00:00You call yourself the Shopify of experiences. Explain what that is.
00:04Basically we're the operating system that works with museums, tours and activities providers
00:10and we provide all of the tooling they need to run their business.
00:13So online booking and payments, everything that you do on site as you're checking in,
00:18all the way through to marketing, business analytics, collecting reviews.
00:23We really are that end-to-end backbone for everything that a business needs to operate.
00:28And that backbone is solidified by your M&A.
00:31So talk to us a little bit what Acme brings to the equation, what Connect and Go,
00:34how are they fueling the growth?
00:36Absolutely. So what we saw over the last couple of years, we really got to know these businesses
00:41and they've done incredible jobs in working for very specific verticals.
00:46And so as an example, Acme has built incredible infrastructure and ticketing for museums
00:52and iconic cultural attractions. Think about that as here in New York,
00:55things like the MoMA, the Whitney Museum, the Frick Collection.
00:58So that includes memberships and donation management.
01:01And so they've done a fantastic job there.
01:02That's something that we can incorporate into everything that we're doing at Peak.
01:05And Connect and Go really doubled down on theme parks and water parks.
01:09And so that means that RFID technology that you've probably used when you've taken your kids to those.
01:14Water park this weekend for my sins.
01:16Exactly. So you've used that.
01:18So they've done a great job on that technology alongside a lot of things around online,
01:24sorry, online and on-site guest services, things like F&B.
01:28And so bringing these three companies together, we get a huge advantage by being able to have a lot of synergies,
01:36as well as being able to take all of the best features and cross-pollinate them across the platforms.
01:43And the last piece, obviously, is just that we've been real innovators on the AI side.
01:47And so we're now in a position to take all of the things that we've learned and take them across.
01:52So what sort of innovations in AI?
01:54Really, you know, last year we went and polled our businesses and over 80% of them said,
02:00we know we really want to use AI, but only 10% were using AI.
02:04And so it became very clear that for us to be able to assist those merchants,
02:07we actually needed to integrate AI tooling into our platform.
02:11So examples of that have been, you know, first on revenue growth,
02:14which is obviously incredibly important to businesses.
02:17We created AI dynamic pricing tools.
02:21So that means we're incorporating things like weather or seasonality or, frankly, local demand.
02:26You know, think Taylor Swift is coming to town.
02:28And what we were able to do with that was layer that into the pricing for the businesses to increase revenues by about 5% to 20%.
02:37So massive impact on revenue growth.
02:40Another area that we've really done a lot on AI has been around automating operations.
02:44As you can imagine, the businesses we work with,
02:46they have a lot of manual, you know, back-end operational tasks.
02:51You know, Bryant Park ice skating here in New York, very popular this time of year.
02:55They have lots of people trying to reschedule.
02:57So they're spending thousands of hours on, you know, these manual tasks.
03:02So we were able to automate all of that work and, in doing so, save them, you know, thousands of hours of time as well as millions in costs.
03:12And I think the last thing has really just been that there's a shifting consumer demand landscape.
03:17We all know that.
03:18Over the last few years, people have been moving towards things like TikTok for the video content.
03:22You know, over half of consumers say that they're inspired to book experiences based on what influencers think.
03:28And yet, the businesses we partnered with didn't have a way to be able to meet that demand.
03:34And so, you know, we created influencer marketing tours with a click of a button.
03:39They were able to reach hundreds of thousands of potential travelers.
03:42And so, in doing that, what we're really allowing our operators to do is focus on what they're really good at, which is delivering an incredible customer experience, while taking care of what is a huge shift in the industry.
03:55But that shift comes with costly talent.
03:58You've just raised $70 million.
03:59Is that what that's for?
04:00Is it about beefing up your own tech talent to be able to bring more generative AI offerings to bear?
04:05Is it about more acquisitions?
04:07Where does that funding get put to work?
04:08Yeah, it's absolutely it's about it's consolidating all of the all of the platforms as well as really layering in more AI.
04:16So think about, you know, the things we've already done to automate operations.
04:20You know, we've now got hundreds of agents working behind the scenes 24 seven to do everything that the merchant needs.
04:27And so, you know, what we're really doing is doubling down on innovation.
04:30And so that means tech talent.
04:31And it means also, you know, an opportunity for us to double down on sales.
04:35You know, one of the things that we saw with the acquisitions is that although Acme and Connect and Go have fantastic customers, they've actually done very little on the sales side.
04:44So we want to bring those tools to market.
04:47So, you know, AI plus sales allows us really to get our tools into the hands of many more businesses.
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