Snapshot · Pivot
Italian internet roll-up Bending Spoons reported $270 million in Q1 2025 revenues with a $120 million loss, swinging to $625 million revenue and $28 million profit in the most recent quarter.
Where this was said
At 41:30 · chapter starts 40:35
Scott's prediction segment begins with a quiz for the live audience: what will be the biggest first-day tech IPO pop of the month — and it isn't SpaceX. The answer is Bending Spoons, an Italian company that Scott had not heard of until two weeks prior. The firm's model is elegant: buy beloved-but-forgotten internet brands that burned through venture capital building loyal audiences, consolidate the back-end infrastructure (a polite way to say cut costs dramatically), raise subscription prices, and lever the margin power that was always there but never monetised [1] — Scott Galloway "Bending Spoons is an Italian company that buys beloved-but-forgotten internet brands, cuts costs, raises prices, and locks in subscription …" 40:35 . The numbers tell the story: from $270 million in revenue and $120 million in losses in Q1 2025 to $625 million in revenue and $28 million in profit in the most recent quarter. Crucially, 88% of revenue is recurring [2] — Scott Galloway "Bending Spoons: 88% recurring revenue: 88% of Bending Spoons' revenue is recurring subscription income, making the Italian internet roll-up…" 42:20 . Scott compares the strategy to WPP's old playbook — buy at 7x EBITDA, cut, then list at 12x — and predicts Bending Spoons will price at 7–8x its $2.5 billion in revenues.
Bending Spoons is an Italian company that buys beloved-but-forgotten internet brands, cuts costs, raises prices, and locks in subscription revenue. With 88% recurring revenue and a swing from $120 million quarterly losses to $28 million profits, Scott Galloway calls it the biggest first-day-pop IPO of the month.
88% of Bending Spoons' revenue is recurring subscription income, making the Italian internet roll-up a SaaS-meets-Berkshire-Hathaway model.
Despite strong download numbers, PropGPT could not push past $1,000–$2,000 MRR due to poor product retention.
After their rebuilt app launched, Eyal and Yali hit $30,000 MRR in just 10 weeks.
PropGPT achieves a 48% conversion rate from app download to free trial sign-up.
For every user who downloads PropGPT, Eyal and Yali generate approximately $3.30 in revenue.
Before the rebuild, PropGPT had a 45% download-to-trial rate but only 13% trial-to-paid conversion, revealing a product quality problem.
PropGPT peaked at $40,000 MRR and 2,000 downloads in a single day during the NBA playoffs campaign.
A single viral influencer video with 600,000 views drove PropGPT's ARR from approximately $8K to $38K in about 3 days.
PropGPT runs at roughly 50% profit margins after accounting for marketing, data APIs, hosting, and tooling costs.
PropGPT spends approximately $10,000 per month on influencer marketing.
We use essential and analytics cookies to run Vuci. To understand how the site is used: Privacy Policy.
Install Vuci on your phone
Add it to your home screen for a faster, app-like experience.
Install Vuci on your phone
Tap the Share button, then “Add to Home Screen”.
A new version is available
Reload to get the latest Vuci.