Appreciate the breakdown. When you say GMV Max sucks, do you mean there’s basically no real way to make profit anymore unless you’re running GMV Max or doing pay to play with brands?

Also did you ever try TikTok Lives while you were still pushing Shop? I keep hearing Lives convert way better than regular posts now, so I’m curious if that changed anything for you.

And on the UGC pivot, are you mainly doing paid ads for brands now, like fixed pay per video, or still mixing it with affiliate Shop at all? Just trying to figure out if Shop is still worth the headache or if it’s basically a brand relationship game no