Podcast Summary
Learning from Statsig's Remarkable Growth: Statsig, a tech company processing 130B events daily, reached 10% of the world's population with live product experiments. In 2022, they added Microsoft, Atlassian, and expanded offerings. Emphasizing data-driven product decisions, they encourage listeners to explore their platform.
Learning from this special episode of Acquired is the remarkable growth and impact of Statsig, a technology company that processes over 130 billion events per day and has reached almost 10% of the world's population with its live product experiments. The company, which started the year as a series B stage startup, has since added major AI companies like Microsoft and Atlassian to its roster and expanded its offerings to become a full-fledged product understanding platform. Despite the chaotic year of 2022, Acquired had some standout moments, including kicking off the year with a Taylor Swift episode and discussing the impressive demand for her concert tickets. Looking ahead to 2023, the hosts reflect on the year's trends and share their predictions for the future of tech. Throughout the episode, they emphasize the importance of data-driven product decisions and encourage listeners to check out Statsig's platform for these needs.
The Internet's Impact on Music Industry: Opportunities and Challenges for Artists: The internet expands markets and distribution, reducing middlemen and increasing artist revenue, but also brings challenges like managing ticket sales and fan engagement, and understanding market trends through centralized platforms like Twitter.
The internet has drastically increased the demand and reach for artists like Taylor Swift, who is a prominent example of an "internet rock star." The internet allows for larger markets and more distribution, reducing the power of middlemen and enabling artists to keep a larger share of the revenue. However, this increased demand also brings challenges, such as managing ticket sales and maintaining fan engagement. The internet's centralization, as seen in platforms like Twitter, also plays a role in understanding the market and fanbase. The disappearance of Twitter would make it harder to gauge the general consensus and trends in real-time, making it essential for artists and fans alike. Ultimately, the internet's impact on the music industry is vast, creating both opportunities and challenges for artists to connect with their fans and build successful careers.
Exploring Tech Companies in Depth: TikTok may not be as efficient for consuming large amounts of new info compared to text-based platforms, but exploring tech companies like Microsoft and Apple in-depth provides valuable insights into their diverse business units and complex histories.
While platforms like TikTok can provide insight into current global conversations, they may not be as efficient for consuming large amounts of new information compared to text-based platforms like Twitter. Additionally, exploring in-depth the stories of large tech companies, such as Microsoft or Apple, can provide fascinating insights into their diverse business units and complex histories. These companies, which have significant impacts on various industries and our daily lives, are worth dedicating multiple episodes to. By averaging one season episode and one special episode per month, Quire can continue to explore a diverse range of topics while ensuring a consistent listening experience for its audience.
Exploring Parallels Between Amazon and FTX: The Acquired podcast team provides thoughtful analysis and insights, aiming for evergreen content that stands the test of time, while adapting their format and approach as needed.
The team behind the Acquired podcast recognizes the importance of staying relevant and adding value to their audience. They acknowledged that covering Amazon was a significant undertaking due to the extensive coverage it had received, but saw an opportunity to draw parallels between Amazon's history and the recent FTX saga. The team's approach is to provide thoughtful analysis and insights rather than real-time reporting, and they aim to create evergreen content that stands the test of time. They are open to evolving their format and approach as the podcast enters its eighth year. The team also acknowledged that they had Sam Bankman-Fried on the show last year to tell the story of FTX, but due to the rapidly changing nature of the situation, they felt that their unique value add was in providing a more thoughtful and reflective take on the parallels between Amazon and FTX.
Stories of bold risks and perseverance in business: Taking calculated risks and persevering through challenges can lead to significant successes in business, as seen in FTX, NVIDIA, and Sony.
Companies and their leaders often take bold risks that can lead to incredible successes or significant losses. This was evident in the discussions about FTX and Sony, as well as NVIDIA. In the case of FTX, despite the unfortunate financial losses for some, the company continued to bring interesting and up-and-coming stories to the podcast. On the other hand, NVIDIA's Jensen Huang bet the company multiple times, leading to groundbreaking innovations in technology. Sony, too, faced adversity but managed to overcome it and become a vastly underappreciated company. These stories serve as reminders of the importance of taking calculated risks and persevering through challenges. Additionally, the rapid advancements in AI technology, as seen in NVIDIA and chat gpt, are opening up new possibilities and changing the way we interact with technology.
The first iPhone and App Store: Focusing on a clear product vision: Identifying a clear product vision and staying focused on executing it led to success for the speaker in the early days of the App Store.
The launch of the App Store and the introduction of the iPhone represented a significant shift in technology, but not everyone could immediately see its full potential. The speaker shares a personal story of his excitement and investment in the first iPhone, even before its release. He also reflects on his experience creating a to-do list app during the first year of the App Store's existence, which shows his focus on creating well-defined products. If the speaker and his partner had pursued a more complex business model, such as building a network or launching a new podcast app, they might have missed out on the success they achieved with their current podcast, Acquired. The speaker also expresses his skepticism about taking on a lot of employees and the challenges that come with managing a larger team. Overall, the discussion highlights the importance of identifying a clear product vision and staying focused on executing it, rather than trying to tackle too many projects at once.
Walmart as a Pioneering Tech Company: Walmart used tech to revolutionize retail, creating a more efficient supply chain, coordinating distribution effectively, and offering lower prices, ultimately disrupting the market.
Walmart, often seen as a traditional retailer, was actually a pioneering tech company that revolutionized the retail industry. By applying technology to their business model, they transformed the way they operated and ultimately disrupted the market. This was evident in their supply chain, which was vastly more efficient than their competitors, allowing them to offer lower prices and attract more customers. The use of technology also enabled them to coordinate distribution more effectively, making their financials work in a way that other retailers couldn't match. While there may be debate about who was the first tech company in America, Walmart's impact on the retail sector is undeniable. They proved that technology could be used to transform an existing industry and create a meaningfully better business than non-tech enabled incumbents. This format of storytelling, where we delve deep into a topic and bring on the protagonist for their perspective, is unique to Acquired and sets us apart from other interviewers.
Making deliberate choices in business strategy: Selective guest approach enables deep dives and access to unique perspectives, but comes with limited output.
In business, strategy involves making trade-offs. Michael Porter's competitive strategy concept emphasizes this, with operational efficiency being one aspect but true strategy being about making deliberate choices. Southwest Airlines, for instance, chose a different model than competitors by keeping planes in a constrained set of places and having one model of airplane for easier servicing. At Acquired, we make trade-offs by being selective with guests, enabling deep dives and access to unique perspectives. This strategy differs from interview shows, and although it comes with downsides, we lean into the upsides. An example is our approach with Benchmark, planning content in advance and engaging with the company beforehand to build trust and ensure seriousness about the topic. Companies like Enron and Arthur Andersen provide examples of the importance of understanding trade-offs, with Enron's upstream production business, EOG, still bearing its name, and Arthur Andersen's tax organization preserving the Anderson name. At Acquired, we prioritize being a pure, two-person organization with a focus on creating high-quality content, despite the limited output.
Balancing Quality and Quantity in Content Creation: Consistently producing content has trade-offs, while less frequent releases allow for deeper exploration. Jerry Seinfeld's approach emphasizes quality over quantity, but may lead to missed opportunities.
Producing content consistently, as commonly advised, comes with its own set of challenges and trade-offs. While it can help in chart performance and audience engagement, it may limit the depth and quality of research and production. On the other hand, less frequent releases allow for more in-depth exploration and a purer focus on the content itself. This strategy, however, may not be popular or economically viable for everyone, and requires a willingness to let go of potential opportunities that don't align with one's strategic priorities. Jerry Seinfeld's approach of observing and polishing every detail, no matter how small, can be applied to this perspective, where the focus is on creating the best possible product, despite the perceived flaws. This mindset, rooted in a belief in trade-offs, can lead to a more persnickety and polished final product, but may also result in missed opportunities or a larger workload. Ultimately, it's about finding the right balance between quality and quantity, and staying true to one's strategic priorities.
Creating memorable experiences in live shows: Live shows offer unparalleled audience interaction and unique moments, but come with technical challenges, unpredictable guest behavior, and the need to cater to the live audience.
Producing live shows, whether it's in an arena or a smaller event, comes with its unique challenges and rewards. While the production process is more complex and unpredictable compared to recording in a studio, the in-person interaction with the audience and guests creates special experiences that cannot be replicated online. The trade-offs include dealing with potential technical issues, unpredictable guest behavior, and the added stress of optimizing for the live audience rather than the listeners afterwards. However, the benefits include building meaningful connections with attendees, having the opportunity to engage with guests in person, and creating memorable moments that leave a lasting impact. Ultimately, the decision to produce live shows requires careful planning and intentional consideration of the unique benefits and challenges they bring.
Investing in deep relationships with sponsors leads to greater success: Focusing on a select few deep partnerships leads to a valuable and engaged community, driving significant returns and meaningful connections for the business.
The hosts of the podcast discovered that focusing on deep relationships with their sponsors and partners, rather than producing a large number of episodes, leads to greater success for their business. They found that by investing in a select few partnerships and treating their audience as equals, they could build a valuable and engaged community. This approach resulted in significant returns, with several sponsors becoming investments for the hosts. The hosts also recognized the importance of balancing trade-offs in their business model, opting for a more exclusive, deep-rooted sponsorship strategy instead of working with a larger number of sponsors. By prioritizing quality over quantity, they were able to create meaningful connections and drive growth for their podcast and business.
Making intentional trade-offs for business success: Acquired prioritizes building deep relationships with executives, while YouTube creators focus solely on content. Both approaches offer unique benefits and have contributed to Acquired's consistent growth, reaching over a million subscribers.
Building a successful media business involves making intentional trade-offs. For Acquired, this means directly engaging with high-level executives to build deep relationships, while forgoing easier options like working with agencies or dynamic ad networks. Conversely, YouTube enables creators to focus solely on content and build an audience, making a living without engaging in business matters. This year, the hosts have come to appreciate the unique benefits of each approach. Additionally, the hosts have doubled their audience every year since starting, reaching over a million subscribers, highlighting the long-term impact of consistent growth. These trade-offs and growth are essential elements of Acquired's unique business model.
Challenges in growing podcasts: Podcasts face challenges in reaching new audiences due to lack of shareable components beyond existing subscribers. Success comes from partnerships and comprehensive website experiences, but deep linking remains a limitation.
Podcasts, while being a highly engaging and sticky medium, face unique challenges when it comes to growth. The lack of a secondary shareable component, such as a written article or a social media post, makes it difficult to reach new audiences beyond the existing subscriber base. The speakers in this discussion noted that every new episode adds to the cumulative effect for existing subscribers, leading to increased listens. However, without an easily shareable link, potential listeners might not discover new episodes. The speakers also mentioned that they've had success growing their podcast through partnerships with platforms like Spotify, which assign creators dedicated managers for direct communication and promotion. Despite some challenges, the speakers agreed that the open ecosystem of podcasting and the lack of algorithmic stranglehold on the medium are key factors that enable their business model. To mitigate the unshareability of long episodes, they've tried to create a comprehensive website experience for each episode, but the lack of a deep linking system remains a limitation.
Growth vs Values: Balancing the Two: Focusing on values and mission, rather than just growth, can lead to successful business outcomes. Engaging deeply with the right audience and high-quality sponsors is more important than increasing audience size.
While growth is nice for a business, it may not always be the primary goal, especially if it comes at the expense of values and mission. The podcast discussed how they've grown through infiltrating networks and word-of-mouth sharing, but they're content with their current audience size. The speaker also mentioned that their business model is different from other companies, like Stratechery, where growth is crucial for revenue. They emphasized the importance of deepening engagement with the right people and high-quality sponsors, rather than just increasing audience size. The speaker also shared an example of their investment in Vanta, which came from the acquired audience community and led to a transformational moment for their business. Overall, the podcast highlighted that growth should not be the sole focus for every business and that prioritizing values and mission can lead to success.
Kindergarten Edition of Acquired Podcast Lacked Strategic Plan and Optimized Monetization: The early days of the Acquired podcast lacked a formal monetization strategy, with revenue growth not directly tied to audience size. The hosts integrated sponsorships organically, and they plan to focus on value-added companies and business-related content in the future.
The kindergarten edition of the Acquired podcast did not have a strategic plan, and its revenue growth was not directly linked to its audience size. The hosts discussed how they organically integrated sponsorships into the podcast without a formal strategy and how the business model could still be optimized. They also highlighted Vanta, a sponsor that automates security and compliance efforts, as an example of a company that focuses on what adds value to its customers while outsourcing other tasks. Looking ahead to 2023, the hosts mentioned plans to cover OpenAI as a potential episode topic, acknowledging that it would have been premature to cover it in the past due to its rapid growth and development. They also expressed a desire to avoid covering drama-heavy stories and instead focus on business-related content.
Exploring the Fascination of Business Stories and Formats: Speakers discussed their curiosity about business transformations, the power of brands, and new interview formats for deeper insights.
The speakers expressed their fascination with the business world, particularly the stories of companies and individuals that have faced challenges and undergone transformations. They discussed their curiosity about the second order effects of running a company with fewer employees and the power of brands, especially in the luxury industry. The speakers also shared their interest in exploring new formats for interviews, such as sessions, where they could delve deeper into emotional and personal aspects of the interviewees' lives and experiences. They also suggested the possibility of having guests on as a part of the conversation rather than the focus of the interview. Overall, the conversation highlighted the importance of understanding the stories behind businesses and the value of exploring different interview formats to gain deeper insights.
Consistency in the face of opposition: Staying true to one's ethos, even when it goes against the norm, can lead to success. Visiting successful businesses and experiencing their history and physicality deepens understanding.
Consistency, even if it goes against the norm, can be valuable. During a conversation about the role of a principal in a junior investment position, Peter referenced the quote "forced consistency is the hobgoblin of little minds," emphasizing the importance of staying true to one's ethos. This idea of consistency, even in the face of opposition, was a theme that emerged throughout the discussion. Another key takeaway was the importance of experiencing the history and physicality of successful businesses. The hosts expressed a desire to visit Nike's headquarters in Oregon to gain a deeper understanding of the company's past and present. Lastly, the hosts reflected on their personal lives, with one having gotten married in 2022, highlighting the transformative nature of such events and the joy of celebrating with loved ones.
A memorable trip to Italy: The speaker cherishes their Italian adventure, balancing personal travel with professional responsibilities using technology.
The speaker had an unforgettable personal experience traveling to Italy, which they consider the biggest life event of the year. They were fascinated by the rich history and beauty of the country, particularly the island of Capri. The speaker is torn between wanting to revisit beloved places and discovering new ones. In terms of technology, they found the iPad mini to be perfect for their live events and on-the-go needs, while the MacBook Pro 16 inch suits their heavy workload as a business owner and venture capitalist. Despite the challenges of balancing personal and professional obligations, they continue to prioritize both travel and productivity.
Technology choices influenced by life changes and health concerns: People prioritize convenience and portability but face limitations due to health concerns and unexpected life changes, leading them to adapt their technology preferences.
People prioritize convenience and portability in their technology choices, but they may also face limitations due to physical health concerns or unexpected life changes. The speaker shared an example of always carrying a computer despite not needing it for most activities due to the fear of missing out on an opportunity to use it. Contrastingly, they have a strong preference for smaller devices like the iPhone Mini due to comfort and ease of use, but face the challenge of potential battery life and the lack of a newer Mini model. As a new parent, they found the need for a better camera quality outweighed their preference for size, leading them to consider the larger iPhone 14 Pro. The speaker also mentioned their experience with the Apple Watch Ultra, which they initially thought would be too heavy but found surprisingly light. This illustrates how people's technology needs and preferences can evolve with life changes and personal circumstances.
Apple Watch Ultra's Impressive Screen and Long Battery Life: The speaker is pleased with the Apple Watch Ultra's stunning display, extended battery life for sleep tracking, convenient on-screen keyboard, and quick text response feature.
The speaker has been impressed with the large, beautiful, and bright screen of his Apple Watch Ultra, which has exceeded his expectations for a watch. He appreciates its long battery life, which is particularly valuable for his use case of tracking his sleep. He has also found the watch's on-screen keyboard and quick text response feature to be convenient. However, he wishes the watch had biometric authentication for added security and convenience. Regarding his technology setup, he still uses his 2020 M1 MacBook Air, which he finds to be performant and a great value. He is considering upgrading to the 14 Pro for his phone, but is hesitant due to mixed emotions. He currently uses the original SE Apple Watch and is tempted by the Ultra's features.
Impact of always-on display on different devices: The speaker appreciates the subtle convenience of an always-on display on a watch but prefers a Kindle for outdoor reading and nighttime use due to its lack of backlighting. They also acknowledge the importance of security features after having an iPad stolen, but appreciate the iPad mini's portability and versatility.
The always-on display feature on devices can have different impacts depending on the specific device and user's preference. The speaker initially disliked the always-on display on their phone but grew to appreciate it on their watch due to its subtlety and convenience for checking the time discreetly. However, they still prefer a Kindle for outdoor reading and nighttime use due to its industrial strength, lightweight design, and lack of backlighting. Another takeaway is that the speaker had a negative experience with having an iPad stolen and acknowledged the importance of security features, but appreciated the iPad mini for its portability and versatility in events and as an e-reader replacement. The speaker's 2022 was focused on adjusting to life as a new parent, and they mentioned the interview with Michael Ovitz as a significant milestone in their return to work after their daughter's birth.
Navigating Relationship Changes with a New Baby: Having a child adds a new layer to a relationship, requiring constant presence and love, and may involve adjustments like deciding where to live.
Having a child and getting married are two life-changing experiences that require significant adjustments in a relationship. The speaker, who recently had a child after being with her partner for 16 years, shares how they had to renegotiate their relationship and adapt to the new responsibilities of parenthood. She expresses the profound love and constant presence required to care for a child, and how it adds a new layer to their marriage. The speaker also mentions how they continued to travel despite having a baby and made family trips, but had to make decisions about where to live, ultimately choosing to stay in the city.
City life benefits for families and AI innovations: San Francisco's city life offers unique benefits for families, while tech companies like Facebook and Crusoe innovate to reduce energy consumption for AI workloads. Read 'Project Hail Mary' for sci-fi thrills and 'The Psychology of Money' for financial wisdom.
Living in a city like San Francisco, despite the challenges of the pandemic, can offer unique benefits for families, particularly for city kids. Meanwhile, in the tech world, companies like Facebook and Crusoe are making strides in reducing energy consumption and costs for AI workloads through innovative solutions. Regarding books, the recommendation goes out to "Project Hail Mary" by Andy Weir, a captivating and scientifically grounded sci-fi novel, and "The Psychology of Money" by Morgan Housel, a must-read for anyone interested in personal finance and understanding human behavior around money. Housel's book provides valuable insights into the historical context of economic events and offers practical advice on achieving long-term financial happiness.
Investing in S&P 500 index funds is advocated for better returns than complex strategies: Maureen's book argues for early and consistent investment in S&P 500 index funds for better returns, while 'The Power Law' explores influential venture capital investments.
Maureen's argument in her book strongly advocates for investing in S&P 500 index funds as early and consistently as possible, as it's likely to yield better returns than more complex investing strategies. Additionally, "The Power Law" by Sebastian Mallaby is another must-read for those interested in venture capital and technology investments, as it delves deeper into the history and success stories of influential investments and investors. Books like "Made in Japan" and "Made in America," podcasts such as Resonant Arc and All In, and publications like The Verge have also been highly recommended for their engaging and informative content. Overall, the consensus is that these resources provide valuable insights and entertainment for those with an interest in technology, business, and innovation.
Unique voices in tech: Eli Hodapp and The Verge: Eli Hodapp's legal background and tech insights, along with The Verge's thoughtful redesign and direct traffic, make them influential players in the tech industry.
Eli Hodapp, the host of the "AppStories" podcast, and The Verge, a tech publication, stand out due to their strategic business approach and deep understanding of the tech industry. Eli's insights into the product side of tech, coupled with his legal background, make him a unique voice in the tech community. The Verge, with its thoughtful redesign and direct traffic, has become a go-to source for tech news and research. Podcasts, such as Tim Ferriss with Jerry Seinfeld, Huberman Lab, and Smartless, have provided fascinating insights and entertainment. In terms of music, Taylor Swift's Midnights and curated playlists dominated listening habits, while podcasts and Audible books became the primary sources for acquired research. The shift towards podcasts and audiobooks for research contrasts with a decreased focus on music listening. Despite differences in research methods, both the speaker and I admire each other's dedication to acquiring knowledge in their respective fields.
Exploring New Music, Entertainment, and Technology: Staying open to new experiences, including music, shows, and apps, can bring joy and ease daily life, even as a new parent.
The speaker had a diverse range of experiences in music, entertainment, and technology this year. They discovered new music, particularly Olivia Rodrigo, which brought joy to their family. In terms of entertainment, they enjoyed watching shows like Andor, The Black Panther, and Everything Everywhere All at Once. They also discovered new apps, such as a baby monitor app and Flighty, which made their daily life easier. Despite being a new parent, they still found time to explore new things and appreciate the latest technology and media offerings. Additionally, they expressed admiration for the talent and production value of the artists and creators they encountered. Overall, the speaker's experiences demonstrate the importance of staying open to new things, even in the midst of life's challenges and responsibilities.
Gaining an Early Advantage through Discoveries and Innovations: Discovering valuable products early and creating innovative solutions can provide significant advantages. Examples include successful apps, convenient diaper bag essentials, premium robo vacuums, and potential standalone touch ID dongles.
Having early knowledge of changes or discovering valuable products before they become widely known can provide a significant advantage. This was highlighted in the discussion about an indie developer, Ryan, who had created successful apps and was even featured in an Apple keynote. Another valuable tip shared was the use of a pouch to store the essentials of a diaper bag, making it more convenient to carry and transfer between bags. Regarding products, a robo vacuum, the Roborock S7 Max, was discussed as a premium, robust, and efficient solution for vacuuming multiple floors. However, its high cost and the need for one per floor could be a drawback. The Apple keyboard with touch ID was praised for its convenience, and Elgato's gear, particularly their sound panels and camera equipment, were highlighted for their quality and ease of use. Additionally, the discussion touched upon the possibility of creating a standalone touch ID dongle for computers, which could be a convenient and profitable solution for users who frequently enter passwords. Overall, the conversation provided insights into valuable tips, innovative products, and potential business ideas.
The Cam Link 4k and Santa Barbara community boost Acquired podcast success: The Cam Link 4k enhances production quality, Santa Barbara serves as a favorite destination, and the podcast community inspires and differentiates the show
The Cam Link 4k and the community of like-minded individuals, particularly in Santa Barbara, California, have significantly contributed to the success and enjoyment of the Acquired podcast. The Cam Link 4k enables the hosts to pipe their cameras into their computers as webcams, enhancing their production quality. Santa Barbara, a place they visit annually, serves as their favorite and accessible beach destination. The podcast community, including listeners and guests, is a source of inspiration and differentiation for the show. The hosts expressed their gratitude to their audience for making this podcast a rewarding experience for them. The Acquired podcast team looks forward to continuing this journey with their community in the coming years.
