Speaker unverified: belief

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…So a messaging service of the competitor, and then how does the business work? I actually don't know that much about how the business works. You're approaching a billion MAUs, and then monetization is mostly advertising for them. Or how do your different revenue streams break down? We've got two major revenue streams. One is advertising, the other is direct revenue. The direct revenue business is relatively new for us. I think over the last like two or three years. We just announced we hit 25 million Snapchat+ subscribers, over a billion run rate on the direct revenue business. That's been growing really nicely for us. Then advertising, of course, whether that's on the map, we've got a product called Promoted Places and actually really powerful closed-loop measurement around that. A lot of folks care right now about driving folks into their retail locations and Promoted Places plays a huge role in doing that. There's been a general trend, I think, of businesses directly monetizing, like having their equivalent of direct revenue be more relevant with AI because the inference costs are real. If you are like... Maybe the prior generation of companies were very heavily ad-dominant. Whereas if you look at ChatGPT or Claude or something like that, they have to have the various tiers of subscriptions, $20 a month and $200 a month. Because you can just use a small amount of compute or a lot of compute. Do you see similarly direct revenue becoming a bigger deal for Snap in the future? Because you're just going to have more computationally expensive products? If you're using a lot of computationally expensive Lens Studio stuff, like you can potentially burn a lot of compute as a user of Snap.…

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