SPEAKER_00: It's an emergency. Twitter has its groove back. They bought six companies and they're launching

SPEAKER_02: a subscription service. Stick with us. You probably keep hearing about SOC 2 compliance

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SPEAKER_05: a customer, there are all sorts of data privacy and security measures that you need to have buttoned up to close those deals. And you don't want your engineers taking time out of building your core product and you don't want to hire a third-party auditor. It's no joke. Getting SOC 2 compliant can take months and it costs a ton. That's where SecureFrame comes in. SecureFrame

SPEAKER_06: helps hundreds of companies get enterprise ready by streamlining SOC 2 compliance in weeks, not months. They also monitor over 40 services, including AWS, GCP, and Azure. SecureFrame will continuously collect audit evidence, run security awareness training, manage vendors, infrastructure, and more, all automatically. On average, SecureFrame customers save 50% on their audit costs and hundreds of hours of time. Their team of compliance experts and auditors are happy to answer any questions and give advice. When you think of compliance, don't get stressed. Just think of SecureFrame. Streamlined, affordable, and hassle-free. SecureFrame is offering $2,000 off the first year for Twist listeners. That's right, $2,000 off your first year at SecureFrame.com slash offer slash twist. Secure, F-R-A-M-E dot com slash offer slash twist. You got to put those two slashes in. SecureFrame.com slash offer slash twist. Emergency podcast today, we have to talk about Twitter. They seem to have fixed the product log jam. They've announced a bunch of new products. We're going to talk about that today. They've acquired six companies in the past year and revenue is surging and it seems engagement is back and they're shipping product. Everything is going in the right direction for Twitter. After a couple of years of basically being sideways, they basically got their groove back. And so here is the big news. Twitter is reportedly launching a subscription service called Twitter Blue. Clever name. Although that will confuse people. People are going to think they're going to get their blue check mark with it. Maybe they will. Who knows? That will start at $3 a month, $2.99 or $36 a year. That's really, really cheap. Typically, people start with a low price and then increase it as you saw with Netflix and obviously Amazon Prime. Those things have gotten more expensive every year, not less. Twitter did $3.7 billion in revenue in 2020 with 7% year over year growth. That's actually not huge growth. But it's growth and for a brand that was incredibly influential in terms of media, politics, the arts and sports and almost every major topic in the world. Really, Twitter underperformed in terms of growth and revenue and it feels like they've now turned that

SPEAKER_05: around. And innovation solves all problems. And what we've seen from Twitter in the last year is massive innovation in the form of shipping products. Where a company starts is often predictive of where they end up. And Twitter started with a very simple product and very slow innovation. They didn't like to change the product because it was simple and elegant. That might have been a mistake.

SPEAKER_06: If you look at something like Facebook and Instagram and other products, they constantly add new features, rip features out, and they're constantly innovating. So it seems like Twitter has realized this and specifically, Jack, and he has started to really elevate the product offering back in May of 2007. This

SPEAKER_05: is almost 14 years ago, my gosh, time is flying. I posted a series of blogs on my my personal blog at

SPEAKER_06: calacanis.com. And the first one was, I would pay for twitter.com. Literally 14 years ago, I said I would pay for this. And I was proposing in that blog post 100 year premium offering three times what they're charging for this Twitter blue product is rumored Twitter blue product, and that it would give you a dedicated server independent, and would be faster, some more features and better speed. And this was because there was a really acute problem in the early days of Twitter, it would take a long time to post your message, and it was slow and it crashed. A year later, in May of 2008, I posted Twitter Pro one year later, same request, take my money for less downtime. And here's the quote, I still think there's a huge market, perhaps one to 5% of Twitter base, that would pay for a professional account if 1% of 10 million users, because that's how many they had at the time, would pay $20 a month or 250 a year, you're looking at 100,000 paid users at 250 a year each, that's 25 million in revenue, probably too high of a number, in terms of the price per user, and obviously too low of a number in terms of where they actually

SPEAKER_13: wound up. In q1, Twitter had 199 million monetizable daily active users. Yeah, so m d a u is monetizable daily active users, most people say daily active users, I think what they're doing your Twitter when they say monetizable daily active users, is taking out bots and people maybe who would never pay

SPEAKER_06: if one to 5% of those paid 250 a year, that'd be 2 million to 10 million users. And that would be 500 million to 2.5 billion a year. And so that would be approximately, you know, at 5% 250 a year, that'd be 67% of their 2020 revenue. Now that price is too high, that might work actually, that would be cheap for professional accounts. So if you were a journalist, if you were a CEO, if you had a corporate account,

SPEAKER_13: those numbers actually would be quite reasonable, because people already pay for things like buffer, where they pay for analytical tools, etc. And they obviously have people on staff who are getting paid well to to staff their Twitter accounts. So 250 a year for a professional Twitter account is not that big of a deal. If one to 5% of those same users on Twitter, pay this, you know, alleged 299 price,

SPEAKER_06: $36 a year, that'd be 72 million to 360 million a year. What's interesting about that number is it would be 100% profit. I mean, you might have some fees if they allowed it through the App Store and

SPEAKER_13: gave a 30% cut to somebody like Apple or Google. But essentially, you're talking about hundreds of

SPEAKER_06: millions of dollars. And it would probably become 10%, 20% of their revenue. Of course, you lose some ads on the margins. But the truth is, Twitter has been known to not show ads to the most important accounts. In other words, if you've got over 100,000 followers, you're probably going to not see so many ads, or at least that's the rumor. In January of 2008, I gave Twitter or I speculated this is before Twitter had

SPEAKER_13: revenue turned on that they would have three wildly lucrative businesses in feed advertising, which is obviously how they generate revenue today subscriptions and SMS advertising because at the time SMS was a big piece of the Twitter experience. In fact, Twitter started as an SMS service. Most people don't know that obviously, that's been deprecated. So two out of three ain't bad. It only took them 13 years. But

SPEAKER_06: here we are. Back in March of 2009, I asked Twitter if they would take $250,000 from you was a sincere

SPEAKER_05: offer, by the way, to become a default user, and that would make me featured. And I thought it would result in five or 10,000 people following an account today. And I had a product called Mahalo answers at the time, which was kind of like Quora, but with a virtual currency in it, I kid you not, it had Mahalo dollars where people would get these dollars, and then they could cash them out for other products, and even gift cards. So it was, you know, before cryptocurrency, we had a concept of virtual currencies. That was it was a precursor. And I owned at questions and add answers. So I was like, Oh, we get a questions we could do. We could promote that product or service. I should have kept that going because it obviously is valuable. And here is some quotes from that article. Of course, I was

SPEAKER_06: only half bluffing with this move. I was 90% sure Twitter wouldn't take my money. And I wouldn't have

SPEAKER_05: to pony up the $250,000 check. However, if they did call my bluff, and cashed it the 250, I actually would have gotten what I wanted two to 10 million Twitter follows in the ability to drive one to two million visits tomorrow a month from Twitter because at the time that would be, you know, an expected

SPEAKER_13: click rate, you know, five 10 20%. That's obviously changed dramatically as the number of dead accounts on Twitter has increased. My plan was to post the top five most absolutely fascinating questions a day from a hollow answers. And, you know, do that to the questions account, which I

SPEAKER_06: still own to this day. The point is that Twitter has the ability to unleash a direct marketing business, the likes of which the world has never seen, I predict they will. And when they do, they will make the Twitter naysayers look like the donkeys they really are. Note, you ever notice the folks

SPEAKER_13: who have the most to say about making money are the ones who've never made any exactly Wow, I used to be a little spicy. Am I writing their folk, full contact blogging, Twitter is a giant open email box that we all hang out in every day, the power of Twitter is yet to be fully understood in the same way email and the web weren't fully understood. That's actually pretty impressive. And I give myself some credit for that. And that's a nice metaphor, actually, the open email

SPEAKER_06: box. So back to the present day, rumors of the paid version for Twitter heated up in 2020, as this product velocity increased and Twitter decided to address this in q2 in a shareholder letter in July. And this is the quote from that letter, we are also in the early stages of exploring additional

SPEAKER_13: potential revenue product opportunities to complement our advertising business. These may include subscriptions and other approaches in that q2 2020 earnings call CEO Jack Dorsey responded to a question about offering a paid version. Here's a 92nd clip, and I'll get my feedback on the other

SPEAKER_23: side. So first and foremost, we have a really high bar for when we would ask consumers to pay for aspects of Twitter, you know, this is a start. And we're in the very, very early phases of exploring. As you mentioned, there have been a number of ideas over the years, we have focused the majority of our our attention on increasing revenue durability, meaning that we have multiple lines of revenue to pull from. Most importantly, we want to make sure that any new line of revenue is complementary to our advertising business. We do think there's a world where subscription is complementary. We think there's a world where commerce is complementary. You can imagine work around helping people manage paywalls, as well, that we believe is complementary. So that's what we're looking for. We have a small team who's exploring our options. Obviously, we're hiring for those teams. Given the work that we've done now and finished on our ad server, given the progression of our roadmap on map, and given the increased speed we're moving at in terms of our development velocity, we're now at a place where we can explore other ideas and, and you will likely see some tests this year. And, you know, as we build anything, we want to, you know, work with the people that we're serving and make sure that we have a phenomenal experience before we before we share it. But right now, our number one priority is making sure that our map roadmap is strong, and moving fast. And that brings us to a greater performance roadmap as well.

SPEAKER_09: All right, they have the folks from the man himself. Paywall obviously means some number of tweets or

SPEAKER_05: even videos, audio, or perhaps even newsletters could be behind a paywall and your Twitter account

SPEAKER_06: would become the single source of people subscribing to you because we all know that our Twitter handle is what we use to authenticate into many other services and our Twitter following is what drives as content creators, a lot of our engagement on other platforms like Clubhouse or Substack. In fact, Substack and Clubhouse built their graph largely off of journalists and influencers and CEOs and venture capitalists and artists logging into those services, finding their friends on them instantly. And now, Twitter has to say, Wait a second, maybe we should own those businesses. And in fact,

SPEAKER_05: we'll get into that. They have the Twitter blue scoop, which I'll unpack for a moment here. This was

SPEAKER_06: um, reported on Twitter by an app researcher named Jan, Jane Wong. She is Wong M Jane, W O N G M J A N E.

SPEAKER_05: And she released this on May 15 on Saturday. And she said the initial features will include the ability to bookmark tweets into collections. That sounds a lot like moments. So maybe you know, which is a product they removed. But I kind of like that product. It was kind of neat. In a leaked screenshot, it says take your Twitter

SPEAKER_06: experiences to the next level with looser features collections, save and organize your favorite tweets and questions. So they're easier to find later. So the idea here would be, you know, they have lists, they never really finished lists, they never made that a great product. That was a huge missed opportunity. I think lists should become

SPEAKER_13: something that Twitter makes as part of this or advanced lists. There's so many different things you could do with advanced lists. And maybe when you hit the star or bookmark, you could then save these tweets, even if they get deleted, uh, or read it, uh, and then it's a lot of a lot of it's a lot of it. And maybe when you hit the star or bookmark, you could then save these tweets, even if they get deleted,

SPEAKER_05: uh, or republish them pretty interesting. Um, and the screenshot of collections and bookmarks in actions looks as you would expect it. You add and remove a tweet to a collection. It does a little pop up and you

SPEAKER_06: put it in there. No, no big deal. Maybe they'll have an undo tweet button with a timer, kind of like undo send in emails. If you use superhuman, which were investors in, when you send your email, it holds it for 10 seconds, you get a little bottom thing on the bottom that says undo it on any action, whether you're archiving, deleting, or even sending composing and then sending. And that's pretty nice to have that there's a leaked gift of in fact, the undo tweet. It says your tweet was sent

SPEAKER_05: and there's an undo button. And when you look at that gift, it's kind of like a little status bar that fills up, you know, if you click it, you can then undo your tweet. And so I guess Twitter is going to make you pay to have that feature. And clutter free news reading better news aggregation is also mentioned here. And when we get to the acquisition section, one of the companies we invested in, which I don't have inside information on might be part of this vision, we'll see, it remains to be seen, but they are planning, perhaps multiple tiers here with more premium

SPEAKER_13: features for higher tiers. So $299, $699 and, you know, $29.99 might be what they do here, just like when you buy any SAS software, according to Wong, this Twitter blue screenshot is a work in progress and not final things like the name pricing features, etc, may change ahead of official launch, but I'm sure the features that will grow as time grows. So who knows how she got this information,

SPEAKER_05: but she obviously has somebody who leaked it to her. I'm assuming she did not dumpster dive for these in the trash bins behind the Twitter headquarters because it's closed or due to pandemic. And I'm assuming she didn't hack their system. So let's take a look at some of the acquisitions and the velocity that they put somebody in charge, the Periscope co founder cave on bake poor, who is going to be on this podcast soon, maybe next week or two weeks. He's K a Y V Z on Twitter. He's pretty awesome. He's the head of consumer products. And he joined in 2015 after they bought Periscope before it launched, which is it was a great product. And then he became the head of product

SPEAKER_13: in a June 2018 reorg by jack. Periscope was officially sunset and shut down just on March 31st of this year. And like I said, cave on is coming on the podcast. But let's look at the product velocity

SPEAKER_05: here. They launched spaces back in November 2020. I was lucky enough to be part of that. They can be started by anyone now with over 600 followers. It's a direct competitor to clubhouse, I would argue it's better than clubhouse because you can be on Twitter and share tweets while this is playing like in a minimized tray at the bottom of the app, which is really cool because what most people are doing on clubhouse is leaving clubhouse and opening Twitter. And you know, reading tweets while talking on clubhouse is now in one specific space. And you don't have to rebuild your followers. And you get

SPEAKER_06: to just everybody who's on Twitter automatically sees you hanging out there. Now, it's not working on

SPEAKER_05: the web yet. It's not working on iPad. So there's a lot of growth left for Twitter spaces. I think Twitter spaces will have many more users in clubhouse ultimately. Super follows. This was

SPEAKER_06: announced on February 25. And it's going to let users own money from followers who pay them for

SPEAKER_05: exclusive content, ecommerce deals for other perks. You know, this will be kind of like Patreon. We actually shut our Patreon down recently because many of you didn't know about it. We're trying to get you to go over Patreon. Maybe we'll relaunch that we'll see but we'll probably relaunch that natively on Apple and Spotify, which are offering ad free subscriptions, which I think 1% of you will probably take advantage of. But you never know, maybe we'll do some content here. We generally don't like to charge our users, we have great advertisers and partners. So this isn't as relevant for us. But you could see it being relevant for the only fans crowd or the sub stack crowd, or certain content that is not advertiser friendly. And you could see other influencers making money from this. So the idea here would be, you get subscriber only newsletters, you know, access to different communities that you wouldn't have access to or deals and discounts, that kind of stuff, the standard cohort of things on Patreon. And this means you don't, again, have to leave Twitter. So if you want to hold the space, you want to do a newsletter, you want to have an audio space, a newsletter, a Patreon, you're basically building sub stack, Patreon, and spaces into Twitter, where your graph is, and where everybody's spending time. And that

SPEAKER_06: really is going to make a difference because people switching apps is a cost people having to download apps, having to create a Patreon account. This is all nonsense and takes too much time. If everything

SPEAKER_05: is in one app, it's much, much more like it is in China, where you have singular apps that have many features in them, YouTube, added a premium membership, you might have become aware of. So when you have on a lot of YouTube channels, you'll see subscribe, and join, join means you pay subscribe means you get it for free. So again, Patreon, I'm short Patreon, because why would anybody go start a Patreon if it's built in YouTubers, there's no reason to start a Patreon and a podcaster now with

SPEAKER_06: Apple and Spotify, offering subscriptions, and with Twitter offering subscriptions, really,

SPEAKER_05: why would you even need to go there? And that's not addictive Patreon, it's an interesting service, and they obviously pioneered it. But it does show exactly, you know, how your startup can become a feature of another one channels can add exclusive videos members only content, yada yada tip jar, I just turned this on, I just got an alert about it, I'm going to donate all my my tips to charity, but this lets you connect your Twitter handle to things like the cash app, which obviously Jack owns as part of Square, Patreon, PayPal, Venmo, Bandcamp, and some other services. And Twitter takes no cut, which is a really interesting concept. So they're undercutting other people. And I think the tip jar could become a really powerful concept. I watch a number of online YouTube live shows, Nick's fan TV, Scott Adams, his morning show at 7am. And I see people give $5 $10 $25 to these live streams. And then it's got a really neat thing that the on YouTube, I recently gave a $50 tip to my friend CP of the franchise who does Nick's fan TV because it's so entertaining. I just thought I'll just throw him 50 bucks and he can buy a bottle of Chardonnay. Because after the next game, I like to watch his post game commentary. It's like by the fans for the fans. So I give him the 50 bucks and didn't realize this but my $50 tip with my name stayed up on the screen for 30 minutes, I think. If you put like a $10 tip, it stays up for 10 minutes $5 stays up for five minutes, you get the idea. So you kind of get this really nice recognition. By doing this, obviously, this exists in other places. And tipping

SPEAKER_06: super big in China do yin is how it's pronounced, I believe owned by ByteDance collected 1.7 billion

SPEAKER_09: in tipping revenue in the first half of 2020. According to my notes here, other services like

SPEAKER_13: Twitch have tipping for a long time, y'all know that. So let's look at the acquisitions

SPEAKER_05: because the acquisitions do tell a story. Twitter stock is obviously done well. And some incomplete deals, it was reported they were in talks with Discord and Clubhouse, those deals fell through. According to sources, Clubhouse may have raised that $4 billion that might have been a preemptive funding by Andreessen Horowitz and others, because they got a serious offer. So I would say maybe Twitter offered them two or $3 billion for Clubhouse, which is insane. But you know, such as the industry, when something breaks out and gets escape velocity becomes worth a lot. We can talk about that on another episode. But the in the venture capital is probably said, Hey, here's $100 million, you can

SPEAKER_47: each take 10 20 million off the table, buy some shares from the founders to keep you in the game as

SPEAKER_05: an independent company, that'll probably turn out to be a mistake if they got an offer of three or 4 billion, you know, usually, I'd say go long. But in this situation where everybody's building Clubhouse into Slack, it's being built into LinkedIn, it's being built into Facebook, you know, everybody's basically announced that they're going to build this in as a feature,

SPEAKER_13: I think Clubhouse is going to be, you know, ultimately worth less than the 4 billion it's worth today. That's just my personal belief. And I'm not saying that to deride the founders or anything, or because I wasn't able to invest in it. It's just that I've never seen the replication of a product like this, this quick. And in fact, most people say the Clubhouse copied it from discord. I don't know if that's actually true. But many people have told me that that was where

SPEAKER_06: the inspiration was. So but they did buy breaker, which was a podcasting app that was very interesting, breaker relied on the Twitter feed, the Twitter social graph to tell you what your friends were listening to in terms of podcasts, it was really well done. It wasn't my default player, my default

SPEAKER_05: player has the is the Apple one and the an overcast because I like the power user features in overcast and I like Apple's UI. Sometimes I'll use Spotify, but you know, I'm just kind of been trained to use the other two that they're all seem to have parity. And so I believe what they're going to do with this podcast player breaker is they're going to combine the concept of spaces with podcasting inside of Twitter, and then let you pay for it. So that's probably the grand plan. You do a Twitter space, you record it, and then it's available for pay on the replay. So free live pay on the replay, at least that's what I would do. They bought away now back in January of 2021 for an undisclosed amount. It's a full service creative agency that previously worked with Twitter. And the why in the aqua hire here is to accelerate the quality and execution of Twitter's product experience,

SPEAKER_09: according to the chief design officer, Dante Davis. So who knows what that is about? It could just be talent. This, you know, founder wrote a funny tweet now comma about that edit button jack. So obviously, maybe he's going to be designing, you know, the all these new features and creating the Twitter singularity in the content space. They bought drive scale back in January 25th for an undisclosed amount. And that's a server company that optimized computing storage network fabric. Again, that was

SPEAKER_05: an aqua hire to accelerate their app development that happens all the time in the industry company runs out of money didn't get to scale. Investors are, you know, kind of ready to sell it, the team is ready to go work somewhere else. The big one, I think one of the big ones is review REVUE, which is a sub stack killer, and it allows you to do newsletter subscription services. So people who write tweet storms now get prompted, hey, check out review. And so I think this is going to be quite material, I would consider putting, you know, an email newsletter on to Twitter if it made it easier to manage because I'm constantly having Twitter users and I'm forwarding them over to MailChimp or whatever, or a type form. They acquired reshuffle back in March of 2021. It's an API integration platform. And they called it a strategic aqua hire and they're going to shut down reshuffle and add those people to Twitter's API team. Twitter has had a love hate relationship with the API. They gave everybody API access people abused it people created mass confusion by creating Twitter clients. They redid that they shut it down, they deprecated apps access. Now they want to do a 2.0 API. It's just a very hard thing to do. Because when you have these API's you create competitors, like clubhouse, and sub stack, etc. And then you may want to go into that business. And now they've siphoned off your users. And you basically have enabled downstream competitors, which is why Zuckerberg doesn't have API's anymore. And a company we invested in scroll was just acquired in a couple weeks ago. And I think it's really interesting scroll was a subscription service that basically allowed users to read news and buy a subscription across many sites. And this is, you know, one of the either the siren song of founders or the holy grail. And I think this will be part of Twitter blue. I think when you subscribe to Twitter blue, maybe for, you know, $8 a month, you'll get to read news stories natively inside of Twitter, just like Apple news, which I recently paid for as part of my family plan. So now everybody in the family, when they go to Google News gets to read it, I really love this family plan stuff, because I might not pay for Apple news otherwise. But if I'm like, yeah, it's going to be split between 2345 people, okay, kind of makes sense. Or, you know, iCloud is, you know, I get the two terabyte, okay, now, you know, I got three kids, we're dividing the cost, you know, across five people just starts to work really well. And I think it's super powerful. And so you can follow try scroll on Twitter, and it gives them, you know, basically, it just takes a lot of clutter out. And it makes things really easy, you take out the ads. And I think this ad free experience is going to be really neat when you're on Twitter and able to, you know, just very simply read news stories, clean fast, just like Apple news, maybe even preloaded, the news will be preloaded, and cache the top news. And so you look at that, you know, acquisition spree from breaker, all the way down to scroll, that's six acquisitions in the first five months of the year. It's a pretty acquisitive year. So they have really aggressive projections, they want to grow a double revenue by 2023, you know, doubling revenue in three or four years, you divide that into 72, the rule of 72, they have to be 1520% growth every year. And you know, they were at 7%. So that's 10 years to double revenue. So now they've set a much more ambitious goal. That means they're going to need to have either more advertising twice as much advertising charge twice as much for it have twice as many users, or have another revenue stream that contributes to this. So they're obviously doing all of those things, and getting aggressive, they set a goal to double development velocity by the end of 2023, I think they're getting there already, they really want to do that to drive the monetizable daily active users or revenue, right. And, you know, 199 is nice, but they're well behind other platforms. Facebook has about 14 times as many daily users and Facebook's quarterly revenue is 25 times that of Twitter. So that's pretty aggressive. Twitter is aiming to grow their monetizable daily active users to just 315 million. So they want to add 150 million. I think that's possible with a lot of these subscription products. Because, you know, if you have Patreon OnlyFans, you know, paid YouTube, you as a content creator are then going to ask people to come to some location to engage. That location was OnlyFans, Twitch, Clubhouse, Substack, Patreon. Now, you're going to tell them to come to Twitter, I'm going to say, go to twitter.com slash Jason, and subscribe. Or somebody like Lizzo might say go to twitter.com slash Lizzo and subscribe and see my you know, you know, me doing acoustic versions of my songs at home, whatever she does,

SPEAKER_09: like some cool stuff on tik tok like that, will she'll sing and interact with fans. So really

SPEAKER_05: interesting to see this aggressive and, you know, Twitter had a stagnant share price for a long time, they IPO in 2013. Under Dick Costolo, who is now an investor, a great guy. And they were at a 31 billion dollar market cap. After a brief surge to 60 bucks a share, Twitter dropped back to 40 and trading flat until 2015, then it dipped to 30 dollars a share. And this was, you know, I think pretty rattling for a lot of Twitter insiders and shareholders like a lot of them sold their shares

SPEAKER_41: back then. And Twitter traded down bottomed out of $14 a share in 2017. Jack in 2018 reorganized,

SPEAKER_05: and the market started to respond, a lot of people like Professor Galloway were saying, you know, Jack should be fired, I believe. And, and then Twitter got to $40 a share for the first time since its IPO trade flat, and then they peaked in February of this year at $77. After this aggressive

SPEAKER_41: projections were released, another $51 a share in a $40 billion market cap. For it to be at 40 billion is

SPEAKER_05: is really disappointing in a way because their influence is much higher. If you look at their revenue by year 2012 300 2013, they doubled to 600 2014, they two and a half times to 1.4 billion, or almost two and a half times, then from 2014 to 2015, they go from 1.4 to 2.2. It's a 50% growth, not bad. And then here we go, the brakes start to pump 2015 to 2016, only to 2.5. 2017, they go down to 2.4. But then Trump gets elected. And we have a soaring economy. And the product maybe starts getting a little bit better. But I would say Trump and the soaring economy, you know, really boost interest in Twitter, and they go 2.4 to 3 billion in 2018 to 3.4 billion in 2019 to 3.7 billion in 2020. Those are nice jumps. But again, you're talking about high single digits, low double digits. And so this is also dovetails because it's only advertising and advertising is fickle during a great economy, or surging usage, you get more ads in a down market, you get crushed, which is why people who were dependent on advertising, like the New York Times built their subscription businesses over the last couple of years, so they don't have to worry about these wild swings. Well, now we have Apple saying we're going to let users opt out, or force them to opt in to being tracked. This is making advertising on mobile phones with the most elite group of people, iPhone users, basically, it's it's ankling a lot of it. And we're going to go back to a CPM model, perhaps charging per 1000 impressions, but it's not gonna be as highly targeted. 96% of users opted out of ad tracking. According to the flurry analytics, which is owned by Verizon, which just got out of the content and advertising business, they literally sold AOL Yahoo to hedge fund, and we might see some other things like bring your own algorithm, which Jack talked about that he might want to let people bring their own way of sorting after the whole section 230 hearings back in the day. So will Twitter what will Twitter's revenue be in 2023? Can they double it? I think they can. I think they could double it. Yeah, I could see them acquiring more companies with revenue. I could see this vision coming true. I can see them falling short. Sure. It's gonna be an aggressive goal. I could also see them exceeding it. And they seem to have the right team in place, they seem to be making great acquisitions. And they seem a little more bold and aggressive. And the company's always been passive. They've always been afraid to change what's working. And this is a lesson for founders, you know, you really do want to be careful to not change the core user interface, because that can confuse people and really upset them. Look at Amazon. It's ugly, Craigslist, ugly, eBay, ugly. And then if you try to make them, you know, elegant and new, people get really upset. And they they go, Why did you change it? I can't find stuff. There is something when you're doing transactions, or you're building a CMS, or any kind of web service to consistency, and not moving stuff around. But that means you could have somebody disrupt you. And it's fantastic to see Twitter really getting better at product and increasing the velocity and being bold. Congratulations to the team at Twitter. I think you're doing a great job as a power Twitter user and somebody who loves the platform and obviously has been talking about it incessantly for, you know, going on two decades now.

SPEAKER_09: I really love the changes. And I wish you the best to the Twitter team. It's really impressive

SPEAKER_71: work. We'll see you all next time. Bye bye. This week in startups is brought to you by secure frame helps hundreds of companies get enterprise ready by streamlining sock to compliance in weeks, not months. Get $2,000 off your first year by going to secure frame.com slash offer slash twist.