Users don't care about market categories or formats — they care about whether the experience provides value and is fun, which is what drives engagement.

10:21crannies shopping on QVC so no one my age wants to shop on QVC >> um and look there's a bunch of other big marketplaces around um >> but we sort of you know there was a bunch for our market initially which was collectibles uh you know there were a bunch of players who were doing it but sort of felt like it was a little bit stagnant like the space hadn't changed

10:40in a while so that was that was sort of like the state of the market >> and and by the way I would just say I think it's probably an asset not a liability that you guys didn't know much about the market because if you knew a lot about the market, you'd probably try to build what existed in the market but like iterate on it as opposed to a new

10:57an entirely new thing. >> Yeah. The I was 1,000% an advantage. Yes. >> Um because look, I I think the the punchline and I can get into it is um users don't give a about the market. >> Yeah. >> Um they don't care about the market at all. They care about whether they're going to enjoy the thing. It provides value. >> Yeah. And so there there's this um

11:19counterintuitive thing which is if you built try and build a market it oftentimes distracts from like are you building a really great user experience. Yeah. Because again like no one's the consumer is not making a going like oh this is a live shopping market and you know I can transact all these things in this market and they're going like well no what are what are you going to

11:35provide for me? What's the value? And so um there were a bunch of players who were trying to do that because they sort of saw what was happening in Asian. It's a it's a monster market. It's like a trillion dollar plus market today. Um, and we were like, we don't know. Uh, we were building our Funko Pop marketplace and we were talking to our customers every single day and then we saw our

11:52customers hacking social media in interesting ways and the way they was were trying to hack it by was selling like um the selling items and live video but the experience was really broken. >> Yeah. >> Uh, transactions weren't integrated well. Shipping wasn't payments discovery CX. Um, and we just thought we could build a better one of those and it would solve uh the problems of the customers

12:15we had in the platform. Um, Logan locked himself in his room for a few weeks, came out with the first version of the product and um, I went live, sold out, sold a lot of items and the rest is sort of, you know, history from there. >> That's incredible. Yeah. Awesome. The So, it's interesting to think about what you all provide. So, I think it's a super insightful way to say like

12:37customers don't give a about a market. Like they want a like they want a product that's compelling to them. Like what do you what value do you provide to them? Shopping often starts with intent. So, how much of the idea of this is like entertainment versus intent and like how do you think about the distribution of the behavior of the buyers and what they're getting out of you? Yeah, I