[LimaBearz]

When I first read that it completely made sense. But my mind immediately ran to leetcodes subscription.

I imagine their churn is fairly high, but they can also capitalize on new graduates or folks looking to up their game to keep revenue flowing in so that by itself is only part of the story. Likewise their active count maybe falls off a cliff after 4-6 months for users who actively engage with platform, and I’m sure some of them make the purchase and either never use it or give up fairly quickly.

To toy with your question specifically let’s use LC as an example. Some percentage of users need to be engaged and referring it via word of mouth for it to be validating. As for retention and engagement, once you have a decent cycle of customers coming in that becomes a game psychology. Think Reddit emailing you on every comment you get, notifications, gamey mechanics like Robinhood, or some other mechanism to reinforce behavior