On the podcast, we talk with Eric about the opportunities and challenges of AI for consumer apps, what you can learn from Strava acquiring Runna, and the flawed thinking around ‘subscription fatigue’.

Top Takeaways:

💸 Value Overcomes Fatigue

Consumers would rather not pay for anything, but when a product delivers real value, they are happy to pay, even via subscriptions. Whether it’s training for a race, protecting memories, or learning something new, utility drives retention. Building long-term value wins every time.

🧠 Build a ‘Category Killer’

Eric identified ‘Strava for Pets’ and ‘Managing screen time and digital focus’ are opportunities for future ‘category killer’ apps. What do those two opportunities have in common? They are in categories where people are already spending a lot of money or have the opportunity to save a lot of time or money.

🤝 Build to be loved, not acquired

The best M&A strategy? Build something consumers truly love. Runna didn’t sell to Strava because they planned for it, building cool features Strava didn’t have. They sold because Runna was a fantastic product that personalized running in a way that expanded the market Strava couldn’t.

⚙️ Operate like a machine

Conglomerates like Bending Spoons win with ruthless efficiency. They acquire apps, cut costs, and apply repeatable growth playbooks at scale. It’s about operational mastery. For builders, remember that great products last a lifetime, and that great systems scale.

📈 AI changes discovery

Search behavior is shifting, and SEO is no longer the only path to discovery. AI tools are becoming the starting point for many journeys, forcing marketers to rethink how users find and engage with products. Adapting to this shift means reimagining acquisition, not just tacking on AI features.

About Eric Crowley:

👨‍💼 Partner at GP Bullhound, a global investment bank and venture capital firm.

💰 Eric leads the Consumer Subscription Software (CSS) practice, advising high-growth companies on capital raises and acquisitions—recently including AllTrails and Runna.

📊 “If you build a product that consumers truly love, strategics will come calling. It’s that emotional connection that drives outsized outcomes.”

👋 LinkedIn

Follow us on X:

• David Barnard - @drbarnard
• Jacob Eiting - @jeiting
• RevenueCat - @RevenueCat
• SubClub - @SubClubHQ

Episode Highlights:
[0:00] Opportunities in subscription apps
[7:12] Consumers still pay when the product delivers lasting value
[10:41] What Strava’s acquisition of Runna reveals about building apps that get bought
[17:30] Genuine consumer love over designing for a single acquirer
[19:27] Shifts in discovery forcing app marketers to rethink SEO and acquisition
[28:56] Using AI to move faster, create better products, and deepen moats
[32:47] How loosened restrictions could return profit margins for top apps
[46:43] The next big subscription plays
[52:04] Why Bending Spoons are forcing investors to rethink consumer tech
[57:11] What makes the Bending Spoons model work
[1:00:10] The Secondary market is changing how founders think about app exits
[1:01:41] Trends, exits, and the state of the subscription app ecosystem

On the podcast, I talk with Michael about the blessing and curse of having a brand, why post-purchase is the perfect upsell moment, and why partnerships are hard to pull off but can be well worth the effort.

Top Takeaways:

🌱Growth is Built on Value
Sustainable growth comes from consistently adding value, not just short-term tactics. Success lies in constantly evolving your product to meet users' needs. By regularly introducing new features and improving the user experience, premium products remain relevant and compelling. That value is continuous, with acquisition and retention working together to drive long-term growth.

🎯 Personalize for Retention
Different users have different goals, and understanding this is key to retention. Tailor offerings to specific user needs, whether it is job seekers, hobbyists, or niche audiences. By tailoring plans and features to user intent, brands can keep their products relevant. Without this personalization, users may disengage and churn.

📊 Test to Optimize
With hundreds of A/B tests each year, Condé Nast learns what works quickly. Data replaces debate, helping the team iterate faster. The goal is not just to optimize, it is to foster a culture of constant learning and growth.

🔄 Retention Is a Journey
Churn does not always mean goodbye. Many users return later when their needs change. Offering win-back deals, fresh trials, and adding new value helps bring users back and turn them into long-term subscribers. Retention is a process, not a straight line.

🤖 AI Supports, Not Leads
AI should enhance the user experience, not overshadow it. AI’s role is to solve problems, helping users find content or personalize their experience, while staying behind the scenes. The real value is in solving the user’s needs, not in the technology itself.

About Michael Ribero:

👨‍💻 SVP, Global Consumer Revenue at Condé Nast.

📈 Michael leads the subscription and growth strategies for some of the world’s most iconic media brands, including Vogue, GQ, The New Yorker, and Wired. He focuses on optimizing user engagement, experimenting with monetization strategies, and evolving the digital experiences that drive both free and paid subscriptions.

💡 "We’ve learned that true growth comes from continually adding value. Our approach isn’t just about scaling; it’s about providing lasting benefits that evolve with our users’ needs."

👋 LinkedIn

Follow us on X:

• David Barnard - @drbarnard
• Jacob Eiting - @jeiting
• RevenueCat - @RevenueCat
• SubClub - @SubClubHQ

Episode Highlights:
[0:00] Why launching a premium tier isn’t always the right move
[2:51] Competing with AI-native upstarts and influencer content
[5:39] Media's frenemy dynamic with platforms like Meta
[8:25] Balancing free vs. paid content without eroding brand trust
[11:46] How to recover from a failed paywall experiment
[13:23] What bundling and post-purchase upsells look like at Condé Nast
[19:41] Real-world LTV boosts from zero-CAC upsell moments
[22:30] Lessons from low-priced tiers like the Washington Post’s Starter Pack
[26:07] Tiering vs. focus: when a premium plan is actually a distraction

On the podcast I talk with Josh about red flags that tank app valuations, why subscription-only apps are leaving money on the table, and how bootstrapped founders are cashing out for millions in months, not years.

Top Takeaways:

🎯 Build to sell, but build smart
Flipping an app in under a year is still possible, but the skill that matters most now is marketing. With AI lowering the barrier to development, distribution has become the real differentiator. Founders who master organic channels, community, and creator-driven marketing are the ones who land meaningful exits.

💰 Predictability drives value
Buyers pay more for revenue they can trust. Apps built on recurring subscriptions with strong retention and low churn are far more attractive than those relying on ads or one-time purchases. Predictable cash flow isn’t just safer, it’s worth a higher multiple.

🚩 Short-term tricks destroy long-term value
Artificially inflating numbers before a sale, such as pushing lifetime deals to boost revenue, can quickly kill a deal. Serious acquirers look for sustainable metrics, not spikes. Authentic growth, honest reporting, and healthy retention are the hallmarks of a business built to last.

🔄 Fewer and deeper bets
The age-old quality-over-quantity principle still holds. After buying nearly a hundred small apps early on, BlueThrone learned that broad portfolios don’t win. Their new playbook focuses on a handful of apps with real product-market fit, strong organic traction, and teams ready to scale into category leaders.

💡 Hybrid monetization unlocks new growth
Borrowing tactics from gaming, like consumables, day passes, and rewarded ads, helps subscription apps reach more users and capture more value. These models make spending feel flexible and fair, turning a single price point into an entire revenue spectrum.

About Josh Peleg:

📈 Head of Business Development and M&A at BlueThrone, one of the world’s leading app acquirers.

💡 Josh helps founders scale and exit their apps, guiding deals that range from six to eight figures.

🎮 Before joining BlueThrone, he led mergers and acquisitions in the mobile gaming industry, giving him a front-row view of how distribution and monetization strategies evolve.

🗣 “The best apps today aren’t just great products—they’re great stories. Marketing and distribution are what turn a good idea into a real business.”

👋 LinkedIn

Follow us on X:

• David Barnard - @drbarnard
• Jacob Eiting - @jeiting
• RevenueCat - @RevenueCat
• SubClub - @SubClubHQ

Episode Highlights:
[0:00] Lesson learned from BlueThrone’s early “go-wide” strategy

[6:20] Why founders have to be more than great builders

[8:19] The pieces that lead to higher valuations

[12:37] Five signals that can kill a deal

[18:12] When (and when not) to raise

[24:33] Shifting from a broad portfolio to a few deep bets

[33:15] The future of monetization

[45:07] What drives the best exits in today’s acquisition market

[52:00] How founders can position themselves for life-changing exits