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⚠ Retention Moves With the PriceModerate threat

Bending Spoons (BSP) — threat to the moat

The metric that proves Bending Spoons keeps its customers is one the company says moves with its own price rises, and it measures revenue rather than customers.

The retention number and the pricing strategy are not independent. Bending Spoons states that a business's net revenue retention can fluctuate significantly over time, often as a result of monetization initiatives1, which means the metric used to prove the base is loyal is partly an output of how hard the base is being charged.

Monthly paying customers (millions)3Dec 20235Dec 20248Dec 20259+Mar 2026Form 424B4; the counts are not de-duplicated across businesses
Three times as many payers in two years.

The history shows both directions. Group retention fell from 93% in 2023 to 91% in 2024, the year WeTransfer was bought and 75% of its staff were cut23, then recovered to 95% in 20254. Evernote's price went to $130 from $70 in April 20235 and its retention is the highest disclosed at 99%6. Harvest's repricing produced renewals reported at up to 1500% more7 and Harvest has no published retention figure at all.

The incentive runs one way. A company that measures itself on revenue retention rather than customer retention can raise prices on a shrinking base and report a better number, because the two move in opposite directions. Nothing in the filings suggests that is happening, and nothing in them would show it either, since customer counts are published only for the group and for two businesses.

Monetisation is explicitly the lever the company pulls first. Evernote's non-paying users were given all features with usage limits, and conversions triggered by hitting a limit doubled against 2022 and were 51% of all conversions in 20258; Remini ran more than 1,000 monetisation-related experiments9. Those are conversion mechanics rather than price rises, and they are the reason retention has held through both.

The usable check is the pair: group net revenue retention against monthly paying customers, which were more than 9 million in March 2026 from 8 million in December 202510. Retention holding while the paying-customer count falls would be the signal that price, not loyalty, is doing the work.

References
  1. ReportedBending Spoons states that a business's net revenue retention can fluctuate significantly over time, often as a result of monetization initiatives, which means the metric used to prove the base is loyal is partly an output of how hard the base is being charged.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on the transformation of individual acquired businesses. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedGroup retention fell from 93% in 2023 to 91% in 2024, the year WeTransfer was bought and 75% of its staff were cut, then recovered to 95% in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. Third-party estimateGroup retention fell from 93% in 2023 to 91% in 2024, the year WeTransfer was bought and 75% of its staff were cut, then recovered to 95% in 2025.
    PetaPixel, Bending Spoons to fire 75% of WeTransfer staff after July acquisition - the company's confirmation of the layoffs and Luca Ferrari's comments. — September 2024 · publ. 9 September 2024 · source ↗
  4. ReportedGroup retention fell from 93% in 2023 to 91% in 2024, the year WeTransfer was bought and 75% of its staff were cut, then recovered to 95% in 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedEvernote's price went to $130 from $70 in April 2023 and its retention is the highest disclosed at 99%.
    CNBC, Bending Spoons wants to revive software castoffs, and Berkshire is investing - the company's statement that it had not been outbid for a target in several years, the comparison with Thoma Bravo and Vista Equity Partners, Luca Ferrari on enterprise software valuations and on the share of revenue from professional businesses, the Evernote price history and Mizuho's and Nick Mehta's comments. — October 2026 · publ. 17 October 2026 · source ↗
  6. ReportedEvernote's price went to $130 from $70 in April 2023 and its retention is the highest disclosed at 99%.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. Third-party estimateHarvest's repricing produced renewals reported at up to 1500% more and Harvest has no published retention figure at all.
    Wikipedia, Bending Spoons - third-party account of the sellers of the pre-2023 businesses, the Harvest repricing reported by Bloomberg News in August 2026, the Playond subscription controversy and the Immuni contact-tracing app. — 2018-2026 · publ. October 2026 · source ↗
  8. ReportedEvernote's non-paying users were given all features with usage limits, and conversions triggered by hitting a limit doubled against 2022 and were 51% of all conversions in 2025; Remini ran more than 1,000 monetisation-related experiments.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedEvernote's non-paying users were given all features with usage limits, and conversions triggered by hitting a limit doubled against 2022 and were 51% of all conversions in 2025; Remini ran more than 1,000 monetisation-related experiments.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the letter from the team and the Business section on capital allocation, holding period and addressable market. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  10. ReportedThe usable check is the pair: group net revenue retention against monthly paying customers, which were more than 9 million in March 2026 from 8 million in December 2025.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the Business section on customer metrics: retention, tenure, users and acquisition channels. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
Sources
Generated October 20, 2026