224 Enterprise SaaS Incumbent AI Rollouts = Canva Magic Studio – 10/23 Note: We assume zero users in the launch month. Source: Canva announcements (10/23, 10/24, 5/25) Canva Magic Studio – 10/23-5/25, per Canva With Magic Studio there’s no need to toggle between multiple AI tools or learn lots of different software – all the best of AI is at your fingertips. Created for the 99% of the world without complex design skills, Magic Studio is jam-packed with easy- to-use AI-powered features across every part of Canva to help you work smarter. - Canva Press Release, 10/23 Cumulative Uses, B Cumulative Canva Magic Studio AI Tool Uses (B) Magic Studio is designed to supercharge creativity across our entire community – from enterprise teams to educators and nonprofits. Its easy-to-use AI features are woven into every part of Canva, enabling anyone to spark inspiration, streamline workflows, and scale their content. In fact, our AI tools have been used more than 10 billion times to date. - Canva Press Release, 10/24 Horizontal Enterprise Platform = SaaS Incumbents Or Large Language Model Challengers? 0B 16B 0 10 20 10/23 5/25