“as subscription businesses get older as their uh cohorts age the churn just kind of naturally comes down over time... as a new entrant again you come in and you're turning at 15 a month you have to spend a much higher percentage of your revenue just to replace your user base every month”

Old Cohorts Compound Into a Moat — and a Cash Flow Advantage Over Every New Entrant

Mature subscription businesses have older subscribers who churn at 2–4% blended. A new entrant churning at 15%/month must spend proportionally far more revenue just to stay flat, while incumbents invest that surplus into R&D and acquisition. This natural compounding of retained cohorts is what makes established subscription apps structurally hard to displace.