Podcast Summary
TikTok's partnership and Microsoft's acquisition shape the media landscape: TikTok adapts with Oracle and Walmart partnership, Microsoft expands gaming presence through Bethesda acquisition, both companies respond to subscription trend, failure of Quibi underscores industry risks.
The media landscape is constantly evolving, as seen in the recent developments with TikTok and Microsoft's acquisition of Bethesda. TikTok's partnership with Oracle and Walmart allows the company to continue operating in the US, while Microsoft's acquisition of Bethesda expands its presence in the gaming industry. Both companies are adapting to the shift towards subscription-based business models, following the success of services like Amazon Prime and Microsoft Office. The failure of Quibi, despite its significant investment, serves as a reminder of the risks and uncertainties in the media industry. Overall, these changes highlight the importance of innovation and flexibility in an ever-changing media landscape.
Leveraging algorithms for media and commerce: Companies like TikTok are using algorithms to monetize consumer-generated content and connect users, potentially leading to algorithmic commerce where products are merchandised based on consumer preferences and delivered without the need for an order.
The future of media and commerce lies in leveraging consumer-generated content, fallow assets, and algorithms. Companies like TikTok have shown success in this area by getting consumers to create content, connect with each other, and then monetizing it through targeted algorithms. The potential deal between Oracle, Walmart, and TikTok highlights this trend, with Walmart potentially using TikTok's algorithm to facilitate algorithmic commerce, or AECOM. AECOM would involve using the algorithm to understand consumer preferences and merchandise products accordingly, even going so far as to potentially deliver them to consumers without the need for them to place an order. This approach represents a shift away from traditional media and commerce models, where companies try to find and pay for the best talent and content, and instead focuses on using algorithms to understand and cater to consumer preferences.
Revolutionizing Grocery Shopping with Zero-Click Ordering: Companies like Walmart and AECOM, in partnership with TikTok, aim to eliminate consumer decision-making in grocery shopping through zero-click ordering systems using consumer data and algorithms. This could lead to significant growth and unparalleled value for consumers, but requires high signal liquidity and calibration accuracy.
Companies like Walmart and AECOM, in partnership with platforms like TikTok, have the potential to revolutionize the way we shop for groceries by implementing a zero-click ordering system. By using consumer data and algorithms to predict and deliver desired items, these companies could eliminate the need for consumers to make decisions on every purchase, saving mental energy and time. This could lead to significant growth for these companies, potentially adding hundreds of billions of dollars in market cap, and offering unparalleled value to consumers beyond just cost savings. However, to make this a reality, they need to overcome the challenges of achieving high signal liquidity and calibration accuracy. This shift towards algorithmic commerce could represent a major counterpunch in the retail industry, offering consumers a more convenient and confident shopping experience.
The shift in comedy industry towards streaming platforms: The financial structure of comedy industry has changed, moving away from selling spec scripts to creating content for streaming services, leading to opportunities and challenges for new talent and film comedy.
The evolution of comedy and media has significantly shifted due to the rise of streaming platforms like Netflix. Judd Apatow, a renowned American filmmaker and comedian, discussed this topic during our podcast conversation. He highlighted how the financial structure of the industry has changed, moving away from the sale of spec scripts and towards an emphasis on creating content for streaming services. This shift has led to both opportunities for new talent and challenges for the comedy business, particularly in the realm of film comedy. With fewer resources dedicated to producing movies, we're seeing fewer large-scale film projects and fewer opportunities for movie stars to emerge. Overall, this change in the industry landscape has significant implications for the future of comedy and media.
Discovering new talent in film industry: Judd Apatow highlights the shift towards new talent in film industry, where audiences get excited about discovering new actors, and technology and platforms are making it more accessible and affordable.
The film industry's focus on established stars is shifting towards new talent, making it more affordable and exciting for audiences. Judd Apatow, a consistent director at Universal Studios, has seen this trend firsthand, as he's discovered that audiences get excited about discovering new actors, much like discovering a new band. He's worked with Netflix since their early days and has a first-look deal with HBO. Apatow believes that the rapid changes in technology and platforms mean that talent's currency and power are only increasing, and he has the credibility to dictate which companies and platforms he works with. The success of streaming platforms like Netflix and the rise of social media stars on TikTok prove that audiences are open to connecting with new talent and that the industry's approach to discovering and promoting new talent is becoming more accessible and affordable.
HBO Max: A New Streaming Platform with Classic HBO Content and More: HBO Max expands HBO's offerings with additional content from WarnerMedia's library, aiming to compete with Netflix and Apple TV+ while maintaining HBO's curated approach and iconic shows.
HBO Max is a new streaming platform from HBO, aiming to compete with other services like Netflix and Apple TV+. Judd Apatow, a longtime collaborator with HBO, explained that HBO Max will offer both the classic HBO content and additional programming from the WarnerMedia library. Apatow expressed his admiration for HBO's past successes, such as "The Sopranos," "Larry Sanders Show," and "Game of Thrones." He acknowledged that HBO's curated approach has been a significant factor in its success but also noted the changing viewer habits and the need to offer a wider selection of content. Despite concerns about watering down HBO's brand, Apatow believes that the vast amount of new shows on HBO Max will ultimately win over viewers. However, he acknowledged the challenges HBO faces as the cable business declines and deep-pocketed competitors like Amazon and Netflix continue to invest heavily in original content.
The importance of creativity, talent, and relationships in the entertainment industry: Financial resources are important but creativity, talent, and the right relationships are crucial for producing impactful and culturally significant content. Smaller entities can make a significant impact, while the influence of media in society requires awareness and advocacy for truthful reporting.
While financial resources are important in the entertainment industry, creativity, talent, and the right relationships are crucial for producing impactful and culturally significant content. As seen in the examples given, even with significant financial backing, networks and studios can still fail to recognize and support promising projects and talent. Conversely, smaller entities with a strong understanding of what resonates with audiences can make a significant impact. Furthermore, the role of media in society today is a topic of great concern. With the influence of multinational corporations and individuals like the Murdochs and Fox in controlling the news narrative, there is a risk of distorting reality and taking advantage of the public. The book "Hoax" by Brian Stelter sheds light on this issue, revealing how networks and personalities can align with political figures like Trump, creating an ecosystem where agreeing with the figurehead becomes profitable. This can lead to dangerous situations where important issues, such as the COVID-19 pandemic, are not taken seriously enough. It's essential to remain aware of these dynamics and advocate for truthful and unbiased reporting.
Downplaying coronavirus severity leads to unnecessary deaths: Individuals and entities, including Trump and Fox News, downplaying coronavirus severity led to disregard for safety measures, causing unnecessary deaths. Social media platforms also contributed to the spread of misinformation and division.
The actions of certain individuals and entities, such as Donald Trump and Fox News, downplaying the severity of the coronavirus, has had devastating consequences. This downplaying has led to a lack of adherence to safety measures, resulting in unnecessary deaths. Furthermore, social media platforms have been identified as a significant contributor to the spread of misinformation and division, potentially fueled by external actors. The power and influence of these entities and individuals, particularly those in positions of wealth and influence like Mark Zuckerberg and Lachlan Murdoch, have been criticized for prioritizing profits over the wellbeing of society. It's crucial for those in power to acknowledge the harm they're causing and take steps to mitigate it.
The destructive force of prioritizing personal gain over societal well-being: Ignoring societal consequences for personal gain leads to division and hinders problem-solving, as seen in Trump's actions and the Republican Party's promotion of individualism and idolatry of wealth.
The prioritization of personal gain and wealth above the well-being of others and the planet is a destructive force in society. The discussion highlighted the actions of Donald Trump, who knowingly chose to ignore the consequences of his decisions, leading to tens of thousands of unnecessary deaths. This mentality, prevalent in a capitalist society, can be tempting but ultimately leads to a lack of unity in addressing critical issues like climate change. Moreover, the conversation touched upon the role of money and morality in our decisions. The Republican Party's promotion of individualism and the idolatry of wealth can hinder our ability to come together and solve complex problems. Education, for instance, has become a privilege for the elite, making it difficult for those from less fortunate backgrounds to access quality education. The protests and the next generation's values offer hope for a change in perspective, emphasizing the importance of collaboration and empathy in addressing societal challenges. Ultimately, we must recognize that our actions and decisions should not come at the expense of others or the planet.
The importance of nurturing passions outside of academics: Parents should focus on modeling kindness and compassion, help children discover their passions, and reduce pressure to conform to academic standards.
The pressure to be academically perfect and conform to standardized education systems can limit opportunities for children, particularly those who excel in areas outside of traditional academic subjects. Instead, parents should focus on modeling kindness, compassion, and helping their children discover their passions. The speaker emphasizes that children learn more from observing their parents' behavior and approach to life than from explicit instructions. Additionally, the speaker warns against the negative effects of excessive social media use and having too many friends, which can lead to increased stress and difficulty focusing on personal goals. Ultimately, the goal should be to help children find their unique paths and pursue their passions aggressively while reducing pressure and promoting kindness and compassion.
Trusting the creative process: Believe your work is done to ease nerves and improve flow, separate ideation and refinement days for optimal creativity.
Embracing the mindset that your creative work is already completed can help alleviate nerves and allow for better flow in the creative process. Judd Apatow, a successful filmmaker and comedian, shared this trick he uses on himself. He also emphasized the importance of separating right-brain days for ideation and left-brain days for criticism and refinement. Apatow has built a successful career through his work on shows like "Freaks and Geeks" and films such as "40 Year Old Virgin" and "The King of Staten Island." He continues to explore new creative avenues, including writing for Broadway and animation. By adopting a relaxed attitude towards his work and trusting his creative process, Apatow has been able to produce high-quality content consistently.
Collaboration and Effective Communication in Teams: Atlassian Software promotes team unity and alignment, while Grammarly enhances communication quality to boost team success.
Collaboration and unity are essential for teams to succeed, no matter the size or location. Atlassian Software, trusted by millions of teams worldwide, including 75% of the Fortune 500, is designed to help teams stay connected and aligned towards shared goals. Meanwhile, effective communication is crucial in today's business landscape. Grammarly, an AI writing partner, offers grammar, spelling, and tone suggestions to prevent miscommunication and improve overall writing quality. Regarding marketing services groups like WPP and Omnicom, Scott predicts a split between their high-growth, 21st-century assets and their traditional, declining businesses. These companies will likely separate their assets into a "good bank" and a "bad bank," focusing on their high-growth assets and addressing the challenges of their traditional media and advertising businesses. Despite these challenges, there may still be investment opportunities within these firms.
Traditional ad agencies evolve or fade away?: Agencies must adapt to data-driven strategies and digital platforms or risk losing relevance. Transparency and multiple sources of information are crucial for making informed decisions.
The role of traditional advertising agencies may evolve significantly in the coming years as businesses shift their focus towards data-driven strategies and digital platforms. For those working in such agencies, it's crucial to assess whether their company's success is still tied to the traditional brand algorithm or if it's embracing the new paradigm of data-driven decision making. Another interesting topic discussed was the use of dollar amounts as a measure of social feedback on investing apps like Public and Common Stock. While this approach can potentially highlight the insights of experienced investors, it also risks overvaluing wealth over knowledge. The key is to maintain transparency and consider multiple sources of information when making investment decisions. Additionally, the idea of socializing or adding a social component to traditional businesses was highlighted as a promising trend. This approach can help foster engagement, build trust, and create a sense of community among users. However, it's essential to ensure transparency and maintain a balance between social and expert opinions to make informed decisions.
Discussing the need for collective action on climate change: Individual efforts are important, but governments and corporations must also take significant action to address the climate crisis through regulations and taxes.
While individual companies are making strides towards addressing climate change, it's not enough to tackle the issue on its own. The caller, a copywriter in NYC, expresses concern over the economic impact of the climate crisis and wonders about the level of awareness and action among investors and executives. He shares statistics on the increasing number and size of wildfires in California and criticizes President Trump's dismissive attitude towards climate science. The caller believes that focusing on reforming corporations may not be the most effective solution and suggests that the government needs to step in with regulations and taxes to drive change. He also mentions his personal plans to run for Florida senator in 2022 with a focus on algorithmic taxes. Overall, the conversation highlights the urgent need for collective action from governments and corporations to address the climate crisis.
Recognizing externalities and taking action for future generations: Acknowledge environmental impacts, implement regulations and taxation, and prioritize long-term thinking for future generations.
We need to acknowledge the externalities of our actions, particularly those related to pollution and emissions, and take steps to address them through government regulations and taxation. The speaker emphasized that this is not just an environmental issue, but a matter of responsible long-term thinking for future generations. He also shared his personal perspective that while he is not an environmentalist, he believes in the importance of recognizing the scientific facts and taking action to mitigate the negative impacts of human activities on the environment. Additionally, he offered some unsolicited advice to his younger self to have more confidence in his looks and make the most of his youth.
