I do agree with this, but at the same time - where was their above-baseline growth from COVID actually going to come from? We already used Slack even when we were all working in the same office with occasional remote work, we use it more now and rely on it more but that doesn’t affect their bottom line until we grow our team. I don’t think there’s many teams that wouldn’t have benefited from Slack before COVID and would after.

Whereas with Zoom, we used to use Google Meet (never had much luck with Slack video either), it was pretty rubbish but it was fine to keep the one person WFH in the loop on the standup or do an occasional all remote one. Once it was all remote all the time there was a motivation to move to the best tool in the space. I think that’s why Zoom has insane growth compared to before and Slack doesn’t - you needed Slack anyway, you could get away with worse alternatives for Zoom.

Zoom also has massive growth outside of its enterprise space with family/friends using it to stay connected. Slack doesn’t really get anything much above baseline there either because people already had ways to text large groups. And their free tier/pricing doesn’t work well in that space either compared to competitors, whereas Zoom has an individual pricing plan that does.