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10 September 2020 - GP Bullhound today publishes its second annual research report on the Consumer Subscription Software (“CSS”) ecosystem. CSS companies and their products continue to integrate into consumers' daily lives. In addition, select CSS companies have benefited substantially from the Covid impact on consumers and businesses across the globe.

CSS companies are differentiated from legacy ad-driven or free consumer apps in that CSS companies are providing high quality and useful applications that consumers are willing to pay a monthly or annual subscription for. This revenue model allows CSS leaders to primarily focus on the consumer experience versus optimizing for ad-targeting features.  

On the consumer side of the CSS ecosystem, consumers are recognizing the benefits of high-quality paid applications that protect their privacy and provide a more ad-free experience. The initial CSS trailblazers, Netflix and Spotify, have now been joined by new leaders, including Bumble, Flo Health, Alltrails, and Peloton,  focused on supporting consumers in their love lives, health and wellness, outdoors and exercise among others. 

Alec Dafferner, Partner, and Eric Crowley, Director at GP Bullhound, commented: “We believe that the CSS business model enables companies to rapidly scale with attractive margins while also providing a compelling consumer value proposition. Both strategic and financial investors are rapidly acknowledging the attractiveness and the opportunity within the CSS ecosystem.  We are excited to help guide CSS companies through the next chapter of their evolution.”

For enquiries, please contact:
Alec Dafferner, Partner,
Eric Crowley, Director,

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit

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