> **Exchange rate note (2026-10-26):** this file converts at the 2025 average (2.7426 GEL/USD); the budget uses the October 2026 rate (2.597), which makes dollar salary costs slightly higher, the cautious side.

# What customers really pay, and how the market splits

> ⛔ **Stapilo is an international platform with international prices.** The Georgia sections
> below were researched by mistake and are NOT used anywhere (Levan, 2026-10-25).

> Researched 2026-10-25 for Stapilo's investor case. Every number has a source and date
> (see **Sources** at the end). **⚠ = unverified**: a third-party estimate, a figure I
> could not trace to a primary source, or my own judgement. Numbers marked *derived*
> are my arithmetic on sourced inputs, and the formula is shown. Nothing here is invented.
> If a number isn't in this file, I didn't find a source for it.

---

## Summary

1. **The closest comparables, the all-in-one creator/course platforms, earn about $140–175 per paying customer per month.**
   Thinkific reports **$175/month** (Q4 2025, public filing, includes payments revenue); its subscription-only figure works out to about **$140** (*derived*).
   Kajabi was about **$149/month** in 2022 (*derived* from the CEO's "$100M+ ARR, ~56,000 customers").
   Cheaper all-in-ones and email tools sit lower: Systeme.io **€32–50** (founder, 2021), Kit **≤ $67** (2024), Mailchimp and ActiveCampaign **~$83–95** (2020–21).
   Website builders are far lower, about **$19–27** (Wix 2025, Squarespace 2023).
2. **Customers cluster at the bottom of the price list.** Kajabi's average was about its entry price. Shopify Plus is about **2.6%** of live Shopify stores. Thinkific Plus (its upmarket tier) brings in about **26%** of revenue. I found **no** primary benchmark for what share of customers picks the entry, middle or top tier. The often-quoted "20:70:10" split could not be traced to a source and should not be used.
3. **Free → paid:** 3–5% is "good" and 6–8% is "great" for self-serve freemium; free trials convert 8–12% ("good") to 15–25% ("great") (Lenny's Newsletter / Kyle Poyar, 1,000+ products, 2023). Real ratios: Mailchimp had **6.2%** of users paying (2021), and Wix has **2.0%** of registered users on a premium plan (2025, cumulative registrations).
4. **Churn at these prices is high.** The ChartMogul median is **6.1%/month** for ARPA under $25 and **2.2%** above $500 (2022). Systeme.io's founder reported **~8%/month** (2021).
5. **Georgia.** Prices are **33–40% of US levels** (World Bank 2025 PPP ÷ exchange rate). The average monthly wage is **2,389 GEL ≈ $870** (Geostat, Q2 2026). Local single-purpose business software costs about **40–60 GEL/month**. Only **12%** of small Georgian firms have a website, and **3%** use a CRM (ISET/Geostat, 2024).
   Stapilo's GEL prices are **89–95% of its USD prices** at the 2025 exchange rate (*derived*), so there is effectively **no regional discount** today. Its cheapest package (197 GEL) is **~8% of an average monthly wage**. Kajabi's entry price is about 2% of US monthly GDP per capita, and 197 GEL is about 9% of Georgia's (*derived*).
6. **Realistic average paying customer (my analysis, ranges not point claims):**
   - **Georgia:** low **~80 GEL**, middle **~150 GEL (~$55)**, high **~260 GEL (~$95)** per month.
   - **International:** low **~$50**, middle **~$95**, high **~$150** per month.

---

## 1. Real ARPU of comparable companies

ARPU = average revenue per paying customer per month. "Primary" means company filings or the company's own statements.

| Company | ARPU / month | How obtained | Date | Source quality |
|---|---|---|---|---|
| **Thinkific** (course platform, public TSX) | **$175** reported ARPU (total revenue per paying customer, includes payments/commerce) | Q4 2025 release: "ARPU … grow by 5%, to $175 per month"; ARR $61.0M | Q4 2025 (released 2026-03-05) | Primary |
| Thinkific | $177 | Q2 2026 release: "ARPU grow by 5%, to $177 per month"; ARR $61.7M | Q2 2026 (released 2026-08-05) | Primary |
| Thinkific, subscription only | **≈ $140** | *Derived:* FY2025 subscription revenue $59.8M ÷ 12 ÷ ~35,600 avg paying customers. Customers = FY2025 revenue $73.2M ÷ 12 ÷ avg 2025 ARPU $171 (Q1 168, Q2 169, Q3 173, Q4 175). Matches the release's "more than 35,000 customers". | FY2025 | Derived from primary |
| **Kajabi** (all-in-one creator platform, private) | **≈ $149** | *Derived:* CEO: ARR "north of $100 million", "about 56,000 customers". Plans then: $119 basic / $319 pro (billed yearly). | 2022-05-31 | Primary (CEO quote in press) |
| Kajabi, later | ⚠ unknown | Latka estimates $75M revenue (Jun 2024) and lists "19K customers" (undated). This contradicts the CEO's 2021–22 figures, so I don't use it. Sacra: $2B valuation, $10B paid out to creators (Aug 2025). | 2024–25 | ⚠ third-party |
| **Systeme.io** (cheap all-in-one, freemium) | **€32 (French market), ~€50 (English market)** | Founder interview: ">8,000 paying customers", "$414k in June 2021" (≈ $52/customer, *derived*) | 2021-07-15 | Primary (founder) |
| Systeme.io, later | ⚠ | Latka estimates $20.1M revenue for 2024. The company later cut its entry plan from $27 to $17 (Indie Hackers post, undated). | 2024 | ⚠ |
| **Kit** (ConvertKit, creator email) | **≤ $67** | *Derived:* Nathan Barry: "50,000-plus creators and … 40 million dollars a year in ARR" (≤ because "plus") | ~2024-07 ⚠ date inferred from page | Primary (founder, podcast) |
| Kit ARR 2025 | — | Sacra: $52M ARR in 2025, no paying-customer count | 2025 | ⚠ Sacra estimate |
| **ActiveCampaign** (email/automation SMB) | **≈ $95** (2021); **≈ $83** (2020) | *Derived:* "$165 million ARR … 145,000 companies" (Apr 2021); "100,000 customers & $100 million ARR" (2020) | 2020–21 | Primary (press releases) |
| **Mailchimp** (Intuit) | **≈ $83** | *Derived:* 800,000 paid customers (Intuit 8-K, Sept 2021) and ~$800M 2020 revenue (Analysys Mason, Jefferies quote). Mixed years. | 2020–21 | Customers primary; revenue ⚠ analyst |
| **HighLevel** (agency all-in-one) | ⚠ no reliable figure | Plans are agency-priced. The company says it powers "over 2 million businesses" (Nov 2025 releases) but also "1M businesses" (Jan 2026 review). Latka: $82.7M revenue est. (Oct 2024), with an inconsistent timeline. The company reported 781% revenue growth 2021–2024 (Deloitte Fast 500). | 2024–26 | ⚠ |
| **Skool** (community + courses) | ⚠ no reliable figure | Plans: Hobby $9 + 10% fee, Pro $99 + 2.9%. Latka estimates ~$26.6M ARR (Jul 2026). Other estimates go to $100M+ by multiplying price × owners. | 2026 | ⚠ |
| **Teachable** (Hotmart) | ⚠ none | No customer count since "tens of thousands of creator-educators" (2024 boilerplate). 95M lifetime students (company blog, Dec 2025). | — | — |
| **Podia** | ⚠ none | Latka's "$811K revenue, 50K customers" is implausible, so I don't use it. | — | — |
| **Wix** (website builder, public) | **≈ $19** creative subs; **≈ $27** all revenue | *Derived:* Creative Subscriptions revenue $1.41B ÷ 6.1M premium subscriptions ÷ 12. Total revenue $1.99B ÷ 6.1M ÷ 12. | FY2025 (20-F / 6-K, Mar 2026) | Derived from primary |
| **Squarespace** | **$19.00** | 10-K: ARPUS $228.02/year; 4.63M unique subscriptions | FY2023 | Primary (went private in 2024, so this is the last public figure) |
| **Shopify** (merchant subscriptions only) | **≈ $65–72** ⚠ | *Derived:* MRR $205M (10-K, 31 Dec 2025) ÷ live stores per Store Leads (2.86M Dec 2025 → $72; 3.16M Oct 2026 → $65). Shopify itself only says "millions of merchants". | 2025–26 | MRR primary; store count ⚠ third-party |
| HubSpot (reference, upmarket SMB) | $974 | Average subscription revenue per customer $11,683/yr; 288,706 customers | Q4 2025 | Primary |

**What the table says.** The closest comparables, the platforms that sell courses, communities, email and checkout to experts, cluster at **$140–175/month** (Thinkific, Kajabi). Low-price all-in-ones (Systeme.io) sit at **$35–55**, and single-purpose email tools at **$65–95**. Website builders earn **~$20**. Stapilo's package list ($81–474) sits in the Kajabi/Thinkific band, not the website-builder band.

## 2. How customers split across plans

**Tier mix: no primary benchmark exists publicly.** What I found:

- **The "20:70:10" split** (entry : middle : top), attributed online to OpenView: ⚠ I could not find it on OpenView's site or in any primary study. Treat it as folklore and don't cite it.
- **Kajabi 2022:** average ≈ $149 against plans of $119 (basic, yearly) to $319 (pro, yearly). The average sits near the **entry** price, which implies most customers were on the lowest one or two plans (*inference*).
- **Shopify:** 81,318 Plus domains out of 3,163,099 live stores ≈ **2.6% on the top tier** (Store Leads, Oct 2026 ⚠ third-party crawl).
- **Thinkific:** Plus (upmarket) revenue $4.7M vs Self Serve $13.4M in Q2 2025, so Plus ≈ **26% of revenue**. The customer count isn't disclosed, but it is far below 26% of customers.
- **HubSpot** (10-K FY2025) says the average rose on Professional/Enterprise demand, "partly offset by continued purchases of its lower-priced Starter products". New customers enter at the bottom.
- **Wix / Squarespace:** ARPU of ~$19–27 sits near the low end of their plan lists.

**Conclusion (judgement ⚠):** in self-serve SMB software, most paying customers are on the cheapest paid plan that solves their problem. A small minority (single-digit % of customers) is on the top plan, but that minority produces a disproportionate share of revenue.

**Freemium and trial → paid conversion**

| Benchmark | Figure | Source / date |
|---|---|---|
| Freemium self-serve | 3–5% good, 6–8% great | Lenny's Newsletter (Rachitsky & Poyar), 1,000+ products, 2023-08-01 |
| Freemium + sales assist | 5–7% good, 10–15% great | same |
| Free trial | 8–12% good, 15–25% great | same |
| Mailchimp actual | 800k paid / 13M users = **6.2%** (*derived*) | Intuit 8-K, 2021-09-13 |
| Wix actual | 6.1M premium / 304.2M registered = **2.0%** (*derived*; registrations are cumulative, so this understates conversion of active users) | Wix 20-F FY2025 |

**Churn at low price points**

| Benchmark | Figure | Source / date |
|---|---|---|
| Median monthly customer churn, ARPA < $25 | **6.1%** | ChartMogul blog, data Nov 2021–Jan 2022, posted 2022-02-23 |
| Median monthly customer churn, ARPA > $500 | **2.2%** | same |
| ARPA < $10: top-quartile customer retention | 63.1% per year; only 2.7% of these companies have NRR > 100% | ChartMogul SaaS Retention Report, 2,100+ companies, 2023-11-01 |
| Systeme.io actual | "nine to 10%… getting closer to 8%" monthly | Founder, 2021-07-15 |
| B2B SaaS ($1M+ ARR) | median GRR 91%, NRR 101%; month-to-month contracts 89% GRR / 100% NRR | SaaS Capital 2025 Retention Benchmarks (lowest band "< $12k ACV"; excludes < $1M ARR) |
| Recurly-attributed "4.67% monthly B2B" / "3.5% annual" | ⚠ conflicting secondary citations, primary not found | — |

## 3. ARPU benchmarks by price band

- **ChartMogul** splits data by ARPA band. The bands under $25 and over $500 are quoted above. Its pattern is consistent: **higher ARPA means lower churn and higher net retention**. The $25–500 band values sit in charts I couldn't read as text (⚠).
- **SaaS Capital 2025** starts at "< $12k ACV" and excludes companies under $1M ARR. That is mostly above Stapilo's band, so it is only directional.
- **KeyBanc (KBCM) SaaS Survey:** ⚠ not covered. I found no free public cut for sub-$1k ACV products, and its sample skews to larger B2B companies.
- What this means for Stapilo: at **$80–150/month** a customer is in the "low B2B" band. Expect monthly logo churn **between the 2.2% and 6.1% ChartMogul medians** ⚠ (interpolation, not a reported figure), and worse in the first months.

## 4. Georgia and the region

**Purchasing power** (World Bank WDI, 2025 values, fetched 2026-10-25):

| | GDP/capita, US$ | GDP/capita, PPP $ | Price level vs US (PPP ÷ exchange rate) |
|---|---|---|---|
| Georgia | 9,692 | 29,414 | **0.33** (GDP), **0.40** (household consumption) *derived* |
| USA | 90,027 | 90,027 | 1.00 |
| Germany | 60,496 | 75,407 | — |
| Poland | 28,420 | 54,262 | — |
| Armenia | 9,474 | 24,754 | — |
| Türkiye | 18,599 | 45,288 | — |

Inputs: PPP factor 0.9035 GEL per international $ (GDP), 1.0875 (private consumption); official rate 2.7426 GEL/USD (2025 average).

**Wages (Geostat):** average monthly nominal earnings were **2,389.3 GEL** in Q2 2026 (+8% y/y), 2,363.8 GEL in Q1 2026, and 2,466.2 GEL in Q4 2025. Business sector: 2,471.5 GEL (Q2 2026). Information & communication: 4,400.4 GEL. At 2.74 GEL/USD, 2,389 GEL ≈ **$871** (*derived*).

**Software adoption among small Georgian firms (ISET Policy Institute research note, Aug 2025, Geostat data, 2024):**
- **12%** of small firms have a website (large firms: 77%)
- **3%** use a CRM (large: 48%), **6%** use ERP (large: 68%), **2%** use AI (large: 20%)
- ⚠ Geostat's enterprise ICT survey defines "small" by its own size thresholds, and micro-businesses and individual entrepreneurs (where most coaches sit) may not be covered. So these figures describe registered small firms, not solo coaches.

**What local business software costs:**
- **Optimo** (Georgian store/POS software): **40 GEL/month** for the store program, 90 GEL/month for the sales device (optimo.ge, checked 2026-10-25).
- **REGO-CRM** "Shop Program": 60 GEL/month ⚠ (directory listing, not vendor page).
- **myjavshani.ge** (Georgian booking for salons and clinics): free first month, then a subscription, price not published.
- **Georgian course platform** that lets experts sell their own courses with published prices: **none found.** Bank of Georgia runs businesscourse.ge (100,000+ registrations), but it is the bank's own free education platform, not a seller tool.
- **Payments:** TBC e-commerce charges merchants 2% on Georgian cards and 2.5% on foreign cards (developers.tbcbank.ge, undated ⚠).
- **New since 15 Apr 2026:** TBC and Bank of Georgia charge cardholders **1.5% (max 10 GEL)** when paying in GEL on foreign platforms without a Georgian bank account (cbw.ge). This is a small cost edge for a locally billed product over Kajabi and the like.

**How global services price Georgia:** Netflix's standard plan was $12.70 in Georgia vs $15.49 in the US (Dec 2023, Visual Capitalist via techbuzzireland), so **Georgia gets ~82% of the US price, not a PPP price.** Türkiye got $3.38. ⚠ I found no primary data on whether Kajabi, HighLevel or Thinkific discount for Georgia. Vendor claims that PPP pricing lifts conversion "4.7x" or "20–70%" (attributed to ProfitWell) **could not be verified** and should not be cited.

**Stapilo's own GEL vs USD prices** (stapilo-packages.md, *derived* at 2.7426):

| Package | USD | GEL | GEL in USD | GEL ÷ USD | GEL as % of avg monthly wage (2,389) |
|---|---|---|---|---|---|
| Teacher Tools | 81 | 197 | $71.8 | 89% | 8.2% |
| Coach & Consultant | 100 | 260 | $94.8 | 95% | 10.9% |
| Webinar Funnel | 109 | 267 | $97.4 | 89% | 11.2% |
| Everything | 474 | 1,182 | $431 | 91% | 49% |

For comparison, Kajabi's ~$149 is **2.0%** of US monthly GDP per capita ($7,502). Stapilo's 197 GEL is **8.9%** of Georgia's ($808/month) (*derived*, World Bank 2025).

## 5. Market size

- **Coaches:** **122,974 coach practitioners** worldwide, with **$5.34B** coaching revenue (ICF Global Coaching Study 2025, published 2025-09-16). This counts professional coaches only, not course creators or consultants.
- **Creators:** ~**67M** people identify as creators in 2025, projected to reach 107M by 2030, and the creator economy is put at **$250B → $480B by 2027** (Goldman Sachs, ⚠ quoted via secondary coverage; the GS page returned 403).
- **Money flowing through comparable platforms:** Kajabi has paid out **$10B** to creators (Aug 2025, Sacra). Thinkific gross payments volume was $71.4M in Q2 2026. Teachable creators have reached 95M lifetime students (Dec 2025).
- **Creator software spend:** ⚠ no credible total found. A bottom-up proxy from the disclosed bases: Thinkific ~35k × $175 + Kajabi ~56k × $149 (2022) + Kit ~50k × ≤$67 ≈ **$22M/month ≈ $260M/yr** for just three vendors (*derived*, mixed years). That is a floor, not a market size.

---

## Analysis: what will an average paying Stapilo customer pay?

### Premises (from the data above)
1. People pick the cheapest plan that solves their job. Averages sit near the entry price (Kajabi, Wix, Squarespace), and top tiers hold a small share of customers (Shopify Plus ~2.6%).
2. Stapilo sells single tools as well as packages ("package = parts − 35%"), so the real entry point is below the cheapest package.
3. Comparable all-in-one creator platforms realise **$140–175** internationally, cheap all-in-ones **$35–55**, and email tools **$65–95**. Stapilo is new and unknown and will compete on price against Systeme.io-like offers at first.
4. Georgia's price level is **0.33–0.40** of the US. Local SMB tools cost **40–60 GEL**, and very few small firms use any CRM or website yet. Stapilo's GEL list prices carry essentially **no PPP discount**.
5. Churn at these prices is **~3–8%/month**. Low-paying customers churn fastest, so ARPU of the surviving base drifts upward over time (ChartMogul's churn-by-ARPA pattern).

### (a) Georgia, per month

| | GEL | ≈ USD | Reasoning |
|---|---|---|---|
| **Low** | **~80** | ~$29 | Mostly single tools (booking, or courses alone), priced against local software at 40–60 GEL. Matches a PPP-scaled international low ($50 × 0.33–0.40 ≈ $17–20, ~50 GEL), lifted because a coach's tool brings in revenue. |
| **Middle** | **~150** | ~$55 | A mix: most on one tool or the cheapest package after discounts or annual billing, and a minority on a full package (197–277 GEL). It equals the international middle ($95) scaled by ~0.58, between the PPP ratio (0.33–0.40) and Stapilo's own GEL/USD ratio (~0.9). |
| **High** | **~260** | ~$95 | Most payers on a full package at list (Coach & Consultant 260 GEL, Teacher Tools 197, Webinar Funnel 267) plus a few on Everything. This only holds if early adopters are the higher-earning coaches. At ~11% of an average wage for one package, it is a stretch for the median expert. |

### (b) International, per month

| | USD | Reasoning |
|---|---|---|
| **Low** | **~$50** | Systeme.io-like outcome: price-sensitive solo creators on one tool or the cheapest package with an annual discount. Matches Systeme.io's €32–50 (2021) and Kit's ≤$67. |
| **Middle** | **~$95** | Most on one package ($81–125), a few on Agency or Everything. Sits between email/automation tools ($83–95) and Kajabi/Thinkific ($140–175), as expected for a new brand priced at Kajabi-level lists. |
| **High** | **~$150** | Kajabi/Thinkific realised level. Needs proven conversion into the $100–140 packages and some Everything/Agency share. |

### What would move these numbers
- **Up:** a measurable share on Agency ($265) or Everything ($474), or payment/transaction revenue on top of subscriptions (Thinkific's ARPU rose mainly on commerce).
- **Down:** a generous free tier (it raises the number of payers but not ARPU), monthly billing churn at ~6–8%, or GEL prices cut toward PPP.
- **To replace this judgement with evidence:** Stapilo's own first-cohort data (plan chosen, discounts, months retained) will beat every benchmark here within two or three quarters.

---

## Sources (all checked 2026-10-25)

**Comparable companies**
- Thinkific Q4/FY2025 results (2026-03-05): https://www.placera.se/pressmeddelanden/thinkific-labs-thinkific-announces-fourth-quarter-and-full-year-2025-financial-results-20260305
- Thinkific Q2 2026 results (2026-08-05): https://newswire.ca/news-releases/thinkific-announces-second-quarter-2026-financial-results-802101214.html
- Thinkific Q2 2025 results (2025-08-06): https://www.newswire.ca/news-releases/thinkific-announces-second-quarter-2025-financial-results-811968005.html
- Kajabi CEO, "revenue tops $100M", OCBJ (2022-05-31): https://www.ocbj.com/technology/kajabi-revenue-tops-100m-knowledge-economy-expands/
- Kajabi, Sacra profile: https://sacra.com/c/kajabi · Latka: https://getlatka.com/companies/kajabi ⚠
- Systeme.io founder interview, Latka (2021-07-15): https://getlatka.com/companies/systemeio/interviews/systemeio-aurelien-amacker-2021
- Systeme.io Latka estimate ⚠: https://getlatka.com/companies/systemeio · Indie Hackers post: https://www.indiehackers.com/product/systeme-io
- Kit / Nathan Barry, My Wife Quit Her Job ep. 545: https://mywifequitherjob.com/episode545/
- Kit, Sacra: https://sacra.com/c/convertkit/ · https://sacra.com/research/convertkit-at-43m-arr/ (2025-04-18) ⚠
- ActiveCampaign $165M ARR / 145,000 companies (2021-04-21): https://activecampaign.com/news/press-releases/activecampaign-raises-usd240-million
- ActiveCampaign 100,000 customers / $100M ARR (2020): https://www.activecampaign.com/news/press-releases/activecampaign-crosses-100-000-customers-and-usd100-million-annual-recurring-revenue
- Intuit to acquire Mailchimp, 8-K exhibit (2021-09-13): https://www.sec.gov/Archives/edgar/data/896878/000119312521271682/d226456dex991.htm
- Mailchimp 2020 revenue ~$800M, Analysys Mason: https://analysysmason.com/research/content/articles/intuit-mailchimp-purchase ⚠ analyst
- HighLevel Deloitte Fast 500 release (2025-11-19): https://www.accessnewswire.com/newsroom/en/business-and-professional-services/highlevel-ranked-among-the-fastest-growing-companies-in-north-am-1104564 · year in review: https://www.gohighlevel.com/post/highlevel-2025-a-year-in-review · Latka ⚠: https://getlatka.com/companies/gohighlevel
- Skool pricing / estimates ⚠: https://skillscouter.com/skool-review/ · https://revenuegeeks.com/software/skool/statistics
- Teachable 2025 Rewind (2025-12-23): https://www.teachable.com/blog/2025-rewind
- Wix FY2025 20-F: https://www.sec.gov/Archives/edgar/data/1576789/000162828026015222/wix-20251231.htm
- Wix Q4/FY2025 results 6-K (2026-03-04): https://www.sec.gov/Archives/edgar/data/1576789/000162828026014406/fourthquarterandfullyear20.htm
- Squarespace FY2023 10-K: https://www.sec.gov/Archives/edgar/data/1496963/000149696324000010/sqsp-20231231.htm
- Shopify FY2025 10-K: https://www.sec.gov/Archives/edgar/data/1594805/000159480526000007/shop-20251231.htm
- Store Leads, Shopify report (updated 2026-10-16) ⚠: https://storeleads.app/reports/shopify
- HubSpot Q4/FY2025 results (2026-02-11): https://www.businesswire.com/news/home/20260211469584/en/HubSpot-Reports-Strong-Q4-and-Full-Year-2025-Results

**Benchmarks**
- Lenny's Newsletter, "What is good free-to-paid conversion" (2023-08-01): https://www.lennysnewsletter.com/p/what-is-a-good-free-to-paid-conversion
- ChartMogul, good customer churn rate (2022-02-23): https://chartmogul.com/blog/good-customer-churn-rate/
- ChartMogul SaaS Retention Report (2023-11-01): https://chartmogul.com/saas-retention-report/
- SaaS Capital 2025 B2B SaaS Retention Benchmarks: https://www.saas-capital.com/wp-content/uploads/2025/09/RB32WS1-2025-B2B-SaaS-Retention-Benchmarks.pdf

**Georgia and the region**
- World Bank WDI API (PA.NUS.PPP, PA.NUS.PRVT.PP, PA.NUS.FCRF, NY.GDP.PCAP.CD, NY.GDP.PCAP.PP.CD; 2025 values): https://api.worldbank.org/v2/country/GEO/indicator/PA.NUS.PPP?format=json
- Geostat Q2 2026 earnings via Georgia Today: https://georgiatoday.ge/average-monthly-salary-in-georgia-rises-8-to-gel-2389-3-geostat/
- Geostat Q1 2026 via Georgia Today: https://georgiatoday.ge/geostat-average-salary-rises-8-9-to-2363-8-gel-in-q1-2026/
- Geostat Q4 2025 release (PDF): https://geostat.ge/media/77567/Average-Monthly-Nominal-Earnings-of-Employees---%28IV-Quarter%2C-2025%29.pdf
- ISET Policy Institute, SME Digitalization in Georgia 2024 Snapshot (Aug 2025): https://iset-pi.ge/ka/publications/3597-sme-digitalization-in-georgia-2024-snapshot · PDF: https://iset-pi.ge/storage/media/other/2025-09-15/d14138b0-9234-11f0-9205-a3ee28231f11.pdf
- Optimo pricing: https://optimo.ge
- REGO-CRM listing ⚠: https://gde.ge/rego.ge.html
- myjavshani.ge: https://myjavshani.ge
- Bank of Georgia business courses: https://www.entrepreneur.com/ka/siakhleebi-da-tendentsiebi/saqartvelos-bankis/499564
- TBC e-commerce fees ⚠ undated: https://developers.tbcbank.ge/page/e-commerce
- 1.5% fee on GEL payments abroad (from 2026-04-15): https://www.cbw.ge/banking/georgian-banks-to-charge-15-fee-on-lari-payments-abroad-starting-april-15
- Netflix price by country (data 2023-12-10): https://techbuzzireland.com/2024/03/10/mapped-how-much-netflix-costs-in-every-country/

**Market size**
- ICF Global Coaching Study 2025 (2025-09-16): https://coachingfederation.org/blog/coaching-industry-continues-global-growth-with-5-34-billion-usd-revenue-new-research-reveals/
- Goldman Sachs, creator economy (⚠ page returned 403; figures via secondary): https://www.goldmansachs.com/insights/articles/the-creator-economy-could-approach-half-a-trillion-dollars-by-2027 · https://www.netinfluencer.com/goldman-sachs-sees-rise-of-content-creators-to-107-million-by-2030/