| I wouldn't call therapy a niche market. Therapy apps might be currently, but if they can disrupt the current therapy model to a meaningful extent, they won't be niche for long. While I don't have time to look for better data on this, a quick google turns up this 2004 survey via https://www.apa.org/monitor/julaug04/survey: 'A similar poll released in May, "Therapy in America 2004," and co-sponsored by Psychology Today magazine and PacifiCare Behavioral Health, found that an estimated 59 million people have received mental health treatment in the past two years...' 59 million people (in just the US... in 2004) is not a niche market! And these people are paying a lot. The problem with trying to be a "mental wellbeing tool for a broad audience" isn't just the market being super price sensitive, it's the market being unwilling pay anything whatsoever, which leads to ads and selling personal data (yuck). "Even if you don't make a unicorn, $4/month from 5% of your market, is still $20M/month." Right, but how will you reach 5% of your market? I don't see much virality here, and $4/mo gives you no room for customer acquisition costs. "Also, final note, many people suffering from mental illness can not afford therapy. Even $4 would be hard, $50 is impossible." I agree, but an unsustainable business can't help anyone at all in the long run. |
10000%. This has basically been my learning experience (Koby's much more knowledgeable than I am). It's amazing how many people you can help if don't die.
Also 100% agree with all of your points! Though, you'd be surprised about how viral it currently is and also how cheap the customer acquisition costs are. (That said, I don't expect those trends to continue as we grow, they tend to get harder.)