Do you think some of it is, like, there's no, despite all the noise about, like, Apple having TikTok, CTV, there's no next best place to spend it where people are confident they can get results, or do you think they're just so used to spending on Meta, or is Meta just, like, almost, like, extracting more margin from these brands where they're like, "Yesterday or last year, I was getting 20% margin, but to keep the same revenue, I have to spend more and I'll be at 10% margin, but that's just what I gotta do to keep growing revenue"?

The answer is yes to all the above, but we'll break it down, like, one at a time.

You know, we're talking about people spending more money on Meta.

Even though performance is down, you know, anywhere from 50%, 75% of a, a young e-com brand's budget is gonna be spent on Meta because right now, and for the next year, for the next decade, who knows how long, Meta is the best full funnel marketing performance channel that we have right now.

Mm.

Performance marketing channel that we have right now.

And there is nowhere you can put your money that you can take people from awareness to purchase in the same platform as effectively as Meta, and they've just nailed that.

But it feels like it's either really young or it's, like, really o- it's, like, leaning older.

Or, yeah, your SMS is so much better that they want to use yours instead of mine.

I think, and everybody knows this, but to answer your question about like, what should a SaaS company do? I don't think pure product development is the mode that it was just because, you know, whether or not you think you can build something with AI, like the market thinks that they can.

And so it's like, all right, well, like you've built a fancier way to have a dashboard or something like that doesn't have as much value, like in the eyes of the market or VC or anyone, because they're like, well, some, 22-year-old with like way too much caffeine can just vibe code that and lovable.

And it will never reach the same level of complexity and power, but it's that perception.

And so with NorthBeam, what we are is at our core, we're a data company.

And I'm sitting on a massive, massive monthly data processing bill that is the result of collecting and building our own identity graph, our own device graphs, just petabytes upon petabytes of unique data that doesn't exist anywhere else.

And that is where a lot of the value comes from.

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