kind of playbook, one bad deal can really mess things up for good.

David BarnardYeah. So, in that third category that you were just mentioning that you lumped Blue Throne into, there is a very wide spectrum. And so, I'd say there is the Blue Throne 1.0 of buying a ton of apps, looking at more a financial instrument. So, tell me about Blue Throne 2.0, though.