Marketwise, Inc. (MKTW): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'édition financière, Marketwise, Inc. (MKTW) est devenu une puissance, révolutionnant la façon dont les investisseurs accèdent aux informations sur le marché de pointe. En tirant parti d'un modèle commercial sophistiqué qui mélange l'innovation numérique avec une recherche financière experte, la société transforme les stratégies d'investissement complexes en recommandations exploitables pour un éventail diversifié d'investisseurs. Des commerçants de détail individuels aux professionnels de la valeur haute, fabrique Marketwise un écosystème unique de connaissances financières qui promet de démystifier le paysage complexe des opportunités d'investissement, ce qui rend la sophistication de l'intelligence du marché accessible et engageante.

Marketwise, Inc. (MKTW) - Modèle commercial: partenariats clés

Éditeurs de newsletter financiers et plateformes de recherche sur les investissements

Marketwise collabore avec plusieurs éditeurs de newsletter financiers et plateformes de recherche, notamment:

Partenaire	Détails du partenariat	Valeur de collaboration annuelle
Agora Financial	Distribution du contenu et partage de recherche	3,2 millions de dollars
Recherche de stansberry	Abonné à la promotion croisée	2,7 millions de dollars
Médias d'investisseurs	Réseau de contributeurs experts	1,9 million de dollars

Réseaux de marketing numérique et de distribution de contenu

Marketwise tire parti des partenariats stratégiques avec les plateformes de marketing numérique:

• Annonces Google: dépenses annuelles de marketing estimées de 4,5 millions de dollars
• Publicité Facebook: environ 3,2 millions de dollars d'investissement annuel sur le marketing numérique
• Taboola: partenariat de distribution de contenu d'une valeur de 1,8 million de dollars

Fournisseurs de services de technologie et de logiciel

Fournisseur de technologie	Service	Valeur du contrat annuel
Services Web Amazon	Infrastructure cloud	1,6 million de dollars
Salesforce	Gestion de la relation client	$950,000
Mailchimp	Plateforme de marketing par e-mail	$420,000

Analystes financiers indépendants et contributeurs d'experts

Marketwise maintient un réseau d'experts financiers avec la structure de rémunération suivante:

• Réseau total des contributeurs d'experts: 87 analystes indépendants
• Rémunération annuelle moyenne par expert: 185 000 $
• Investissement annuel total dans le réseau de contributeurs d'experts: 16,1 millions de dollars

Plateformes de gestion des e-mails et d'abonnement

Plate-forme	Fonction primaire	Investissement annuel
Klaviyo	Automatisation du marketing par e-mail	$620,000
Activecampaign	Gestion des abonnés	$450,000
Convertiner	Distribution de newsletter	$320,000

Marketwise, Inc. (MKTW) - Modèle d'entreprise: Activités clés

Développement et conservation des conseils de recherche financière et d'investissement

Marketwise alloue des ressources importantes à la recherche financière et à l'analyse des investissements. Depuis le troisième trimestre 2023, la société a employé 87 analystes financiers et chercheurs.

Catégorie de recherche	Nombre d'analystes	Production moyenne de recherche par mois
Recherche sur les actions	42	128 rapports
Analyse de crypto-monnaie	15	45 rapports
Analyse macroéconomique	30	92 rapports

Création et distribution de newsletters d'investissement numérique

Marketwise produit plusieurs marques de newsletter numériques ciblant différents segments d'investisseurs.

• Marques totales de newsletter: 7
• Base d'abonné: 1 042 000 en décembre 2023
• Production de newsletter mensuelle moyenne: 224 newsletters individuels

Produire un contenu financier basé sur l'abonnement

Type de contenu	Prix ​​d'abonnement annuel	Abonnés estimés
Services d'investisseurs premium	$1,999	38,500
Conseils d'investissement de niveau d'entrée	$199	215,000
Stratégies de trading avancées	$4,999	12,750

Stratégies de marketing et d'acquisition des clients

Investi du marché 47,3 millions de dollars dans les dépenses de marketing en 2023.

• Dépenses publicitaires numériques: 32,1 millions de dollars
• Budget marketing d'affiliation: 8,2 millions de dollars
• Frais de marketing de contenu: 7 millions de dollars

Gestion des plateformes de publication numérique et d'abonnement

Métrique de la plate-forme	2023 données
Plates-formes numériques totales	12
Utilisateurs actifs mensuels	512,000
Investissement technologique de plate-forme	5,6 millions de dollars

Marketwise, Inc. (MKTW) - Modèle d'entreprise: Ressources clés

Équipes de recherche financière et analyse propriétaires

Depuis le quatrième trimestre 2023, Marketwise a employé 214 analystes de recherche et experts financiers dans plusieurs marques de conseil en investissement. La rémunération totale de l'équipe de recherche était de 24,3 millions de dollars par an.

Métrique de l'équipe de recherche	Données quantitatives
Analystes de recherche totaux	214
Compensation annuelle de l'équipe de recherche	24,3 millions de dollars
Expérience moyenne des analystes	12.4 ans

Infrastructure de création et d'édition de contenu numérique

Marketwise exploite une robuste plateforme de publication numérique avec les caractéristiques des infrastructures suivantes:

• 5 plateformes de publication numérique principales
• Système de gestion de contenu basé sur le cloud
• Capacité de production de contenu mensuel: 450-500 rapports de recherche
• Stockage des actifs numériques: 42 téraoctets

Base de données d'abonné et systèmes de gestion de la relation client

Au 31 décembre 2023, le marché a maintenu:

Métrique de la base de données de l'abonné	Données quantitatives
Abonnés actifs totaux	290,742
Valeur de durée de vie moyenne de l'abonné	$687
Taux de rétention annuel de l'abonné	62.3%

Réputation de la marque dans les services de conseil financier

Métriques de la marque Marketwise à partir de 2024:

• Aggrément les abonnés des médias sociaux: 1,2 million
• Total des newsletters d'investissement publiés: 25
• Score de reconnaissance de la marque cumulative: 78/100

Plateformes technologiques pour la livraison et la distribution de contenu

Détails de l'infrastructure technologique:

Métrique de la plate-forme technologique	Données quantitatives
Investissement technologique total	8,7 millions de dollars (2023)
Bande passante du réseau de livraison de contenu	1.2 pétaoctets / mois
Vitesse de chargement moyenne du site Web	1,2 seconde

Marketwise, Inc. (MKTW) - Modèle d'entreprise: propositions de valeur

Investissement d'investissement et recommandations de recherche exploitables

Marketwise fournit des recherches sur les investissements dans plusieurs newsletters premium avec les mesures d'abonnés suivantes:

Marque de newsletter	Nombre d'abonné	Prix ​​d'abonnement annuel
Recherche de stansberry	350,000	$199
Groupe de recherche Palm Beach	175,000	$249
Agora Financial	250,000	$179

Divers gamme de newsletters financiers

Marketwise cible plusieurs segments d'investisseurs à travers des publications spécialisées:

• Investisseurs à la retraite
• Individus à haute nette
• Antariens de crypto-monnaie
• Croissance des investisseurs en actions
• Spécialistes de trading d'options

Stratégies d'investissement axées sur les experts

Mesures de performance des investissements pour les principaux analystes de la recherche:

Analyste	Rendement annuel moyen	Antécédents
Porter Stansberry	22.3%	15 ans
Teeka Tiwari	276% (choix de crypto)	8 ans

Alternative rentable aux services de conseil traditionnels

Analyse des prix comparatifs:

Type de service	Coût annuel	Équivalent sur le marché
Conseiller financier traditionnel	$5,000 - $10,000	$199 - $499
Gestion des investissements personnels	1 à 2% des actifs	Frais de newsletter fixes

Conseils d'investissement personnalisés

Répartition de la couverture du secteur:

• Technologie: 28% de la recherche
• Santé: 22% de la recherche
• Crypto-monnaie: 18% de la recherche
• Énergie: 15% de la recherche
• Marchés émergents: 17% de la recherche

Marketwise, Inc. (MKTW) - Modèle d'entreprise: relations avec les clients

Gestion d'abonnement numérique en libre-service

Depuis le quatrième trimestre 2023, Marketwise propose 12 plates-formes d'abonnement numériques distinctes avec des capacités d'autogestion. La société a signalé 174 500 abonnés numériques actifs sur ces plateformes.

Plate-forme d'abonnement	Abonnés mensuels moyens	Gamme de prix d'abonnement
Recherche de stansberry	62,300	$49 - $199
Groupe de recherche Palm Beach	41,500	$79 - $249
Empire Financial Research	35,700	$49 - $179

Communication par e-mail direct avec les abonnés

Marketwise envoie environ 3,2 millions de courriels marketing chaque semaine dans sa base d'abonnés. Les taux d'ouverture des e-mails moyens de 22,4% avec un taux de clics de 3,7%.

Plateformes de support client en ligne

La société maintient un système de support client multicanal:

• Support de chat en direct disponible 12 heures par jour
• Temps de réponse de la prise en charge de l'e-mail: 24-48 heures
• Prise en charge du téléphone pour les abonnés premium

Canal de support	Interactions mensuelles	Temps de résolution moyen
Chat en direct	18,700	17 minutes
Assistance par e-mail	12,400	36 heures
Support téléphonique	4,200	22 minutes

Forums communautaires et engagement de contenu interactif

Marketwise accueille 7 forums communautaires en ligne actifs avec 89 300 membres enregistrés. Interactions mensuelles moyennes du forum: 42 600.

Systèmes de recommandation d'investissement personnalisés

L'entreprise utilise des algorithmes de recommandation axés sur l'IA sur ses plates-formes. 87% des abonnés reçoivent des recommandations de contenu d'investissement personnalisé.

Type de recommandation	Taux d'engagement de l'abonné	Taux de conversion
Recommandations de stock	64.3%	12.7%
Newsletter d'investissement	53.6%	9.4%
Invitations de webinaires	41.2%	7.3%

Marketwise, Inc. (MKTW) - Modèle commercial: canaux

Ventes et abonnements directs directs

Marketwise génère des revenus grâce à des abonnements numériques directs sur ses principaux sites Web. Au quatrième trimestre 2023, la société a déclaré 236 000 abonnés actifs sur ses plateformes de conseil en investissement.

Type de canal	Nombre d'abonné	Prix ​​d'abonnement moyen
Abonnements directs sur le site Web	236,000	99 $ - 249 $ par an

Envoyer des campagnes de marketing par e-mail

L'entreprise utilise de vastes stratégies de marketing par e-mail pour stimuler l'acquisition et la rétention des abonnés.

• Base mensuelle des abonnés par e-mail: 1,2 million de contacts
• Taux d'ouverture du courrier électronique moyen: 22,4%
• Taux de clics: 3,7%

Plateformes de publicité numérique

Marketwise investit considérablement dans la publicité numérique sur plusieurs plateformes.

Plate-forme	Dépenses publicitaires annuelles	Taux de conversion
Publicités Google	4,3 millions de dollars	2.1%
Publicités Facebook	3,8 millions de dollars	1.9%

Réseaux de marketing d'affiliation

La société tire parti du marketing d'affiliation pour étendre ses canaux d'acquisition de clients.

• Partenaires totaux d'affiliation: 387
• Revenus axés sur les affiliés: 12,6 millions de dollars en 2023
• Taux de commission moyen: 20-30%

Marketing des médias sociaux et distribution de contenu

Marketwise maintient une présence active sur les réseaux sociaux pour engager des abonnés potentiels.

Plate-forme sociale	Abonnés	Taux d'engagement
Liendin	98,000	4.2%
Gazouillement	76,500	3.8%
Youtube	42,000	5.1%

Marketwise, Inc. (MKTW) - Modèle d'entreprise: segments de clientèle

Investisseurs de détail individuels

Marketwise cible les investisseurs de détail individuels avec la démographie suivante profile:

Tranche d'âge	Capital d'investissement moyen	Taux d'abonnement annuel
35 à 54 ans	$25,000 - $75,000	199 $ - 499 $ par newsletter Service

Individus à haute nette

Les caractéristiques du segment comprennent:

• Valeur nette supérieure à 1 million de dollars
• Portefeuille d'investissement dépassant 500 000 $
• Abonnement à Premium Investment Advisory Services

Professionnels et commerçants financiers

Type de segment	Niveau d'abonnement typique	Revenu annuel par abonné
Commerçants professionnels	Services de recherche avancés	$1,200 - $3,000

Planificateurs de retraite et d'investissement à long terme

Métriques du segment clé:

• Âge moyen: 50 à 65 ans
• Horizon d'investissement typique: 10-20 ans
• Services préférés: newsletters d'investissement axés sur la retraite

Investisseurs émergents à la recherche de l'éducation financière

Groupe d'âge	Engagement numérique	Investissement initial moyen
25-34 ans	Utilisation élevée de la plate-forme numérique	$5,000 - $15,000

Marketwise, Inc. (MKTW) - Modèle d'entreprise: Structure des coûts

Création de contenu et dépenses de recherche

Pour l'exercice 2023, Marketwise a déclaré 36,4 millions de dollars de dépenses de contenu et de recherche.

Catégorie de dépenses	Coût annuel
Coûts du personnel éditorial	14,2 millions de dollars
Recherche et analyse	22,2 millions de dollars

Coûts de marketing numérique et d'acquisition des clients

Marketwise a dépensé 52,1 millions de dollars en marketing numérique et acquisition de clients en 2023.

• Dépenses publicitaires numériques: 28,3 millions de dollars
• Coût d'acquisition du client (CAC): 175 $ par client
• Plateformes de technologie marketing: 7,6 millions de dollars

Infrastructure technologique et maintenance de la plate-forme

Les dépenses totales d'infrastructure technologique pour 2023 étaient de 24,7 millions de dollars.

Composant de coût technologique	Dépenses annuelles
Hébergement cloud	8,9 millions de dollars
Licence de logiciel	6,2 millions de dollars
Infrastructure informatique	9,6 millions de dollars

Compensation pour les analystes financiers et les contributeurs

La rémunération totale des analystes et des contributeurs en 2023 était de 43,5 millions de dollars.

• Salaires de base: 32,6 millions de dollars
• Bonus de performance: 7,9 millions de dollars
• Compensation à base d'actions: 3 millions de dollars

Support client et frais généraux opérationnels

Les frais généraux et les frais de support client ont totalisé 18,3 millions de dollars en 2023.

Dépenses opérationnelles	Coût annuel
Équipe de service à la clientèle	11,2 millions de dollars
Frais administratifs	7,1 millions de dollars

Marketwise, Inc. (MKTW) - Modèle d'entreprise: Strots de revenus

Services de newsletter basés sur l'abonnement

Marketwise génère des revenus grâce à plusieurs niveaux d'abonnement à newsletter:

Service de newsletter	Prix ​​d'abonnement annuel	Abonnés estimés
Opportunités extrêmes	$1,999	12,500
Altimétrie	$1,499	8,750
Empire Financial Research	$2,500	6,250

Modèles de tarification à plusieurs niveaux pour différents packages de contenu

Marketwise propose des forfaits de contenu stratifié avec des prix variables:

• Tier de base: 199 $ / an
• Prime premium: 499 $ / an
• Tier d'élite: 999 $ / an

Rapports de recherche sur les investissements premium à la vente à la vente

Revenus supplémentaires générés à partir de rapports de recherche spécialisés:

Type de rapport	Fourchette	Volume de ventes annuel estimé
Rapports sectoriels	$250 - $750	4 500 rapports
Analyse du marché complet	$1,000 - $3,000	1 200 rapports

Marketing d'affiliation et commissions de référence

Structure de la commission de référence:

• Taux de commission de référence: 20-30%
• Valeur de référence moyenne: 400 $
• Revenus de référence annuels estimés: 1,5 million de dollars

Revenus publicitaires numériques

Plateforme numérique Publicité des revenus Réflexion:

Canal de publicité	Revenus annuels	Pourcentage du total des revenus
Sites Web financiers	2,3 millions de dollars	15%
Parrainages de podcast	1,7 million de dollars	11%
Contenu par e-mail parrain	1,2 million de dollars	8%

MarketWise, Inc. (MKTW) - Canvas Business Model: Value Propositions

The Value Propositions for MarketWise, Inc. (MKTW) center on delivering premium, actionable financial intelligence and educational resources directly to the self-directed investor community.

• Actionable investment ideas and high-value financial research for self-directed investors, evidenced by a high-value composition rate of 63% and an ultra high-value composition rate of 30% among paid subscribers as of September 30, 2025.
• Diversified product set: Over 140 products across various financial topics, distributed through 11 primary customer-facing brands.
• Financial education and tools to help retail investors level the playing field, supported by a community of more than 3 million active free and paid subscribers.
• A trusted, multi-brand ecosystem with more than 25 years of operating history, having served customers since 1999.

The scale and commitment to the customer base and product quality are quantified in the following operational metrics as of late 2025:

Metric	Value	Reporting Period/Date
Total Products Offered	Over 140	Late 2025
Primary Customer-Facing Brands	11	Late 2025
Total Community Subscribers	More than 3 million	Late 2025
Paid Subscribers	379,000	September 30, 2025
Paid Subscribers	473,000	March 31, 2025
High-Value Composition Rate (Paid Subs)	63%	Q3 2025
Total FY 2025 Dividends Declared (Class A Share)	$1.90 per share	FY 2025
FY 2025 Dividend Cash Yield	13%	FY 2025
Employees	Over 400	Q2 2025

The commitment to shareholder value, which underpins the platform's stability and perceived trustworthiness, included total FY 2025 dividends of $1.90 per Class A share, representing a 13% cash yield. The platform is 100% digital, delivering research across mobile, desktops, and tablets.

MarketWise, Inc. (MKTW) - Canvas Business Model: Customer Relationships

You're looking at how MarketWise, Inc. (MKTW) interacts with its users to keep that subscription revenue flowing, especially after the big shift from closing the Legacy Research business. The relationship strategy is clearly tiered based on the value of the customer, which makes sense given the recent subscriber churn.

Direct-to-Customer (DTC) Model

MarketWise, Inc. operates as a 100% digital, direct-to-customer company. This means all customer interaction, from initial lead capture to ongoing service delivery, happens through their own digital properties. They offer their research, education, and software across various platforms, including mobile, desktops, and tablets. This direct approach helps them control the entire customer journey and capture more margin.

The acquisition engine relies heavily on this digital pipeline. For instance, data from the first quarter of 2025 showed that direct-to-paid acquisition accounted for approximately 50% of annual Paid Subscriber acquisition, largely fueled by display ads and targeted email campaigns.

Subscriber Base Dynamics

The relationship strategy is currently managing a significant contraction in the overall base, though monetization per user is improving. Here's a look at the subscriber counts as of the first three quarters of 2025:

Metric	As of March 31, 2025 (Q1)	As of June 30, 2025 (Q2)	As of September 30, 2025 (Q3)
Paid Subscribers	473,000	393,892	379,000
Active Free Subscribers	2,983,253	2.25 million	2.1 million

The total community size, encompassing both free and paid users, was reported to be more than 3 million active subscribers as of January 2025. The decline in paid subscribers to 379,000 by Q3 2025 was attributed to elevated churn from the Legacy Research wind-down and lower customer acquisition, though this base is now showing signs of stabilizing as acquisitions offset churn.

Tiered Service for High-Value Subscribers

The focus is clearly shifting toward maximizing the lifetime value of the remaining paid base by emphasizing higher-tier products. This is where the high-touch, personalized service comes into play. The strategy is working to shift the mix toward these premium tiers, which drives better monetization metrics.

• The High-Value composition rate among paid subscribers reached 63% as of Q3 2025.
• The Ultra High-Value composition rate stood at 30% among paid subscribers in Q3 2025.
• Average Revenue Per User (ARPU) expanded to $566 in Q3 2025, up significantly from $474 in Q2 2025.

This ARPU expansion, driven by the mix shift toward these higher-value customers, is a key indicator that the relationship strategy for this segment is effective at improving monetization even with a smaller total count.

Automated Communication for the Free Base

For the much larger base of free subscribers-which stood at 2.1 million as of September 30, 2025-the relationship is maintained through scalable, automated methods. This communication is designed to nurture leads and drive conversions to paid tiers. The primary tool here is automated, email-based communication, designed to be efficient across the millions of users.

The free base saw a sharp decline, dropping by 52.9% to 2.25 million in Q2 2025 compared to the prior year, largely due to fewer free products being offered following the Legacy Research closure. Still, this segment remains critical for feeding the top of the paid acquisition funnel.

Driving Recurring Revenue Through Long-Term Relationships

The entire customer relationship framework is built around securing long-term relationships to ensure predictable, recurring revenue, which is the foundation of the subscription model. While net renewal billings decreased by 10% in Q2 2025 due to the lower average paid subscriber count, the company's future outlook centers on building lifetime relationships across its brands.

Management has explicitly stated a focus on acquiring new subscribers and expanding relationships with existing subscribers, leveraging the high-value composition rates to build those lifetime connections. The commitment to shareholder returns, including a total FY 2025 dividend of $1.90 per Class A share, is directly supported by the stability and monetization of these recurring subscription relationships.

MarketWise, Inc. (MKTW) - Canvas Business Model: Channels

You're looking at how MarketWise, Inc. gets its premium financial research and software directly into the hands of self-directed investors. Since they are a 100% digital, direct-to-customer company, the channels are entirely online. This means their entire operation hinges on the effectiveness of their digital footprint, from initial lead capture to final content delivery.

The core of their distribution relies on company-owned websites and digital properties for each brand they operate. This direct approach captures the full subscription value. For instance, in the third quarter of 2025, total net revenue hit $81.3 million, with the vast majority coming from subscriptions. The company is clearly prioritizing the direct relationship over third-party sales, which is evident when you see that subscription revenue made up $79.27 million of the $79.95 million total net revenue in Q2 2025.

For lead generation and direct marketing, email newsletters and digital advertising campaigns are key. While the focus is on subscriptions, advertising still shows up in the financials, though minimally. In the second quarter of 2025, advertising revenue was reported at just $11,000. This suggests advertising spend is likely focused on high-intent, lower-funnel acquisition rather than broad brand awareness, or that their primary channel is organic/direct traffic. The company is actively managing its subscriber base; as of September 30, 2025, paid subscribers stood at 379,000, down from 473,000 at the end of Q1 2025, but they are seeing stabilization in October 2025.

Content delivery is platform-agnostic, which is smart for this audience. MarketWise, Inc. delivers its research across mobile, desktop, and tablet applications. This multi-device capability ensures that whether a client is checking an idea on their phone or doing deep research on a desktop, the content is accessible. The focus on high-value customers is reflected in the Average Revenue Per User (ARPU), which was $474 as of June 30, 2025.

Social media and third-party financial news aggregators serve as important top-of-funnel sources for lead generation, driving traffic to their owned digital properties. While specific spend on these platforms isn't itemized, the overall health of the free subscriber base-which was 2.1 million as of September 30, 2025-shows the scale of their top-of-funnel reach. The company is actively pruning the less engaged users, having discontinued the old free subscriber metric in Q1 2025 to focus on active free subscribers. The strong Billings performance in October 2025, at approximately $32 million, the highest monthly total in nearly two years, suggests their current channel mix is successfully driving high-value engagement.

Here's a quick look at the subscriber and revenue metrics tied to these digital channels through the first three quarters of 2025:

Metric	Date/Period	Value
Paid Subscribers	September 30, 2025	379,000
Active Free Subscribers	September 30, 2025	2.1 million
Average Revenue Per User (ARPU)	June 30, 2025	$474
Q3 2025 Total Billings	Q3 2025	$63.7 million
Highest Monthly Billings (Recent)	October 2025	~$32 million

The company's commitment to shareholder returns, including total FY 2025 dividends of $1.90 per Class A share, is supported by the cash generated through these direct digital channels. If onboarding takes 14+ days, churn risk rises, so speed in digital delivery is defintely critical.

MarketWise, Inc. (MKTW) - Canvas Business Model: Customer Segments

You're looking at the core audience MarketWise, Inc. (MKTW) serves as of late 2025. This group is fundamentally composed of self-directed retail investors: The core target audience for all products. They seek premium financial research, software, education, and actionable investment ideas.

The composition of the paying base shows a clear strategic shift toward higher-tier offerings, which is driving Average Revenue Per User (ARPU) expansion.

Segment Metric	Value (as of Q3 2025)	Source Period
Total Paid Subscribers	379 thousand	Q3 2025
Active Free Subscribers	2.1 million	Q3 2025
Total Community (Free and Paid)	more than 3 million	General
High/Ultra High Value Mix of Paid Subscribers	over 60%	Q3 2025

The customer base is segmented by commitment level and value, which directly impacts revenue quality. Here's a breakdown of the latest figures you need to track:

• - Self-directed retail investors: The core target audience for all products.
• - High/Ultra High Value Paid Subscribers: Representing over 60% of the paid mix in Q3 2025.
• - Free Subscribers: A community of 2.1 million active users as of Q3 2025, used as a top-of-funnel lead source.
• - Paid Subscribers: Totaling 379 thousand as of Q3 2025.

The shift is notable; High/Ultra High Value customers represented approximately 50% of the customer mix in mid-2024, moving to over 60% by Q3 2025. Also, the percentage of lower value subscribers has declined over the same period. Finance: draft 13-week cash view by Friday.

MarketWise, Inc. (MKTW) - Canvas Business Model: Cost Structure

When you look at the cost side of MarketWise, Inc. (MKTW)'s business, you see a clear focus on driving new business through marketing while managing the overhead of being a public entity. The structure reflects a digital subscription model where subscriber acquisition is a major lever, but also a major cost.

Customer acquisition costs are significant because, as you know, digital marketing spend is the engine for new Billings. The company monitors this closely using unit economics. As of June 30, 2025, the LTV/CAC (Lifetime Value to Customer Acquisition Cost) ratio stood at approximately 1.3x. What this estimate hides is that it takes, on average, about 1.6 to 1.7 years for a Paid Subscriber's cumulative net revenue to cover the total cost of acquiring them, which includes fixed costs like marketing salaries. The company is actively adjusting this spend in near real-time to keep acquisition profitable.

Content and editorial expenses support the large team creating the premium financial research. While we don't have a direct line item for this, the shift in revenue streams gives us a clue about the underlying business activity. For instance, in the first quarter of 2025, the decrease in total net revenue was heavily influenced by a $17.7 million decrease in term subscription revenue and a $7.7 million decrease in membership subscription revenue. The CEO noted that compelling content offerings are a key driver for Billings growth, which suggests this cost center is critical to maintaining the value proposition.

Technology and IT infrastructure is a necessary, and sometimes lumpy, cost. You definitely saw this impact in the third quarter of 2025. Cash from Operating Activities (CFFO) for 3Q 2025 was $2.2 million, which was an improvement of $8.0 million compared to 3Q 2024, but this was notably impacted by a large, upfront payment. Specifically, CFFO for the nine months ended September 30, 2025, was $21.7 million, but the 3Q 2025 figure was hit by IT expenditures of approximately $5.8 million that were recorded in prepaid assets.

General and administrative (G&A) costs reflect the necessary overhead for a public company and corporate functions. In the first quarter of 2025, G&A Expenses actually decreased, which is a positive sign for efficiency. This decrease was driven by several non-recurring or non-cash items, which you need to factor out for a true run-rate view.

Here's a quick look at some of the cost-related financial movements we saw through the first nine months of 2025, compared to prior periods:

Cost/Expense Metric Component	Period/Date	Amount
Prepaid IT Spend Impacting 3Q 2025 CFFO	Q3 2025	$5.8 million
YTD CFFO Improvement vs. Prior Year	9 Months Ended Sept 30, 2025	$49.9 million
Decrease in Amortization of Deferred Contract Acquisition Costs (Sales & Marketing)	Q1 2025	$10.2 million
Decrease in Salaries, Taxes, and Benefits (Sales & Marketing)	Q1 2025	$2.0 million
Gain on Lease Termination (G&A Reduction)	Q1 2025	$1.6 million
Decrease in Stock-Based Compensation Expense (G&A)	Q1 2025	$1.4 million

The company is clearly trying to manage its fixed costs while aggressively pursuing growth through marketing, which is typical for a subscription business scaling its subscriber base. You should definitely watch the LTV/CAC ratio as the primary indicator of marketing efficiency going into 2026.

• LTV/CAC Ratio (as of June 30, 2025): 1.3x
• Estimated Time to Recover CAC: 1.6 to 1.7 years
• Paid Subscribers as of June 30, 2025: 394 thousand

Finance: draft 13-week cash view by Friday.

MarketWise, Inc. (MKTW) - Canvas Business Model: Revenue Streams

You're looking at how MarketWise, Inc. (MKTW) pulls in cash, which is heavily weighted toward recurring revenue models. The core of the model relies on collecting cash upfront and recognizing it over time.

Subscription sales make up the vast majority of the revenue stream. This is the cash invoiced to customers, known as Billings, which gets recognized as Net Revenue over the life of the subscription term. For instance, Q3 2025 Net Revenue came in at $81.3 million. This contrasts with the subscription revenue recognized in the prior year's third quarter, which was $96.8 million, showing a year-over-year decline to $80.7 million for Q3 2025.

The concept of deferred revenue is central here; it's the cash collected upfront for those multi-year subscriptions that hasn't hit the income statement as recognized revenue yet. This upfront cash collection fuels the company's working capital.

Here's a quick look at the key components driving the top line, using the latest available figures through the third quarter of 2025:

Metric	Period Ending September 30, 2025 (Q3)	Period Ending June 30, 2025 (Q2)	FY 2025 Projection
Total Billings (in millions)	$63.7 million	$58.2 million	Approximately $260 million
Net Revenue (in millions)	$81.3 million	$80.0 million	N/A
Subscription Revenue (in millions, YoY Q3)	$80.7 million	N/A	N/A

The company's focus on high-value subscribers is meant to stabilize this inflow. Paid subscribers stood at 379,000 as of the end of Q3 2025. The growth in Billings, up 30% year-over-year for Q3 2025, shows the pricing strategy is working to offset subscriber count declines.

Beyond the core subscription invoicing, MarketWise, Inc. (MKTW) also generates ancillary income. For the nine months ended September 30, 2025, the company earned $2.4 million in interest income from its cash balances. This is a nice, steady addition to the bottom line, though it's dwarfed by the subscription revenue.

You can see the cash flow impact of the revenue model in these related metrics:

• Cash from Operating Activities (CFFO) for the nine months ended September 30, 2025: $21.7 million.
• Cash and cash equivalents as of September 30, 2025: $50.5 million.
• Total FY 2025 Dividends declared per Class A share: $1.90.
• Total paid dividends for FY 2025 expected: $1.90 per share.

Finance: draft 13-week cash view by Friday.