Joe Rogan, Dax Shepherd, Tim Ferriss discussed on The Tim Ferriss Show

Automatic TRANSCRIPT

Happening at the moment. There is a land grab for talent and big shows and audiences. Joe Rogan. Purportedly a $100 million deal. I actually think if I had to guess, I don't know this, but I would suspect it is substantially larger than that over time with earnouts and so on. And performance bonuses. I would guess it's much larger than that. I think there was somewhere between 60 and a $100 million deal for Dax shepherd, something like a $60 million deal for call her daddy. I think that's a three year deal. You will notice that the deal terms appear to be getting more and more onerous. Now, those are not all comparable deals. Those are different people, different properties, and so on. But I believe as part of the deal with call her daddy that Spotify has a first look or write a first refusal or automatic ownership of future properties and creations, not just current. Joe Rogan has a licensing deal. Which is very different from an IP purchase agreement. But this is all to say that if I had, let's just say, who knows? The four hour podcast. If I'd called it the four hour podcast, and I owned that trademark. And slowly brought in other hosts or co hosts to help. One could foresee an option of building that up into a property with many different personalities and selling that property. After which I, as the initial builder of that brand could be free and clear to go on and do other things. It is not possible to do that simply with a podcast called the Tim Ferriss show. So there are drawbacks, but net net, that's the story of how I got there. And I don't think about building a personal brand to be clear. You have a personal brand. Already, everyone has a personal brand. Guess what your personal brand is. Your personal brand is what your closest friends and family and coworkers think of you. That's it. What do they associate you with? If they had to pull four or 5 adjectives out of the air, how would they describe you? Whatever comes to mind, most naturally, when people think about you, that is your personal brand. So we all already have a personal brand. If you want to create a personal facade or a stage persona, not saying you, Chris, but just in general, you can do that, but you should be very careful of that. And I remember I was told and I'm paraphrasing here, but by Andrew zimmern, who is an amazing television host who is very smart and very, very thoughtful. Who's been on the podcast, his story is incredible. I mean, I think sleeping on a mattress under an overpass at one point as an addict and now is who he is. It's really remarkable story. When he was just getting started in television, and he and I spoke when I was doing some television, not too long ago, he had some choices to make in that first episode about who he wanted to be. How did he want to deliver his lines? Were they going to incorporate any particular types of shticks? Were they going to be funny? Were they going to make fun of certain things? Were they going to use the cheesy jokes? And he made a lot of decisions early on the ended up being critical to the future of his career, because he said, in effect, be very careful of who you are in episode one because that's who you have to be for the rest of the time you're on television. And I think that's true podcasting. So be really careful about what you pretend to be. Because you'll have to maintain that and you may actually become whatever you pretend to be. So I don't think a whole lot about personal brand. Although I do think about what I want to stand for and if I were really true to myself, if I were really true to myself, what would I do? Who would I interview? If I were just doing this for me, what would I do? And I always get the best results when I do that. When I try to predict the movement of the masses of some potential audience like this flock of birds, where I'm trying to guess which direction they're going to fly, it never turns out well. For me, especially. It's not fun, and it's not particularly effective. One of the things you mentioned in that story was about these podcasts getting these licensing deals or different things. A common thing that I know happens with podcasts, especially as they start to gain traction and has happened to me in the last couple of weeks is some podcast network will reach out and say, hey, do you want to join our network? Do you want to be an iHeartRadio podcast? Do you want to and usually get to keep all your IP, but they basically say, hey, we'll sell ads will keep 50% will help you grow your show. We'll do all this stuff. You don't have to think about it. We'll just give you the money we make. And it seems to your point about monetization, don't spend any time on it, spend time honing your craft, spend time making a good show. Is that a good way to kind of take all of that off your plate from thinking about it? Would you encourage people to take those calls? Because they don't result in having to spend time selling ads, though you lose upside for whatever term that deal is. This is a worthwhile topic to explore. Clearly, or maybe it's not clear, but I do not work with the network or a partner of that type. A lot of people do. A lot of people do. And I think it depends a lot on what.

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