It is hard to call a market with 2.7 billion participants and annual spend of over $150B underrated. But despite its scale, the gaming market has only recently “graduated” from a mass market social norm perspective beyond something kids do when they should be studying or playing sports.
Additionally, with bonds at all-time low rates, investors can make a rational argument that they should actually diversify into more interesting asset classes like art, trading cards, real estate, and sneakers, which are now more accessible due to Reg A+ and the businesses the regulatory change has enabled. It’s hard to measure the impact of “fun”... See more
Notion’s challenge is that they have to simultaneously convince people to spend money on something that is “free” from Microsoft and isn’t as deeply integrated into many businesses' existing workflows and documents. And they have to do it in comparison with the essentially $0 CAC that Microsoft will enjoy—not easy.