Zedge's Utility App Empire
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A story about how Zedge built a public company by acquiring simple utility apps and websites.
"There's this company called Zedge, it's a public company with a market cap around $130 million on the New York Stock Exchange. They're a publisher/roll-up - they bought a bunch of little apps and websites that get traffic from people wanting self-expression: wallpapers, ringtones, stickers, alarm clock sounds, emoji.
They have about 350 million people who've downloaded their wallpaper app and 40 million monthly active users. For the last 5 years, they've been doing about $10 million in revenue, $2 million in COGS, with gross income between 7-8 million.
They're not showing huge profits at the end after expenses, but I bet these things are spitting off profit into their own pockets. It just shows you how much money is in really simple things that a lot of people use - alarm clock sounds, wallpapers, that sort of thing."
Shaan Puri
Host of MFM
Shaan Puri is the Chairman and Co-Founder of The Milk Road. He previously worked at Twitch as a Senior Director of Product, Mobile Gaming, and Emerging Markets. He also attended Duke University.