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“I know because you brought it up the npremium sms. I think most of our our employees. Most of the people out there maybe they remember nit. But i ve stories of it was just a crazy time.
Now you didn t do the premium of the ringtones nand. There was a lot of scamming that was going on. But a lot of money being made were there any like stories or parties. Nor justlike what was it like back.
Then john what i remember most out of that era nthere was a company based in florida called snackable derek okay. John and snackable had built a system to njust get kids. And anybody that wasn t paying attention to get a 10 bill on their phone na month. Derek a month.
John and i remember anticipating that they nwere going to destroy that billing mechanism..
There was so much fraud and so much bad debt and right around the time that i was thinking nit couldn t last a friend of mine. Who s a very successful private equity investor sent nme a pitch deck. And he said got this company. We re thinking about making a significant ninvestment they ve got these great growth metrics you know we think they re worth 120 million.
We re gonna buy 60 of it and it was snackable derek oh really john maybe i have the numbers wrong. But derek yeah. Yeah. It was big john it was ridiculous numbers like that i was like derek yeah.
John and that was the fall of 2013 and the ncarriers derek so right before so you called that john killed. The business november 15th n2013. So i looked like a hero for a while that s what i remember it was a lot of really bad business here in nthe united states derek yeah. John yeah derek interesting and whatrefresh my.
Memory the carriers were in onlike they would nmake a percentage of it so everybody was kind of being incentivized to do it was thatand then it just got too crazy john well..
I think it always comes down to nknow your customer. And when you give the wrong people access to a billing platform nlike that where the process of saying can be manipulated. There s gonna be trouble and the carriers are great at doing a lot nof things but protecting themselves against that sort of cohort is not one of them. And it s happened before it happened with 900 numbers.
You re probably ntoo young to remember. That derek. Yeah no john premium sms was just 900 20. Right.
I think they should be more careful when they nopen up their payment process just to outsiders. Derek because it is theirat the end of nthe day. The carriers see the people on their network as their customers. John yeah.
They are derek yeah and then that s a hard thing ni think for brands to understand where you know you re communicating with your customers nbut..
Then a big you know carrier thinks. It s their customer. It s not john they should derek yeah. So it s a hard john well it s both right derek yeah.
John so if i m a best buy customer and i nopt in to use messaging as a communication tool. You know it s a shared responsibility nand from our perspective. It s a sacred responsibility derek. I think people don t understand how nmuch work and effort.
It takes to maintain the networks. John yeah. Derek once you understand that then you nstart to understand that they protect their networks. John if you wanna understand the carriers nrole in it you know pay attention to the fcc spectrum auctions.
When you ve gotta. Put up 5 billion n. 10. Billion 15 billion to even begin derek just to plug yep.
John. Then you ve gotta build a network. Then nyou gotta go out and acquire a subscriber in a very competitive environment derek and deal with their phone calls all. Nlike john.
Yeah it s agod bless them. ” ..
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