GP Bullhound消费者订阅软件（CSS）报告2025

Enhancing everyday life CONSUMER SUBSCRIPTION SOFTWARE The view from GP Bullhound Table of contents About us Current CSS market trends to watch A leading technology advisory andinvestment firm, providing transactionadvisory services and venture capitalinvestment. An in-depth view of today’s CSSlandscape: AI headwinds and tailwinds,regulatory pressures, and shiftingconsumer behaviors. eric.crowley@gpbullhound.com 04 Innovation in consumer companies has beenincredible to track over the last year. We are seeingconsumers fall in love with new AI native services andare watching legacy CSS services massively update theirofferings to compete. Exciting times! GP Bullhound CSS insights Market update and transactions GP Bullhound’s frameworks and analysisfeaturing hardware moats, AI strategies,and monetization models, offeringfounders and investors clear playbooksfor building durable businesses. Analysis of the metrics driving premiumCSS valuations, with public benchmarksand valuation dispersion. Reviews recentM&A and financing activity, highlightingcontinued momentum in the category. AlecDafferner, Partner, Advisory Expert views from company builders Current CSS ecosystem alec.dafferner@gpbullhound.com First-hand insights from CEOs andinvestors on scaling CSS businesses:tackling churn, retention strategies, andbuilding trust with consumers in a fast-changing AI-enabled market. A mapping of the leading players acrossverticals including entertainment,fitness, prosumer, health, finance,edtech, family/dating, and morealongside the growing pool of CSSinvestors and aggregators.51 The CSS ecosystem is entering its strongest growthphase yet, with new companies scaling faster than everbefore and investor appetite growing by the day. Investorsnow have a wealth of experience in CSS which we expect toincrease both deal activity and process competition in thecoming year. 36 Past CSS insights CSS metrics to watch Benchmarking the KPIs that matter:ARPU, LTV/CAC, free-to-paid conversion,churn management, retention cohorts,and go-to-market efficiency; plus thenuances that set consumer models apartfrom enterprise SaaS.63 Getting the fundamentals right: insightstaken from our previous reports and stillrelevant today. Daniel Roberts, Vice President, Advisory daniel.roberts@gpbullhound.com With the power of AI, it has never been cheaper orfaster to develop new products. We expect this to unlockniche markets that were previously untapped due to TAMconstraints and drive a proliferation of new platforms inthe coming year. GP Bullhound overview A global technology advisory and investment firm, supporting founders, investors, andcompanies with sector expertise, transaction advisory, and long-term capital.80 CONSUMER SUBSCRIPTION SOFTWARE The view from GP Bullhound Joakim Dal, Partner, Bullhound Capital What felt like magic yesterday is the baseline for tomorrow. Consumer expectations have gone through an irreversible shift.This next generation of founders are using unprecedented levels of compute and intelligence to solve foundational humanproblems at a faster rate. Areas like longevity extension, adaptive education, new formats in entertainment and sports, anddynamic financial applications are now firmly within reach. Across these compelling frontiers, we are looking to invest in thecompanies that build a lasting advantage by fostering deep user loyalty, exhibited by high engagement and monetization. GP Bullhound CSS investments About GP Bullhound’s CSS team GP Bullhound’s CSS team GP Bullhound has the only dedicated CSS team and we have completed the most CSS transactions globally. We leverage our decades of collective experience,proprietary intelligence, deep industry relationships, and leading data sources to advise our clients on how to achieve theirfull potential. Our CSS practiceisled byourSanFrancisco-basedPartner,Eric Crowley, who has over 12years ofadvisory, operating and private equityexperience. Simon MiremadiPARTNER Pierce Lewis-OakesDIRECTOR Eric CrowleyPARTNER Matt StampPARTNER AlecDaffernerPARTNER matt.stamp@gpbullhound.com alec.dafferner@gpbullhound.com MANAGINGDIRECTORBenPittariben.pittari@gpbullhound.com pierce.lewis-oakes@gpbullhound.com eric.crowley@gpbullhound.com simon.miremadi@gpbullhound.com GerryKelliherVICEPRESIDENTgerry.kelliher@gpbullhound.com Chris YinANALYSTchris.yin@gpbullhound.com Alex La BrieASSOCIATEalex.labrie@gpbullhound.com Michael TuANALYSTmichael.tu@gpbullhound.com Daniel RobertsVICEPRESIDENT athina.papageorgiou@gpbullhound.comAthina PapageorgiouANALYST daniel.roberts@gpbullhound.com Jade WilliamsSR. BUSINESS DEV. MANAGERjade.williams@gpbullhound.com Andrea LopezHEAD OF CREATIVE SERVICESandrea.lopez@gpbullhound.com CONSUMER SUBSCRIPTION SOFTWARE Deep domain expertise in the consumer subscription sector CONSUMER SUBSCRIPTION SOFTWARE GP Bullhound’s recent CSS activity GP Bullhound continues to lead in the CSS sectoracrossits advisory and i