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    Benjamin Black

    Managing Director and Senior Equity Analyst at Deutsche Bank AG

    Benjamin Black is a Managing Director and Senior Equity Analyst at Deutsche Bank AG, specializing in technology, internet, and media equity research. Over his career, Black has covered leading global companies such as Amazon, Netflix, Alphabet (Google), Facebook (Meta), Spotify, and Twitter, consistently providing actionable investment insights and top-tier stock recommendations. He joined Deutsche Bank in 2019 after serving as a Director and Senior Analyst at Evercore ISI and previously held key analyst roles at Credit Suisse and Merrill Lynch since beginning his Wall Street research career in 2007. Black is a CFA charterholder, is registered with FINRA, and is frequently ranked on industry platforms such as TipRanks for his high success rate and strong average returns on stock calls in the technology and internet sectors.

    Benjamin Black's questions to Warner Music Group (WMG) leadership

    Benjamin Black's questions to Warner Music Group (WMG) leadership • Q3 2025

    Question

    Benjamin Black of Deutsche Bank asked about the drivers of WMG's success in breaking new artists and its sustainability, and questioned the rationale for the Bain Capital JV for catalog acquisitions.

    Answer

    CEO Robert Kyncl attributed artist development success to WMG's skilled creative teams and global infrastructure. CFO Armin Zerza described the Bain Capital JV as a critical strategic tool to accelerate catalog acquisitions with an experienced partner, expanding WMG's buying power while retaining operational control.

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    Benjamin Black's questions to Warner Music Group (WMG) leadership • Q3 2025

    Question

    Benjamin Black of Deutsche Bank asked about the drivers behind Warner's recent success in breaking new artists in a competitive environment and its sustainability. He also inquired about the new Bain Capital JV, specifically the rationale for partnering versus acquiring catalogs alone.

    Answer

    CEO Robert Kyncl attributed artist development success to WMG's creative teams, A&R investments, and the company's historical DNA, emphasizing the value of a major label's global infrastructure. CFO Armin Zerza described the Bain JV as a critical tool to accelerate catalog acquisitions, leveraging a partner with industry experience while WMG retains 50% ownership and full operational control.

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    Benjamin Black's questions to Warner Music Group (WMG) leadership • Q1 2025

    Question

    Benjamin Black asked for the outlook on the choppy ad-supported streaming business and inquired about the potential financial headwind from a hypothetical ban on TikTok.

    Answer

    CFO Bryan Castellani explained that the ad-supported streaming business is macro-driven but is expected to stabilize over time. CEO Robert Kyncl addressed the TikTok question by stating that while WMG has an excellent relationship with the platform, the company's financial exposure to a potential ban this year is 'muted' and not a significant concern.

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    Benjamin Black's questions to Warner Music Group (WMG) leadership • Q4 2024

    Question

    Benjamin Black of Deutsche Bank AG asked for an update on the impact of artist-centric models on streaming growth, why more DSPs haven't adopted them, and followed up on addressing the 'large discount' in bundled streaming offerings during renewal negotiations.

    Answer

    CEO Robert Kyncl declined to comment on specific partner negotiations but reiterated that the artist-centric model is an important, evolving initiative. He described the initial adoption as a 'foot in the door' and expects its impact to increase over time through collaborative efforts with partners. He emphasized it is the right direction for artists and songwriters.

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    Benjamin Black's questions to Warner Music Group (WMG) leadership • Q2 2024

    Question

    Benjamin Black inquired about WMG's strategy for growing global market share, particularly in emerging markets, and asked for specifics on the market share pressure in China and its expected duration.

    Answer

    CEO Robert Kyncl noted that realizing the benefits of new DSP deals is an ongoing process. He highlighted strong leadership and growth in markets like Mexico and Brazil while acknowledging China as a key opportunity where a new Head of Asia will soon take charge. Kyncl confirmed that the adverse trend in China is expected to continue for the balance of the fiscal year.

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    Benjamin Black's questions to Roblox (RBLX) leadership

    Benjamin Black's questions to Roblox (RBLX) leadership • Q2 2025

    Question

    Benjamin Black inquired if viral hits like 'Grow a Garden' serve as a promotional tool for new developers and asked about the reasons for the high rotation of top experiences.

    Answer

    Founder and CEO David Baszucki confirmed that major hits raise the platform's profile among creators. He attributed the success to creating the right 'conditions for growth' and noted significant headroom remains in genres like RPGs, sports, and racing. He reiterated the goal of making Roblox the most efficient platform for creators by increasing their share of revenue.

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    Benjamin Black's questions to Roblox (RBLX) leadership • Q2 2025

    Question

    Benjamin Black inquired about the developer ecosystem, asking if viral hits like 'Grow a Garden' serve as a launchpad for new developers and questioning the drivers behind the high rotation of top experiences.

    Answer

    CEO David Baszucki stated that the success of recent hits has raised awareness among the creator community. He highlighted the breadth of growth beyond the top titles and noted significant headroom in key genres like sports, racing, and RPGs. He also reiterated the company's goal to increase the flow of revenue to the creator community to make building on Roblox more efficient.

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    Benjamin Black's questions to Lyft (LYFT) leadership

    Benjamin Black's questions to Lyft (LYFT) leadership • Q2 2025

    Question

    Benjamin Black sought details on the Baidu partnership's economic model, vehicle ramp-up, the regulatory path in Germany and the UK, and the incremental investment required to scale the FreeNow business.

    Answer

    CEO David Risher detailed the Baidu plan, starting with hundreds of Lyft-owned vehicles and scaling to thousands, targeting a 2026 launch after homologation and testing. Regarding FreeNow, he stressed it's a growth acquisition that is not expected to be costly. CFO Erin Brewer added that FreeNow is expected to be roughly EBITDA-neutral for the remainder of 2025, with a near-term run rate slightly lighter than the previously stated billion-euro target.

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    Benjamin Black's questions to Lyft (LYFT) leadership • Q4 2024

    Question

    Benjamin Black from Deutsche Bank inquired about the specifics of the Marubeni and Mobileye AV partnership, including its economic model and expansion plans, and also asked about the technical breakthroughs that led to industry-leading ETAs.

    Answer

    CEO David Risher detailed the AV partnership framework, positioning Marubeni as a financing and fleet operations partner for vehicles using Mobileye's tech, starting with thousands of vehicles in Dallas. He emphasized Lyft's role in fleet management via Flexdrive and providing marketplace access. Regarding ETAs, he attributed the one-minute year-over-year improvement to better driver supply, smarter demand prediction, incentive systems, and a significant reduction in driver cancellations.

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    Benjamin Black's questions to Lyft (LYFT) leadership • Q3 2024

    Question

    Benjamin Black asked for the drivers behind the 17% YoY decline in incentives (contra-revenue and sales & marketing) and questioned the durability of active rider growth amid the competitive environment.

    Answer

    CFO Erin Brewer attributed the incentive efficiency to a better-balanced marketplace, fueled by strong driver supply from new product innovations. She noted that total incentive spend as a percentage of gross bookings was at a six-quarter low. This efficiency allows for reinvestment to drive strong, durable growth in active riders and frequency.

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    Benjamin Black's questions to Uber Technologies (UBER) leadership

    Benjamin Black's questions to Uber Technologies (UBER) leadership • Q2 2025

    Question

    Benjamin Black inquired about Uber's 'barbell strategy' in U.S. Mobility, asking where the greatest incremental opportunity lies between low-cost and premium offerings. He also sought more detail on the company's plans to 'externalize technical capabilities,' particularly regarding potential data licensing for AVs.

    Answer

    CEO Dara Khosrowshahi explained that both ends of the barbell are important. Premium offerings are easier to execute and offer higher near-term profit potential, while lower-cost products like Uber Share represent a larger long-term opportunity for trips and market expansion. Regarding externalizing tech, he cited the advertising and direct delivery businesses as existing examples. He clarified that AV data collection is aimed at accelerating market readiness, not near-term profit. He also highlighted 'Uber AI Solutions,' a new initiative using Uber's earner platform for tasks like data labeling, as another example of externalizing core capabilities.

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    Benjamin Black's questions to Uber Technologies (UBER) leadership • Q3 2024

    Question

    Benjamin Black asked for an assessment of the broader consumer landscape and inquired about the investment needs and partnership structure for the Uber Direct business.

    Answer

    CEO Dara Khosrowshahi stated that consumer demand remains strong, with audience and frequency at all-time highs and no signs of consumer trade-down. He noted strong growth in both U.S. and international markets, as well as in the Uber for Business segment. For Uber Direct, he confirmed that the company is investing aggressively, including in engineering headcount. He explained that partnership structures vary, with some being exclusive, and highlighted Uber's global scale as a key advantage for large brands.

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    Benjamin Black's questions to Vivid Seats (SEAT) leadership

    Benjamin Black's questions to Vivid Seats (SEAT) leadership • Q2 2025

    Question

    Benjamin Black of Deutsche Bank questioned the rationale for investing in international expansion while the US market faces significant challenges. He also asked how competition has evolved on the seller side of the marketplace and if it has affected supply.

    Answer

    CFO Lawrence Fey explained that the international business is now contribution margin positive and presents a healthy, robust opportunity with more stable economics than North America currently. CEO Stan Chia addressed the seller side, stating that Vivid Seats remains a significant source of volume and continues to build retentive technology like Skybox, which recently rolled out new analytics tools to help sellers grow their businesses.

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    Benjamin Black's questions to Reddit (RDDT) leadership

    Benjamin Black's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Benjamin Black of Deutsche Bank questioned how Reddit's position as a top data source for LLMs is affecting user trends and the data licensing strategy. He also asked for key learnings from the new marketing initiatives.

    Answer

    CEO Steve Huffman stated that the essential nature of Reddit's data for AI has become clear, placing the company in a strong strategic position, though they are still learning about its full value. COO Jen Wong shared early marketing insights, noting a significant opportunity to build brand awareness internationally, as seen in the France campaign, and the need to create a new user habit of searching directly on Reddit.

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    Benjamin Black's questions to Reddit (RDDT) leadership • Q2 2025

    Question

    Benjamin Black of Deutsche Bank questioned how Reddit's position as a top data source for LLMs is affecting user trends and its data licensing strategy, and also asked for key learnings from recent marketing initiatives.

    Answer

    CEO Steve Huffman stated that the essential nature of Reddit's data for AI models places the company in a strong strategic position, though they are still learning about its full value. COO Jen Wong shared early marketing learnings, including the opportunity to build brand awareness internationally and the need to encourage the new user behavior of searching directly on Reddit.

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    Benjamin Black's questions to Reddit (RDDT) leadership • Q1 2025

    Question

    Benjamin Black asked about trends in user contribution rates as the user base grows and the business impact of these trends. He also questioned the renewal appetite for data licensing deals and the long-term sustainability of that revenue.

    Answer

    CEO Steve Huffman noted that the focus is on 'contribution success,' using tools like post guidance to educate users and improve the quality of posts, which has been successful. Regarding data licensing, he stated it's too early for renewal talks but partners 'love' Reddit's data, and the strategy is based on the premise that AI companies need a constant supply of new information.

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    Benjamin Black's questions to Reddit (RDDT) leadership • Q4 2024

    Question

    Benjamin Black of Deutsche Bank questioned the impact of Reddit Answers on user retention and conversion to logged-in status. He also asked if it alters the data licensing strategy and how the company balances U.S. user growth versus ARPU growth.

    Answer

    CEO Steve Huffman stated it's too early to measure retention impact from Reddit Answers but sees its potential in improving the 'seeker' user journey. He confirmed Reddit is still pursuing licensing deals, like the one with ICE, while also building its own data-driven products. On growth, Huffman emphasized the large opportunity in user acquisition, while COO Jen Wong explained they don't manage to ARPU directly but see significant headroom for it to grow as they expand the ad platform and user base.

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    Benjamin Black's questions to Reddit (RDDT) leadership • Q3 2024

    Question

    Benjamin Black of Deutsche Bank inquired about the status of on-platform search improvements, the required investments, and the timeline for monetization. He also asked for early learnings from machine translation and its impact on international content velocity.

    Answer

    CEO Steve Huffman explained that on-platform search is a key investment for 2025, with a focus on improving the consumer product before monetization. He noted that machine translation has successfully attracted new users, with the initiative driving 4x more users in Q3 than in Q2, and is set to expand to over 30 countries through 2025.

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    Benjamin Black's questions to Spotify Technology (SPOT) leadership

    Benjamin Black's questions to Spotify Technology (SPOT) leadership • Q2 2025

    Question

    Benjamin Black requested an explanation of the implied FX-neutral ARPU trends for Q3, including the main drivers, and how ARPU is expected to evolve in Q4.

    Answer

    CFO Christian Luiga reiterated the forecast for flat FX-neutral ARPU in Q3, citing a balance between price uplifts in developed markets and dilution from strong growth in emerging markets. Alex Norström, Chief Business Officer & Co-President, added that Spotify optimizes for long-term value, not quarterly ARPU, and takes a portfolio approach to price increases, recently raising prices in several European markets with no unusual churn.

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    Benjamin Black's questions to Snap (SNAP) leadership

    Benjamin Black's questions to Snap (SNAP) leadership • Q2 2025

    Question

    Benjamin Black asked about the early reception to the new Lens Plus subscription tier, including any initial engagement or conversion metrics, and inquired about the broader strategy for using pricing versus new features to drive Snapchat Plus growth.

    Answer

    CEO Evan Spiegel responded that while it is very early for Lens Plus, he is excited about its potential, given that Lenses are used over 8 billion times per day. He believes exclusive AI Lenses will be a strong growth driver. On pricing strategy, he stated the primary focus remains on building value through new features to drive acquisition and retention, though the company will explore pricing experiments more over time.

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    Benjamin Black's questions to Snap (SNAP) leadership • Q2 2025

    Question

    Benjamin Black asked about the early reception to the new Lens Plus subscription tier, its ultimate potential, and the broader strategy regarding pricing versus features for growing the Snapchat Plus service.

    Answer

    CEO Evan Spiegel stated that while it's "really early" for Lens Plus, he is excited about its potential, given that Lenses are used over 8 billion times daily. He explained that the primary focus for Snapchat Plus remains on building value through new features to drive acquisition and retention, though there is room to experiment with pricing over time.

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    Benjamin Black's questions to Snap (SNAP) leadership • Q1 2025

    Question

    Benjamin Black pointed to the milestone of 900 million monthly users but questioned the sequential decline in North American daily active users (DAUs). He asked what initiatives might not be working and what provides confidence that these trends can reverse.

    Answer

    CEO Evan Spiegel acknowledged the 99 million DAU figure in North America but stated that the company does not expect further declines in Q2. He expressed confidence based on positive engagement trends in core snapping behavior between friends and continued investment in content freshness and homegrown creators, which are key priorities for the region.

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    Benjamin Black's questions to Match Group (MTCH) leadership

    Benjamin Black's questions to Match Group (MTCH) leadership • Q1 2025

    Question

    Benjamin Black asked for details on the Tinder AI discovery test in New Zealand, how Match Group is sourcing data for its AI efforts, and the potential impact of a competitor (Bumble) reducing its marketing spend.

    Answer

    CEO Spencer Rascoff explained the New Zealand test of a daily AI-driven match uses user-provided data, including camera roll access, to improve match quality and, more importantly, change the brand perception of Tinder away from an 'infinite card stack'. CFO Steven Bailey addressed the marketing question, stating that performance marketing is a small part of the mix for Tinder and Hinge, which rely on brand marketing. Therefore, a competitor's pullback in performance spend is not expected to have a significant impact.

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    Benjamin Black's questions to Match Group (MTCH) leadership • Q4 2024

    Question

    Benjamin Black inquired about the timing of the CEO transition, how the new strategy might evolve, and what steps are being taken to ensure a smooth transition without disruption.

    Answer

    CEO Spencer Rascoff assured a smooth transition, noting his prior role on the Board of Directors gave him familiarity with the team and strategy. He affirmed his support for the existing strategy and financial targets from Investor Day, stating he is focused on bringing urgency and accountability to execute those plans.

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    Benjamin Black's questions to Match Group (MTCH) leadership • Q3 2024

    Question

    Benjamin Black inquired about the reasons for the delays in Tinder's a la carte (ALC) features and requested an update on the testing of unbundled subscription features like Passport.

    Answer

    CEO Bernard Kim explained that the delays are due to careful testing to measure ecosystem impact and cannibalization. He detailed four features in testing, including unbundled Passport and 'Like You,' noting that the team is refining targeting to mitigate cannibalization before a broader rollout in the coming months.

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    Benjamin Black's questions to Bumble (BMBL) leadership

    Benjamin Black's questions to Bumble (BMBL) leadership • Q1 2025

    Question

    Benjamin Black followed up on AI, asking what Bumble is doing to gather more differentiated data signals from its user base to power its matching algorithm.

    Answer

    Founder and CEO Whitney Wolfe Herd explained that capturing better 'signals' is a huge focus. The upcoming summer launch will include new UI/UX mechanisms allowing users to indicate specifically what they like about a profile, beyond a simple swipe. This granular feedback on what users value is precisely what will power the personalized AI algorithm to be more effective.

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    Benjamin Black's questions to Bumble (BMBL) leadership • Q3 2024

    Question

    Benjamin Black asked how the free user experience is expected to evolve and what the composition of growth between paying users and ARPU might look like in 2025.

    Answer

    CEO Lidiane Jones stated that the company is re-evaluating the entire user journey to improve the free experience in a way that positively entices users to convert to paid subscriptions, seeing near-term opportunities to boost conversion. CFO Anu Subramanian noted that while they are deep in 2025 planning, it is too early to provide a specific breakdown of growth drivers like payers versus ARPU.

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    Benjamin Black's questions to Opendoor Technologies (OPEN) leadership

    Benjamin Black's questions to Opendoor Technologies (OPEN) leadership • Q1 2025

    Question

    Benjamin Black followed up on the agent partnership pilot, asking what specific signals Opendoor is looking for to trigger a broader rollout. He also questioned whether the company has the necessary infrastructure to scale the partnership or if further go-to-market investments are required.

    Answer

    CEO Carrie Wheeler stated that the key signal for a broader rollout is improved customer conversion, both to cash offers and to listing outcomes where Opendoor participates. She affirmed that the company has the necessary infrastructure to scale, as the partnership leverages existing assets like its brand, marketing funnel, pricing technology, and transaction platform. She described it as a new go-to-market channel for existing capabilities, not a program requiring significant new investment.

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    Benjamin Black's questions to WEBTOON Entertainment (WBTN) leadership

    Benjamin Black's questions to WEBTOON Entertainment (WBTN) leadership • Q4 2024

    Question

    Benjamin Black followed up on the AI recommendation engine in Korea, asking about its potential impact on engagement and the near-term user growth outlook. He also asked about MAU and payer trends in the current quarter following political disruption in Korea.

    Answer

    David Lee, CFO and COO, explained that the AI engine is crucial for content discovery in the mature Korean market. He introduced a new metric, "webcomic app MAU" (up 6.7%), as the key indicator for paid content growth. Regarding the political situation, Lee stated that while the issues are believed to be resolved, their impact is fully reflected in the Q1 guidance.

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    Benjamin Black's questions to WEBTOON Entertainment (WBTN) leadership • Q3 2024

    Question

    Benjamin Black of Deutsche Bank inquired about the customer acquisition environment in Japan and North America and the company's strategy for acquiring more users in those markets.

    Answer

    CEO Junkoo Kim reiterated that the strategy focuses on high-ROI initiatives rather than broad, passive spending. He pointed to the 1% growth in app MAU on flat year-over-year marketing spend as proof of efficiency. The go-forward strategy is to leverage WEBTOON's attractive user demographics through partnerships with companies like Discord and Duolingo to drive efficient user growth, which gives them the confidence to increase marketing spend in Q4 while maintaining profitability.

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    Benjamin Black's questions to Compass (COMP) leadership

    Benjamin Black's questions to Compass (COMP) leadership • Q4 2024

    Question

    Benjamin Black inquired about recent trends in agent commission rates, particularly whether there has been more compression for lower-performing agents given the widening performance gap in the industry.

    Answer

    CEO Robert Reffkin stated that anecdotally, top agents are outperforming on commissions, not just market share. He believes the post-NAR settlement landscape structurally favors experienced agents and large brokerages that have invested in their platforms. He asserted that Compass is not seeing negative commission changes for its top agents, as the market shifts to reward experience and value more directly.

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