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Buzzfeed, HBO, Busby discussed on Recode Media with Peter Kafka

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Automatic TRANSCRIPT

Us are going to merge into one one giant company so just out in the hallway? There is a team of bankers. And and we're just GonNa all go out and we'll hash it out and by the end of the day we should have. That would be real tough immigration though. Never mind that's probably not probably not a good idea. You talked to definitely were in some of those talks. What why didn't you guys make one of those deals? I mean we were never in a position where he felt like we had to make could be l.. Summit what I was saying in that interview. was that smaller players in the digital space Would probably really need to do a deal in part because I looked at this space in it felt like it was bifurcating to influence or type content creators who can build pretty decent decent businesses several hundred thousand to several million dollars a year with like one person or a small team and they had a lot of advantages advantages that big media companies don't have lower cost structure less rules and constraints in the kind of content. They could make in some cases is and they were there providing a lot of the content of the big platforms and so they are a huge force. And so I was looking at those kinds of companies and then I was looking looking at companies like like busby which is a several hundred million revenue and and the ability to build out all these diversified revenue sources is and generate more revenue for the content. We're creating because we have all these teams it infrastructures and support and it just felt like there were a lot of companies that were in the middle where they it didn't have the leanness of the influencers to be able to operate a more efficiently but they also didn't have the ability to bring in enough enough of the talent and business and things like that and so it felt like those those companies were in a position where they needed to needed to to merge and what about the bigger companies my employer of ice spot refinery. Maybe somewhere in the middle of the discussion we're having but the bigger your your company bigger companies merging urging as well. I don't think that there is as pressing a need. I think for the mid size companies that makes a lot of sense to join a bigger company the bigger the bigger digital digitally native companies I think Fox's at scale and can operate effectively buzzfeed's Swedes at at scale. There's a few you know a bigger companies that that that can do that. It could make sense for some of them to it could be. It could be make they could they could. You could see bigger combinations. That could make sense. But I don't think there's there's an urgency for it last question you said Ed in this memo that you WanNa buy a company called meet up. This is one of the many companies that we work bod and is now furiously trying to sell off and this is part of a strategy. You had paid social. Why did you meet up? And what does paid social. Look like for buzzfeed. I mean I had a vision for how meet up could be part of buzzfeed that I I was really excited about which was. Essentially we've been seeing more and more that our content is inspiring action in the world and whether it's transactions and our commerce business or or just people going on trips or trying things joining communities finding in discovering new phantoms. We see content really driving action and I thought that meet up could be another way to have something downstream from out where when people get excited engage with our content. They then connect with meet with people in the real world so that we could integrate an interesting way that would drive a lot of value this concept of paid social that in some ways it's counter to the current trend trend which is all the social platforms are free and available to everyone and then all the content companies are focused on paid and subscription models. uh-huh and what if you reverse that and you had a layer of content that was free across all platforms on the internet which is speeds approach. Cure all the best of the Internet. And then you combine that with paid aid social where you don't have two billion people on the platform you have a couple of hundred thousand here a million there and the consumers paying I wanNA pay. HBO With Like Minded People. People who share interests that I have so it would meet up. Meet up organizers pet you know pay a fee to be subscription to be able to bring people together. I think you're going to start to see more niche social things. People aren't just paying for content. They're paying to be in an in a social environment with like minded people without the harassment without all their data. Bean suck for advertising without some of the some of the negative things so niche communities and paid communities is an area that we're exploring and starting to think about and meet up could've accelerated it but I think there's other ways to to to build interest teen alternatives to the social networks that are smaller and more niche that could and and also provide new lines of revenue. Thanks again to join a party for sitting down with me. Thanks again to the folks at digital content next for hosting us. This is Rico media. I will see you next week..