Thanks for pointing out the comparison made in slide 18, as I didn't see this, so makes sense that you brought up the comparison.

I personally think it's an apples to oranges comparison, and that value per user is a useless metric when comparing EGLX which is affiliation/sponsorship-based (I know they own a family of products/websites, but these are obviously niche and not nearly as popular as Discord, Reddit which are global powerhouse websites) and generate alot of their revenue through ads streams on products they don't own vs. Discord, Reddit, etc. which are product based and generate revenue on one 100%-owned product.

Current revenue per user is a far more important metric, however again, this too may be useless in early stages for growth stocks that have 0 revenue and are focused on growth. Future earnings potential is far more relevant, which is why Discord is valued at $10B vs. us at approx. $1B.

I think it's too hard to compare valuations between these two companies because we do not know how much EGLX owns/makes PER revenue source (e.g. contracts with YouTube stars for example, how much $ do we pay each streamer on average and how much $ do they bring in?), as to my understanding, these granular details aren't released to the public -- unless they are, please provide a source as I would love to see them. Therefore it's quite hard to compare a multi product/affiliation-based company with 1000s of individual revenue sources vs. 1 app (Discord). I personally think we are less of a social media company and more of a multimedia company like Netflix (but still highly differentiated since we don't have a single sourced app), but similar in the sense that Netflix doesn't own most of its content, but piggybacks revenue off of the streaming rights, and also produces content in-house. This is similar in a sense to EGLX, who makes revenue off agreements with other streamers and websites, as well as producing its own content through OmniaMedia and contracted streamers. But again, it's hard to make valuation assumption on largely differing products and companies. I think next steps for EGLX should be to start consolidating products and hopefully get into the eSports betting market, where big $ is at once it gets legalized in US/CA within 5 years (hopefully). In general though, there is no other company like EGLX in the esports space and is a great hold for those who are bullish of the eSports industry over the next 5-10 years.