Launch new premium tiers for fans willing to pay more

David Barnard… as a super trippy app industry. We're still not fully exploring. The Tinders and Duolingos are getting there, but exploring the entire demand curve of the people who just love your brand, who are just willing to spend way more than your current offerings are. So how have you thought about breaking up those tiers and being able to offer those really hardcore fans who are willing to spend a lot more, let them spend? How do you think about?

Michael RiberoYeah, I think really interesting question. I don't think anyone's done it super well. I would say my thinking on this has changed. Before it was like, let's just launch new products and new tiers to capitalize on this very dynamic. Some people are willing to pay more than others. The adoption rates I've seen have been low single percentage, and it's like, well, is it even worth it? So I think I'm more now, I talk to our editors a lot and a lot of people want to launch a premium product and I'm like, "No." I think that's the status quo is no, but prove to me there's going to be enough value. And there is another cohort here that isn't just 1% or 2% that we're going to do a lot of work for maybe not a lot of return when we can be doing other things like IRL or merch or whatever it might be to capitalize on that same dynamic.

Michael RiberoSo I think if you have enough, great, it does feel the examples out there, whether it's ad free or family, okay, I'm still not completely sold on, if that makes sense in the media world, but we're thinking about it. The one thing I would call out is we've gone more of the away from the app, but into the membership community world. And Vogue I think presents a really good case study in trying to monetize different parts of the demand curve or the …