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A Summary of

Will Joe Rogan ever IPO?

Mario Gabriele
The Generalist
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Building an Empire

  • Joe Rogan's entertainment career first started in 1994, when MTV was impressed by a comedy set and offered him a deal
  • His manager was smart and leveraged that offer into a gig on a Fox sitcom: Hardball
  • Rogan's current $100mm deal with Spotify has been a landmark deal for a podcast
  • Rogan's podcast brings in $30mm - $64mm in annual revenue

Pros and Cons of Personality Businesses

  • Pros:
    • In a post-scarcity world, you need to sell things that can not be copied
    • When information can be sent and modified at zero cost, authenticity and trust take on outsized value
  • Cons:
    • These businesses have a single point of failure

Growing Consumption

  • In 2011, US consumers spent 11hrs/day consuming media. That figure is 13.5hrs/day in 2020
  • In 2018, digital media consumption overtook traditional media
  • Podcasts are strong segments of media - they are relatively low effort to produce, easy to scale, and have high intimacy
  • Personalities are now able to "go public" - NBA player Spencer Dinwiddie has securitized his future contract earnings, and funds like Podfund invest in podcast hosts for a share of future revenue
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