48:47Peter Reinhardt describes how Segment moved from a failed classroom product and an unsuccessful analytics tool to product-market fit with an open-source data routing library and its hosted service. He explains how real usage, customer conversations, and skeptical testing helped the team recognize demand and later identify data warehouses as an important use case. The talk also covers sales qualification as a method for product discovery, pricing, company culture, and how to decide which customer requests to pursue. A recurring lesson is that product-market fit becomes clear when customers actively use a product and pull it forward.