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So using that lens, it’s a lot easier to make decisions for the long run. It also means in some cases, that we will do something that maybe in the short run is not great for Shopify, but in the long run is great for the merchant. Or in the short run, it’s also great for the merchant, in the long run may eventually be good for Shopify. We can take these long-term bets, because we’re playing this ridiculously long game of a 100-year company.

So, let’s talk about some of the big competitors directly. Let’s start with Apple. As people listen to this, they will be in the middle of their trial with Epic; I’m sure we’re all going to be watching it carefully. That trial is specifically about what you are and are not allowed to purchase on an iPhone, and give Apple a cut. Specifically in-app purchases, so in this case Fortnite emotes and outfits for your character.

There is a burgeoning marketplace of digital goods right now. There’s an NFT conversation happening all around us, I could see how I might want to be an entrepreneur that just sells digital goods. Shopify, right now, if you wanted to enable that for me, you would run face-first into Apple’s restrictions and face-first into the same problems that Fortnite is running into. Have you thought about that kind of market expansion?

So, we do have merchants that sell digital goods. I think Taylor Swift put out her last album on Shopify; Kanye has sold all his last bunch of albums on Shopify digitally, all his merch as well. It’s not really about Apple per se, but I think what it raises for me, is that if you’re going to be a future-proofed business long-term, you need to have your tentacles in a lot of different places.

I used the term “digital town square” earlier, but let me double click on that. The digital town square of 2021 is not one town square, it’s like 15 different town squares, and it may become 30 town squares. And AR or VR may also be a town square that hasn’t really come out, the next TikTok might be as well, and Clubhouse. There’s no commerce on Clubhouse right now, I suspect at some point there will be some form of commerce on Clubhouse. That doesn’t mean you as a merchant, or you as a brand, or you as a game company, should focus on one particular channel.

Your app that sits on an iPhone, if you’re Epic Games for example, you’re selling merch or selling digital goods, that may be one particular channel. But if you also have Epic Games powered by Shopify, or you’re also cross-selling on Instagram, now you have more leverage, but you also have more optionality, that if one of those channels doesn’t become as lucrative or as impactful to your business as it once was — I use the MySpace example — it’s still okay, because you have all these other channels as well.

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