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⚠ The Organic Channel Belongs to Someone ElseModerate threat

Bending Spoons (BSP) — threat to the moat

Eighty-three percent of Bending Spoons' new customers arrive through channels Apple, Google and the assistant makers control, and the filing lists their discretion in detail.

Organic acquisition is a wonderful thing to own and Bending Spoons does not own it. Customers arrive through app-store search and rankings, web search and word of mouth, and the first two belong to Apple and Google.

Share of revenue from new customers arriving organically (%)79%202376%202479%202583%Q1 2026Form 424B4; paid advertising was 10% and direct sales 7% in Q1 2026
More free demand, on other people's rankings.

The filing is explicit about the discretion involved. The stores have broad discretion to change their terms, policies, guidelines, and practices, including those relating to application reviews and rankings, search and recommendation algorithms, pricing, payment processing, commissions and fees, refund practices, advertising policies, privacy requirements1, and the ability to target users or measure marketing effectiveness; and these third parties may give preferential treatment to competitive products2.

Measurement is also being taken away. The company notes that the phasing out of third-party cookies3 and other tracking technologies, increasing adoption of privacy-enhancing tools and platform-level restrictions on data access may reduce its ability to measure campaign performance4.

The next channel is even less owned. AI agent recommendations5 are a route to customers controlled by whoever runs the assistant, and Bending Spoons is a buyer of models from Anthropic, Google and OpenAI6 rather than an owner of any.

The company has begun building for the next gatekeeper rather than complaining about the last one. It says it has invested in optimizing customer acquisition through AI agent recommendations7, a channel that has contributed only marginally to date, and expects its contribution to increase over time8. Whoever owns the assistant will set the terms of that channel too, and it will not be Bending Spoons.

Eighty-three percent of revenue from new customers arriving through organic channels9 is a very high number, and a very high dependence on other people's ranking decisions. A fall in that share, or a rise in advertising expense back toward 9% of revenue, would be the visible cost of a ranking change nobody announced.

References
  1. ReportedThe stores have broad discretion to change their terms, policies, guidelines, and practices, including those relating to application reviews and rankings, search and recommendation algorithms, pricing, payment processing, commissions and fees, refund practices, advertising policies, privacy requirements, and the ability to target users or measure marketing effectiveness; and these third parties may give preferential treatment to competitive products.
    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 - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedThe stores have broad discretion to change their terms, policies, guidelines, and practices, including those relating to application reviews and rankings, search and recommendation algorithms, pricing, payment processing, commissions and fees, refund practices, advertising policies, privacy requirements, and the ability to target users or measure marketing effectiveness; and these third parties may give preferential treatment to competitive products.
    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 - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedThe company notes that the phasing out of third-party cookies and other tracking technologies, increasing adoption of privacy-enhancing tools and platform-level restrictions on data access may reduce its ability to measure campaign performance.
    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 - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  4. ReportedThe company notes that the phasing out of third-party cookies and other tracking technologies, increasing adoption of privacy-enhancing tools and platform-level restrictions on data access may reduce its ability to measure campaign performance.
    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 - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedAI agent recommendations are a route to customers controlled by whoever runs the assistant, and Bending Spoons is a buyer of models from Anthropic, Google and OpenAI rather than an owner of any.
    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 Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedAI agent recommendations are a route to customers controlled by whoever runs the assistant, and Bending Spoons is a buyer of models from Anthropic, Google and OpenAI rather than an owner of any.
    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 Platform: proprietary technologies, proprietary data and artificial intelligence. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. ReportedIt says it has invested in optimizing customer acquisition through AI agent recommendations, a channel that has contributed only marginally to date, and expects its contribution to increase over time.
    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 - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedIt says it has invested in optimizing customer acquisition through AI agent recommendations, a channel that has contributed only marginally to date, and expects its contribution to increase over time.
    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 - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedEighty-three percent of revenue from new customers arriving through organic channels is a very high number, and a very high dependence on other people's ranking decisions.
    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