02:36:26 · Jordi Hays, Tucker Brown, John Coogan
[02:36:26] S0: Yep. How are you how are you building out your pipeline of opportunities? Are you going I'm at, you know, you're in Cannes, you're meeting a bunch of creators, but I imagine you're like probably I'd like the beauty of creator businesses is they're out in the open. Yeah. Like an invisible creator business is not one. Like some of the best deals and, you know, traditional private equity are like, you would have to like live in the town and know that you know, a certain business was was printing. [02:36:56] S6: Yeah. They're out in the open, but some of the flashiest ones don't always have the numbers you might expect that they would. Some that you don't think about as much, a little quieter, building actually really significant businesses in a different way. So you don't always know everything even if it is quite visible. You know, I've had the benefit of living in the category for a little while, so I've seen a lot and have a good sense of what, you know, the immediate attracted targets might be. You know, we again have the relationship with the agency at CA. We've got [02:37:24] S1: a Yeah. [02:37:24] S6: I think three zero eight creator clients. Not all of those would make sense for us, but a lot of them are growing and are looking to potentially think about capital partners. So there's a built in pipeline there. And, you know, we're open for business. I've gotten a lot of great inbound opportunities that have come our way since we announced. That's great. So, yeah, it's there's a lot a lot of activity and a lot I think for us to do.
02:37:24 · Tucker Brown, Jordi Hays, John Coogan
[02:37:24] S6: I think three zero eight creator clients. Not all of those would make sense for us, but a lot of them are growing and are looking to potentially think about capital partners. So there's a built in pipeline there. And, you know, we're open for business. I've gotten a lot of great inbound opportunities that have come our way since we announced. That's great. So, yeah, it's there's a lot a lot of activity and a lot I think for us to do. [02:37:47] S0: How much time are you going to be spending in New York versus LA? [02:37:51] S6: LA. Yeah. So I'm I've been back and forth, over the last decade plus quite a bit. I spend the winter out here usually [02:37:58] S0: Mhmm. [02:37:59] S6: Smart to do. [02:38:00] S1: If you go [02:38:00] S6: to New York, it's not always the the most fun. So I'm usually here about twice a month. We'll have a headquarters probably in both, you know, both locations. Yeah. And then, you know, creators are kind of everywhere too. So New York and LA have been the hubs of entertainment. London a bit internationally. But we see that much more dispersed with creators that are all over the place. So [02:38:19] S0: Yeah. How how has the influencer creator industry evolved in China? Is it similar, diff how does it how is it similar versus how does it differ from The US? Yeah. Because, like, they were big and early in like live shopping, for example.
02:38:19 · Jordi Hays, Tucker Brown, John Coogan
[02:38:19] S0: Yeah. How how has the influencer creator industry evolved in China? Is it similar, diff how does it how is it similar versus how does it differ from The US? Yeah. Because, like, they were big and early in like live shopping, for example. [02:38:37] S6: Yeah. I mean, it's you have a sort of massive, you know, massive population. All the numbers you see with businesses over there are pretty crazy from an audience perspective. It's listen, transacting with China [02:38:52] S0: Yeah. Don't I I can't imagine you could do deals there, but I'm saying, like, is is is when you when you look at that market, is there anything that you see that allows you to feel like you're seeing into the future? [02:39:03] S6: It's tricky. Right? Because if you do take that as a learning and you try to apply it to a different territory, it probably won't necessarily translate in the same way. Yeah. [02:39:12] S0: Yeah. Like, live shopping has taken off in The US, but it's a lot of, like, a functionally gambling, not like buying oranges. Yeah. Oh. Like a lot of these, like, live shopping platforms are, like, people live breaking open packs of cards. [02:39:26] S1: Yeah. Unboxings and stuff. [02:39:27] S0: Not like they're, like, shopping for apparel in the same way that in China, like, lot of these live shopping platforms, they would start with like, you could literally go and buy a new kiwis and you can see the kiwis and then you're just hitting like
02:39:27 · Jordi Hays, John Coogan, Will Mayer, Tucker Brown
[02:39:27] S0: Not like they're, like, shopping for apparel in the same way that in China, like, lot of these live shopping platforms, they would start with like, you could literally go and buy a new kiwis and you can see the kiwis and then you're just hitting like [02:39:39] S1: Apparently, China doesn't have a Joe Rogan. Like, they don't have a really dominant just public commentator who just gives his random opinions about everything. [02:39:48] S0: Well, I think somebody like Joe Rogan that's commenting on that many things, like [02:39:52] S1: It's a little risky politically, actually. So [02:39:54] S7: How that [02:39:55] S1: Yeah. What about Hollywood? What's even your update on the creator economy's, interaction with Hollywood post the trifecta of creator led movies? So Obsession, Backrooms, Iron Lung [02:40:08] S6: Yeah. [02:40:09] S1: Three born on YouTube crossed over. This was predicted like a decade ago. It's finally here. Is it it feels like very high status, but maybe not actually moving the needle for some businesses. Not something reliable like something low status like ads and merch, which might actually drive a business forward. [02:40:26] S6: Tough to yeah. Again, tough to tough to rely on that and bet on that as a business model in and of itself. I think it's a component that's pretty interesting. For creator businesses, I mean, it was a big kind of narrative early podcasting, using podcasts as a cheap sort of IP development mechanism [02:40:42] S1: for Yeah. Long form
02:40:42 · John Coogan, Tucker Brown, Vincent Weisser, Jordi Hays
[02:40:42] S1: for Yeah. Long form [02:40:44] S6: You know, same thing with YouTube. Right? A cheaper way to test and see if you've got an audience [02:40:48] S3: Yeah. [02:40:49] S6: And then use that to sort of monetize in long form. So it's a it's a great trend. Think that we're seeing more and more of that will continue. Yeah. [02:40:57] S1: We were talking to Alex Ramosie about this yesterday, and it was it was interesting thinking about, like, he was saying that he just doesn't reach the same audience as a Ramsey. As a Dave Ramsey who who just has syndication on so many radio shows. And if he were able to crack into that, it's not that that deal would make him that much money. It's that it would expose his overall portfolio, his overall business to a new tranche of clients and potential, like, customers, but also audience members. And so there's an interesting world where you could underwrite the, you know, high risk. Maybe this person does the next obsession. Or you could say, this person's on a track where they are going to crack distribution on radio or TV at some point, and they're gonna be on that channel, and that's gonna be a halo for the overall business. But, obviously, to predict. [02:41:48] S6: Yeah. And so that that's why it's hard to [02:41:50] S1: Yeah. [02:41:50] S6: Underwrite against that. Right? I mean, it's a that moonshot outcome could drive upside [02:41:55] S1: Yeah. [02:41:55] S6: But probably not gonna be a a base case underwriting situation. [02:41:58] S1: That makes sense. [02:41:59] S0: What about Substack and potential new platforms?
02:41:59 · Jordi Hays, Tucker Brown, John Coogan
[02:41:59] S0: What about Substack and potential new platforms? [02:42:04] S6: Substack, you know, you've seen some really nice businesses built and monetized on that platform. So in the same way that YouTube can be a core that you build off of in other areas, you could YouTube build into Sub The same thing I think we're seeing migration from Sub Sack into video and other, you know, other platforms. So it's one of the the kind of top platforms that we're actually looking at to evaluate if there are things for us to to invest in there, and again, migrate that audience into other mediums. So, yeah, there's a there's a lot, you know, to do in that category. [02:42:36] S0: Yeah. I was thinking, like, why is there no substack for video? You know, like like a platform that was less algorithmic. And, of course, the substack for video will almost certainly be substack. [02:42:48] S1: Yeah. Yeah. Probably. They just gotta get the right people on there or something. It's hard because, like, as soon as you make a video, you're like, well, this wants to be replicated everywhere on the Internet. So let me throw it up on every channel. [02:42:59] S0: Timeline to first deal announcement. Any prediction? [02:43:02] S6: Are you gonna hold me to it? Don't that's it's always hard to Are [02:43:05] S0: we gonna I mean, but but but we know we we have, you know, friends with funds that have a unique strategy, and sometimes they don't do a deal for eighteen months after closing a fund. So, like