Latest / Earn Your Leisure / EYL #34 Soul not for Sale

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EYL #34 Soul not for Sale · Earn Your Leisure

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  Speaker 2: All Right, guys, Welcome back, Episode thirty four thirty four
• 1:04
  Speaker 2: thirty four Releasion Podcasts Monumental. Monumental. First and foremost, thank
• 1:10
  Speaker 2: you guys for rocking with us. Thank you to the
• 1:12
  Speaker 2: city of Houston. Yeah, ball out there, and then the
• 1:15
  Speaker 2: whole city came out. Shout out to Texas. We we
• 1:18
  Speaker 2: appreciate you. Love was definitely felt. Shout everybody. This is
• 1:20
  Speaker 2: an exciting episode for us because we talk about, you know,
• 1:25
  Speaker 2: business a lot, and we talk about a lot of
• 1:27
  Speaker 2: times and just not just us in general. Like you'll
• 1:29
  Speaker 2: read stuff, you'll hear stuff about hard decisions that have
• 1:33
  Speaker 2: to be made in business, right, But it's.
• 1:35
  Speaker 3: The one thing to read about something or to hear
• 1:38
  Speaker 3: about something, but it's.
• 1:39
  Speaker 2: Another thing to actually get it from, you know, the
• 1:42
  Speaker 2: actual sauce.
• 1:44
  Speaker 3: So this is this is what this is.
• 1:45
  Speaker 2: So we got Jabartie Johnson here and history is pretty legendary.
• 1:50
  Speaker 2: He went viral because he wrote a very interesting article
• 1:54
  Speaker 2: about why he turned down a million dollars. Yeah, so
• 1:57
  Speaker 2: I'm gonna give the quick backstory. So Jabari, We're going
• 2:01
  Speaker 2: to a lot of different things. But he's a Howard,
• 2:03
  Speaker 2: the university alumni.
• 2:09
  Speaker 4: The red is the real.
• 2:09
  Speaker 3: Issue, right, the real one happen shop.
• 2:17
  Speaker 2: So he went to hotward, and then he started throwing
• 2:20
  Speaker 2: these these R and B parties, right, and hip hop parties.
• 2:24
  Speaker 2: At first hip hop Okay, he started throwing hip hop
• 2:26
  Speaker 2: parties and then he noticed at the end of the party,
• 2:29
  Speaker 2: said he would do R and B and then the
• 2:32
  Speaker 2: R and B actually got a bigger crowd reaction than
• 2:36
  Speaker 2: the hip hop's like the rap.
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  Speaker 4: It's like, if you hear that that song.
• 2:41
  Speaker 3: The party, man, you hear that song the party, you know,
• 2:44
  Speaker 3: I used to.
• 2:45
  Speaker 2: I went to school in Baltimore, So that was like
• 2:46
  Speaker 2: a legendary, like one fifty five, like put that song on.
• 2:49
  Speaker 3: It's like that had to happen.
• 2:51
  Speaker 2: But all right, So he started to that and then
• 2:54
  Speaker 2: he realized attraction with the R and B.
• 2:56
  Speaker 3: So then he started doing R and B only parties,
• 2:58
  Speaker 3: right shows, show show that month.
• 3:03
  Speaker 2: Y R ANDV only shows, and then that just kind
• 3:07
  Speaker 2: of just took off, and then he started doing like
• 3:10
  Speaker 2: bigger and bigger venues.
• 3:12
  Speaker 3: Right.
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  Speaker 2: And if you're familiar with like EDM, right where we're
• 3:15
  Speaker 2: at now with DJs and DJs, some DJs get paid
• 3:18
  Speaker 2: more than entertainments, right, Like these DM sets they'll have
• 3:23
  Speaker 2: like fifty thousand people come with no performance. It's just
• 3:26
  Speaker 2: a DJ kind of like a hype man situation, and
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  Speaker 2: they just play the music and it's just a vibe.
• 3:31
  Speaker 3: And he created that with the R and B.
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  Speaker 2: Right, So then he started as they started a company
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  Speaker 2: called Colors Worldwide, and then he started R and B only,
• 3:39
  Speaker 2: which is that the R and B kind of show.
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  Speaker 2: It's an R and B show, right, with no performance.
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  Speaker 2: Sometimes you have performance, but it's not built with performance.
• 3:48
  Speaker 2: It's just build with just the music. And that blew.
• 3:53
  Speaker 4: Up you call it d M with a turned into
• 3:59
  Speaker 4: music that.
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  Speaker 5: Is yeah, exact exactly.
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  Speaker 6: Yeah.
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  Speaker 2: And then you started going on tour and then you
• 4:05
  Speaker 2: got offered a million dollars and you turned it down.
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  Speaker 2: Now you're doing festival. That's a whole lot going on.
• 4:10
  Speaker 2: First and foremost, thank you for joining us.
• 4:14
  Speaker 6: I'm a big fan of the podcast.
• 4:15
  Speaker 7: Like you were saying, you got not more four times.
• 4:18
  Speaker 5: Yeah, yeah, four times, got to uh, you know, the
• 4:22
  Speaker 5: whole up statement.
• 4:24
  Speaker 2: So we're gonna talk about the business. But before we
• 4:27
  Speaker 2: were talking about the details of the business, I want
• 4:29
  Speaker 2: to talk about the beginning because a lot of times
• 4:31
  Speaker 2: people have ideas, right, but the hardest part for me
• 4:34
  Speaker 2: and for anybody is the first step, right, so you
• 4:38
  Speaker 2: had an idea that you want to start doing the shows, right,
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  Speaker 2: and you're young when you first started. You're still young now,
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  Speaker 2: but like, what's the first step that you took to
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  Speaker 2: get this off the ground and up and running. Yeah, so.
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  Speaker 5: I'll give you two first steps. I'll give you the
• 4:54
  Speaker 5: first step of starting like just the company in general
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  Speaker 5: colors worldwide, and then I the step of R and
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  Speaker 5: B only. So I knew that I could start doing
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  Speaker 5: like small events because when I was at Howard, we
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  Speaker 5: did like a me and my friends, and I was
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  Speaker 5: kind of took the lead on it, but we did
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  Speaker 5: a party that was on a on a bus, like
• 5:25
  Speaker 5: a like a party bus, right, And so it was
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  Speaker 5: like we had to get a bunch of people to
• 5:29
  Speaker 5: essentially buy tickets. It was really to chip in on
• 5:33
  Speaker 5: the bus price, right, And then we took you know,
• 5:36
  Speaker 5: we had a plan and we sort of took this route.
• 5:38
  Speaker 5: And then I was like, because I was like a filmmaker,
• 5:40
  Speaker 5: I was like videotaping everything and I wanted to make
• 5:44
  Speaker 5: this like cool video and I want to do this
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  Speaker 5: like every time we would come back for like homecoming,
• 5:49
  Speaker 5: because homecoming is like really big Howard. That didn't pan out,
• 5:52
  Speaker 5: but like it was like two times and then we
• 5:55
  Speaker 5: finished it. But when I saw that, like that was
• 5:59
  Speaker 5: like I could gather these people. I could get people
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  Speaker 5: to like give money to something, and at the end
• 6:05
  Speaker 5: of the day, like it worked, and it had like
• 6:08
  Speaker 5: that's how people they had a good time, and I
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  Speaker 5: had the proof to like because I made this little
• 6:13
  Speaker 5: one minute video as like this is proof that it
• 6:16
  Speaker 5: actually happened. I realized, like I could start to congregate
• 6:20
  Speaker 5: people and get people to buy into an experience of mine, right,
• 6:25
  Speaker 5: and so that's how like you know, eventually that would
• 6:28
  Speaker 5: lead to like colors and then R and B Only.
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  Speaker 5: The way that started was really playing the music at
• 6:36
  Speaker 5: the end and being like whoa and I asked the crowd.
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  Speaker 6: It was just that that moment I.
• 6:40
  Speaker 5: Had like I had the opportunity to legitimate market research,
• 6:44
  Speaker 5: right because I stopped the music and I said, hey, guys,
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  Speaker 5: if I just did an R and B only event,
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  Speaker 5: would you guys come?
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  Speaker 6: And the crowd erupted.
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  Speaker 5: They just went you know what I mean, they went crazy,
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  Speaker 5: And that was the proof of concept. And then I did,
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  Speaker 5: you know, I said, Okay, here's here's the show that
• 6:59
  Speaker 5: I'm you know, introducing it's called R and B only,
• 7:02
  Speaker 5: and I made it free with RSVP. And that's important
• 7:07
  Speaker 5: because I didn't just start charging people immediately, right, Like
• 7:10
  Speaker 5: I gave people the opportunity to come for free, but
• 7:13
  Speaker 5: it really wasn't free. It was them giving me their
• 7:16
  Speaker 5: email at the time. It was an opportunity for me
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  Speaker 5: to communicate with them in the future and let them
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  Speaker 5: know about my future events. And so I think that
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  Speaker 5: was the way to do it. And it's starting small,
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  Speaker 5: you know, like the first R and B only we
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  Speaker 5: did was in a venue that maybe held two hundred people.
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  Speaker 5: You know, it wasn't it wasn't like I didn't come
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  Speaker 5: out the gate like let's go for a thousand cap
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  Speaker 5: you know, a concert venue. I did it in a
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  Speaker 5: very very small bar, and then it grew rapidly shortly
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  Speaker 5: after that.
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  Speaker 7: Yeah, So I was just saying, like a lot of
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  Speaker 7: that is commendable, right, just to go back. It's like
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  Speaker 7: a lot of times kids think like I have to
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  Speaker 7: be the front of the stage, right, Like I have
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  Speaker 7: to be the performer.
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  Speaker 4: Right.
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  Speaker 7: You flipped that and said, like I don't have to
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  Speaker 7: be the performer, I just have to be the curator
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  Speaker 7: of the crowd, like.
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  Speaker 4: You are the MC on the stage.
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  Speaker 6: Yeah, uh huh.
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  Speaker 7: So my thing is like when when you realize that
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  Speaker 7: what type of demographics were you looking for to come
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  Speaker 7: to R and B only?
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  Speaker 5: You know, at first, I was just like, whoever wants
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  Speaker 5: to come to this thing?
• 8:14
  Speaker 6: Right?
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  Speaker 5: And so you know, I wasn't I didn't have a
• 8:18
  Speaker 5: specific idea of the demographic of people that I wanted
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  Speaker 5: in mind. What ended up happening was after six months
• 8:25
  Speaker 5: of sort of like doing it and like starting in
• 8:28
  Speaker 5: three cities at first, then it expanding. I started to see, okay,
• 8:32
  Speaker 5: these are the people that liked this show, and that
• 8:36
  Speaker 5: was primarily young. I was just say millennial black and
• 8:41
  Speaker 5: Latino women. It really depended on the makeup of the
• 8:44
  Speaker 5: city that we were in. But I quickly realized, like
• 8:47
  Speaker 5: I thought that this was going to be something where,
• 8:49
  Speaker 5: you know, men would love it because girls are coming here,
• 8:54
  Speaker 5: and like, you know, a yeah, there's you know, if
• 8:57
  Speaker 5: if there's a bunch of women here, men are gonna come.
• 9:00
  Speaker 6: And we have we have a male fan.
• 9:03
  Speaker 5: Base now, but our specific audience is definitely more female leaning,
• 9:08
  Speaker 5: and so everything that we do within the show is
• 9:12
  Speaker 5: with them in mind. You know what I mean, like,
• 9:14
  Speaker 5: so now that we know who our audience is, we
• 9:17
  Speaker 5: know how to talk to our audience. So a lot
• 9:19
  Speaker 5: of times when you see like our voice on social
• 9:23
  Speaker 5: media or our voice in an email, there are subtle,
• 9:26
  Speaker 5: subtle things that make you feel like it's a woman
• 9:29
  Speaker 5: talking to a woman. You know what I mean, because
• 9:32
  Speaker 5: that's who the primary audience is.
• 9:34
  Speaker 3: Now, that's dope. And now I want to go back
• 9:36
  Speaker 3: to what you said before.
• 9:36
  Speaker 2: It's a lot of times we over complicate things, right,
• 9:39
  Speaker 2: business The key to business is keep it simple. So
• 9:41
  Speaker 2: when you say, like market research, the best market research
• 9:44
  Speaker 2: is to action market just as people. So you said,
• 9:47
  Speaker 2: would you be interested? That's no different from going on
• 9:50
  Speaker 2: Instagram putting a poll up in your stories. Hey if
• 9:52
  Speaker 2: I did a live podcast, would you guys be interested?
• 9:56
  Speaker 2: If we want to do a show about the music industry,
• 9:59
  Speaker 2: is that a good idea?
• 10:00
  Speaker 3: Sound off into comments like this is perfect way right.
• 10:04
  Speaker 2: It's not a million dollars for people to do the
• 10:07
  Speaker 2: a these analytics.
• 10:08
  Speaker 3: You have the audience, ask some question.
• 10:11
  Speaker 6: Yep, and you know what you know?
• 10:12
  Speaker 5: I think that another thing that people people miss is
• 10:15
  Speaker 5: in terms of simplicity, right, And we were just talking
• 10:18
  Speaker 5: about this with the name of your podcast, earn your leisure, right,
• 10:22
  Speaker 5: Like you are talking about business moves and how to
• 10:27
  Speaker 5: earn the ability to be able to relax. Right, it's
• 10:30
  Speaker 5: from working, right, And when you know people now, R
• 10:34
  Speaker 5: and B Only just like kind of rolls off the
• 10:36
  Speaker 5: tongue and so when you say it, it sounds like a brand.
• 10:39
  Speaker 6: A lot of people know it.
• 10:40
  Speaker 5: You know, we reach a lot of people, and you know,
• 10:43
  Speaker 5: people were well known at this point, right.
• 10:46
  Speaker 6: I always say like we're.
• 10:47
  Speaker 5: Well known unknowns because like the culture knows about us,
• 10:50
  Speaker 5: but like we're not known on like a corporate level
• 10:54
  Speaker 5: just yet. Right, Like there's a lot of people that
• 10:56
  Speaker 5: are still within the music industry. It's because a lot
• 10:57
  Speaker 5: of these people are dinosaurs. But you know, I digress.
• 11:02
  Speaker 5: But who don't know about us? But but but in
• 11:04
  Speaker 5: the beginning for for people to be able to know
• 11:06
  Speaker 5: about us and know what it was and easily get
• 11:10
  Speaker 5: people to come look at the name R and B Only,
• 11:13
  Speaker 5: it's like we just play R and B music.
• 11:17
  Speaker 3: That's easy, no, you know what I mean?
• 11:19
  Speaker 5: Like now, now, granted we do have like hip hop
• 11:22
  Speaker 5: sets every once in a while to like break the
• 11:24
  Speaker 5: monotony of just you know, R and B music up.
• 11:27
  Speaker 5: But but yeah, it's it's it's simple. It's like, I
• 11:30
  Speaker 5: know what this is. You know what I mean, it's
• 11:32
  Speaker 5: not called like you know, you know, slow dance, you
• 11:38
  Speaker 5: know whatever, you know, you know, Yes, it's unnecessarily.
• 11:43
  Speaker 2: It's actually that's actually a really good point. You gotta
• 11:46
  Speaker 2: give it to them where they can understand it immediately.
• 11:50
  Speaker 2: R and B only don't actually what it is.
• 11:55
  Speaker 5: Because you're still you're still going to get people who
• 11:59
  Speaker 5: don't underst and what it is because the concept is
• 12:01
  Speaker 5: so new, right, So that's another thing. It's like, you know,
• 12:05
  Speaker 5: in our culture, we haven't had something where it's a
• 12:10
  Speaker 5: show but there's no performance essentially, right, Like when you
• 12:15
  Speaker 5: say a show and it's at a venue that normal,
• 12:17
  Speaker 5: you know, artists have concerts in people are just like
• 12:20
  Speaker 5: what is this? Oh you you you don't know how
• 12:23
  Speaker 5: many people ask us, well, what is this?
• 12:26
  Speaker 6: Is it a concert? Is it?
• 12:27
  Speaker 5: This?
• 12:27
  Speaker 6: Is it that?
• 12:28
  Speaker 5: And it's like we have tons of videos showing you
• 12:30
  Speaker 5: what it is. You know, we explain that it is
• 12:33
  Speaker 5: a DJ based experience, but still people are still like,
• 12:37
  Speaker 5: you know, a lot of people just don't are lazy
• 12:39
  Speaker 5: and don't want to do research and you know, a.
• 12:41
  Speaker 2: Lot of people don't have the brain because like even
• 12:45
  Speaker 2: though our think like we put like we do events
• 12:47
  Speaker 2: and we're like go to the event tab on our website,
• 12:51
  Speaker 2: and people was like how.
• 12:53
  Speaker 3: Do I register?
• 12:54
  Speaker 4: Yo? Oh yeah, where do I go?
• 12:55
  Speaker 2: I just said it literally in the capture and you
• 12:58
  Speaker 2: know where you're going to be.
• 13:00
  Speaker 5: Next, And it's it's it's to say this, it's to say,
• 13:02
  Speaker 5: you know, people because we get those type of comments, right, So,
• 13:07
  Speaker 5: like on our social media, you know, somebody will uh
• 13:11
  Speaker 5: you know, they'll they'll they'll tag their friends in a
• 13:14
  Speaker 5: comment and say like, hey, I want you to come
• 13:16
  Speaker 5: with me to this, and then like you know, somebody
• 13:18
  Speaker 5: will literally say like how much are tickets? And it's
• 13:21
  Speaker 5: like you just need to click the buy tickets, you
• 13:24
  Speaker 5: know what I mean. So, but this is the day
• 13:26
  Speaker 5: and age we're living in, right, where like people don't
• 13:29
  Speaker 5: want to go an extra mile and an extra inch, right,
• 13:34
  Speaker 5: yeah it's not a mile, but they don't want to
• 13:36
  Speaker 5: click a button. But but you know they will be
• 13:39
  Speaker 5: weeded out, right, So like those people that won't click
• 13:41
  Speaker 5: on the events tab for you, those those are people
• 13:44
  Speaker 5: that you probably.
• 13:44
  Speaker 6: Don't even want to do that anyways, you know what
• 13:46
  Speaker 6: I mean, right.
• 13:47
  Speaker 5: And it's the same thing for us where it's like
• 13:49
  Speaker 5: you know, push a t set at best, you know,
• 13:52
  Speaker 5: if you know, you know, and that's kind of how
• 13:54
  Speaker 5: we move.
• 13:55
  Speaker 6: You know.
• 13:55
  Speaker 5: It's like we always say our show, there's so much
• 13:59
  Speaker 5: content about our go out there. There's so many videos,
• 14:01
  Speaker 5: there's so many pictures. All you got to do is
• 14:03
  Speaker 5: go to ig TV and look or go to YouTube,
• 14:06
  Speaker 5: Facebook that there's there's media everywhere, and you know it's
• 14:11
  Speaker 5: but but we still even say with that being said,
• 14:13
  Speaker 5: we still say it's just better experience than explained, you
• 14:17
  Speaker 5: know what I mean, Like if you if you can't
• 14:18
  Speaker 5: get it from what we've already explained, then it's cool.
• 14:22
  Speaker 5: But you know, and then hopefully, hopefully you get there
• 14:24
  Speaker 5: from the best marketing tool ever, which is word of mouth.
• 14:28
  Speaker 4: You know.
• 14:29
  Speaker 2: And the power is in the name once again. I mean,
• 14:31
  Speaker 2: you go to LA, you tap in. The first thing
• 14:34
  Speaker 2: you want to do is go to Rosco's Chicken and Waffles.
• 14:36
  Speaker 2: You don't know to roscos Chicken and waffles, not knowing
• 14:38
  Speaker 2: what they serve. They serve chicken and waffle, they serve
• 14:40
  Speaker 2: all the stuff. But it's in the name, So all right,
• 14:46
  Speaker 2: so now we're gonna go into We're gonna go in
• 14:48
  Speaker 2: depth as far as the business model of where you
• 14:50
  Speaker 2: guys are at now, because I think it's interesting. I
• 14:53
  Speaker 2: think it's something that people can really learn from. So
• 14:55
  Speaker 2: that's what you're gonna go into in the next segment.
• 14:59
  Speaker 2: All right, So now we're going to go into the
• 15:01
  Speaker 2: second segment. We're going to this is what eyl is
• 15:04
  Speaker 2: known for and why why he loves this.
• 15:06
  Speaker 3: We're going to go deep into the business side of things.
• 15:09
  Speaker 2: Right. So you have a booming operation right now, right,
• 15:12
  Speaker 2: So can we talk about the inner workings of of
• 15:16
  Speaker 2: how it looks? Because you said something interesting, you said,
• 15:18
  Speaker 2: you know, you're integrated vertically. You know, sometimes you're always
• 15:20
  Speaker 2: interested in so a lot of times, well people heard that,
• 15:24
  Speaker 2: may have heard that for the first time with Lipsey
• 15:27
  Speaker 2: when he said I'm integrated vertically, blew it and people
• 15:30
  Speaker 2: some people didn't fully understand what that means. So can
• 15:33
  Speaker 2: you talk about what the vertical integration for you looks?
• 15:36
  Speaker 5: Like? Yeah, absolutely, I mean, so vertical integration is really
• 15:39
  Speaker 5: just like owning the whole process of your relationship with
• 15:43
  Speaker 5: your consumer. Right, So for us, I'll break down sort
• 15:47
  Speaker 5: of like how an artist normally would get paid from
• 15:51
  Speaker 5: like a live show or tour experience, and then I'll
• 15:54
  Speaker 5: break down how we sort of attacked that model and
• 15:56
  Speaker 5: how vertical integration applies in a live space. So typically
• 16:02
  Speaker 5: a company, e let's just say first, an artist wants
• 16:06
  Speaker 5: to go on a tour.
• 16:07
  Speaker 6: An artist has an agent.
• 16:08
  Speaker 5: That agent then says, hey, this artist is going on tour,
• 16:13
  Speaker 5: and they reach out to promoters to essentially buy maybe
• 16:16
  Speaker 5: the whole tour, and it's just like promoted by one
• 16:18
  Speaker 5: company or individual promoters in certain markets, right, and they
• 16:22
  Speaker 5: buy into a tour and they give that artist a
• 16:25
  Speaker 5: guarantee that it would be like an age or live
• 16:28
  Speaker 5: nation is the.
• 16:28
  Speaker 6: Two big examples of this.
• 16:31
  Speaker 5: And the agents are people like CIA ICM companies in
• 16:35
  Speaker 5: that realm that represent the talent. So the agent says,
• 16:40
  Speaker 5: this artist fee is let's just say twenty thousand dollars.
• 16:44
  Speaker 5: So that artist shows up, performs, people buy tickets, and
• 16:48
  Speaker 5: they get their twenty thousand dollars and they leave. Right now,
• 16:54
  Speaker 5: that's normal. But the thing that the artist doesn't benefit
• 16:57
  Speaker 5: from with that is the consumer data as well as
• 17:00
  Speaker 5: things like the sales of concessions, and that's like food
• 17:04
  Speaker 5: and bar revenue. So how we flip that idea on
• 17:09
  Speaker 5: its head is we don't ask for a guarantee for
• 17:12
  Speaker 5: people to come to our shows. We just rent the venues,
• 17:15
  Speaker 5: assume all the risk for the venue rental, and then
• 17:19
  Speaker 5: we pay the venue whatever the fee is, and then
• 17:24
  Speaker 5: we control the ticketing and when people buy the tickets
• 17:28
  Speaker 5: from us, we retain that consumer data and we're able
• 17:31
  Speaker 5: to remarket and talk to those people, you know, the
• 17:35
  Speaker 5: next time we come and do a show. The thing
• 17:37
  Speaker 5: with an artist when they come in, you know, to
• 17:40
  Speaker 5: a venue, if they want to come back, the only
• 17:43
  Speaker 5: the only way that they can like stay in that
• 17:45
  Speaker 5: same venue or move to a bigger venue is essentially
• 17:49
  Speaker 5: if they're like hot, right, So you have to remain hot,
• 17:51
  Speaker 5: you have to have songs on the radio, you have
• 17:53
  Speaker 5: to you know, be doing all this stuff on Instagram
• 17:56
  Speaker 5: and social media. And with us, we don't have to
• 17:59
  Speaker 5: have any of that. We just have to keep doing
• 18:02
  Speaker 5: more shows essentially and build our consumer base and that
• 18:05
  Speaker 5: just adds to the amount of people that we are
• 18:08
  Speaker 5: able to then notify the next time that we come
• 18:11
  Speaker 5: to the city.
• 18:11
  Speaker 7: That was like what you were saying earlier when you
• 18:13
  Speaker 7: were getting the RSVPs. It was free, but the data
• 18:16
  Speaker 7: was what you really wanted because you've been collected and
• 18:19
  Speaker 7: tell people about the events that you're doing. Yep, right
• 18:22
  Speaker 7: now on the what you're doing now is and you
• 18:25
  Speaker 7: said this in your article, was like when an artist
• 18:28
  Speaker 7: is high, it's easy to you know, get booked for
• 18:30
  Speaker 7: a show, but the maybe five ten years when they're not,
• 18:33
  Speaker 7: they don't have the clientele to even know who their audience.
• 18:36
  Speaker 5: They don't even know who their audience is, exactly, Like
• 18:38
  Speaker 5: they're using all of these third party tools essentially, right,
• 18:41
  Speaker 5: And you know we all know with Instagram, when you
• 18:45
  Speaker 5: make a post, not every one of your followers is
• 18:48
  Speaker 5: going to see that, right, And it's the same thing
• 18:50
  Speaker 5: with an artist when you sell the But but it's
• 18:51
  Speaker 5: even worse, right because like that's that's the most important
• 18:54
  Speaker 5: people that you need to be able to communicate with.
• 18:57
  Speaker 5: Why because those are the people that are literally paying you, right,
• 19:01
  Speaker 5: they are the ones that are that's an actual consumer
• 19:04
  Speaker 5: versus just a follower, Right, somebody who's paid to go
• 19:06
  Speaker 5: and see your show. You're telling me, like, if I'm
• 19:09
  Speaker 5: an artist and I'm not able to talk to those people,
• 19:12
  Speaker 5: that's insane to me. But but you give it up
• 19:14
  Speaker 5: when you take a guarantee and you allow somebody else
• 19:17
  Speaker 5: to assume the risk. But the thing is that and
• 19:19
  Speaker 5: and here's here's the real catches, where like, the more
• 19:26
  Speaker 5: the more tickets that these large companies sell, right, their businesses, right,
• 19:29
  Speaker 5: they're just building their database. So now if they have
• 19:32
  Speaker 5: three R and B artists that they've done shows with
• 19:34
  Speaker 5: in the past, it's like they can just market the
• 19:38
  Speaker 5: next R and B artist to because these people are
• 19:41
  Speaker 5: interested in this, right and they and they're just huge
• 19:44
  Speaker 5: troths of data essentially, these these large promoters and you know,
• 19:50
  Speaker 5: but people just think that this is the only way
• 19:52
  Speaker 5: that it can be done because for so many years
• 19:54
  Speaker 5: it's been done like this, and people haven't like the
• 19:59
  Speaker 5: thing that's happened in the mus We've seen a influx
• 20:02
  Speaker 5: of people taking a stand and becoming independent on the
• 20:06
  Speaker 5: recorded music side, right, And so a lot of these
• 20:09
  Speaker 5: artists that you see that they're saying like, I'm independent,
• 20:12
  Speaker 5: you know, I don't want to sign a label deal,
• 20:13
  Speaker 5: blah blah blah. Yes, they are independent on their maybe
• 20:17
  Speaker 5: maybe on their recorded music. But police believe that the
• 20:21
  Speaker 5: new record label is just like you know, the live
• 20:25
  Speaker 5: Nations and the AEG's of the world, and like they're
• 20:27
  Speaker 5: still in these touring deals and they're not really independent
• 20:30
  Speaker 5: when it comes to their live operation. And again there's
• 20:33
  Speaker 5: nothing I'm not downplaying, you know, I'm not talking bad
• 20:37
  Speaker 5: about the ags and the live nations of the world
• 20:39
  Speaker 5: by any means. But I think that true independence is
• 20:43
  Speaker 5: being independent in every single.
• 20:46
  Speaker 7: Especially especially if that's where most of the money is
• 20:48
  Speaker 7: coming from. Like they're not taking as much money from
• 20:50
  Speaker 7: the rest you're making it from when you tour, right,
• 20:52
  Speaker 7: So thinking of the long term play where it's like,
• 20:55
  Speaker 7: you know what, I could take this up for money
• 20:56
  Speaker 7: now or long term. I can get the data and
• 20:59
  Speaker 7: now I know my fan base going ten to fifteen,
• 21:01
  Speaker 7: maybe twenty years, but I can still perform in these cities.
• 21:04
  Speaker 3: Absolutely the value is in it.
• 21:05
  Speaker 2: I don't think people I don't even want to brush
• 21:07
  Speaker 2: over this because it's I don't think people fully understand
• 21:10
  Speaker 2: how valuable data is. Facebook's just had the biggest settlement
• 21:14
  Speaker 2: of fine in like the history of everything, and they'll
• 21:19
  Speaker 2: take that because everybody knows what happened. They took it information.
• 21:22
  Speaker 2: But that's how valuable your information is. It's a reason
• 21:26
  Speaker 2: why when you sign up to all of these things.
• 21:27
  Speaker 2: They act for your day of birth, to ask where
• 21:29
  Speaker 2: you live. They they this is like solid goal, right
• 21:33
  Speaker 2: because now they can market to you forever.
• 21:37
  Speaker 3: They can market to you forever. They know your likes.
• 21:39
  Speaker 2: Now, they can figure out what kind of music you
• 21:41
  Speaker 2: listen to, what kind of clothes you wear, every single
• 21:44
  Speaker 2: thing that and it's like a lifetime as opposed to
• 21:46
  Speaker 2: you go into a store and you buy candy. Right now,
• 21:52
  Speaker 2: the only way of doing business is to say, okay,
• 21:55
  Speaker 2: you brought that candy. I need you to come into
• 21:57
  Speaker 2: the store every week, every day for me to make
• 22:00
  Speaker 2: money off of you.
• 22:01
  Speaker 3: Right.
• 22:01
  Speaker 2: The new ways to say, okay, you brought that candy,
• 22:04
  Speaker 2: but when you brought the candy, I made you fill
• 22:06
  Speaker 2: out a form. So now I'm text messaging you pictures
• 22:11
  Speaker 2: of chocolate bars.
• 22:13
  Speaker 4: And you know what.
• 22:15
  Speaker 5: Another point to make as as you know, if any
• 22:17
  Speaker 5: marketers are listening to this, right, not not just consumers.
• 22:21
  Speaker 5: But it's like, because data is so valuable, you need
• 22:24
  Speaker 5: to treat it as such. You need to treat it
• 22:26
  Speaker 5: as a precious thing. And you can't over extend. You know,
• 22:31
  Speaker 5: you're welcome and your ability to market to people right,
• 22:33
  Speaker 5: just because you have all this data. For instance, SMS
• 22:36
  Speaker 5: with us is huge, right, Like being able to text
• 22:39
  Speaker 5: our fan base and let them know when tickets are
• 22:41
  Speaker 5: seale are on sale, that's a huge thing. But we
• 22:44
  Speaker 5: don't send many text messages because it's intrusive, you know
• 22:47
  Speaker 5: what I mean. And if you send a text message
• 22:50
  Speaker 5: to people you know too frequently, they will quickly unsubscribe
• 22:54
  Speaker 5: from that, right, and and and the and the data
• 22:57
  Speaker 5: that is so valuable and important will actually become meaningless
• 23:00
  Speaker 5: if you abuse it. So you know, this is the
• 23:04
  Speaker 5: thing that people need to understand, Like wild data is valuable,
• 23:08
  Speaker 5: it's very important not to abuse that data.
• 23:10
  Speaker 2: Yeah, and you don't have to guess because like I said,
• 23:13
  Speaker 2: now you can reach out to people and as opposed,
• 23:16
  Speaker 2: they might not ever come back to your candy store.
• 23:18
  Speaker 2: But that doesn't mean that they can't buy candy, right,
• 23:20
  Speaker 2: They don't have to physically be there now. They can
• 23:22
  Speaker 2: order it over the mail, or they can order it online.
• 23:24
  Speaker 2: They can do a lot of different things. So this
• 23:25
  Speaker 2: is why data is so important. And if you think
• 23:27
  Speaker 2: about it, it's something that you said to us off
• 23:30
  Speaker 2: camera that made a lot of sense, Like even in iTunes,
• 23:32
  Speaker 2: like you might sell you might stream a billion records,
• 23:35
  Speaker 2: you don't know who's one of those persons that actually
• 23:38
  Speaker 2: brought it, right, Like think about that, Like Drake probably,
• 23:41
  Speaker 2: I think he broke the streaming record.
• 23:43
  Speaker 3: How many records of.
• 23:43
  Speaker 4: The stream he did a billion in the first week.
• 23:46
  Speaker 3: How many of those people does he actually have relationships with?
• 23:49
  Speaker 4: Right?
• 23:50
  Speaker 3: Right, that's a billion? Like that's crazy, right, use the computers.
• 23:54
  Speaker 2: Right yeah, yeah, Well that's a different conversation. So it's
• 24:00
  Speaker 2: like I would rather actually have a million people or
• 24:04
  Speaker 2: one hundred thousand people's information absolutely, then one hundred million people.
• 24:08
  Speaker 3: I don't know.
• 24:09
  Speaker 5: It's the same thing right with us, right, Like you know,
• 24:12
  Speaker 5: I'm not going to share our like how many emails
• 24:14
  Speaker 5: and phone numbers we have, right, but I will say
• 24:17
  Speaker 5: it's it's multiple times how many followers we have on
• 24:21
  Speaker 5: instagrams more, way, more, way more. We like this is
• 24:26
  Speaker 5: why you know, when like I said, we're kind of
• 24:29
  Speaker 5: like sleeping giants, right, because like we may have fifty
• 24:32
  Speaker 5: something thousand followers on the R and B only Instagram page,
• 24:35
  Speaker 5: but boy, when you look at that email and phone
• 24:37
  Speaker 5: number list, you know, you'd be surprised. And that's that's
• 24:42
  Speaker 5: essentially how we build our consumer, our relationship, and that's
• 24:47
  Speaker 5: how we'll continue to grow is by directly having a
• 24:49
  Speaker 5: relationship versus having a relationships.
• 24:52
  Speaker 4: I think you coined the term on your audience.
• 24:54
  Speaker 6: Yeah, on your audience.
• 24:55
  Speaker 4: It was like you have that.
• 24:57
  Speaker 7: Direct line of communication with the people who are absolutely.
• 25:01
  Speaker 3: So all right.
• 25:02
  Speaker 2: And then as far as the monetary side, you guys
• 25:05
  Speaker 2: put up all the financial so you can talk about that.
• 25:08
  Speaker 2: You talk about that off camera two. That's a little
• 25:09
  Speaker 2: different than the regular touring model. Yeah, yeah, yeah, absolutely so.
• 25:13
  Speaker 5: I mean, and it's a lot of risk, right, so,
• 25:15
  Speaker 5: like think about like I mean, certain venues that we
• 25:17
  Speaker 5: play in. They may cost ten twenty thirty grand to
• 25:21
  Speaker 5: rent these venues, right, so imagine if you're doing a tour, right, Like,
• 25:25
  Speaker 5: that's a lot of upfront capital. And with a lot
• 25:28
  Speaker 5: of these companies that own the rooms, you don't have
• 25:32
  Speaker 5: to put the whole money up front, but sometimes it's half,
• 25:36
  Speaker 5: you know, or sometimes it's a quarter. And so when
• 25:39
  Speaker 5: you're talking about thirty shows average of twenty to thirty
• 25:43
  Speaker 5: thousand dollars rentals, you know what I mean, Like, this
• 25:46
  Speaker 5: can get to be a lot of upfront capital that's
• 25:49
  Speaker 5: going out and you have to plan these things way
• 25:52
  Speaker 5: in advance, right, sometimes six months, sometimes eighteen months, depending
• 25:57
  Speaker 5: on how big the show is and how the availability
• 25:59
  Speaker 5: looks for something in a in a marketplace, because I'm
• 26:02
  Speaker 5: not just competing with you know, people in like the
• 26:06
  Speaker 5: R and B space, right, these are the venues that
• 26:08
  Speaker 5: everybody tours in. Right, So I'm competing with the rock
• 26:11
  Speaker 5: acts that want to come and book shows there. I'm
• 26:14
  Speaker 5: competing with the rap acts, the hip hop acts, the
• 26:17
  Speaker 5: R and B X or anybody that's in the live space.
• 26:20
  Speaker 5: That's who I'm competing with in terms of like holds
• 26:23
  Speaker 5: on venues.
• 26:24
  Speaker 6: So you know, you.
• 26:25
  Speaker 5: Have to it's it's it's a it's a it's a
• 26:29
  Speaker 5: capital upfront business that you don't really see the money
• 26:34
  Speaker 5: until it comes back. Because then here's another thing that happens.
• 26:37
  Speaker 5: A lot of people are wait last minute to buy
• 26:40
  Speaker 5: a ticket to a show. Like think about the last
• 26:42
  Speaker 5: time you all might have went to something, right, you
• 26:44
  Speaker 5: might you might have said, oh, this thing is happening
• 26:46
  Speaker 5: in this weekend, So I'm gonna get a ticket this weekend.
• 26:48
  Speaker 7: I mean here in New York, it's like these guys
• 26:50
  Speaker 7: they know, like when I get tickets, I'm like the
• 26:52
  Speaker 7: first guy in line, because I know they're gonna sell
• 26:54
  Speaker 7: out fast, but that can't do it.
• 26:56
  Speaker 3: That that's interesting.
• 26:57
  Speaker 2: So as far as to say, okay, you're you're you're
• 27:00
  Speaker 2: a promoter, right, you're promoting your own events, but you're
• 27:03
  Speaker 2: a promoter.
• 27:04
  Speaker 5: I wouldn't say we're a promoter. But so I mean
• 27:07
  Speaker 5: that's so that's another thing, right, Like in terms of
• 27:10
  Speaker 5: the vertical integration, it's like we are the people that
• 27:13
  Speaker 5: are actually like producing the event, where the talent for
• 27:17
  Speaker 5: the event, we also market this show. So that's an aspect,
• 27:21
  Speaker 5: you know what I.
• 27:21
  Speaker 2: Mean and what I was going with that as far
• 27:25
  Speaker 2: as marketing, right, so promoting marketing, how do you want
• 27:28
  Speaker 2: to phrase it? You you you put it out there
• 27:31
  Speaker 2: for the public, right, what's the ratio that you look for?
• 27:33
  Speaker 3: Okay, the first week I need to have the tickets.
• 27:36
  Speaker 2: So that's a great question going into I need to
• 27:39
  Speaker 2: like when do you start to like this is looking
• 27:40
  Speaker 2: a little shaky, like yeah.
• 27:43
  Speaker 5: You know, you know, oh yeah, I mean there's been
• 27:45
  Speaker 5: a few shows cancels man shout out to Myrtle Beats,
• 27:48
  Speaker 5: South Carolina.
• 27:49
  Speaker 4: We love, we love everybody in South Carolina.
• 27:50
  Speaker 6: Yeah, but Yugus has got to buy tickets.
• 27:54
  Speaker 5: So essentially the way I can I can I can
• 27:58
  Speaker 5: phrase it because everybod every place is different, right, some
• 28:01
  Speaker 5: places you go to you might sell you know, in
• 28:04
  Speaker 5: the in the in the first day when it goes
• 28:06
  Speaker 5: on sale, which is the most important day, it might
• 28:10
  Speaker 5: it might sell like you know, you might sell ten
• 28:12
  Speaker 5: percent of the venue. You might sell five percent of
• 28:14
  Speaker 5: the venue. But that show actually may be a sellout
• 28:16
  Speaker 5: by the time doors open. You just you know, it
• 28:18
  Speaker 5: just depends. But I think if you do sell on
• 28:22
  Speaker 5: an on sale, the term is on sale, right, like
• 28:24
  Speaker 5: you have an announce. The way this works is you
• 28:26
  Speaker 5: have an announce and you have an on sale. So
• 28:28
  Speaker 5: typically we announce shows on a Monday, and then we
• 28:30
  Speaker 5: actually go on sale on a Friday. So it gives
• 28:33
  Speaker 5: people that window to sort of like register for a
• 28:35
  Speaker 5: pre sale, and you incentivize people to buy tickets early.
• 28:39
  Speaker 5: So when a ticket goes on sale, that's typically the
• 28:43
  Speaker 5: cheapest price that that that that that ticket will be
• 28:46
  Speaker 5: and you're rewarding people for committing to the show early.
• 28:49
  Speaker 5: And so the amount that you I feel like, you know,
• 28:52
  Speaker 5: any event producer would want to be at maybe you're
• 28:55
  Speaker 5: looking at Yeah, if you're at like fifty percent. That's great,
• 28:57
  Speaker 5: you know what I mean. I feel like that's when
• 28:59
  Speaker 5: we do numbers like that, we know that at what
• 29:02
  Speaker 5: date the concet?
• 29:04
  Speaker 6: Yeah, or out? Yeah, like the first forty eight hours.
• 29:07
  Speaker 5: That's that's kind of how you know, like the show's
• 29:10
  Speaker 5: on pace to sell out, you know what I mean.
• 29:13
  Speaker 5: But yeah, then if you have a bad on sale,
• 29:16
  Speaker 5: and we've had plenty of those before we got good
• 29:20
  Speaker 5: at marketing, uh, you know, you might be at like
• 29:23
  Speaker 5: ten percent, five percent, and then you're like, wow, it's
• 29:25
  Speaker 5: going to be an uphill battle to sell the rest of.
• 29:28
  Speaker 7: These twenty sixteen right, R and B. Only that's when
• 29:31
  Speaker 7: it launches, right, Yeah, that's what How many shows? How
• 29:34
  Speaker 7: many venues were you guys looking at in that first year?
• 29:36
  Speaker 5: In that year we did, uh I think we did
• 29:40
  Speaker 5: thirty something, maybe maybe thirty five, and then in two thousand,
• 29:45
  Speaker 5: uh no, no, maybe we did. Know twenty sixteen we
• 29:48
  Speaker 5: probably did twenty, and then the next year we probably
• 29:52
  Speaker 5: did in the thirties, and then last year twenty eighteen.
• 29:57
  Speaker 6: We did sixty seven.
• 29:58
  Speaker 2: Yeah, so can we all right, So we talked about
• 30:00
  Speaker 2: it as far as you guys, you put up the
• 30:02
  Speaker 2: money yourself. Right, So obviously it's more of a risk,
• 30:05
  Speaker 2: but you get more of reward also, right, definitely. So
• 30:07
  Speaker 2: as far as the revenue, what is your revenue look
• 30:10
  Speaker 2: like different from others? Like how like you get different
• 30:13
  Speaker 2: parts that are regular person that's doing an event wouldn't
• 30:16
  Speaker 2: get by not putting out.
• 30:17
  Speaker 5: Yeah, I mean, so you know, I got a shout
• 30:21
  Speaker 5: out Live Nation. They're they're they're huge. Uh, they're they're
• 30:25
  Speaker 5: not investors in our company, but we work with them
• 30:27
  Speaker 5: a lot, and we have a very unique and incredible
• 30:30
  Speaker 5: relationship with them, and so yeah, you know we we
• 30:35
  Speaker 5: there's sometimes where we participate in bar revenue from certain venues.
• 30:39
  Speaker 6: Right.
• 30:40
  Speaker 5: Uh, there's certain times where uh, and that's just not
• 30:43
  Speaker 5: just Live Nation. That's just across the board. Some some
• 30:46
  Speaker 5: venues that uh that we're doing shows and some some
• 30:49
  Speaker 5: sometimes we don't write.
• 30:50
  Speaker 6: Sometimes a venue might.
• 30:52
  Speaker 5: Be so in demand that they know there that they
• 30:56
  Speaker 5: can sort of like offer this kind of deal and
• 30:59
  Speaker 5: like give you anything from the bar. Some venues we
• 31:03
  Speaker 5: participate in, uh parking, you know, concessions, which is food
• 31:09
  Speaker 5: and beverage sales as well as tickets.
• 31:13
  Speaker 4: Right, Like that's something that artists don't get most of the.
• 31:18
  Speaker 5: King No, no, no, I mean you you the ones
• 31:21
  Speaker 5: that do are probably like you know, they're so big,
• 31:25
  Speaker 5: like the Taylor Swifts of the world, maybe the Beyonces
• 31:28
  Speaker 5: of the world. Yeah, because it's something that a lot
• 31:31
  Speaker 5: of artists. Here's the thing, there are not many artists
• 31:35
  Speaker 5: that are producing their own shows. There are not many
• 31:37
  Speaker 5: artists that are putting up the capital to do a show.
• 31:41
  Speaker 5: They're just getting a guarantee, you know what I mean,
• 31:43
  Speaker 5: So like they're not their agents are not even asking
• 31:46
  Speaker 5: for some of these things.
• 31:47
  Speaker 7: I remember a few years ago, I think, uh, Beyonce
• 31:50
  Speaker 7: did a deal with Pepsi and they sponsored the entire tour.
• 31:53
  Speaker 7: I think it was the title yea when when she
• 31:56
  Speaker 7: was starting to do the baseball stadium. Yeah, I think
• 31:58
  Speaker 7: she had just did the Super Bowl. They sponsored her
• 32:00
  Speaker 7: Mars and then they did the tour. So like that's
• 32:03
  Speaker 7: an example of where yeah, that's sponsorship. They're sponsoring the
• 32:06
  Speaker 7: entire tour. So maybe she's like I went to a
• 32:09
  Speaker 7: few of their shows and it was like people, don't
• 32:11
  Speaker 7: they forget about those calls like when you buy food
• 32:13
  Speaker 7: at the venue, Yeah, when you pay forty dollars to
• 32:15
  Speaker 7: park at the venue, all these things emerch at.
• 32:17
  Speaker 6: The merch at Yeah, and a lot of times when
• 32:20
  Speaker 6: artists do do a merch.
• 32:22
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• 34:44
  Speaker 5: And and they're buying merch at a venue. Typically the
• 34:48
  Speaker 5: venues taking some of that percentage, right, Usually it's anywhere
• 34:50
  Speaker 5: between like thirty and ten percent that the venue is
• 34:53
  Speaker 5: getting just to allow you to sell merch in there. Yeah,
• 34:57
  Speaker 5: which is another important reason why owning the data is important, right,
• 35:02
  Speaker 5: because if you have a store that you can sell online,
• 35:05
  Speaker 5: and you know, these people have came to your show,
• 35:08
  Speaker 5: but you had the data to talk to them and say, hey,
• 35:10
  Speaker 5: if you didn't get much of the show, you can
• 35:12
  Speaker 5: get it online on my online store, and you're not
• 35:14
  Speaker 5: having to pay a venue a certain cut of you know,
• 35:18
  Speaker 5: that money.
• 35:18
  Speaker 3: Brian Leslie has something you're familiar with.
• 35:20
  Speaker 6: Yeah, of course with us. What's the phone app?
• 35:23
  Speaker 3: He actually reached out to me.
• 35:25
  Speaker 2: We had communicated in DM shout out to him, but yeah,
• 35:28
  Speaker 2: he has superphone, right, Yeah, he has something similar to that.
• 35:31
  Speaker 2: So do you think that this is what we're headed?
• 35:33
  Speaker 2: As far as like you, everybody's on the wave of
• 35:36
  Speaker 2: owning your masters and being independent. That's pretty much established now,
• 35:40
  Speaker 2: even though a lot of people still don't own their masters.
• 35:42
  Speaker 2: But at least that's kind of the narrative is out there, right,
• 35:45
  Speaker 2: But not a lot of people are talking about this.
• 35:47
  Speaker 2: What you're talking about owning your information, owning your data.
• 35:50
  Speaker 2: You think that's like the next wave.
• 35:52
  Speaker 6: I hope it is.
• 35:52
  Speaker 5: And I'm trying to be a person that champions that
• 35:55
  Speaker 5: right and that like helps people do that. I mean,
• 35:58
  Speaker 5: one thing that I want to start doing is producing
• 36:00
  Speaker 5: tours for other artists, but using this model that we have, right,
• 36:04
  Speaker 5: so like maybe it's we come in with you know,
• 36:08
  Speaker 5: or maybe it's not even a tour, right, maybe it's
• 36:09
  Speaker 5: just a festival or one show that we help an
• 36:12
  Speaker 5: artist do and so that they can see, like, hey,
• 36:16
  Speaker 5: instead of letting, you know, some other person do it,
• 36:18
  Speaker 5: like we can share the data, you know what I mean,
• 36:21
  Speaker 5: Like and you can actually own the data that you know,
• 36:24
  Speaker 5: the five thousand tickets you sell. It would be nice
• 36:27
  Speaker 5: to like talk to those people again, you know what
• 36:29
  Speaker 5: I mean, And like you kind of have to do
• 36:31
  Speaker 5: it in small steps to show people because like a
• 36:33
  Speaker 5: lot of people don't realize the importance of it right now.
• 36:37
  Speaker 5: But here's another thing that it takes. The reason why
• 36:39
  Speaker 5: we've seen this movement towards independence in music and recorded
• 36:46
  Speaker 5: music is because the cost of creating the music has
• 36:50
  Speaker 5: gone down so significantly right. It still costs a lot
• 36:53
  Speaker 5: of money to produce a show for five thousand people
• 36:56
  Speaker 5: or two thousand people or one thousand people. Right, there's
• 36:59
  Speaker 5: a lot of upfront costs that you have to put out.
• 37:02
  Speaker 5: And and that's the thing, Like you can make a
• 37:04
  Speaker 5: song for next to nothing right now, you can't produce
• 37:07
  Speaker 5: a tour, let alone one event for next to nothing,
• 37:10
  Speaker 5: right And so it's this is all a question of risk, right,
• 37:13
  Speaker 5: Like I was just uh, really willing to risk all
• 37:19
  Speaker 5: of my personal capital because what I I I knew
• 37:22
  Speaker 5: that the idea I had was going to work out,
• 37:24
  Speaker 5: and I was so I just believed in the idea
• 37:29
  Speaker 5: so much, and I was so passionate about this thing.
• 37:32
  Speaker 5: But you know a lot of people are not willing
• 37:34
  Speaker 5: to bet on themselves when it comes to money.
• 37:37
  Speaker 6: And that's that's what's gonna.
• 37:38
  Speaker 2: You know, and approach you to you just kept flipping, right, like, yeah,
• 37:41
  Speaker 2: flip the profit, put it back in, put the profit
• 37:44
  Speaker 2: back in.
• 37:45
  Speaker 5: Then you just get absolutely absolutely. I mean to this day,
• 37:47
  Speaker 5: I still don't pay myself, you know, a salary. I
• 37:51
  Speaker 5: pay my staff, you know, well before I take any money.
• 37:55
  Speaker 5: And that's just that's just you know, I invest into
• 37:59
  Speaker 5: office space. I invest into production, I invest into people,
• 38:04
  Speaker 5: you know, I invest into yeah, like talent, you know
• 38:08
  Speaker 5: what I mean. And when I say talent, I don't
• 38:10
  Speaker 5: mean just artists, right, I mean like employees and people
• 38:13
  Speaker 5: who are going to help the operation grow because me
• 38:17
  Speaker 5: taking money out and you know, buying myself something nice.
• 38:23
  Speaker 5: You know, money is. I look at money as like
• 38:26
  Speaker 5: a tool, right, Like money is. They're like workers. Every
• 38:29
  Speaker 5: dollar is like a little small worker that can can
• 38:32
  Speaker 5: build and turn into more dollars and turn into more opportunities.
• 38:36
  Speaker 5: But you have to put those dollars to work. If
• 38:39
  Speaker 5: you just are buying something like you know, because you
• 38:42
  Speaker 5: want to reward yourself, that doesn't necessarily it's that value
• 38:47
  Speaker 5: is just gone the opportunity.
• 38:49
  Speaker 2: It's all about mindset. Once you start to realize, once
• 38:51
  Speaker 2: you start to look at money like that, you will
• 38:53
  Speaker 2: never really want to buy nine. It's like it's like
• 38:56
  Speaker 2: once you really start to look at it like that,
• 38:57
  Speaker 2: when you start to understanding like that, right, because it's like, Okay,
• 38:59
  Speaker 2: I can by this thirty thousand dollars rolex, but that
• 39:02
  Speaker 2: thirty thousand dollars rolls is going to cost me one
• 39:04
  Speaker 2: hundred and twenty thousand dollars, like you know what I'm saying,
• 39:06
  Speaker 2: because because ultimately that thirty thousand could have got flipped
• 39:09
  Speaker 2: four times in two years one year, So then you
• 39:13
  Speaker 2: become you got really got it. You gotta be careful because,
• 39:15
  Speaker 2: like I say, now you can get to a point
• 39:16
  Speaker 2: where you don't never want to spend money because it's
• 39:18
  Speaker 2: like I'm putting everything back in but I wanted to.
• 39:20
  Speaker 2: Actually I want to ask you one question. Also, have
• 39:23
  Speaker 2: you did you ever get bank financing?
• 39:25
  Speaker 5: So I've a I've always taken out like loans and stuff, right,
• 39:29
  Speaker 5: like bank loans. Yeah, well not from traditional banks but
• 39:33
  Speaker 5: like more like startup company banks and stuff like that.
• 39:37
  Speaker 5: And yeah, even now we have you know, various loans
• 39:39
  Speaker 5: and stuff, and we have a we do have a
• 39:41
  Speaker 5: deal with Live Nation that is not it's financing, but
• 39:45
  Speaker 5: it's just essentially a loan.
• 39:47
  Speaker 2: It's like, let me actually, let me ask you a
• 39:48
  Speaker 2: question because this is something that we ain't come I
• 39:51
  Speaker 2: just thought about it. But at what point were you
• 39:54
  Speaker 2: able to get a bank loan or a line of credit?
• 39:57
  Speaker 2: This is something that entrepreneur It all comes down to
• 39:58
  Speaker 2: funding money that we well a lot of businesses don't
• 40:01
  Speaker 2: get off the ground, especially in our communities that they
• 40:03
  Speaker 2: don't have money.
• 40:03
  Speaker 6: They absolutely they can't.
• 40:04
  Speaker 2: One probably we're gonna talk about funding the next episode,
• 40:06
  Speaker 2: the next edition, I mean the next segment. But I
• 40:08
  Speaker 2: want to talk about that right now. When were you
• 40:11
  Speaker 2: able to secure a relationship with a bank to even
• 40:14
  Speaker 2: get alan just I don't the first loan, so.
• 40:19
  Speaker 5: You know, it wasn't banks first, I was using I
• 40:21
  Speaker 5: was using my American Express card.
• 40:23
  Speaker 6: Like a bank.
• 40:25
  Speaker 5: Yeah, like so so that is how you know, I
• 40:29
  Speaker 5: was building my credit on there. And I was just like,
• 40:32
  Speaker 5: you know, using that forty five day window to like
• 40:35
  Speaker 5: flip and make money, you know what I mean. So
• 40:37
  Speaker 5: like once I once I started again to a point
• 40:39
  Speaker 5: where I needed like serious capital, I was just like, okay,
• 40:42
  Speaker 5: we got to use this American Express and like hopefully
• 40:45
  Speaker 5: we have another event that happens, and then this money
• 40:48
  Speaker 5: from this event will pay this American Express bill and
• 40:51
  Speaker 5: then to move forward and keep putting holds on venues
• 40:53
  Speaker 5: like and that's it. And then the American Express, me
• 40:57
  Speaker 5: being building the credit on there, was able to get
• 41:00
  Speaker 5: me like other credit cards and that type of thing.
• 41:02
  Speaker 5: So I the way that I funded the business initially
• 41:06
  Speaker 5: was capital from credit cards and like paying those back
• 41:11
  Speaker 5: as fast as I could, and then just.
• 41:13
  Speaker 6: The money that was being generated from the actual show.
• 41:16
  Speaker 7: Yeah, you went from I think five hundred thousand and
• 41:18
  Speaker 7: twenty sixteen to one point two million in twenty seventeen,
• 41:23
  Speaker 7: and then to two point one million in two thousand
• 41:24
  Speaker 7: and eight.
• 41:25
  Speaker 4: Yeah.
• 41:25
  Speaker 6: Yeah, I mean that's just in revenues.
• 41:27
  Speaker 4: Revenue revenues. Yeah, that was one of your models.
• 41:29
  Speaker 7: It was like profit, we're going to anything, we're gonna
• 41:32
  Speaker 7: we get right, We're reinvesting profit into product.
• 41:34
  Speaker 6: Yep.
• 41:34
  Speaker 7: Like that's a model that that is, like people should
• 41:37
  Speaker 7: follow that, man.
• 41:38
  Speaker 5: Yeah, I think so. I think that, you know, especially
• 41:40
  Speaker 5: when something's working. I always tell my team, like, if
• 41:43
  Speaker 5: something's working, let's pour the gasoline on it, you know
• 41:46
  Speaker 5: what I mean, Like let's let's let's make that little.
• 41:48
  Speaker 6: Spark into a wildfire.
• 41:49
  Speaker 4: All money in man, Yeah, for sure, for sure.
• 41:52
  Speaker 2: So now we're are going to the last segment, and
• 41:54
  Speaker 2: when everybody's wenting to here, why you turn down a million.
• 41:57
  Speaker 3: Dollars sanity test? Pass it?
• 42:02
  Speaker 2: But all right, all right, so now we're going to
• 42:05
  Speaker 2: go into everybody didn't wait in the air, right, So
• 42:08
  Speaker 2: how could you? So you built the company and correct
• 42:13
  Speaker 2: if the numbers is wrong. But this the research that
• 42:16
  Speaker 2: we got in twenty sixteen, the gross revenue was one
• 42:21
  Speaker 2: hundred and fifty thousand, right, but yeah, sixteen sixteen, yeah, okay,
• 42:30
  Speaker 2: and then twenty seventeen we have five hundred thousand, yes,
• 42:33
  Speaker 2: and then twenty eighteen we have two point one million.
• 42:36
  Speaker 4: Four hundred increase.
• 42:38
  Speaker 3: Yeah.
• 42:38
  Speaker 2: So then at that point and then at that point
• 42:40
  Speaker 2: in time, you're blowing up and you need you need help, right,
• 42:44
  Speaker 2: definitely need some financing outside of just flipping it and
• 42:47
  Speaker 2: flipping it, So you seek the help of a venture
• 42:50
  Speaker 2: capital right.
• 42:51
  Speaker 5: Well, yes, they they kind of reached out to me though.
• 42:54
  Speaker 5: Well it was funny. I was talking to my agent
• 42:57
  Speaker 5: and you know, he was just like, hey, you know,
• 43:00
  Speaker 5: what do we want to do for next year and
• 43:02
  Speaker 5: stuff like that. And this was in the early days
• 43:05
  Speaker 5: with him, and he was just like I was telling him,
• 43:08
  Speaker 5: I need some money, man, you know what I mean.
• 43:10
  Speaker 4: But you were putting a lot of the profit in.
• 43:13
  Speaker 2: I want to understand because people hate you like two
• 43:15
  Speaker 2: point one million, and for the average person that doesn't
• 43:18
  Speaker 2: understand business, they don't know the difference between gross and that.
• 43:21
  Speaker 2: Oh yeah, and they think you're calling out of control,
• 43:25
  Speaker 2: like why you need money? But two point one million,
• 43:27
  Speaker 2: like you said, I mean that might mean a hundred
• 43:30
  Speaker 2: thousand when it's all done, because you got to always
• 43:33
  Speaker 2: put money back in this. You gotta pay your employees,
• 43:35
  Speaker 2: you got book, So that doesn't mean or you might
• 43:38
  Speaker 2: even be a loss. Yeah, I mean there are billion
• 43:41
  Speaker 2: dollar companies that there have.
• 43:42
  Speaker 5: Been plenty of shows where we've taken losses on like
• 43:45
  Speaker 5: where there's been absolutely no profit exactly.
• 43:48
  Speaker 2: So all right, so okay, so can you talk us
• 43:51
  Speaker 2: through this this VC experience?
• 43:54
  Speaker 5: Yeah, okay, So should we just start from the beginning, Yeah, okay. So, uh, basically,
• 43:59
  Speaker 5: you know, I needed some capital, and I was I
• 44:05
  Speaker 5: was going to banks and mainly traditional lenders, and I
• 44:08
  Speaker 5: just wasn't getting enough, right, so maybe I could get
• 44:10
  Speaker 5: from like you know, uh, a loan shark essentially like
• 44:15
  Speaker 5: two hundred k here, one hundred k here, stuff like that.
• 44:19
  Speaker 6: But they were at crazy interest rates too, you know.
• 44:21
  Speaker 5: So uh, once the kind of word got out that
• 44:25
  Speaker 5: I that I needed some capital, within you know a
• 44:29
  Speaker 5: few people in the entertainment industry, people started to reach
• 44:31
  Speaker 5: out and I talked to with this one company and
• 44:35
  Speaker 5: at first, you know, they were they loved the business model,
• 44:39
  Speaker 5: right because they were they were a music company as well,
• 44:43
  Speaker 5: and so they loved the business model and they were like,
• 44:45
  Speaker 5: this is something that you know.
• 44:46
  Speaker 6: We think we can you know, help finance.
• 44:49
  Speaker 5: And the initial offer they I had to give them
• 44:56
  Speaker 5: my books, right, and they had to look into my
• 44:58
  Speaker 5: financials and that type of stuff. So there all kinds
• 45:00
  Speaker 5: of like agreement sign nda and stuff like that. But
• 45:04
  Speaker 5: ultimately when they looked, they said, Okay, you know, we
• 45:07
  Speaker 5: think a million dollars would help this guy's company out,
• 45:10
  Speaker 5: but we want to take this large percent.
• 45:12
  Speaker 6: For a million dollars.
• 45:13
  Speaker 4: You own one hundred percent equity right now.
• 45:15
  Speaker 5: I currently own one hundred percent of Colors Worldwide. Yes,
• 45:20
  Speaker 5: and the company was Their initial offer was for forty
• 45:25
  Speaker 5: percent of the company at one million dollars, and that
• 45:29
  Speaker 5: would have put me at like a two point one
• 45:31
  Speaker 5: million dollar valuation and something like that. So initially I
• 45:37
  Speaker 5: was just like, okay, you're telling me that the company
• 45:42
  Speaker 5: is at a two point one million dollar valuation, and
• 45:44
  Speaker 5: valuation just means how much your company is worth right now.
• 45:47
  Speaker 5: But I had I was that in that time parent frame,
• 45:50
  Speaker 5: I was on paste or to make two point something million, right,
• 45:53
  Speaker 5: So I was just like, usually to find the value
• 45:57
  Speaker 5: of a company, there's a lot of different ways that
• 45:59
  Speaker 5: it can be done, but usually you apply a multiple
• 46:03
  Speaker 5: of revenues because in an early stage company, you know
• 46:06
  Speaker 5: that you're doing exactly you know what you said, right,
• 46:09
  Speaker 5: which is you're putting moneies back in. So like revenue
• 46:13
  Speaker 5: isn't important in the early stages because you're just trying
• 46:15
  Speaker 5: to build audience, right, So you might apply a three
• 46:19
  Speaker 5: or four times multiple.
• 46:21
  Speaker 3: So for me, I'm.
• 46:22
  Speaker 5: Looking like my company is at least worth six million dollars,
• 46:26
  Speaker 5: and I really think it's worth like, you know, eight
• 46:28
  Speaker 5: million dollars.
• 46:29
  Speaker 6: So those are the numbers. I was trying to get
• 46:32
  Speaker 6: one point five.
• 46:33
  Speaker 5: Million at an eight million dollar valuation, right, That's what
• 46:35
  Speaker 5: I was like really looking for.
• 46:39
  Speaker 6: And you know when they came in at.
• 46:41
  Speaker 5: The at the forty percent mark, I think that they
• 46:46
  Speaker 5: just thought that I was like a young kid, you
• 46:48
  Speaker 5: know what I mean, Who's just gonna like say, wow,
• 46:50
  Speaker 5: here's a million dollars, this could help me out a lot,
• 46:52
  Speaker 5: and just like give up that much ownership of my company.
• 46:56
  Speaker 5: So then that's where the negotiation process started. But what
• 47:01
  Speaker 5: you also don't realize when you're talking about equity investment
• 47:05
  Speaker 5: is that there's so many terms that you're going to
• 47:08
  Speaker 5: have to iron out, and this is going to be
• 47:10
  Speaker 5: a very long process. So from when they offered me
• 47:13
  Speaker 5: that to when I ultimately turned it down, it was
• 47:17
  Speaker 5: a five month process, you know what I mean, It
• 47:19
  Speaker 5: took a really long time. And I'll just you know,
• 47:22
  Speaker 5: I'll share some of the terms that you know, were
• 47:27
  Speaker 5: unfavorable and that I didn't really like. Uh, you know,
• 47:32
  Speaker 5: one of those was.
• 47:34
  Speaker 6: There were.
• 47:37
  Speaker 5: Thresholds essentially that that would you know, I could essentially
• 47:43
  Speaker 5: not spend. In the early days of negotiation, I think
• 47:46
  Speaker 5: it was like anything over fifty thousand dollars has to
• 47:49
  Speaker 5: get unanimous board approval. And for those that don't know,
• 47:52
  Speaker 5: that's saying that, well, number one, we have to appoint
• 47:56
  Speaker 5: a board to your company, right, and so the board
• 48:00
  Speaker 5: would consist of me and then you know, representatives from
• 48:03
  Speaker 5: their company, so like two other people, and to get
• 48:06
  Speaker 5: any major decision done, you know, you would have to
• 48:09
  Speaker 5: everybody would have to say yes. Now, this is how
• 48:11
  Speaker 5: normal companies work, right, Like, this is not anything that's
• 48:14
  Speaker 5: weird or new, but we're talking about a small amount
• 48:20
  Speaker 5: of money in the grand scheme of things to me,
• 48:22
  Speaker 5: you know what I mean. So I'm not looking to
• 48:24
  Speaker 5: have unanimous Bard approval over spending something as nominal as
• 48:28
  Speaker 5: fifty thousand dollars when I've already built this company to
• 48:32
  Speaker 5: make two point one in gross revelce.
• 48:36
  Speaker 6: Exactly.
• 48:37
  Speaker 5: Yeah, you know. So that was one of the the
• 48:41
  Speaker 5: the issues that I had. Another another issue was divesting equity. Right,
• 48:47
  Speaker 5: So like, uh, you know, there were stipulations in the
• 48:52
  Speaker 5: agreement at certain points where it's like, my equity would
• 48:56
  Speaker 5: have to vest in the company, right, So like I
• 48:58
  Speaker 5: would have to uh, I would have to essentially earn
• 49:04
  Speaker 5: back the equity that I already have, right, So I
• 49:06
  Speaker 5: already owned one hundred percent of the company. But let's
• 49:10
  Speaker 5: say if my you know, equity went down to sixty percent,
• 49:14
  Speaker 5: I would have to work.
• 49:14
  Speaker 6: I would have to agree to work at.
• 49:16
  Speaker 5: The company for a certain amount of time to get
• 49:19
  Speaker 5: that equity back, right, and my equity would vest over years.
• 49:22
  Speaker 5: But again, this is something that is not unusual, but
• 49:25
  Speaker 5: it is unusual for somebody who has already this company's
• 49:29
  Speaker 5: five years old, right, and I've already done this by myself.
• 49:33
  Speaker 5: I'm not vesting equity and something that I've built from
• 49:35
  Speaker 5: the ground up.
• 49:36
  Speaker 6: You know.
• 49:36
  Speaker 4: At one point they got the offer down to one
• 49:38
  Speaker 4: million per.
• 49:40
  Speaker 5: Yeah, uh huh, and I mean huge jump, right, like
• 49:43
  Speaker 5: huge jomp And that was because our revenues were literally
• 49:47
  Speaker 5: coming in in real time, you know what I mean.
• 49:48
  Speaker 5: This was this was happening at the end of twenty eighteen,
• 49:51
  Speaker 5: and the revenues were going up, and they'll saw that.
• 49:53
  Speaker 5: You know, we ended up being able to agree on
• 49:55
  Speaker 5: that point. So then you know, the deal was starting
• 49:59
  Speaker 5: to look a lit a little more favorable. But why
• 50:03
  Speaker 5: I ultimately walked away from the deal was because the
• 50:07
  Speaker 5: threshold limits, right. So it was like I think I
• 50:10
  Speaker 5: had to I think it was two hundred and fifty
• 50:13
  Speaker 5: thousand dollars that if I spent any time anything over
• 50:17
  Speaker 5: the two hundred and fifty thousand, I would have to
• 50:19
  Speaker 5: get unanimous board approval. And again, you know, I I
• 50:24
  Speaker 5: haven't spent over two hundred fifty thousand dollars at one
• 50:26
  Speaker 5: time yet, right, But that's that's how my company's revenues
• 50:30
  Speaker 5: being two million, right, Like, but what happens with my
• 50:32
  Speaker 5: company's revenues or ten million, you know, or twenty million
• 50:36
  Speaker 5: at that the money that even now the amounts of
• 50:39
  Speaker 5: money that I spend on things. You know, if you
• 50:42
  Speaker 5: were have asked me last year, you know, would you
• 50:46
  Speaker 5: have spent you know, over a million dollars in you know,
• 50:50
  Speaker 5: Facebook advertising in two years? I would have been like, yeah, right,
• 50:53
  Speaker 5: you know what I mean, like on on paid ad campaigns.
• 50:56
  Speaker 5: But those are the numbers we're talking about it, you
• 50:59
  Speaker 5: know what I mean, like and and you know, in
• 51:01
  Speaker 5: in years spans. So now I'm just like, you know,
• 51:07
  Speaker 5: I don't want to put myself in a position where
• 51:10
  Speaker 5: when I want to do something, or let's say I
• 51:12
  Speaker 5: want to buy a company, right like, let's say I
• 51:14
  Speaker 5: want to get an equity stake in another company, and
• 51:18
  Speaker 5: and and and the cost is going to be three
• 51:20
  Speaker 5: hundred thousand, four hundred thousand whatever. You know, I don't
• 51:23
  Speaker 5: want to be in a position where I'm having to
• 51:26
  Speaker 5: ask for approval from other people that are a not
• 51:30
  Speaker 5: even a part of the culture. And know, you know,
• 51:33
  Speaker 5: they might not know that this is an actual, real
• 51:35
  Speaker 5: opportunity because they're not they're not a part of the culture.
• 51:40
  Speaker 6: You know what I mean.
• 51:41
  Speaker 7: In my head right now, like if an artist like
• 51:43
  Speaker 7: Chris Brown is like, yeah, I'll do RB, only it's
• 51:45
  Speaker 7: going to cost you three hundred and fifty in your head,
• 51:48
  Speaker 7: on my head, it's like that's a no brainer.
• 51:50
  Speaker 4: Yeah, I gotta get him. But to ask people's approval,
• 51:52
  Speaker 4: it's like.
• 51:53
  Speaker 5: It's like, yeah, they might not they might not know,
• 51:55
  Speaker 5: they might not understand, you know, And and that that's
• 51:59
  Speaker 5: the thing that really, you know, made me walk away.
• 52:01
  Speaker 5: But why I was considering it so much was because
• 52:03
  Speaker 5: I had real situations. I had real overhead. I have
• 52:06
  Speaker 5: real employees that have to provide for themselves. They have,
• 52:09
  Speaker 5: you know, themselves to feed. They might they might have
• 52:11
  Speaker 5: families to feed, they might you know what I mean.
• 52:13
  Speaker 5: So these are this is this is why I was
• 52:17
  Speaker 5: considering taking a deal like that, even though it sort
• 52:21
  Speaker 5: of went against my principles, I knew that what was
• 52:25
  Speaker 5: what was more important for me was that I need
• 52:29
  Speaker 5: to pay my staff to be able to continue to
• 52:31
  Speaker 5: make this thing move and operate. So I thought about
• 52:35
  Speaker 5: it long and hard, and you know, they were still
• 52:37
  Speaker 5: trying to work out the deal. And then what happened was,
• 52:41
  Speaker 5: you know, I just kind of I just knew that
• 52:43
  Speaker 5: it wasn't right, and I just said, you know, I'm
• 52:46
  Speaker 5: gonna I'm gonna walk away from this.
• 52:48
  Speaker 6: But what I want to do.
• 52:49
  Speaker 5: I don't I want to turn you know, I want
• 52:52
  Speaker 5: to turn lemonade out of lemons and not just have
• 52:56
  Speaker 5: this be something that is behind closed doors and that
• 52:59
  Speaker 5: you know, only I know about, only my team knows about.
• 53:03
  Speaker 5: And I want I wanted to help and share with
• 53:05
  Speaker 5: other people. Look, this is something that you guys need
• 53:08
  Speaker 5: to know, you know what I mean, Like, this is
• 53:10
  Speaker 5: something that the up and coming entrepreneur needs to know
• 53:12
  Speaker 5: when building a business and when running into a situation
• 53:15
  Speaker 5: where you feel like you're gonna need capital. Just know
• 53:17
  Speaker 5: that these are things that you're gonna have to consider,
• 53:21
  Speaker 5: right and and and and I wanted to really like
• 53:23
  Speaker 5: explain to people, what, uh, you know that that these
• 53:28
  Speaker 5: things are normal. But again, it just wasn't something that
• 53:32
  Speaker 5: I was comfortable with because I had it would be
• 53:34
  Speaker 5: normal if I was starting this company with these people,
• 53:37
  Speaker 5: but I had already built this company, and then these
• 53:39
  Speaker 5: terms are coming into play. And then at the same time,
• 53:42
  Speaker 5: you know, it was a way that like I wrote
• 53:45
  Speaker 5: this article about my experience and that it kind of went,
• 53:47
  Speaker 5: you know, semi viral, and and it was a way
• 53:51
  Speaker 5: for the world to know that, hey, this is a
• 53:54
  Speaker 5: company that maybe I didn't know about, but maybe this
• 53:57
  Speaker 5: is a good investment opportunity, you know what I mean,
• 53:59
  Speaker 5: Or maybe like I could I could open up another
• 54:02
  Speaker 5: door with sponsorship or something like that and just let
• 54:06
  Speaker 5: people know about sort of like the business that we
• 54:08
  Speaker 5: were doing. And yeah, you know, and and and the
• 54:11
  Speaker 5: article kind of took off and we ended up we
• 54:15
  Speaker 5: ended up getting getting alone actually from another company, and
• 54:21
  Speaker 5: also in the midst of like a bunch of other
• 54:23
  Speaker 5: you know, potential sponsorship things even right now, right like
• 54:26
  Speaker 5: we actually just got our first sponsor for uh, for
• 54:30
  Speaker 5: an upcoming show. We we did a deal with a
• 54:33
  Speaker 5: mobile banking app that actually helps you know, young people,
• 54:38
  Speaker 5: uh with the banking system you know what I mean,
• 54:41
  Speaker 5: that's like kind of broken right now and like charging
• 54:44
  Speaker 5: a lot of fees for stuff.
• 54:45
  Speaker 6: Uh.
• 54:46
  Speaker 5: We've did a partnership with them where we're encouraging people
• 54:50
  Speaker 5: in our audience to use this mobile banking system and
• 54:54
  Speaker 5: they don't have to pay overdraft fees, you know, they don't.
• 54:57
  Speaker 5: They can actually get paychecks if they're working in the
• 55:00
  Speaker 5: gig economy, you know, uber lyft or at a restaurant
• 55:04
  Speaker 5: where they're picking up shift. This company actually pays their
• 55:08
  Speaker 5: their paychecks two days faster, stuff like that.
• 55:11
  Speaker 6: You know what I mean.
• 55:11
  Speaker 3: So now the one thing, the thing I like about
• 55:14
  Speaker 3: the article that you wrote.
• 55:15
  Speaker 2: So you wrote the article when you decided, like you said,
• 55:17
  Speaker 2: when you decided to turn down a million dollars. You
• 55:19
  Speaker 2: wrote the article, but you wrote it right, and yeah,
• 55:22
  Speaker 2: you put it on Twitter and the media just took
• 55:26
  Speaker 2: it from there and they just made a different media
• 55:27
  Speaker 2: outlets started to pick it up. So I say that
• 55:30
  Speaker 2: to say because recently happened.
• 55:32
  Speaker 3: Shout out to I.
• 55:34
  Speaker 2: Think is the brother's name is Naje young, young gentleman
• 55:37
  Speaker 2: from Philly, and he wrote he wrote something on Instagram.
• 55:41
  Speaker 2: He wrote the article himself about himself and it was
• 55:44
  Speaker 2: like four friends that like saved fifty dollars a week
• 55:47
  Speaker 2: for two years and then they brought their first investment property.
• 55:50
  Speaker 3: They all like in their twenties.
• 55:52
  Speaker 2: And he wrote like a eye catching caption on it,
• 55:55
  Speaker 2: like four friends saved money for two years and brought
• 55:58
  Speaker 2: an investment property. And then like all of these blogs,
• 56:00
  Speaker 2: social media started to pick it up. And then I
• 56:02
  Speaker 2: posted it and it got like a lot of viewers
• 56:05
  Speaker 2: that like, I think, I got like six thousand likes,
• 56:07
  Speaker 2: and he actually we actually spoke. So, but I said
• 56:11
  Speaker 2: to say, a lot of times people complain about not
• 56:14
  Speaker 2: getting pressed, but we in the day and age now
• 56:16
  Speaker 2: where you could create your own press, right, So you
• 56:19
  Speaker 2: made that article and that's really the reason why you're
• 56:22
  Speaker 2: here now is because somebody sent me that and was
• 56:24
  Speaker 2: like get them on the podcast and reached out. So
• 56:26
  Speaker 2: it's like, I think that that's brilliant. Whereas you had
• 56:30
  Speaker 2: a story that's an interesting story, right, as opposed to
• 56:33
  Speaker 2: trying to just pitch it to a million different publications
• 56:37
  Speaker 2: and then waiting to see who picks it up, you
• 56:39
  Speaker 2: put it out yourself. It went viral and then publications
• 56:43
  Speaker 2: picked it up from there. You got a whole bunch
• 56:46
  Speaker 2: of opportunities because now it was great promotion, but it's
• 56:51
  Speaker 2: also education as well, because, like you were saying to us,
• 56:53
  Speaker 2: even with like you know, just you use an example
• 56:56
  Speaker 2: of black women that graduate at higher rate than any right,
• 57:00
  Speaker 2: but you know they starting businesses, but they may they
• 57:03
  Speaker 2: get in funding at lower rate than anybody.
• 57:05
  Speaker 6: The lowest rate.
• 57:06
  Speaker 5: Let's be clear, black women are getting venture capital at
• 57:10
  Speaker 5: the lowest rate. They're getting the smallest amount of venture
• 57:14
  Speaker 5: capital of anybody getting venture capital in this country.
• 57:17
  Speaker 6: Right now.
• 57:17
  Speaker 5: But they are graduating. They are the most educated. They're
• 57:21
  Speaker 5: graduating college in our country at the highest rate. That
• 57:24
  Speaker 5: that's bananas to me. That doesn't make any sense. And
• 57:26
  Speaker 5: it's like I wanted that article. And for those that
• 57:30
  Speaker 5: that you know are listening, you can just google why
• 57:32
  Speaker 5: I turned down a million dollars Jabbari or you know,
• 57:35
  Speaker 5: just honestly, if you just google why I turned down
• 57:37
  Speaker 5: a million dollars is the first thing that will pop up.
• 57:39
  Speaker 5: But I wrote it on Medium, and you know, I
• 57:42
  Speaker 5: wanted like those people, those type of people to read
• 57:45
  Speaker 5: this thing, right, like the up and coming entrepreneurs that
• 57:47
  Speaker 5: look like us, to understand the pitfalls and the things
• 57:53
  Speaker 5: that you should be like, even just if you are
• 57:56
  Speaker 5: like some people, just needed to to get an introduction
• 58:00
  Speaker 5: to what terms like valuation mean, or what terms like
• 58:03
  Speaker 5: equity means, what a venture capitalist even is.
• 58:06
  Speaker 3: Right.
• 58:06
  Speaker 5: So it's just that you know, and it may take
• 58:09
  Speaker 5: you twenty minutes to read the article, but I guarantee
• 58:11
  Speaker 5: you that you will walk away from the article with
• 58:14
  Speaker 5: some information that you that you might not have known before.
• 58:18
  Speaker 5: And you know, I tried to make it entertaining. I
• 58:20
  Speaker 5: put jokes in there and stuff like that. But it's
• 58:23
  Speaker 5: just like it's informative, and I think that that's the
• 58:26
  Speaker 5: that's the main thing. It's like, right now, we are
• 58:29
  Speaker 5: using so much of our time to entertain us, but
• 58:32
  Speaker 5: how much of our time is actually informing us when
• 58:35
  Speaker 5: we're when we're spending hours on these social media platforms,
• 58:38
  Speaker 5: you know, And that was the whole goal with like
• 58:40
  Speaker 5: what the article is just trying to inform us.
• 58:43
  Speaker 2: Yeah, I appreciate that. So all right, So what's next?
• 58:46
  Speaker 2: What's next for colors.
• 58:47
  Speaker 4: In R and bl oh Man?
• 58:49
  Speaker 5: So huge, huge recent announcement is we just announced our
• 58:53
  Speaker 5: first R and B only music festival, So for anybody
• 58:57
  Speaker 5: that's in Orlando, Florida, honestly for everybody in America and
• 59:01
  Speaker 5: you know fly in Man. So uh, you know, like
• 59:04
  Speaker 5: we said, our our show is primarily a DJ based show,
• 59:08
  Speaker 5: and sometimes we have guest artists pop out. We've had
• 59:10
  Speaker 5: people like Jaqui, Kishako, Omarion, We've had a lot of
• 59:14
  Speaker 5: R and B stars tank perform at our shows.
• 59:18
  Speaker 6: And now this is.
• 59:19
  Speaker 5: The first time where we've announced artists that are actually
• 59:22
  Speaker 5: gonna be there and they're performing. It's an outdoor venue,
• 59:25
  Speaker 5: We're gonna have food, trucks. We're gonna have actually I
• 59:28
  Speaker 5: never haven't announced this yet, but this is a exclusive.
• 59:32
  Speaker 5: We actually have two helicopters that are gonna be at
• 59:36
  Speaker 5: this show where you can take helicopter rides and fly
• 59:40
  Speaker 5: above the festival and like take pictures.
• 59:42
  Speaker 4: And stuff like that.
• 59:43
  Speaker 5: Yeah, it's gonna be you know, crazy. It's at the place,
• 59:47
  Speaker 5: this place in Orlando called the Orlando Amphitheater, And yeah,
• 59:51
  Speaker 5: I mean tickets are selling fast, so we really you know,
• 59:53
  Speaker 5: hope you guys. Yeah, yeah, Ashanti, Queen Nija, and a
• 1:00:00
  Speaker 5: new R and B artist by the name of y
• 1:00:01
  Speaker 5: k O Cyrus who has like a top Billboard hit
• 1:00:04
  Speaker 5: right now.
• 1:00:04
  Speaker 6: It's called worth It.
• 1:00:05
  Speaker 4: It's like I would get he's on a couple of
• 1:00:07
  Speaker 4: Double XL. Yeah, yeah, yeah, Freshman.
• 1:00:10
  Speaker 6: You just gotta be worth it.
• 1:00:11
  Speaker 5: I'm not an R and B sit, but you know
• 1:00:13
  Speaker 5: a lot of puns when when you sing the song
• 1:00:15
  Speaker 5: people know what you're talking about. But yeah, he's a
• 1:00:17
  Speaker 5: freshman this year on Double XL. The only R and
• 1:00:19
  Speaker 5: B artist on the fresh of the list. And yeah,
• 1:00:23
  Speaker 5: it's it's uh, that's gonna be huge for us. We
• 1:00:25
  Speaker 5: also have another show with the Shanty and and another
• 1:00:29
  Speaker 5: up and coming R and B artist by the name
• 1:00:31
  Speaker 5: of Keanu today this Friday. By the time they hear this,
• 1:00:35
  Speaker 5: it might be over but in d C. But yeah,
• 1:00:37
  Speaker 5: the music festival, it's the biggest, Yeah on two.
• 1:00:40
  Speaker 4: Gigs with us.
• 1:00:43
  Speaker 5: Yeah yeah, but but yeah, if you go to R
• 1:00:47
  Speaker 5: and B only dot com, slash Orlando, or just find
• 1:00:50
  Speaker 5: us on Instagram at our n B only the letter
• 1:00:54
  Speaker 5: N you know, that's where all the info is man
• 1:00:57
  Speaker 5: and you know, you can see past shows, what we
• 1:00:59
  Speaker 5: have going on in the future. But yeah, so that's
• 1:01:03
  Speaker 5: that's huge for us in terms of the show elements.
• 1:01:06
  Speaker 5: We also have you know, a bunch of shows where
• 1:01:08
  Speaker 5: we're DJing and just like our current team, like we
• 1:01:10
  Speaker 5: have Miami coming up, we have Sacramento. We have a
• 1:01:14
  Speaker 5: big show in LA coming up that's kind of like
• 1:01:16
  Speaker 5: a farewell to LA because we're taking a break until
• 1:01:20
  Speaker 5: we do another music festival in Los Angeles. And then yeah,
• 1:01:24
  Speaker 5: Merch new Merch is coming. We have media coming. We
• 1:01:28
  Speaker 5: have a bunch of shows that we're working on that
• 1:01:30
  Speaker 5: would be like digital shows in the R and B space.
• 1:01:32
  Speaker 5: We're really trying to own R and B. So we
• 1:01:35
  Speaker 5: want anybody who knows about R and B music in
• 1:01:37
  Speaker 5: the genre. We want R and B Only to be
• 1:01:39
  Speaker 5: synonymous with that and not just a live event, but
• 1:01:42
  Speaker 5: also content also you know audio content, you know music,
• 1:01:47
  Speaker 5: like we eventually we want to start putting out compilations,
• 1:01:51
  Speaker 5: right so remember back in the day, like Rough Riders
• 1:01:53
  Speaker 5: Volume one, two and three. We want to do that
• 1:01:55
  Speaker 5: for R and B, like R and B Only Volume one,
• 1:01:57
  Speaker 5: two and three, Like the type of thing.
• 1:01:59
  Speaker 7: You have those commerci was where they had the R
• 1:02:00
  Speaker 7: and B like the CDs. It would be like thirty songs.
• 1:02:03
  Speaker 5: Oh yeah, yeah, yeah exactly, like yeah, yeah, yeah, uh huh,
• 1:02:05
  Speaker 5: so like like that, but just like you know, not
• 1:02:08
  Speaker 5: for for today's consumer, right, so like stuff that would
• 1:02:11
  Speaker 5: be on Spotify, Apple Music, that type of stuff. But yeah,
• 1:02:15
  Speaker 5: just really being the curators and purveyors of R and
• 1:02:19
  Speaker 5: B music. We even signed the R and B artist
• 1:02:21
  Speaker 5: you know, his name is Will Wildfire. So he's been
• 1:02:24
  Speaker 5: like opening up shows for us. Go check him out too.
• 1:02:28
  Speaker 5: That's incredible, yeah for a new artist, right, like he's
• 1:02:30
  Speaker 5: able to like get in front of this huge audience
• 1:02:32
  Speaker 5: that we have around the around.
• 1:02:35
  Speaker 6: The nation, you know.
• 1:02:37
  Speaker 5: So yeah, there's a lot of stuff coming even even
• 1:02:39
  Speaker 5: and that's just on the R and B only front, right,
• 1:02:41
  Speaker 5: But as Colors grows, we're gonna start producing other events
• 1:02:45
  Speaker 5: and live shows and other verticals that were underserved. We
• 1:02:48
  Speaker 5: thought R and B was a huge underserved market, and
• 1:02:50
  Speaker 5: so you know, we're we're looking in places where you know,
• 1:02:54
  Speaker 5: there's other opportunities, right, So maybe it's food, maybe it's
• 1:02:57
  Speaker 5: Latin music, maybe it's you know, certain things in the
• 1:03:00
  Speaker 5: beauty category. But with comedy, yep, yep, comedy, where we've
• 1:03:05
  Speaker 5: got a lot more stuff happening in comedy in the
• 1:03:07
  Speaker 5: near future of twenty twenty. Yeah, So you know, uh,
• 1:03:12
  Speaker 5: even even if if people have events right like, I'm
• 1:03:15
  Speaker 5: even interested in if there are certain events that are
• 1:03:18
  Speaker 5: happening right now and that need help and that are
• 1:03:21
  Speaker 5: looking to grow and expand and you know, have the
• 1:03:24
  Speaker 5: potential for a national footprint, I'm interested in potential partnerships,
• 1:03:28
  Speaker 5: you know what I mean, and putting those events under
• 1:03:30
  Speaker 5: the Colors umbrella and and and helping expand, you know,
• 1:03:34
  Speaker 5: and and and do partnerships with.
• 1:03:36
  Speaker 6: People as well. So that's something that you know we're
• 1:03:38
  Speaker 6: looking at as well.
• 1:03:39
  Speaker 3: What's your Instagram?
• 1:03:40
  Speaker 6: So my instagram is jabari is It's simple j A
• 1:03:43
  Speaker 6: B A R. I is just my name.
• 1:03:46
  Speaker 5: Sometimes I say just your Bari and then people be like, oh,
• 1:03:49
  Speaker 5: it's just like j Ust. No, it's it's just my
• 1:03:52
  Speaker 5: name Jabbari. And then uh, the R and B only
• 1:03:56
  Speaker 5: instagram is at R and B only, and the Colors
• 1:03:58
  Speaker 5: Worldwide Instagram that the parent company that owns R and
• 1:04:01
  Speaker 5: B only is just Colors Worldwide.
• 1:04:03
  Speaker 6: So pretty simple for all those.
• 1:04:06
  Speaker 2: Keep it simple, Keep it simple, right, busy man, Sure, yeah, yeah.
• 1:04:11
  Speaker 7: Shout out to everybody on patreon dot com Backslasher and
• 1:04:14
  Speaker 7: a Leisure.
• 1:04:14
  Speaker 4: You know that is our private pay program.
• 1:04:16
  Speaker 7: We've had a lot of supporters, uh you know that
• 1:04:18
  Speaker 7: have come on there, got advice from us, had conversations
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  Speaker 7: He's on one of our older patrons. He actually did
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  Speaker 7: a video shouting us out Alan Oakland, So shout out
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  Speaker 7: everybody in the Bay, shout out to Terry. And like
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  Speaker 7: I said, every every episode. It's a five tier program.
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  Speaker 7: Our merch is up on earn leisure dot com. We
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  Speaker 7: have some new merchant that's coming up as long as
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  Speaker 7: as well as some few initiatives that we're gonna be
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  Speaker 7: launching in a very near future for sure.
• 1:05:00
  Speaker 2: And then once again, as I said previously, my calendar
• 1:05:05
  Speaker 2: is on earn your leadire dot com as well. So
• 1:05:07
  Speaker 2: a lot of time people ask me. Everybody knows I'm
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  Speaker 2: a financial advice at this point. So you have questions,
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  Speaker 2: My calendar is on earn your leadire dot com and
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  Speaker 2: that choice that will also be rolling out some very
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• 1:05:29
  Speaker 2: tip of the week is what's a gift from Jabbari
• 1:05:33
  Speaker 2: to us? It's called Ego is the Enemy by Ryan Holliday.
• 1:05:38
  Speaker 2: So we talked about it off camera as far as
• 1:05:40
  Speaker 2: a lot of times ego, egos to the enemy and everything,
• 1:05:45
  Speaker 2: business relationships, all kinds of stuff. Ego can lead you
• 1:05:49
  Speaker 2: to make very bad decisions, and your pride can put
• 1:05:52
  Speaker 2: you in very bad spots. So mastering your ego. Understanding
• 1:05:55
  Speaker 2: your ego is extremely important. So that is a book
• 1:05:58
  Speaker 2: tip of the week. Check it out for and thank
• 1:06:01
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