Why do you see podcasts as a possibility proper now?I nonetheless suppose we’re within the early innings of podcasting… I do know everyone seems to be (rightfully) excited concerning the explosive progress we’ve seen over the past a number of years, however whenever you have a look at the penetration of radio vs. podcasting, there’s a lot extra room to develop. As extra vehicles have CarPlay and Android Auto, it turns into simpler for listeners to play content material from their cellphone vs. trying to find AM/FM stations, which can assist develop viewers.We see great alternative for revenues to extend, not solely with promoting income — which can proceed to develop as audiences improve and expertise improves — however we’ve barely scratched the floor on subscription income within the US. I’m additionally extremely excited concerning the alternatives exterior of the US, all of which might be inflection factors for the business and go away us extraordinarily optimistic.Are you able to give me an instance or two of podcast IP you’ve been actually impressed with?Wow, the place to start?!Disgraceland is considered one of my favourite podcasts and simply an unbelievable idea that I might see shifting onto many alternative mediums. I’ve been actually impressed with Kaleidoscope’s launches so far and have little question they’ll turn into an IP machine. I even have been actually impressed with the groups at Third Ear Studio & Naudio (Sweden) and the subscription alternatives they’ve constructed on the again of making nice content material — there’s quite a bit for US corporations to be taught from markets which have bigger subscription adoption.What worth are you able to provide founders aside from cash?After we make a major funding in an organization, we are going to instantly assist streamline operations as a lot as doable to extend margins and the worth of the enterprise. We’ll, with our companions at Pink Seat Ventures, search for methods to create new revenue-generating enterprise alternatives, from reside occasions to publishing. Additional, there’s a huge delta between the main platforms and the unbiased podcast networks and producers, which creates an unfair marketplace for creators. By unifying a handful of best-in-class content material creators, we can provide smaller unbiased networks a scale that can profit them in negotiations with the platforms, businesses, and many others., which they wouldn’t have alone.Axios reported that your agency plans to spend money on audio and podcast corporations, largely within the content material house. I collect this implies corporations centered on podcast manufacturing or podcast networks — and never, say, a podcast modifying device or advert tech? Are particular person exhibits or creators meant to use?We’re actually trying to spend money on manufacturing corporations, producers, and networks, as we actually consider within the worth of nice IP and serving to these creators construct on their present companies (or doubtlessly create a brand new one). Nonetheless, we additionally suppose there’s a enormous alternative for brand new expertise within the house – particularly adtech – that can enhance the general ecosystem for all podcasters, and we’d be remiss if we weren’t in search of alternatives there as effectively.What attributes are you in search of in potential candidates? Any ideas? On the core, we’re in search of corporations & creators which have a strong basis for his or her present enterprise that we may also help develop with our capital and operational expertise. Between myself and my co-founders, [Red Seat Ventures partners] Kevin and Chris Balfe, we now have expertise not solely within the podcast house but in addition reside occasions, video, publishing, and extra, which we are going to wish to faucet into with any enterprise we spend money on. I’d additionally say that we actually worth the imaginative and prescient of founders and would look for those who we might use throughout our portfolio corporations, including worth to any firm we spend money on.Are you able to disclose the quantity of the seed spherical? We aren’t disclosing the quantity for the seed spherical however can say that we now have the capital and relationships wanted to have lively conversations and are in a position to put actual offers on the desk.What are your targets for the speedy future? When do you anticipate making your first choice?We’ve been quietly engaged on this for fairly a while and, even earlier than saying, have been in lively discussions round investments and potential acquisitions, so I anticipate that we’ll shut on offers before later.
