Buy apps that get lots of downloads but lose users, then fix the product

Joseph ChoiIs that a niche that BlueThrone doesn't look at as much, where you guys care more about retention versus some other acquirers might care more about the distribution engine?

Josh PelegNot at all, because if you've got a distribution engine that works, that can bring in consistent critical amounts of traffic, actually could be an amazing fit for BlueThrone, because a lot of our specialty is around product work and and monetization. So if your app is bringing in the users, but struggling to retain them, a lot of the value we've brought to apps in the past is actually doing a lot of hard work on the product to make sure the users you've worked hard to bring in are actually hanging around.

Joseph ChoiWould that affect the multiple? Like if do you value certain certain aspects like retention versus distribution differently in terms of the multiple?

Josh Peleg… with an app that says, "Listen, I'm getting 60,000 downloads organically a month, they're just not hanging around," that's pretty interesting, because there's a lot we can do with that. The kind of deals I I love to see in those situations are when a founder comes to me and says, "Listen, we've got distribution, we haven't figured out product. I want to use BlueThrone's resources and experience to essentially figure out product with you guys."

Josh PelegAnd then, you know, we've done a couple of deals like that where we end up getting really outsized returns for both the founder and us um by combining those two things together.

Joseph ChoiSpeaking of like the team capabilities, what what resources do you add, not just BlueThrone, but like in general? Like what what should people be looking for in terms of like what talent and what resources will be invested after after the close?