STATEOFCONSUMERINTERNET

2025STATE

OF

CONSUMER

INTERNET

2025

22Thecompaniesthatwilldefinethenextdecade

won’tjustbebuilding

bettertechnology,they’llbe

creatingexperiencesthat

seamlesslyenhanceourdaily

lives.WhetherthroughAI,mixedrealityortechnologiesyettoemerge,theconsumer

marketwillremaintheultimateprovinggroundforinnovation.”Alicia

FullerSeniorMarket

ManagerTechBankingafuller@Since

we

last

brought

you

SVB’s

State

of

Consumer

Internet

report,

thepromise

of

artificial

intelligence

(AI)

has

fanned

into

a

full-fledged

techrevolution,fundamentallyreshapingnotjusthowcompaniesbuildproducts,

but

also

how

they

operate

at

their

core.Whilethelion’sshareof2024VCinvestmentflowedtofoundationalmodels

and

enterprise

applications,

the

consumer

space

represents

amassiveuntappedopportunity.Justasmobileinternetcreatedaplatform

for

transformative

consumer

apps

such

as

Airbnb,

InstagramandUber,weexpecttoseetheemergenceofconsumer-focusedAIcompanies

that

prioritize

user

experience

and

accessibility

(page

10).Today’s

consumer

companies

are

competing

for

increasingly

saturatedattentionspans,andscreenfatigueisdrivingmanytoseekofflineexperiences.Thewinnersinthisnextwavemustthreadadelicateneedle—leveragingAI'scapabilitieswhilerespectingusers'growingdesireto

disconnect.Thetransformationcomesataninflectionpointfortheconsumerinternet

sector.

Many

companies

that

were

darlings

of

the

2021

VC

peaknow

find

themselves

in

a

period

of

reinvention.

Thestaggering

valuationsthatcharacterizedthaterahavegivenwaytoamoremeasuredreality,promptingsomeinvestorstopivottheirfocuswhileothersaredoublingdown

—

albeit

with

a

markedly

different

thesis

(page

11).Forinvestors,burnefficiencyhasreplacedgrowthasthemetricthatmattersmost.Foundershaverespondedbyslashingspendingandgrowingprofitabilitytonear-recordhighs(page13).Whilethishasallowedsometocontroltheirowndestiny,ithascreatedaloomingchallenge

for

the

substantial

herd

of

consumer

internet

unicorns

thatgrew

up

on

high

burn

and

plentiful

capital.

With

slower

growth,

thesecompanies

face

limited

exit

opportunities.M&Aactivityhasyettomaterializeinthewaymanyanticipated.Withfewerfinancialbuyerssteppingup,VC-backedcompaniesthemselvesare

becoming

significant

acquirers

of

other

startups(page

19).

This

trendcould

lead

to

further

consolidation

in

tech

as

well-funded

unicorns

seektodiversifytheirofferingsastheystayprivatelonger.Publicexits,whichhave

been

largely

paused,

could

provide

another

source

of

liquidity.Revenue

multiples

of

venture-backed

consumer

IPOs

have

ticked

up

toathree-yearhigh(page20),whichcouldenticesomelate-stagecompaniesto

pursuealisting.Despitethepresentuncertainty,thelong-termtrajectoryisclear.Consumerspendingcontinuestorepresentthemajorityofeconomicactivity

worldwide,

and

history

has

shown

us

time

and

again

that

techinnovationfindsitsgreatestexpression—anditsmostlucrativeopportunities—inconsumerapplications.Thecompaniesthatwilldefine

the

next

decade

won't

just

be

building

better

technology,

they'llbe

creating

experiences

that

seamlessly

enhance

our

daily

lives.STATE

OF

CONSUMER

INTERNET

2025

3Digitalcontenthasbecomethefuelthatpowerstheventure-backedconsumersector.Marketingbudgetsthatwereoncedumpedintopaidsearchandadbuysarenowdivertedtoinfluencertestimonials,communitygiveawaysandorganiccampaigns.

It’sno

surprise

then

that

companies

in

thesocialmediaandcreatortoolsspaceareseeingaboominVCinvestment.Thesecompaniessawa33%year-over-year(YoY)increaseinventuredollars,apace4xgreaterthantheincreaseforconsumerinvestmentsoverall.TheemergenceofgenerativeAI(GenAI)isaplatformshiftasmonumentalastheswitchtomobileinternet.Butseachangesdon’thappenovernight.IttookyearsaftertheiPhonelaunchedforconsumerappslikeUbertocreatethemagicaluserexperiences—summoningaridewith

a

click

of

a

button

—

that

elevatedthe

tech

from

a

novelty

to

a

way

of

life.ThesameisnowtrueforAI.Aslargelanguagemodels(LLMs)becomecommoditizedandcostsdrop,userexperiencewillbecomeparamount.Companiesthatbestleveragethistechintoaseamless,intuitiveinterface

will

win

the

AI

race.VC-backedcompaniesarequicklybecomingkeybuyersinconsumeracquisitions.One-thirdofconsumerinternetM&AdealswenttoaVC-backedbuyerin2024,upfromhalfthatsharefiveyearsago.Thesecompaniesareseizingonlowvaluationsandfiercecompetitiontogobbleuprivalsandaddnewcapabilitiestotheir

existingproducts.We

expect

this

trend

to

accelerate

asexistingunicornscontinuetoage,increasinginvestorpressureforliquidity.Theprospectoflessregulatoryscrutinyunderanewadministrationcouldhasten

deals.With

investment

less

plentiful

than

inrecentyears,foundersare

prioritizingcapital

efficiency

more

than

ever.Consumercompanieshavereducedburnbyamedianof30%from

2023.Asaresult,profitabilityforall

sizesofconsumercompanieshasincreasedtoaneardecadehigh.Companiesthatnavigatetoprofitability

may

be

in

a

better

positiontocontroltheirdestiny,usingVCstrategicallytoaccelerategrowth,ratherthanto

stayafloat.STATE

OF

CONSUMER

INTERNET

2025

4Source:SVB

interviews.“Weusedtolookattherevenuelineitemfirst;now,welookattheburnlineitem

first.Ifburnexceedsacertainamount,itcanbedisqualifying—thisisrelative—butthebroaderrealityisthatinefficientgrowthisnolongertolerated.Profitablecompaniesarereceivingsignificantlyhighervaluationsthanthosethatareburning.Ifyou'reshapingupforanM&Aoutcome,incumbents

will

not

tolerate

burn.”JasonFiedlerManaging

Partner“AI

is

enabling

more

efficient

growth.

I’ve

seen

consumer

companies

getting

toseveralmillioninrevenueonverylowburn.Thatsaid,AIhasleveledtheplayingfieldandcompaniescan’tgetcomplacent—Ibelieveearly-stagecompaniesshouldstillbeburningtoacquire(retentive)users.There’sabalance,

but

I

don’t

want

an

early-stage

founder

to

be

solving

forprofitabilitybeforethey’vewonthemarket.Formid-tolate-stagecompanies,

it’s

a

different

game

—

at

that

point,

strong

margins

andprofitabilitybecome

key.”Laura

ChauPartner“Cominginto2025,we'reenteringthe"AgeofAgents,"whereAIisbeingempoweredwithgreaterautonomytoactonbehalfofindividualsandbusinesses.WhatthismeansisthatAIisnolongerjustassistingexistingsystems;

it'sreshaping

howthey

operate.

While

many

industries,

rangingfrom

healthcare

and

education

to

legal

and

financial

services,

have

long

relied

on"middlemen"(i.e.,serviceproviders)astranslatorsofcomplexinformation,AIisincreasinglysteppingintoeitheraugmentand,incertaininstances,overtakethese

human

security

blankets

—

faster,

cheaper,

and

often

more

accuratelythan

consumers

have

ever

imagined

before.”Meera

ClarkPartner“Overthelastfiveyears,thewaythatinvestorshavebeenthinkingabouthandicappingriskhasshifted,andperspectivesonriskitselfhavechanged.Wewentthroughaperiodwherefirmswithoutdeepconsumerinvestingexperiencedippedtheirtoesintotheconsumermarket,andthatdistortedbothassetpricesandthedefinitionofsuccessforaconsumercompany.Asconsumer

businesses

scaled

rapidly,

some

saw

them

as

software-like

models.”Matt

NugentPartnerSTATE

OF

CONSUMER

INTERNET

2025

5STATE

OF

CONSUMER

INTERNET

2025

6TheUSconsumeriscaughtinatug-of-warbetweenexuberanceandrestraint.Optimismiscreepingback,butinflation,risingdebtandincomedisparitiesaredragging

it

back

down.

Disposable

income

is

recovering,but

lower-income

households

remain

disproportionatelyaffectedbytherisingcostofliving.Debtpressuresarealsomounting,withmissedpaymentsontherise,signalingfinancialstrainfor

manyhouseholds.While

consumer

sentiment

has

rebounded

from

its

2022lows,itremainsshaky.Concernsaboutinflationandeconomicuncertaintyleaveconsumersnavigatingachallengingenvironment.Meanwhile,spendingpatternsrevealagrowingdivide:higher-incomehouseholdsaredriving

discretionary

spending,

buoyed

by

wealth

and

jobstability,

while

lower-income

groups

focus

on

essentials.Thisbifurcationrepresentsasignificantshiftfromthemoreuniformspendinggrowthseenacrossincomegroupsbetween2018and2021.Evenstockmarketoptimism

reflects

this

divide,

in

2024,

expectations

weresharplysplitbyincome,mirroringbroaderdisparitiesinspending

behavior.The

uneven

financial

landscape

across

income

levelsis

dampening

broader

consumer

growth

and

leaving

keysectorsdependentonasmaller,wealthieraudiencetosustain

momentum.Notes:

1)

Consumer

Sentiment

is

from

the

University

of

Michigan:

Consumer

Sentiment

(UMCSENT)

index,

retrieved

from

FederalReserveEconomicData(FRED).Indexedto

January2020.Source:

Federal

Reserve

Bank

of

St.

Louis,

NewYork

Federal

Reserve,

US

Bureau

of

Labor

Statistics,

US

Bureau

of

Economic

Analysis.0.3-0.6-0.63.53.3-1.23.10.93.63.16.33.4-5.55.12.9-3.92017

2018

2019

2020

2021

2022

2023

20246%8%10%12%14%16%2018201920202021202220232024-5%0%5%10%15%20%25%2018201920202021202220232024Consumer

confidenceisupnearly45%fromtherecent

low.YoY

Change

in

Disposable

IncomeYoY

Percentage

Point

Change

in

InflationConsumerSentiment

IndexLow

IncomeMiddle

IncomeHigh

IncomeMeanHouseholdProbabilityofMissingaDebtPaymentintheNext3MonthsShareofBalance90+

Days

Delinquent: Credit

Cards Consumer

LoansSTATE

OF

CONSUMER

INTERNET

2025

7911009610072

737788706765506062727080677072201920202021202220232024202510987654321Social

Media183.9B-3%Browsers28.5B2%Social

Messaging23.5B-2%Music&

Entertainment6.7B-2%Film&TV

Streaming5.7B-3%Americansnowspendmorethansevenhoursadayonscreens,

with

social

media

alone

consuming

around

2.5hoursdaily.PlatformslikeTikTokaredrivingthistrend,with

American

users

spending

nearly

an

hour

a

daywatchingvideos.Socialmedia’sdominanceisclear,ranking

only

second

to

streaming

services

in

US

in-apprevenuein

2024.However,consumersareapproachingdigitalfatigue.App

retention

rates

are

falling,

with

less

than

3%

of

usersremainingactiveafter30days,demonstratinghowdifficultitistoholdconsumerattentioninanoversaturatedmarket.Withscreentimeatsaturationandappretentionratessliding,socialmediaandstreamingplatformsdominateattentionspans,leavinglimitedopportunityfornewappstobreakthrough.Forconsumerinternetcompanies,thereal

challengeisn’tjustcapturingdownloads,it’salsofindingwaystostandoutinamarketwhereattentionisfragmentedandcompetitionforconsumermindsharehasneverbeenmore

intense.Holidayspendingtellsasimilarstoryofshiftingconsumer

behavior.

Online

and

non-store

sales

grew

bynearly9%in2024,indicatingthatconsumersareincreasinglyprioritizingdigitalspending,evenasoverallbudgets

tighten.Notes:

1)iOS

and

Google

Play

combined.

Revenue

is

gross

—

inclusive

of

any

percent

takenby

the

app

stores.

2)

Minimum

of

50,000

globalinstalls

per

app,

per

quarter

in

question;

average

excludes

statistical

outliers.

3)

2024

holiday

retail

sales

are

an

estimate.Source:

SensorTower,

AppsFlyer

Data,

National

Retail

Federation

and

SVB

analysis.$600B$700B$1.1T200620082010201220142016201820202022

20240%3%6%9%12%NewsShoppingHealth&

FitnessFinanceFood&DrinkEntertainmentTravelProductivityLifestyleGamingSocialYoY

ChangeMost

UsedApp20192024YoY

change1 Film&TV

Streaming$5.4B36%2 Social

Media$3.8B33%$1.0T3 Dating

Apps$2.3B13%4 Cloud

Storage$1.3B22%$900B5 Books&

Comics$1.3B20%Onlineand

non-6 Music

&

Podcasts $1.1B 9% $800B

storesales

were

up8.6%in

20247Sports

Entertainment$0.8B16%to

$296.7B.8 Photo

Editing$0.5B-6%9 Gyms&

Fitness$0.5B12%10 AI

Chatbots$0.5B177%STATE

OF

CONSUMER

INTERNET

2025

8STATE

OF

CONSUMER

INTERNET

2025

9Abusydadbookingthefamilyvacation,abodybuilderoptimizing

her

meal

plan,

an

author

transcribing

her

nextthriller

—

chances

are,

there’s

an

AI

app

for

that.Concierge

applications

are

sprouting

up

as

companiesseektobringmoreseamlessuserexperiencestothehorsepowerofLLMs.VCinvestmentinAIassistantsjumped6xinthelastyear,to$1.3B.Whilethisisafractionoftheoverallinvestmentthatenterpriseapplicationsandfoundationalmodelsareattracting,theopportunities

for

consumer

uses

could

one

day

dwarf

themarket

cap

of

the

current

incumbents.Onthehypecurveforconsumertechnologies,there’sahollowing

out

of

the

middle

right

now.

Many

use

cases

areeithernearingtheirpeakofproductivity—andthus,havelessgrowthpotential—oraresoearlyintheirdevelopmentthatmassadoptionisstilladistantvision.Someofthesetechnologies,suchasautonomousvehicles,havemassivemarketopportunity,butscaleremainselusive.Autonomousvehiclecompaniesreceived

$6B

in

2024,

up

from

just

$500M

in

the

prior

twoyearscombined.Thesector,whichhaslongpromisedtodeliveradriverlessfuture,gainedneededtractionin2024.Waymoprovidedfourmilliondriverlessrides,4xmore

than

its

previous

total.

Yet

the

16-year-old

companystillhasalongwaytogobeforeitchallengesthelikesofUber,

which

provides

about

a

million

rides

per

hour.Notes:

1)

VC

investment

in

consumer

companies

within

the

AI/machine

learning(ML)

verticaland

“AI

assistant”

as

a

keyword

in

PitchBook.Source:

PitchBook

Data,

Inc.

and

SVB

analysis.ExpectationsInnovation

TriggerPeak

ExpectationsDisillusionmentSlopeof

EnlightenmentPlateauof

Productivity$34M$57M$72M$539M$430M$205M$1.3B141414384149802018

2019

2020

2021

2022

2023

2024$3.5B$1.4B$3.0B$6.5B$0.2B$0.3B$6.6B242210211420102018

2019

2020

2021

2022

2023

2024NotableCompaniesNotableCompaniesHousehold

RobotsPersonalizedMarketingPlay-to-Earn

GamingAutonomousRideshareAutonomousAir

TravelAutonomousVehiclesClassroom

AIAutonomousPackage

DeliveryAI

Assistants

GenAIfor

VideoGigEconomyToolsRobo-Travel

AdvisorsWellness

AIAR/VRGenAIfor

TextSocialSalesGenAI

forImagesGamblingOnlineMarketplacesMobile CustomerGaming

ChatbotsSubscriptionBoxesMeal

KitsFood

DeliveryDatingAppsRideshare

AppsSocial

MediaPlatformsPlateau

will

be

reached

in:0-2

years 5-10

years2-5

years Morethan

10yearsSTATE

OF

CONSUMER

INTERNET

2025

10DollarsDealsDollarsDeals本報告來源于三個皮匠報告站（）,由用戶Id:866864下載,文檔Id:618703,下載日期:2025-03-2322%24%

24%23%21%20%19%18%15%11%25%

25%25%33%20%21%20%15%12%

12%7%5%2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024Notes:

1)

Includes

USVC

funds

with

consumer

as

onestated

areaof

focus,

often

among

other

areas.2)

Consumeris

defined

according

toSVB’sproprietary

taxonomy.Source:

Preqin,

PitchBook

Data,

Inc.

and

SVB

analysis.$8B$31B$67B$25B$20B$8B$25B$25B$23B$23B$30B$65B$29B$27B$15B$9B1441822452083953132922012017

2018

2019

2020

2021

2022

2023

2024DealsDollars12345Non-FoodConsumerGoods

2019 2020 2021 2022 2023 2024EdTechE-CommerceEnablementMarketplacesHealth&

Fitness43%50%60%0%0%YoYChange

inUSVC

Deals74%63%50%52%58%64%26%37%50%48%42%36%2019

2020

2021

2022

2023

2024Consumer

InternetOther

SectorsConsumer-Focused

VCs

TheconsumerVClandscapeisfracturing.Big-namefirms

are

reallocating

to

enterprise

tech,

leaving

smallerfunds

to

redefine

the

future

of

consumer

investing.In

2024,

consumer

internet’s

share

of

VCinvestmentdollars

accounted

for

just5%

of

total

VC

dollars

from

thetop100mostactivefirms.2Boththeshareofdealsanddollarsgoingtoconsumercompaniesfromthesefirmshavebeensteadilydeclining,reflectingagrowingdividebetweengeneralistandconsumer-focused

funds.AsgeneralistVCspivottoenterprisetech,consumer-focused

funds

are

no

longer

just

concentrated

on

moretraditionalventure-backedconsumerproducts

suchas

consumer

goods.

Instead,

they

are

redefining

what

itmeans

to

be

a

“consumer”

company.

Today’s

consumermarketextendsbeyondphysicalgoodstoincludeAI,digitalexperiences,marketplacesandevensports—areasthatalignwithaparadigmlessreliantoncapitalsubsidizing

growth.Consumer

health

and

fitness

now

dominates

consumer-focusedVCportfoliosasthedemandforwellnesssolutionssurges.Incontrast,non-foodconsumergoodslikeclothingandbeautyhaveseentheirshareofdealsplummet,frombeingthemostcommoninvestmentsin2019

to

the

least

in

2024.ClosedAnnouncedFunds

AnnouncedSTATE

OF

CONSUMER

INTERNET

2025

11Consumersectorinvestmenttrendsareshiftingasmegadealsaremakingacomeback,capturing

alargershareof2024’s

investment

dollars.

While

smaller

deals

fade,investors

are

prioritizing

companies

that

don’t

just

use

AI,butarefundamentallybuilt

aroundit.Overall

deal

counts

have

plunged

since

2021,

highlightingamoreselectiveinvestmentenvironment.Investorsareconsolidating

capital

into

fewer,

higher-conviction

bets.Yet,withinthisslowdown,consumerAI’smomentumisaccelerating.MentionsofAIinconsumerearningscallshave

skyrocketed,

reflecting

its

growing

role

in

the

sector.Among

consumer

companies

funded

in

2024,

nearly

one-thirdincorporatedAIintotheirproductoffering,upfrom18%in

2023.TheAIdisruptionhascreatedaforkintheroadforconsumer-focusedVCs.Somefirms,suchas

AndreesenHorowitz,aretransitioningawayfromtraditionalconsumerinvestmentsentirelytofocusexclusivelyonconsumer

AI,

while

others

are

leaning

into

areas

seen

aslessdisreputablethanAI,suchassportsleaguesandconsumer

staples.BeyondAI,thestateofconsumerinternetreflectsabroader

recalibration.

The

era

of

flowing

capital

has

givenway

to

a

more

disciplined,

profitability-driven

approach.Notes:

1)

Consumer

deals

classified

by

SVB’staxonomy

include

digital

companies

spanning

e-commerce,

entertainment

and

marketplaces.2)

Includes

AI-related

keywords

within

earnings

transcripts

for

15

of

the

largest

public

consumer

tech

companies

including

Amazon,Meta,Netflixand

Google.Source:

PitchBook

Data,

Inc.

and

SVB

analysis.$13B$22B$23B$51B$33B$14B$15B2.2K2.4K$23B2.8K2.7K4.0K3.6K2.5K2.1K27%47%42%46%57%43%25%42%20172018201920202021202220232024Capital

InvestedDeal

CountPercentage

of

Capital

in

Deals

Over

$100M

5570100200300400500600700202020212022202320241801601401201008060402002019

2020

2021202220232024SeedABCDSTATE

OF

CONSUMER

INTERNET

2025

129%12%9%17%15%26%18%31%2017

2018

2019

2020

2021

2022

2023

2024Share

of

Consumer

AI

Capital0%10%20%30%40%50%60%-40%-30%-20%-10%

0%

10%

20%Median

YoY

Change

in

Burn30%

40%AsVCinvestmentdwindled,graduationrates

startedtoslide.Tokeepfromsputteringoutontherunway,companies

have

adjusted

their

burn,

but

not

withoutconsequencesto

growth.Consumergraduationrateshavehistoricallybeenlower

than

other

sectors.For

example,

seed

to

Series

Agraduation

rates

for

2020

were

five

percentage

pointslower

than

the

innovation

economy

at

large.

These

lowergraduationrateshaverecentlybeencompoundedbyalowersupplyofVCdollars.Today,graduationratesareless

than

a

quarter

of

what

they

were

in

2020.Withtheaddeduncertaintyofraisingafutureround,companies

have

focused

on

being

capital

efficient

andreducingburn.Asaresult,profitabilityforallsizesofconsumercompanieshasincreased,nearing

thehighestlevelinthelastdecade.Consequently,

runwayimproved

in

recent

quarters

despite

limited

investment.The

side

effects

of

improved

profitability,

reduced

burnand

extended

runway

include

lower

growth

rates.Consumer

companies,

more

so

than

other

sectors,depend

on

marketing

spend,

selling

products

at

a

lossandotheraggressivesalesstrategiesto

drivegrowth.Buttheseareoftennotcompatiblewithafocusonprofitability,sogrowthrateshavestagnated

atthe

lowest

point

in

the

last

decade.2018202120192020202220232024Revenue

Growth0%

-5%-10%-15%

-20%

-25%-30%-35%-40%-45%-50%$10M-$25MQ1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q32018 2019 2020 2021 2022 2023 2024051015202530$25M-$50M$50M+$10M-$25M$25M-$50M$50M+0%5%10%15%20%20240 3 6 9 1215182124273033

36Months20232022202120202019Notes:

1)

Revenue

calculated

at

the

current

run

rate

of

revenue

annualized.

2)

Median

EarningsBeforeInterest

Taxes

Depreciation

andAmortizationSource:

PitchBook

Data,

Inc.,

SVB

proprietary

data

and

analysis.STATE

OF

CONSUMER

INTERNET

2025

13Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q32018 2019 2020 2021 2022 2023 2024STATE

OF

CONSUMER

INTERNET

2025

14$35.0M$26.0M$34.0M$67.5M$32.5M$47.0M$6.5M$5.0M$9.0M$12.0M$9.2M$13.8M$125.0M$115.2M$196.0M$307.5M$40.0M$108.0MThegamingandesportslandscapesareevolvingasVCsadapttonewmarketrealities.Thistransitionreflectsdeeperchallengesinthegamingindustry.Saturatedmarkets,longdevelopmentcyclesandplayerretentionstrugglesaremakingearly-stagegamingatoughersell.Whilegamestudiosandinfrastructurestillreceivefunding,thesedaysmaysoonbebehindusasinvestorsprioritizemorescalableopportunities.Inamarketfloodedwithlookalikeofferings—manyofwhichtakeyearstodevelop—acquiringusersis

alreadyachallenge,butkeepingthemhookedlongenoughtobuildsustainablerevenueisprovingeven

harder.Asthelandscapeshifts,sodoinvestorpriorities.TraditionalconsumerVCsarebroadeningfromcoregaminginvestmentstoincludesportsleaguesandlotterycompanies.Atthesametime,gamblinggamescontinuetogrow,withsportsbe