WEBVTT - ICYMI: MNTN's First Earnings Report

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>tim Stenoveek on Bloomberg Radio.

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<v Speaker 1>We want to talk about Mountain. That is, of course

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<v Speaker 1>the voice of I'm sorry, was that mean?

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<v Speaker 2>Yeah? Ignore me. I've been friends with this guy for years.

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<v Speaker 1>I know, but I just mean sometimes you have to

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<v Speaker 1>ignore that. Mark Douglas is with us founder, chairman, president

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<v Speaker 1>and CEO of the ad platform company Mountain here in

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<v Speaker 1>our Bloomberg Interactive Broker's studio. We should point out the

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<v Speaker 1>stock is a downfalling result. Although we were talking about

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<v Speaker 1>a bunch of analysts have come out and raised the

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<v Speaker 1>price target on the company. The stock is up more

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<v Speaker 1>than seventy percent from its IPO in late May. Since

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<v Speaker 1>you actually talked to him once before today on TV.

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<v Speaker 2>Stock Take It Away eighty two percent.

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<v Speaker 3>When I looked this morning since the IPO and that

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<v Speaker 3>was just May twenty second, right, Yeah, I looked at

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<v Speaker 3>the it's.

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<v Speaker 1>Down sixteen percent, though I love it.

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<v Speaker 2>I looked at your.

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<v Speaker 4>Curious about buying for the Mark?

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<v Speaker 2>So what is going on there? Mark?

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<v Speaker 3>Because I counted eight analysts had raised their price targets

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<v Speaker 3>on your stock.

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<v Speaker 2>Since the release.

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<v Speaker 3>So you do the earnings call yesterday, you have these

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<v Speaker 3>one on one meetings and these analysts go back to

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<v Speaker 3>their office crunch numbers and as they say, actually Mountain's

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<v Speaker 3>worth more than we thought, and now the stock is down.

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<v Speaker 4>How does that the I mean, this is the stock

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<v Speaker 4>market for you. So the only thing we can do.

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<v Speaker 4>We have a big TAM meaning big opportunity. That's the

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<v Speaker 4>total addressable total addressing the mart let's not use acronyms.

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<v Speaker 4>And then we are growing consistently and really really happy

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<v Speaker 4>with the growth, and we are doing it with a

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<v Speaker 4>justin the ebadad basis. We're doing it profitably, and so

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<v Speaker 4>that's what we can do. And honestly, I think it's

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<v Speaker 4>a great opportunity for investors. And you know, whoever wants

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<v Speaker 4>to take profits today, great, you're you know you're up

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<v Speaker 4>one hundred percent, well yesterday.

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<v Speaker 1>Anybody listen is going to say, well, of course he's

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<v Speaker 1>going to say it's a great investment. Yeah, talk to

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<v Speaker 1>us about the business a little bit more. Mind, everybody

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<v Speaker 1>who might not be familiar. We often talk to you about,

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<v Speaker 1>certainly when it comes to the digital ad market. But

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<v Speaker 1>tell us exactly what you guys are doing right.

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<v Speaker 4>So what Mountain does is we enable small and mid

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<v Speaker 4>sized businesses to advertise on television for the first time

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<v Speaker 4>and to do it specifically on streaming television across every

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<v Speaker 4>streaming network, and then do it with precision to find

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<v Speaker 4>So these are not brands like a T mobile where

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<v Speaker 4>everyone in America can be a customer. These are challenger

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<v Speaker 4>e commerce brands, direct to consumer at travel brands who

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<v Speaker 4>they are growing businesses and now instead of just being

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<v Speaker 4>on paid search with Google and paid social with Meta,

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<v Speaker 4>they now can be on the big screen on television,

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<v Speaker 4>on across every streaming network and do it with precision

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<v Speaker 4>to make money. And so mount enables that with our

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<v Speaker 4>software platform, and we are partnered with virtually every streaming

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<v Speaker 4>network in America. We're partnered with all of the TV

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<v Speaker 4>manufacturers in order to make this possible. And customers have responded.

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<v Speaker 1>What is a typical digital ad cost?

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<v Speaker 4>Well, it's more in terms of what are the average budgets, right,

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<v Speaker 4>So think of it that way. So your business and

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<v Speaker 4>our minimum spend on our platform is five hundred a month.

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<v Speaker 4>We have companies spending millions a month and so, and

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<v Speaker 4>the way they think of this is what's the return

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<v Speaker 4>on AD spend? What kind of revenue am I getting

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<v Speaker 4>in comparison to what I'm spending on the media and so,

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<v Speaker 4>and the return on ads spending most businesses looking for

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<v Speaker 4>is in the two to one, the three to one arrangement.

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<v Speaker 4>And you spend the dollar, you make two three. Now

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<v Speaker 4>you play that game all day. And they're used to

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<v Speaker 4>doing this with on Instagram basically using meta app platform

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<v Speaker 4>and do it with Google's app platforms. So it's Google AdWords.

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<v Speaker 4>Everyone's probably heard AdWords even if you haven't used it.

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<v Speaker 4>Meta app platform now Mountain Performance TV, and that's the opportunity.

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<v Speaker 4>We've a name and it's a very big market opportunity.

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<v Speaker 4>So the companies consistently growing.

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<v Speaker 1>The other thing they do is wait, wait, so what's

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<v Speaker 1>the return on is it two for one or.

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<v Speaker 2>What is that?

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<v Speaker 4>Well, it depends on the customer. That's that Those are

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<v Speaker 4>kind of average status more in a three to one range,

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<v Speaker 4>but some if you have great product market fit, meaning

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<v Speaker 4>like people see that probably like I have to own this,

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<v Speaker 4>you're going to have a higher return than the company

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<v Speaker 4>that just released the product and is still figuring out

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<v Speaker 4>like you know, what their their target consumers wanted by

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<v Speaker 4>So it varies by customer, but I say that's range

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<v Speaker 4>two to the one to three to one is what

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<v Speaker 4>most companies looking for, and that's the fit the economics

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<v Speaker 4>of the business. The key thing here is ninety seven

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<v Speaker 4>percent amounds customers have never advertised on TV before, So

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<v Speaker 4>we are literally enlarging the market, bringing new companies into

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<v Speaker 4>the television advertising market for the first time on streaming.

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<v Speaker 1>And your take on that is what a percentage of

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<v Speaker 1>the return on that or what is your piece of that?

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<v Speaker 2>Right?

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<v Speaker 4>So, so a portion of their budget goes to pay

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<v Speaker 4>for all of the technology we power in order to

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<v Speaker 4>make that possible. And that's very typical. If you think

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<v Speaker 4>of a company, we don't compete with trade desks. They're

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<v Speaker 4>in a completely different segment in market, but that's it's

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<v Speaker 4>the same revenue model as someone like trade desk.

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<v Speaker 1>So I think the coolest thing you thank you, by

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<v Speaker 1>the way, No, of course, I just want to finish

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<v Speaker 1>the thought.

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<v Speaker 3>One of the coolest things that you guys do is

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<v Speaker 3>you say that these people have never made ads before,

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<v Speaker 3>A lot of them when they come to you. And

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<v Speaker 3>so when I think of making an ad for TV,

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<v Speaker 3>I think I got to get you know, cameraman, director, editor,

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<v Speaker 3>et cetera, and so forth. But you have a AI

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<v Speaker 3>tools that help them reduce that budget, I imagine drastically

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<v Speaker 3>and you can tell me some numbers around that. And

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<v Speaker 3>b you have Ryan Reynolds as your chief creative officer,

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<v Speaker 3>right so, and you see the ads that he makes.

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<v Speaker 2>Yeah, they're just brilliant.

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<v Speaker 4>So, by the way, they don't have direct and I

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<v Speaker 4>mean they get produced in what seems like an impossibly

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<v Speaker 4>short period of time. That's because your first thought is

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<v Speaker 4>usually your best and increasingly, you know you can use

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<v Speaker 4>the cell phone, the iPhone, the film to film an ad.

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<v Speaker 4>So our customers, they're right, ninety seven percent who are

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<v Speaker 4>new that television now have TV ads when we meet them,

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<v Speaker 4>they do have a lot of video. You can't be

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<v Speaker 4>a director consumer brand and you're not creating video for Instagram, TikTok, YouTube,

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<v Speaker 4>and so those assets can now be brought to television.

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<v Speaker 4>You do need an editor to edit them into a

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<v Speaker 4>thirty second TV commercial. Also, we have a division amount

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<v Speaker 4>is called Quickframe. It's a network of thousands of young

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<v Speaker 4>independent creators videographers who can help edit those ads. You

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<v Speaker 4>stock video and now.

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<v Speaker 1>Say you don't have to have them on staff. You

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<v Speaker 1>just pop into them when you need those.

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<v Speaker 4>It's like Uber for creative. We just connected with a creator.

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<v Speaker 4>And then, as you mentioned, AI tools are coming on

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<v Speaker 4>pretty strong now, so we have essentially we haven't fully

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<v Speaker 4>released it yet. It's in cut beta with some of

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<v Speaker 4>our customers or a general AI tools and you can

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<v Speaker 4>mix that. You can bring in your video you already

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<v Speaker 4>have plus general video and mix it all together to

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<v Speaker 4>have you know, kind of the perfect TV commercials.

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<v Speaker 3>So when I met the way I met Mark first

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<v Speaker 3>was that I knew a few investors and they were like,

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<v Speaker 3>we got this guy who's like a genius coder and

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<v Speaker 3>he just creates businesses. You were you were at Oracle

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<v Speaker 3>for a while first, right way.

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<v Speaker 4>Back in the year. Then you went to did you

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<v Speaker 4>literally worked with Mark Beneoff was like, well, he and

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<v Speaker 4>I were both individual contributors at the Oracle when I

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<v Speaker 4>met Mark in in the Bay Area, and then he

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<v Speaker 4>became like director of Desktop Products and I was directed Dido. Yeah,

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<v Speaker 4>and Larry Allison was walking the hallways. It was a

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<v Speaker 4>long time again, but no, I mean.

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<v Speaker 2>My point is that you went on and did a

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<v Speaker 2>bunch of other stuff.

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<v Speaker 3>So you built essentially the matchmaking machine at e Harmony.

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<v Speaker 4>Yeah, I was head of mentioning.

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<v Speaker 3>Yeah, you did other startups and when I met you,

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<v Speaker 3>you were doing Steelhouse and then you pivoted to do Mountain.

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<v Speaker 2>What's next for you?

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<v Speaker 4>Mark? What's next? The way I think it would be

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<v Speaker 4>really clear? This is why I told my team n

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<v Speaker 4>if you look at any successful like public company, ninety

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<v Speaker 4>percent or more of the value is created after the

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<v Speaker 4>company goes public. So you think of Meta Google, but

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<v Speaker 4>you could think of trade Us, app Love and any

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<v Speaker 4>these companies. A successful company most values. So I said,

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<v Speaker 4>IPO is done.

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<v Speaker 2>You just you know.

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<v Speaker 4>So we're at the ten percent mark and now we're

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<v Speaker 4>going to go for the other ninety percent. So we're

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<v Speaker 4>going to bring hopefully millions of investors along with us.

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<v Speaker 4>And so the next is to continue to go after

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<v Speaker 4>this market, build even more product, more tech technology, and

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<v Speaker 4>really just grow this into what we the hoscale We.

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<v Speaker 2>Want is your company.

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<v Speaker 3>Because when I talk to like Joe Kaiser at Mercado, right, yeah,

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<v Speaker 3>they invest he's on your board. Yeah, he it's about you.

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<v Speaker 3>He's like Mark Douglas is the asset here, he's the brain.

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<v Speaker 3>But I know that you have an extremely happy employee base,

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<v Speaker 3>you have incredible ratings on glass Door. Nobody has to

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<v Speaker 3>come into an office. So how important is the company

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<v Speaker 3>that you built, the team that you build around you.

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<v Speaker 4>It's incredibly important. I mean it's not just me. I

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<v Speaker 4>think I'm not used to like talking about myself. I

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<v Speaker 4>think the skill I have is I think I'm a

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<v Speaker 4>very good at product market fit, like really identifying these

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<v Speaker 4>trends are going to equal this opportunity. And that's what

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<v Speaker 4>we did here. When we first launched our performance CV platform,

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<v Speaker 4>I told the team the easiest way to win a

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<v Speaker 4>market is to create that market. So we're going to

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<v Speaker 4>we ate the market for performance advertising on television what

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<v Speaker 4>we now call performance TV. But like, so I identified

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<v Speaker 4>the opportunity, the trends. Yeah, I worked with our designers

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<v Speaker 4>on what the product should look like. But it's at

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<v Speaker 4>mound five hundred people working as a very efficient team.

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<v Speaker 4>Almost forty percent of team as engineers, and it's I

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<v Speaker 4>don't want to sound like a cliche, but like, there's

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<v Speaker 4>only so much I can do. I can like point

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<v Speaker 4>us at the right market opportunity, but execution matters, and

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<v Speaker 4>especially matters now that we're public.

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<v Speaker 1>And wait, I got to ask you, though, the barrier

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<v Speaker 1>to entry.

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<v Speaker 4>Me the harder question.

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<v Speaker 1>No, I know when you say execution, that's my like.

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<v Speaker 1>But barrier to entry sounds like another company could do

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<v Speaker 1>this or another advertising company like this doesn't sound so

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<v Speaker 1>difficult for somebody else, except you do have kind of

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<v Speaker 1>your own ip of you being and behind it. Yeah, yeah,

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<v Speaker 1>and yes, but Apple wasn't the first mover when it

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<v Speaker 1>came to smart phones, and yet look what it's done

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<v Speaker 1>so other people can come in. So how do you

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<v Speaker 1>on the market?

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<v Speaker 4>Yeah, so I got about forty seconds. Okay, So there's

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<v Speaker 4>a ton of technology involved, and the first mover advantage

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<v Speaker 4>does matter there. We have a big cost evangel partner

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<v Speaker 4>with every streaming network and they are increasingly reliant on

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<v Speaker 4>Mountain being a growth channel because remember ninety seven and

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<v Speaker 4>sets out of every dollar is new revenue that we're

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<v Speaker 4>bringing into the TV industry. And then we have our

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<v Speaker 4>sales cycle averages nineteen days to bring a new customer live,

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<v Speaker 4>so we're finding the customer before anyone else, bring them

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<v Speaker 4>live faster than anyone else, bringing more technology to bear

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<v Speaker 4>to drive that return on ad spend. All of that

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<v Speaker 4>combined is our advantage?

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<v Speaker 1>How much of your customers come back and stay with

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<v Speaker 1>you just quickly?

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<v Speaker 4>Oh, it's the vast Yeah, I don't have that. It's

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<v Speaker 4>the vast majority of our customers or repeat spenders over

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<v Speaker 4>and over and over again.

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<v Speaker 1>Interesting space, Interesting individual. Mark Douglas of of course Mountain,

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<v Speaker 1>joining us right here on Bloomberg

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<v Speaker 3>M