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Twenty-Eight Percent Have Been Paying for a DecadeNarrow moat

Bending Spoons (BSP) — moat facet

More than a quarter of Bending Spoons' subscription revenue comes from people who have been paying the same product for ten years, and not one of those relationships was built by Bending Spoons.

The most moat-like fact about this company is about customers it inherited. In the first quarter of 2026, 48% of its subscription revenue was generated from customers with a tenure of at least five years, including 28% from customers with a tenure of at least ten years, and the revenue-weighted average subscriber tenure was 8.0 years1. The company's explanation is simple: most of its businesses have operated for more than a decade2.

Subscription revenue by customer tenure, Q1 2026 (%)Ten years or more 28 — 28%Five to ten years 20 — 20%Under five years 52 — 52%Form 424B4; 48% is five years or more, of which 28% is ten years or more
Half the subscription money is newer than five years.

That is the asset the Playbook is really buying. Evernote came with more than 200 million people having created an account and an average customer tenure of 7.2 years3. A customer who has kept notes in the same application for a decade has years of content in it, and moving is a project rather than a decision.

The revenue it produces is contractual in form. Subscriptions are typically auto-renewing, with term durations ranging from one week to a few years4, and were the primary source of revenue for all of the businesses in the period with the exception of Eventbrite5. They were 93% of revenue in 20256.

Two things qualify it. The tenure figures cover subscription revenue only, which excludes the advertising and ticketing businesses now growing fastest. And tenure is a description of the base rather than a promise about it: a ten-year customer is evidence of habit, not of a contract that cannot be cancelled.

The tenure in this portfolio predates its owner by years. Evernote had more than 200 million accounts created and an average customer tenure of 7.2 years when Bending Spoons bought it in January 20237, and the company explains the group figure by noting that most of its businesses have operated for more than a decade8. The habit was built by the people who were later laid off.

The ten-year share is the better of the two numbers, because it is the part no new entrant can assemble quickly. At 28% it says more than a quarter of the subscription money comes from people who were customers before Bending Spoons existed in its present form. A fall in that share would mean the inherited base is being replaced by newer, looser relationships.

Moat trajectory: Holding steady

Average tenure 8.0 years; the figure covers subscription revenue only.

The number that tests this moat
Reported
Subscription revenue from customers of at least ten years
28% in Q1 2026

The part of the base no entrant can assemble quickly; a fall means inherited habit is giving way to newer relationships.

Source: Bending Spoons Form 424B4 prospectus ↗
⚠ Threats to the moat
⚠ THREAT 01
The Other Half Is Newer Than Five Years
Airtable and Miro will add more recurring revenue than Bending Spoons earned in all of 2024, and none of it carries the ten-year tenure the moat…
References
  1. ReportedIn the first quarter of 2026, 48% of its subscription revenue was generated from customers with a tenure of at least five years, including 28% from customers with a tenure of at least ten years, and the revenue-weighted average subscriber tenure was 8.0 years.
    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 ↗
  2. ReportedThe company's explanation is simple: most of its businesses have operated for more than a decade.
    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 audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedEvernote came with more than 200 million people having created an account and an average customer tenure of 7.2 years.
    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 ↗
  4. ReportedSubscriptions are typically auto-renewing, with term durations ranging from one week to a few years, and were the primary source of revenue for all of the businesses in the period with the exception of Eventbrite.
    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 and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedSubscriptions are typically auto-renewing, with term durations ranging from one week to a few years, and were the primary source of revenue for all of the businesses in the period with the exception of Eventbrite.
    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 and MD&A sections on revenue by type and by geography. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedThey were 93% of revenue 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 audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. ReportedEvernote had more than 200 million accounts created and an average customer tenure of 7.2 years when Bending Spoons bought it in January 2023, and the company explains the group figure by noting that most of its businesses have operated for more than a decade.
    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 ↗
  8. ReportedEvernote had more than 200 million accounts created and an average customer tenure of 7.2 years when Bending Spoons bought it in January 2023, and the company explains the group figure by noting that most of its businesses have operated for more than a decade.
    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