Understanding The Digital Economy | Interview on FYI Podcast
We're joined by gary banner. Chuck gary is a serial entrepreneur. He's a five times new york times bestselling author. He's chairman of her ex. Co evader media ceo of inner sports. He's also in angel investor. He's been in early investor in companies like twitter facebook. I'm going to interview gary with my colleague. Nick nicholson arc analyst. He's our expert on all things social media gaming entertainment. I'm tasha keeney. Argh analyst i cover a thomas vehicles. I work with nick on her e commerce research. And we're so excited to talk to gary because for those of you that know him. Gary is a visionary. he has hot takes. He's gonna tell us where the advertising world is going. How social media assets in creative economy sets in. And what is the future of this. World's gonna look like So witten no further ado let jerry. Hey gary thanks so much for joining us today I'm here with nick. Who i believe is sitting in a room full of things that you've actually convinced him to buy them on cards to to wine But you know really what we're here to talk about today is We'd like to know from you. Sort of what. The future holds What are people missing At arc we cover disruptive innovation which i've heard you say is that you think is is just being practical some in your businesses So you know as as we look at this wild year in the digital economy and sort of look at the future of the ad space. We have Consumer sitting at home Multitasking losing their connected. Tv's while they're on twitter and other platforms How do you think of sort of that. Juggling and sort of that share a going forward and sort of who who loses who who wins out of the future state of that. You know what's interesting question. Given the context of who was making an assumption of his listening to this you know as a in perpetuity owner of my own businesses with the ambition to buy the new york jets football team. You know. I play a very very very different game than a lot of the potential listeners of this show given the context right and so so much of my money has been made a my ability to wait seven years for something to happen versus being held accountable for what's going to happen in ninety days or max you know five hundred days right so i clicked. You know i. I'm going to very interesting period in my life. Where i'm like man. I'm definitely not so smart. In comparison to all these people. I just have the luxury of knowing how to stay alive to take advantage of it when it happens. I don't think there's a single person listening right. Now that is confused that ot and streaming is one hundred percent doing to cable and network what cable and internet into network cable did to network but networked into radio. This is like i mean every single person in your and my organization and listening to this right now would probably bet the farm the whole farm their kids health on a decade from today things look more a lot more like disney plus and and netflix and hulu than they look like abc. Or cbs or cnn. And so i think the winners are the ones that are in financial stable position to be able to invest in streaming and take all that advertising dollars that are inevitably inevitably gonna come behind it and the losers of the ones that are romantic or financial stuck in. You know milking what they have. I mean it's re- commonsense fortune five hundred publicly traded company logic versus reality the speed of innovation. That's happening with the internet. Meaning if you're the ceo of proctor and gamble and or of a large media conglomerate you know out there ethics or something of that nature. Where you know. You're not going to be in this seat in nine months for eighteen months because you've decided for your family and yourself and your striking all your stock options within twenty four to thirty six months after that day and what you're doing is you're holding your breath and making no investments so that you can maximize your personal economics forty one months from now but if you own the family business viacom. You'd never do that because you know exactly the consumer has told you what's already happening so i think the winners are the ones who can earn or are empowered by being historically correct. Look at look at themselves. I'm going to be in this position for six years. So let me do this now. I you know ones that feel that they know how to manage the street to take the punch in the gut on the upfront capital. They're gonna have to deploy gonna scare the shit out of people right junkers. You have the right just because you're the macro strategy of streaming is real. That's like telling everybody who's listening to become an nba basketball player. Because it's going to be a billion dollar contract in the future. You have to be good enough to be an nba basketball player so it's not just deciding to stoop peacock how well is. Nbc going to execute peacock. you know. it's not just saying that the fragmentation of ott's upon us and the ip within tomorrow the kardashian family can start k.