MM: We have massive problem here. Almost everything of M&S is for advertising! I did not expect that. Shows that product is very fragile + less cost cutting potential than what i suspected on that side.

Management claims in Q3 2025 that wrong users had been attracted by reduced marketing spend but their willingness to go back to it + very fast rates of payer decline signals that business might collapse without it!!

Moat might be far worse than i thought as typical users are not longterm but shortterm on platform

Questions

• [ ] To which degree did MAU falls vs. only paying users? - I think there was commentary on falling mau as well ← important

• [ ] Determine cost putting potentials

• Up and Downsides

Notebook LM research

• Timeline and breakdown of M&S
• Marketing Budget why is it so high?
• What happened when they cut their advertising budget in Q2 and Q3 2025
• Insights into MAU development
• Insights into Arpus
• Opus 4.6: What are the tinder marketing expenses for 2026? Is this for the U.S or worldwide?
• Opus 4.6: Why is this marketing budget of Tinder relatively modest or in other words why is bumbles marketing/advertising budget so high even if the company is significantly smaller?

Cost cutting ideas/ potential