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Cliff Notes: Social Media is Becoming the New TV · Earn Your Leisure

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• 1:51
  Speaker 3: So, like for social media, you know, engagement, that's like
• 1:55
  Speaker 3: a big thing as far as you know, driving you,
• 1:58
  Speaker 3: putting you into algorithm.
• 2:00
  Speaker 1: We just t from a just social media landscape.
• 2:04
  Speaker 3: Talk about engagement, like where did that even come from?
• 2:07
  Speaker 3: How is that game rigged? How the whole engagement play?
• 2:11
  Speaker 3: And then how does your platform relate to that when
• 2:15
  Speaker 3: it comes to engagement.
• 2:16
  Speaker 4: So so typically so social media was really based on
• 2:20
  Speaker 4: following right fowers. When you think of my Space, you
• 2:23
  Speaker 4: think of Facebook or friends, you know, stuff like that.
• 2:27
  Speaker 4: And that was when we were in a time where
• 2:29
  Speaker 4: social media was so much more personal, and I think
• 2:32
  Speaker 4: we're forgetting that this is a young person's game.
• 2:36
  Speaker 1: And so I was laughing the other day.
• 2:37
  Speaker 4: I was like, honestly, I was talking about we were
• 2:39
  Speaker 4: talking about freaking it and how like, for the generation
• 2:42
  Speaker 4: of people that got on Facebook in two thousand four,
• 2:45
  Speaker 4: Facebook turns twenty this year, right, So when people got
• 2:49
  Speaker 4: on Facebook in two thousand fours, it was probably the
• 2:51
  Speaker 4: first place where you could digitally save your photos. So
• 2:55
  Speaker 4: for anybody on Facebook from two thousand nine to two
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  Speaker 4: thousand ten, it's basically a photo album for you. Now
• 2:58
  Speaker 4: it's like where you're where your old ex girlfriends are,
• 3:02
  Speaker 4: All the stuff you did in college and all that
• 3:03
  Speaker 4: kind of stuff is there. And it wasn't so much
• 3:05
  Speaker 4: about engagement as we moved into the as video entered
• 3:08
  Speaker 4: into social media, it's.
• 3:10
  Speaker 1: Views, right, and those views scale your following.
• 3:14
  Speaker 4: But what happens with advertising is that now that you
• 3:18
  Speaker 4: add video to social media, and again I'm saying the
• 3:21
  Speaker 4: quiet part out loud, it's just simply think of this,
• 3:24
  Speaker 4: every single person that's on social media that can put
• 3:27
  Speaker 4: video on their page, you are.
• 3:28
  Speaker 1: A television network.
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  Speaker 4: So for that very reason, however you measure or monetize
• 3:33
  Speaker 4: advertising the television, you can monitor and measure advertising on
• 3:37
  Speaker 4: social media. So if you have seventeen or eighteen million
• 3:40
  Speaker 4: followers on social media right now, you have the monetary
• 3:43
  Speaker 4: equivalent of Sunday Night Football on NBC.
• 3:45
  Speaker 1: You have that visibility.
• 3:47
  Speaker 4: If you got one hundred million followers right you have,
• 3:51
  Speaker 4: you have the advertising equivalent of the Super Bowl.
• 3:53
  Speaker 1: Right.
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  Speaker 4: So Facebook knows that and the advertisers know that, and
• 3:58
  Speaker 4: so if there was no there there was no limit
• 4:00
  Speaker 4: on engagement, then they would bypass these companies and come
• 4:04
  Speaker 4: directly to people to say, hey, while you're doing this
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  Speaker 4: thing you're doing on your page whatever it is, and
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  Speaker 4: one hundred million people to see you. We're seventeen million
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  Speaker 4: people who do that, Oh this can for us and
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  Speaker 4: say hey, by the way, go buy this. And that's
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  Speaker 4: advertising to seventeen million people. And the difference is these
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  Speaker 4: programs come on one time a week, once a year, right,
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  Speaker 4: But imagine being able to reach seventeen million people twenty
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  Speaker 4: four hours a day, seven days a week.
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  Speaker 1: That's the quiet.
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  Speaker 4: Part out now that I understand people like are putting
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  Speaker 4: that portion together. It's like we're we're all moving social
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  Speaker 4: media is television now we are our behaviors changed. So
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  Speaker 4: with fan base, I want to say, following is dead.
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  Speaker 4: Engagement is the new is the new King of the hill, right,
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  Speaker 4: it's the people want to be seen, And so I
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  Speaker 4: wouldn't I would. I would much rather have a million
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  Speaker 4: people see my video and have ten thousand followers, and
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  Speaker 4: have a million followers and have ten thousand people see
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  Speaker 4: my video, which is happening now, which more people are
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  Speaker 4: like Yo, I got fifteen million followers, and every time
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  Speaker 4: I supposed a video, I get eighty six thousand views.
• 5:09
  Speaker 1: I want to flip it. You know what I'm saying.
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  Speaker 4: I want people to have one point five million, one
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  Speaker 4: point five million views and have eighty six thousand followers
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  Speaker 4: because I'm not showing We don't show people content based
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  Speaker 4: on who follows you. We show content based on the
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  Speaker 4: things that you like plus who follows you.
• 5:23
  Speaker 3: So your following is already gaming. Isn't that already how
• 5:26
  Speaker 3: social media works? No, it's based off off of what
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  Speaker 3: they think you would interact with. But no, but it is.
• 5:33
  Speaker 3: It's based off it's based off the algorithm. Yeah, what
• 5:37
  Speaker 3: the algorithm thinks that you're gonna interact.
• 5:39
  Speaker 4: With absolutely, but again it's still limited like just by default.
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  Speaker 4: Anybody watching this program right now, right anybody watching this
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  Speaker 4: program right now, go to your page and when you
• 5:48
  Speaker 4: look at tap on somebody's profile on Instagram and say
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  Speaker 4: in notifications when you want to see lives and see
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  Speaker 4: what it's saying. They'll say, do you want to get
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  Speaker 4: notified some of the time, all the time? Are never
• 6:00
  Speaker 4: It's already set to sum. So that means every time
• 6:02
  Speaker 4: somebody you follow goes live, they're not notifying everybody that
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  Speaker 4: goes live by default. They're suppressing your content by default
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  Speaker 4: because again they have to limit your visibility. These platforms
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  Speaker 4: are in competition with users. They can't let you You
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  Speaker 4: can go to look at anybody's you can go look
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  Speaker 4: at anybody's reals videos, go look at somebody who you
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  Speaker 4: follows following versus amount of people that see their content
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  Speaker 4: are granted, everybody's not on social media twenty four hours.
• 6:27
  Speaker 1: A day, seven days a week. But still over the
• 6:29
  Speaker 1: course of.
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  Speaker 4: A month, if I have one point five million follows
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  Speaker 4: and people are tapping in, even if I have you know,
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  Speaker 4: I get seven hundred and fifty thousand views or whatever
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  Speaker 4: based off that, But you're not seeing that. You're seeing
• 6:38
  Speaker 4: people like Cardi b with one hundred plus million followers.
• 6:41
  Speaker 1: Get two million, six million views.
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  Speaker 4: So you already know the people that want to see
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  Speaker 4: her content aren't seeing her content because that's her imagine
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  Speaker 4: being able to reach one hundred million people saying go
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  Speaker 4: buy my album and go buy my song like.
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  Speaker 1: See, that's the future.
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  Speaker 4: The problem is the albatross of advertising that TikTok and
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  Speaker 4: Instagram are tied into. They just can't turn off the
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  Speaker 4: advertising switch and go to the monetization switch because ninety
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  Speaker 4: five percent of the income that is made on Facebook
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  Speaker 4: comes from advertising. TikTok enormous amount of money that TikTok
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  Speaker 4: makes from advertising, so they're still going to have to
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  Speaker 4: play that game. Right, there is no game when it's like, okay,
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  Speaker 4: we work off a rev share model. You have, you
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  Speaker 4: have a following, you monetize a certain percentage of those subscribers,
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  Speaker 4: we get a percentage of that revenue. Now take that
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  Speaker 4: and multiply that times not one hundred million people, but
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  Speaker 4: five hundred million people or a billion people, and then
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  Speaker 4: now you're saying, okay, you got a trillion out of company.
• 7:35
  Speaker 1: So in terms of importance and metrics. You said that
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  Speaker 1: engagement probably never.
• 7:39
  Speaker 4: Won on fans base, right, Yeah, yeah, I mean I
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  Speaker 4: think engagement is definitely what it's what it's what users want.
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  Speaker 4: I want to free that because that's what people want
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  Speaker 4: to experience.
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  Speaker 2: So I want, like on Instagram there's impression, and even
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  Speaker 2: on YouTube to a certain stent, there's impressions is reached.
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  Speaker 1: How do those metrics go inside? How do they work
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  Speaker 1: inside of fan base? Right? Are those equally as important
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  Speaker 1: or is it just.
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  Speaker 4: It's engagement, it's used, it's it's some pression when you
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  Speaker 4: so again when you're talking about impressions, and that's another
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  Speaker 4: way that.
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  Speaker 1: You actually calculate, like.
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  Speaker 4: CPM and like the costs of in average, like all
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  Speaker 4: those things are done. See, all those metrics are based
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  Speaker 4: off how you advertise. If advertising is not the language
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  Speaker 4: that you're speaking, then you're not even we're gonna we're
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  Speaker 4: gonna we're gonna monitor and see all of that data.
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  Speaker 4: So because I would never say never for advertising, even
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  Speaker 4: I'll say this right now, I would never say the
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  Speaker 4: fan base is never going to be a platform that
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  Speaker 4: that has advertising. If we do, I'm gonna find it in
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  Speaker 4: a way that doesn't interrupt the user experience.
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  Speaker 1: That's all I care about.
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  Speaker 4: I don't want to interrupt someone being Again, I get
• 8:43
  Speaker 4: tagged in ten posts a day of some creators saying, man,
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  Speaker 4: I'm about to leave because I post all this content
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  Speaker 4: and nothing ever gets seen this. And this is before
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  Speaker 4: they even got to the fact that the content that people's
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  Speaker 4: content has value. This before they even made a dollar.
• 8:58
  Speaker 4: You got people want to put social media just they
• 9:00
  Speaker 4: not getting enough views. Forget about I gotta take now.
• 9:03
  Speaker 4: I gotta take these views to get to the money.
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  Speaker 4: I'm saying, skip that whole little cat and mouse game
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  Speaker 4: and just go now. Now, this is this is the
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  Speaker 4: question that I asked when.
• 9:12
  Speaker 1: We on board creators.
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  Speaker 4: We have creators come to the platform, they have large followings,
• 9:16
  Speaker 4: and I said, okay, I gotta ask you. I said,
• 9:18
  Speaker 4: I'm gonna ask you a question. Do you wanna be rich,
• 9:21
  Speaker 4: you wanna be famous, or do you wanna be both?
• 9:23
  Speaker 1: Right? If you want to be famous, stay over on Instagram.
• 9:28
  Speaker 1: You know what I'm saying.
• 9:29
  Speaker 4: If you wanna be rich, then start charging for your
• 9:32
  Speaker 4: content the moment that you created, like create an exclusive paywall.
• 9:37
  Speaker 4: Don't if you wanna be both fat this is probably
• 9:40
  Speaker 4: where you wanna be because there's no there's no limit
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  Speaker 4: to the amount of reach you're gonna be able to have,
• 9:46
  Speaker 4: and there's no limits to the amount of monetization that
• 9:48
  Speaker 4: you're gonna be able to make.
• 9:49
  Speaker 1: How many users do you have right now? Five hundred
• 9:51
  Speaker 1: and ninety five thousand, So how many users do you
• 9:53
  Speaker 1: need to play Unicorn status? It depends on the speed.
• 9:58
  Speaker 4: So if I went from five, so i'll give you
• 10:01
  Speaker 4: probably example when in the pandemic and it's still a
• 10:05
  Speaker 4: rare thing. Well, in Clubhouse in about four or five months,
• 10:07
  Speaker 4: they went from five thousand users to a million users in.
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  Speaker 1: Like five or six months.
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  Speaker 4: They that's when they went out and raised a hundred
• 10:14
  Speaker 4: million out a billion dollar evaluation because then because they
• 10:17
  Speaker 4: got to a million users in like five or six months,
• 10:19
  Speaker 4: So that velocity creating that you know, and then it's
• 10:23
  Speaker 4: also what people are actually Then here's another thing, it's
• 10:26
  Speaker 4: also what the market is willing to pay. Right, So
• 10:29
  Speaker 4: it's also what institutional investors are willing to pay if
• 10:32
  Speaker 4: there's fomo that happens, right, and again it's beat them until.
• 10:35
  Speaker 1: It's join them. So when institutional.
• 10:38
  Speaker 4: Investors give fomo like Okay, this this train is left
• 10:42
  Speaker 4: the station. We better get on board before we get
• 10:44
  Speaker 4: left behind. Then they set your valuation, so there's no
• 10:47
  Speaker 4: difference between there's no difference between fan Base and clubhouse
• 10:52
  Speaker 4: that was founded with institutional capital. There's a company that
• 10:54
  Speaker 4: says we're giving you money, that we're giving you one
• 10:57
  Speaker 4: hundred million dollars to say that your company's worth a
• 10:59
  Speaker 4: billion dollars. Then they went on to raise another two
• 11:01
  Speaker 4: hundred million at a four billion dollar evaluation. That is
• 11:04
  Speaker 4: incredible to me. And they still not figured out how
• 11:07
  Speaker 4: to monetize over there. So again I'm thinking, like, okay, cool.
• 11:10
  Speaker 4: So it's at velocity in which you get there. So again,
• 11:13
  Speaker 4: our goals to get to a million users by the
• 11:16
  Speaker 4: end of twenty twenty four, we could get there faster
• 11:18
  Speaker 4: we get maybe we get to two three million users.
• 11:21
  Speaker 4: That changes because now just by numbers alone, there's a
• 11:25
  Speaker 4: monetary value that if we wanted to go to the advertising route,
• 11:28
  Speaker 4: there's a value that fan Base has just based off
• 11:30
  Speaker 4: the users.
• 11:30
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