Buying 2 Rivals to Create a Dominant Leader

Your family were customers of this. You guys already use it, so that's amazing. Yeah, we loved it. Yeah, it was, it was like, oh my gosh.

Yeah, we definitely need to buy this because, you know, the way the economics work is generally if you go to two or three places, it's paid itself off.

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You're bringing them customers, although they may, they may be ROI positive even on that. Positive even on that first visit because of all the incidentals, the food or whatever that is not included in the past. But that the family is likely to buy.

So they may even, they may even make money on that on, on, on the first visit or on the only visit in some cases if they don't convert the customer. But they're building their list, they're building the brand. Great. So yeah, it's a great value prop all the way around.

And then your, so, so your economics are really strong because as you said, and for many of the smaller venues, which is probably the majority of them, you don't even have to pay them for the fee. It's only the big amusement parks or whoever that you have to charge pay a little bit. So fantastic unit economics from your perspective, right?

Yeah, yeah. In general. Right. That said, you have to be careful with it. How so? Well, if you're committing to pay, even though the minority of the venues you don't pay, if you commit to pay too much and charge too little for the pass, all of a sudden you could sell a pass for $50. And if they go to five different places and you had to pay each one of those $20, all of a sudden you're paying out…

Right. And so you've got to understand very closely what your breakage is.

How many people are buying this thing and actually not using it, where are they using it, which venues do they go to and use it for? Because there are definitely pass holders that we have that we're negative on. Right. That we have paid more out to the venues than what they've, than what they paid us for the pass.