Virality is simply growth that stems from your existing users. Each user brings in on average more than one additional user (directly or indirectly) and thus creates exponential growth.
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Applies to startups that acquire users through ads or sales, make a profit on each new user, and then reinvest the revenue to acquire more users for larger profits. They rely on getting more money from a user than they paid to get him.
Metrics to track: CAC, LTV
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