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State of the Apps EcosystemThinkic Labs, Inc.September 2022
If you are reading this report, that means you’re most likely one of our listed Thinkic Experts or app developers with an existing app in the Thinkic App Store. We can say that with some condence, since that’s who we’ve developed this report for, specically. It’s been just over a year since we launched the Thinkic App Store, and we wanted to give back to this vibrant community by pulling together a comprehensive overview of everything we’ve achieved together and learnt since May 2021. In addition to being a tangible “thank you”, this report underscores the value of our apps ecosystem and the investments we’re making at Thinkic to invest in this ecosystem. The writing of this report has been an inspiring reection for us, and we hope that you’ll be equally inspired by the content. We believe in the power of combining education and business to change people’s lives, and we’re excited to continue helping you help our mutual customers to achieve their goals!ForewordYou’ll read how both partners and customers are achieving success through appsDiscover how much more successful customers are who adopt apps compared to those who don’t; you’ll see analyses of compelling customer adoption patterns.See analyses about exciting new opportunities for app developers to build innovative new solutions on top of our exciting new Communities launch. 2| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Each section opens with a summary of key takeaways. If you want, you could start by skimming those and then jump to the sections that are of most interest to you. Or you can read the whole report, of course, from start to nish. We’d really like that.Either way, please do let us know what you liked or found most valuable, and if there’s anything else you’d like us to include in any future editions of this report. You can reach us at apps@thinkic.com as always, or through the Partner Slack community. Team ThinkicIntroduction 4App Store Commerce Capabilities34Customer Adoption Trends17479New Developer Opportunities46Developer Growth and Success28Parting ThoughtsStay TunedHow to read this report Report Sections3| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Introduction“Sharing horizons that are new to us”~ The Carpenters4| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022All data points are up to date as of September 30th 2022, unless otherwise stated.
What’s an App Store?Thinkic Customers in 2021: Which Apps are the best for me?Thinkic Customers in 2022: 5| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
When we launched we had … Today we have …We’ve seen a 210% growth in app store inventory in one year30 listed apps, of which 14 were third party apps 93 listed apps, of which 76 are third party appsno contextual app recommendations for customers contextual app recommendations in the customer journeyOur NEW generation GraphQL APIsa static “shopping experience” in the storefront a storefront that updates dynamicallya limited number of REST APIsLaunching SOON!State of the Apps Ecosystem - Introduction6| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Partner StoriesJesse SchobergRob GalvinApp Development Partner (Founding Partner) (DropinBlog)Thinkic Expert & App Development Partner (Powerups)It’s been an exciting ride building and growing the DropInBlog app in the App Store. We’ve seen steady growth in new customers and MRR. As a bonus, the Thinkic users are a pleasure to work with!“The Thinkic app store has allowed us to create an additional income stream beyond our 1-on-1 client services and be able to touch a much wider audience and help more Thinkic customers. The app store allows a site owner to tailor their solution for their specic needs. This creates a strong anity towards the platform and the app creator that could lead to offering additional products and services as that site owner’s business grows. It is a win-win-win for all involved.”7| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Customer StoriesIncorporating the Mazetec platform into our Thinkic course offered two benets that were absolutely critical to the success of our project: First, we created an applied learning roleplay, linked inside a Thinkic lesson, that let our students experience a scenario that was as close to a real-life roleplay as we could offer in an online, on-demand course. Second, Mazetec’s advanced behind-the-scenes reporting and data collection signicantly extended Thinkic’s native survey and analysis capacity, creating opportunities for sophisticated statistical analysis, like pre- and post-tests that must be analyzed together. We couldn’t have fullled the evaluation requirements of our Government contract without incorporating Mazetec into our Thinkic course.“I have two successful memberships on Thinkic but most of my activity is live on zoom with recordings available for those that miss. The standard setup is not user-friendly as everything appears as a drab list. I recently added Rob Galvin’s ix Power Up which gives the dashboard a Netix appearance. My membership loves it and it gets much more engagement and is great for retention”- Sister Sky- Debbie Grayson8| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Customer Adoption Trends“So many roads to choose”~ The Carpenters9| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022All data points are up to date as of September 30th 2022, unless otherwise stated.
The Thinkc App Store launched in May 2021 with our founding app partners. Their apps were regularly featured in marketing campaigns and in blogs and community posts.Our Help Centre now includes apps as solutions to problems and content to reduce the fear of technical integration. Customer-facing teams are trained to recommend apps to meet creator needs.In addition, we recommend apps in context to creators in-product and have created an easier browsing experience with better app curation.Since Launch we Focused on Creator Awareness & Education1. 2. 3.10| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Trac to our App Store Listings will soon be Double Trac at LaunchAll efforts led to a 73% increase in trac to our app listings in Q3 2022 vs. Q2 2021.Our Help Centre is the biggest contributor with appox. 1,000 more page views a month vs. last year.60k40k20k50k30k10K0Q2 2021 Q3 2021 Q4 2021 Q1 2022Q2 2022Q3 2022Total App Landing Page Views11| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
* Conversion rate here is for users we can track throughout their journey only, and is therefore a subset with a higher conversion rate (Av. ~26% here vs. ~16% when taking total installs / total views)Apps that Demonstrate Clear Creator Value Convert BetterTop 5 conversion rate % Bottom 5 conversion rate %72%64%56%55%53%15% 13% 11%10% 9%Our average conversion rate is fairly consistent at approx. 26%*.Our highest converting listings solve specic problems for creators and demonstrate value. They often have video summaries and an easy onboarding process.Lower performing apps often fail to communicate value in the listing and often have complicated onboarding with unnecessary steps & poor UX.0%50%25%75%12| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Paying Creators are Installing Apps at a Consistent RateOur net installs by paying creators grew consistently over the year.Our research shows that creators install apps when launching their course and start by focusing on selling & conversion apps. Business operations apps and ones that help with course creation are also typically installed earlier.38k40k36k34k37k39k35k33k32kApp InstallsPaying Customer MonthApp Installs by Paying CreatorNov33,27233,67334,43735,10136,03136,72437,46238,23238,89939,530Feb MayDec Mar JunJan ‘22 Apr Jul Aug13| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
40%60%70%20%30%50%10%0%*Plan names are as of September 19th 2022. Our plans have since changed - details hereApps are Essential to Creators as their Businesses Grow51% of all paying creators have at least 1 app installed. The higher the plan, the higher the % of app adoption. This demonstrates that apps are a key part of the creator toolkit as they grow their businesses.App adopters also continue to install more apps - the average creator with 1 or more apps now has 2.3 apps, up from 2.0 in November 2021.Who are you building for/ who is most likely to adopt your app39%44%65%72%Basic Pro% of Self-serve Creators with App Installs by Plan*Plan NameFixed Growth Premier14| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
More Creators are Installing Third Party AppsInstall MonthNov/21 Jan/22 May/22Mar/22 Jul/22Dec/21 Feb/223rd Party Built Thinkic BuiltJun/22Apr/22 Aug/22 Sept/22*Our installs of apps built by 3rd party developers make up over 50% of monthly installs*, up from 30% late last year.More app developers are growing and thriving with 76 third party apps in the Thinkic App Store. 0%50%25%75%100%69%59%70%52%76%52%66%53%63%50% 59%31%41%30%48%24%48%34%47%38%50% 41%Thinkic is passing the torch to 3rd party developers, the true experts of their respective spaces*The drop in September ‘22 is due to Google Analytics 4 release - we expect this to return to 50%+ from October15| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Impact of App Adoption on Customer SuccessCreators with apps installed earn 2.7x more revenue than those without.The more apps installed, the bigger this number. For example, creators with 5+ apps earn 5.4x more revenue on average than creators with no apps, and creators with 10+ apps earn 10.7x more*.Creators with apps installed are 2x times less likely to churn. Apps make Thinkic more “sticky” for creators because they can customize their offerings to their target audience. This makes them less likely to churn.Creators that have at least 1 app installed earn 2.7x more revenue than those without apps. Creators with 5+ apps earn 5.4x more revenue than creators with 0 appsCreators with 10+ apps earn 10.7x more*.*Figures based on July 2022. Causation vs. Correlation is hard to quantify, but creators who install apps show an intent to be more successful - either apps have helped grow their business or their business has grown to require apps.Apps are a part of successful creators’ toolkits. Creators who install apps intend to build a successful learning business on Thinkic and are more likely to succeed.2.7x5.4x10.7x16| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Developer Growth and Success“We’ll start out walking and learn to run”~ The Carpenters17| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022All data points are up to date as of September 30th 2022, unless otherwise stated.
Our Thinkic App Store launched on May 4th, 2021 with 30 apps (14 built by 3rd party developers). One year later, we have 76 third party apps, built by 44 developers across the world.Our developers have earned over $500k in the Thinkic App Store, with total monthly app developer revenue continuing to increase month-on-month.Our developers are investing in community engagement, building an audience, and creating high-converting landing pages in order to thrive.Since May 2021, we Added 63 More Apps and Developers Generated Real Returns1. 2. 3.18| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Before launching the Thinkic App Store, Thinkic built 16 integrations to solve common creator challenges. This included large logos like ActiveCampaign, Shopify, Zoom, and Google Analytics to help solve common use cases for a large segment of our creators. But, as creators scale and grow, their needs become more varied and we can’t hope to meet all of those ourselves.That’s why, early in 2021, we recruited promising third party developers to help build our initial Thinkic App Store offering.One year later, we have 76 third party apps, built by 44 developers across the world.19| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
The Numbers: How our Ecosystem has Grown since May 202193 public apps44 public83216 Thinkic built, 76 third party builtapp developers totalapp developers with 2+ appsThinkic Experts turned serial app developersapp developers with 10+ apps20| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Thinkic Experts turn (Serial) App DevelopersOur Thinkic Experts, the highest tier of our Agency Partner Program, are well-positioned to understand the needs of our creators and the gaps in our product that can be solved with unique solutions.Rob Galvin has shifted his business from 1-1 managed services to 1-many through his extensive app offerings - Super PowerUps! Rob was an early adopter of Liquid and our APIs, and has built a very successful business within our Thinkic App Store.Altogether, these 3 Thinkic Experts own 16 apps in our app store, and 28.67% of all 3rd party installs in the Thinkic App Store.Following in his footsteps, two newer Thinkic Experts - Course Studio and WooNinja - have also shifted their focus into the platform ecosystem, developing 6 additional apps between them to expand the use cases Thinkic can solve for. 21| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Colin Longworth Tonner Jackson Thinkic Expert & App Development Partner (WooNinja)Thinkic Expert & App Development Partner (Course Studio)“My app developer journey with the team at Thinkic has been nothing short of stellar. From the rst line of code to the nished listing, the team has been helpful, informative and fantastic to deal with. Thinkic’s App Store represents a massive opportunity for developers worldwide, and I encourage them to get listed today!”“THNC’s app store was our springboard into product development. The value their platform team brought helping us understand product opportunities and interface with customers is hard to overstate. Course Studio has a thriving product business as a result that’s a huge emphasis for our business moving forward.” 22| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
$2000$4000$1000$3000$1500$3500$2500$4500$500$0Figures are based on self-reported revenue, and exclude Thinkic-built apps.Developers are Starting to Generate Real Returns on their InvestmentSince May 2021, our Developers continue to earn more revenue every month. The average monthly earnings of different sub-sets of developers are indicative of this growth over time.And as of August 2022, all of our app developers have collectively earned over $500,000 in the Thinkic App Store!$919$1334$4388Average monthly revenue, all apps, since May 2021Average monthly revenue, all apps 6 months post-launchAverage monthly revenue, Top 5 apps, since May 2021Average third party app developer earnings23| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 202223| STATE OF THE APPS ECOSYSTEM
Creators are Looking for Low-Cost SolutionsOur Thinkic App Store highlights key collections in order to drive exploration and engagement with different apps. In July, we launched a free collection, to highlight apps with a free plan. It’s become one of our most viewed collections, and highlights an opportunity for developers to use free plans to attract more customers. Offering a free trial also helps eliminate any budget barriers by giving users a chance to test out an apps value before committing.Apps that offer a Free Plan (42 apps) are installed 1.3x more than apps that only offer Paid plans (48 apps). 1.3x more installs24| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Strategies for Success - Leveraging the Thinkic Community*As we continue to invest in strategies to support developer success, we see more opportunities unfold to market apps, gain customers, and earn income. Community engagement is one of these strategies - helping creators in the Facebook Group or recruiting them as beta testers are key ways to market your brand to larger audiences.*within group policies25| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Strategies for Success - Content MarketingWe offer pre-built swipe copy to share your app launch on all of your social channels. To increase the size of your audience, you can also create your own marketing materials and articles, co-market with other app partners, nd Thinkic Experts to be your evangelists, and submit articles for the Thinkic Blog. 26| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Strategies for Success - High-converting Landing PagesDon’t just say what your app does, tell the story of how your app helps a creator succeed. Including videos, testimonials, eye-catching photos, and highlighting key use cases are all ways to stand out from the crowd in our Thinkic App Store.27| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
App Store Commerce Capabilities “Watchin’ the signs along the way”~ The Carpenters28| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022All data points are up to date as of September 30th 2022, unless otherwise stated.
We improved the discovery experience with recommendations, data-driven curations and enhanced search in the app store.We got better at surfacing new apps to creators and improved exposure to our valued app developers.We built trust in our apps as valuable solutions by showing install counts and ordering app listings based on popularity.Since launch in May 2021, we Focused on Helping Creators Discover the Value of Apps1. 2. 3.29| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Showcasing New Apps1.2.3.Our journey toward smart app curations started with a focus on better surfacing new apps to customers through these visual cues:This was our rst automated and dynamic app collection. We intend to use the foundational technology and data insights to power other collections and dynamic experiences in the future.A “New” badge on app pagesA dynamic “new apps” collection in the app store homepage“New” app ribbonsNew apps now get 30% more clicks than they did prior to these changes.30| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022New AppsNew
Recommending Apps in ContextStrategically placed app recommendations ensure that creators easily discover our valuable solutions and give partners more exposure for their apps.Apps are merchandised in the app store and directly in the Thinkic dashboard for maximum exposure. Some placements are manually selected but most are now dynamically chosen based on app attributes, like relevance and popularity.To appear in recommendations, follow our app listing guidelines and produce apps that improve student learning experiences, save creators time, and grow sales & audiences.Engagement is high. Over 15% of creators that see app recommendations, interact with them.Once engaged, these recommendations have high install conversion rates, in some areas reaching over 40%, once a recommendation is clicked on.31| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Building Trust in AppsTo build trust in apps & our ecosystem, we added install counts directly on app pages. Creators see that other customers nd apps valuable and as a result, are more likely to install and try them.We saw a 6.24% higher conversion across all app pages with install counts shown vs not showing installs.We now also use install counts to order app listings by popularity. The “Most Popular” app collection is similarly based on install counts, making it super simple for Creators to nd our must-have apps.In the future, we’ll combine different types of data for more advanced app curations and also pursue ratings & reviews to further improve trust in apps.32| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022New
Improving SearchabilityWith a simple design change to our search bar, we’ve seen weekly search volume in the app store increase by more than 150%.Pro tip: Ensure app naming conventions and app descriptions contain the right language to describe your solution so creators can easily nd what they are looking for.Creators typically use search terms for popular apps, like “Zoom”, “Google” and “Zapier,” and they come to us knowing what solutions they’re looking for. Creators also look for many non-branded tools with super basic search terms, like “chat”, “blog” and “quiz”.33| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
New Developer Opportunities“Watchin’ the signs along the way”~ The Carpenters34| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022All data points are up to date as of September 30th 2022, unless otherwise stated.
Not long after the Thinkic App Store launch, we introduced Theme Extensions for smoother insertion of features and components into creator websites.Next, the Site Scripts API made it possible to embed scripts in sites without needing to manually copy and paste code.Most recently, App Frames enable a seamless integration experience between the Thinkic platform and apps for numerous different use cases.Our biggest investment this year was our new federated GraphQL API. Our rst API focuses on our new communities product and launches in Q4!Since launch in May 2021, we Released Tools that Simplify the Customer Experience and Invested in New-Generation GraphQL APIs1. 2. 3. 4.35| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Theme Extensions for Smoother Insertion of Features and Components into Creator WebsitesTheme Extensions allow app developers to build new site components and features that creators can easily add to their website within the site builder experience!Customization means creators can add elements to their websites without needing technical expertise, and still feel condent that their site is technically sound and safe.We support customizations across sales and landing pages as well as the Student Dashboard. Some of our developers have built powerful website building tools already, but there are many more untapped opportunities available.36| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
This change has drastically reduced onboarding and maintenance complexity for over a third of the apps listed in the app store, allowing creators to get to value faster and more reliably.Automatic Embedding and Management of ScriptsThe Site Scripts API enables apps to embed scripts in creator sites automatically.This removes the need for creators to copy & paste code across their site, which is a major source of friction for many creators, and a potential source of human error during app installation.37| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Seamless Integration Between Thinkic and Third Party AppsApp Frames blends Thinkic and apps together into a seamless and consistent experience.Apps can now be built to be embedded inside the Thinkic Admin UI.This change allows apps to provide a far superior level of visual and experience consistency, meaning creators can congure their apps within Thinkic with no need for context-switching.This is a fairly new addition to the developer toolkit. We can’t wait to see what our developers do with it!38| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Communities GraphQL APIOur biggest investment by far this year was implementing our new federated GraphQL API. Our transition to GraphQL for our API infrastructure has been more than two years in the making, signalling an internal commitment to “API First” development practices. Rest assured that the current REST APIs are still being supported and maintained. However, new APIs and endpoints are generally destined to be implemented in GraphQL going forward. The Communities API, the rst major brand new public API built on GraphQL, is expected to be available to app developers in an Open Beta by the end of 2022.* We are aiming for a Stable release early in 2023.**Subject to changes in development timelines at Thinkic’s discretion.39| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Why Learning Communities?THE WHYResearch, trends & irrefutable evidence shows that learning communities are the next big thing for course creators and their businesses.40| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Online Learning has Vast Opportunities to Grow and EvolveWhat are the biggest challenges online students face?of students say they’d get more value out of an online course if there was an online community attached40%86%37%28%of students say course content wasn’t engaging enoughBased on a survey of 2,285 students who have paid for an online courseof students say they didn’t feel motivated to nishof students say they didn’t feel condent in what they were learning41| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Communities Help Creators Build Stronger BusinessesConnections shift learning to a two-way exchange. Communities are more valuable than an ephemeral audience.Diverse learning experiences grow revenue and engage customers. Sustainable and scalable income through multiple offers. 42| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
That’s where YOU come in!We are very excited to share the new Communities API with our development community. There are so many ways we can work together to solve knowledge commerce challenges for our existing customers in ways that will also inspire new customers to build their brand on Thinkic.Here are just some ideas to get you started … 43| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Helping Creators Sell all Types of Products in Creative New WaysHelp creators nurture leads in communities through email marketing campaigns and other targeted methodsHelp build promotions and strong selling strategies that include communities, bundles or courses.Support the selling of communities in external checkouts for creators around the globe.Creators need apps that help them sell not only courses, but all of the products that they build with Thinkic. You can:1.2.3.44| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Helping Creators Build Engagement and Loyalty in Learning SpacesUse gamication and game theory to drive engagement among members of the community.Help schedule and automate the creation of posts, content, and events that drive conversation among community members.Connect tools that encourage discussion about topics that are important to that community.Creators equate engagement with success in their Community, and they need apps to help them customize their desired experiences. You can: 1.2.3.45| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
That’s it! We’ve shared a lot of detailed information and analysis in this report, and your head may be swimming by now. So we thought we’d summarize what it takes to succeed as a Thinkic App Developer:Developers who see the highest level of success are the ones who invest in product marketing and positioning, including thoughtful product packaging & pricing. Apps with free tiers or free trials often see the most success.Don’t just focus on the technical aspects of developing your app alone. Carefully craft your launch plan and leverage the Thinkic Facebook Group to gain momentum and social proof. Utilize content marketing opportunities provided by Thinkic and create a high-quality app listing page. Taking shortcuts can seriously affect your app’s performance. By setting your app apart through a compelling app listing, combined with good technical quality, you’ll soon be on your way to becoming an indispensable tool for our creators.Keep an eye out for the latest product updates and utilize them to your advantage. From Thinkic Communities and GraphQL through to UX features like App Frames, Thinkic continues to build tools that allow developers to innovate and create seamless experiences that plug into our core product.Parting Thoughts - Taking YOUR app to the next level1.2.3.46| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
GraphQL is COMING SOONSTAY TUNEDSIGN UP NOWSign up to be alerted when the GraphQL Open Beta is available.47| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022
Legal Disclaimer - Forward-looking StatementsThis report includes forward-looking statements and forward–looking information within the meaning of Canadian securities laws. Often, but not always, forward–looking information can be identied by the use of words such as “plans”, “estimated”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this report include statements regarding the Company’s plans related to the Thinkic App Store and future platform features, the expected benets of the Thinkic App Store, the anticipated contributions by the developer community, the apps to be included in the Thinkic App Store and the benets of such apps, the Company’s investment in the developer community, the Company’s expectations regarding revenue sharing programs with developers, the growth of online education and our ability to scale our platform to accommodate an increase in course creators. Such statements and information are based on the current expectations of Thinkic’s management, and are based on assumptions and subject to risks and uncertainties. Although Thinkic’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward–looking events and circumstances discussed in this report may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Thinkic, including risks related to the performance of the Thinkic App Store, third-party developer interest, the use of the Thinkic App Store by course creators, the utility of the apps included in the Thinkic App Store and the risk factors set.48| STATE OF THE APPS ECOSYSTEM - SEPTEMBER 2022