Membership (Uber One) is Uber's most efficient long-term consumer acquisition lever because it compounds over time through increased engagement, cross-product usage, and reduced churn.

6:39Uh and the reason for that is like ultimately we we are looking at like IGB as a critical input metric for any dollar I deploy. So what >> What is IGB? >> Incremental gross bookings. Think of it as incremental revenue. Right? Like if I put a dollar of incentive into the market, if I give Harry a dollar and I give a million other consumers a dollar discount, how much

7:02incremental revenue do I get back of that? And by the way, like the ROI on that is different because ROI is like if I get $2 of revenue back from Harry by offering you a dollar, um you might be like, okay, that's great. That's uh you know, a two to one ratio. But actually we only make 7 1/2% of your dollar from a profit margin perspective, so you're still negative

7:20ROI, but you make those sorts of investments to grow the platform over time because you know, I've increased Harry's engagement and then your LTV goes up over time. So um we're we're typically looking at like a very baseline IGB type or incremental revenue type metric for any any uh any dollar we're putting into the marketplace. Membership just gets better over time. The reason it gets better over time is,

7:41you know, if Harry becomes a member, not only do you ride more next month, but actually that cohort of members we acquired in that month tends to ride more over time. They can solve and part of that is because they're consolidating more of their mobility business onto Uber. Part of it is because actually that you get some Uber Eats benefits with your membership program, too. So now you start using Uber Eats instead of

8:02DoorDash or Deliveroo. And so the LTV of Harry just goes up over time with membership. You're less likely to churn. You're more resilient from a market share perspective. Like there's all these downstream long-term impacts that sort of multiply the value of that first dollar I put in a membership. Uh with with shorter term levels like price or promotion, there's some tail like you know, if I give you a dollar to

8:25take a trip next week, there's some value in the following weeks, but it tends to sort of dissipate faster. And so that that's often the debate. >> You said it's not quite Amazon or Costco say in terms of membership dominance. >> Yeah. >> I think that's fair. They've had more head start than you. When you look at that chasm between you, what do you not have that you would need to have to

8:47reach that dominance? >> From my perspective, we need to put more consumer value into the membership program. So today, uh I think especially if you're a mobility rider. So on typically on mobility, you're getting like 5% cash back, right? Is is our standard standard sort of offer. The consumer comprehension of that is still relatively low. Like for a membership program as big as we are, I think there's still a lot of people who