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0:59

to the Prodigy Pod's Office Hours. This

1:26

is the part of the show where

1:28

we answer your questions about business, big

1:30

tech, entrepreneurship, and whatever else is on

1:32

your mind. If you'd like to submit

1:34

a question, please email a voice recording

1:36

to officehours.proptimedia.com again. That's

1:38

officehours.proptimedia.com. First question.

1:41

Hi, Scott. This is Sakshi from India. I'm

1:44

a big fan of you, and I find

1:46

your opinions very insightful. I

1:48

want to know what you think will be the

1:50

future of content creators economy. Now

1:52

I see everyone is creating content. Everybody

1:54

is making tons of money in reels

1:57

and by making videos that add no

1:59

value to anyone. Now

2:01

finding relevant content has become more

2:03

difficult than ever because now everyone

2:05

is creating content. If

2:07

I want to learn something new, I now

2:09

prefer to go to older media that is

2:12

books because writing books still require much more

2:14

effort and seriousness in creating an RV video

2:16

on YouTube and claiming that they know everything

2:18

about something. What

2:21

do you envision for the future of content creators

2:23

and the economy surrounding them? I

2:25

equate your perspective. Thank you. Shokshi

2:28

from India, thanks for the thoughtful question. I

2:30

have got to get into India as the

2:32

most interesting, important

2:35

geography or nation I should say that I

2:37

haven't been to. The

2:40

majority of my good friends at

2:42

the Stern School are from India. Some of

2:44

my best friends are Indian. Anyways, but so I'm really fascinated

2:46

by it and I want to go there. I don't know

2:49

why I'm going there. I was in the Maldives, which is

2:51

off, I believe, the southwest tip of

2:53

India. But anyways, got to get to India. Thank you for the

2:55

thoughtful question. According to

2:57

Goldman Sachs research, the creator economy is expected to

2:59

grow to $480 billion by 2027. That's

3:03

nearly double what the sector is worth today, $250 billion.

3:06

Goldman Sachs credits the expansion of the creator

3:08

economy to the rise in digital media consumption

3:11

and content creations, low barriers of entry. Analysts

3:14

anticipate that the growth of the creator

3:16

economy will be driven by increased investment

3:18

in influencer marketing and payouts from platforms,

3:20

which are supported by revenues generated from

3:22

ads on short form video platforms. This

3:25

is fascinating. It's growing. Goldman Sachs

3:27

research forecasts that 50 million global creators will experience

3:29

a compound annual growth rate of 10 to 20%

3:32

over the next five years. Currently,

3:34

only 4% of content creators globally

3:36

make more than $100,000. So

3:39

okay, there's some really good things.

3:41

One, the traditional gatekeepers aren't there. You

3:44

can start making TikToks from your phone

3:47

and you do... I have discovered

3:49

a ton of great content. I like

3:51

watching Economist. The TikTok algorithm figures out

3:54

that I'm into wonky stuff around

3:56

World War II history or

3:58

basic economic... trends and it

4:00

serves me up some really fascinating people that

4:03

I wouldn't have found otherwise. I

4:05

think that what's interesting, you said you're more interested

4:08

in books. The book business, which is, and this

4:10

is kind of ironic given that it's where Amazon

4:12

started, is actually doing quite well. And

4:14

you do have a filtering that takes place

4:17

with books. If a publisher thinks they're going to make money

4:19

off a book, there's a certain amount of fixed costs. It

4:23

does kind of sort out, I think, it is

4:25

sort of a sorting mechanism. So the

4:27

problem with these, I

4:29

see a few problems. The first is that the

4:32

platforms, there's much fewer platforms than there

4:34

are creators. And so the majority of

4:36

the economic value is being garnered

4:39

or captured by the platforms.

4:42

And while there's some competition, I think

4:44

arguably YouTube and Reels compete with

4:47

TikTok, the vast majority of the revenue is, if

4:49

you look at the Hollywood ecosystem where there are

4:51

creators, I would bet that, I don't

4:54

know, 50, 70, 90% of the revenues go to the talent. The

5:01

gaffers, the sound engineers, the actors, the writers,

5:03

whereas I would bet it's 10%, maybe

5:06

20%, I bet it's sub 10% of

5:09

the revenues go to the actual creators.

5:11

And that's the genius, if you will,

5:13

of these platforms is they use technology

5:15

to incentivize creators to basically

5:17

do a lot of work and

5:19

post their content for free. So one

5:22

analogy, there are half

5:24

a million people making a living from

5:27

streaming. Streaming is the hot kind of oldish

5:30

media entertainment vehicle, right?

5:33

Half a million people making good livings, good livings. There

5:36

are 1.7 billion people on TikTok, half

5:38

of them are creators, 850 million

5:41

people are creators.

5:45

Let's assume 1% of them are really good, because

5:47

those half a million people that figure out a

5:49

way to get to LA and

5:51

get into a union or show that

5:53

they really are fantastic editors or can

5:56

write pithy comedy for

5:58

a show. I mean, that's just hard. They take

6:00

a lot of risks, they're talented. There are huge screens

6:02

there. They

6:05

are really talented. So let's assume they're in

6:07

the top 1% of creators on TikTok. Well,

6:09

if that's true, if that's true, that

6:11

means there are 8.5 million creators on TikTok that

6:13

are as good. So, okay, Scott, I don't buy

6:15

that. It's not one in

6:17

100 creators on TikTok. It's one in

6:19

1,000 that are as good as Hollywood. Well, okay,

6:21

even if it's one in 1,000 of 850 million creators, that's 850,000

6:23

world-class creators

6:28

that have all of a sudden entered

6:31

the ecosystem and are competing with the traditional

6:33

players. What does that mean? What

6:35

does that mean? It means that then

6:37

kicking the shit out of Disney, Warner

6:40

Brothers, Paramount, the traditional media companies is

6:43

not unions asking for

6:45

more money. It's

6:47

not each other. They're

6:49

not competing against Apple TV or

6:51

even Amazon. Who they're competing against

6:54

is a 17-year-old who's decided that he

6:56

or she is more entertained by

6:59

one of those 850,000.1% creators who, by the way, demand almost nothing

7:01

to work. They

7:06

don't get healthcare. They're not part of a

7:08

union. They don't need to support a

7:10

family or their apartment in West Hollywood.

7:13

So it is absolutely sucking down all

7:15

the economics. Essentially, the entertainment

7:17

industry has been globalized. So

7:20

a few things are going to happen here. There's

7:22

going to be huge stress on the traditional creator

7:24

economy, that is old media. You're going

7:26

to see a tremendous boon

7:28

and super talented people who otherwise wouldn't

7:30

have had access, and that's a wonderful

7:32

thing. But unfortunately, as with

7:34

most digital things, it's a winner-take-most environment. And

7:37

that is not even the 0.1%, but the

7:39

0.01% will take 95% of the revenues here,

7:41

the Mr. Beasts

7:46

of the world. What are you going

7:48

to have? You're going to need filtering mechanisms right now. Your

7:51

filtering mechanism is a published book. My

7:53

filtering mechanism right now actually is a TikTok algorithm.

7:55

I hate to admit it, but I'm getting more

7:58

and more of my information. from

8:02

TikTok, what's to be done about it? What's

8:04

a girl to do? Should there be legislation?

8:07

I don't know, that's a whole value. What

8:10

I find is that communications in these

8:12

platforms should be used as

8:14

a weapon to market your brand and

8:17

your expertise that you monetize elsewhere. I

8:20

use TikTok, I use Instagram

8:23

Reels, Instagram, I'm no

8:25

longer on X, but I use all

8:27

of these things. I do a lot on LinkedIn.

8:29

I have a very talented woman working with us

8:32

who focuses on primarily on just social media, clipping

8:34

stuff and then distributing on social media. And

8:36

it's a means of marketing and establishing

8:38

our presence, our awareness, and

8:41

our domain expertise around several issues. And

8:43

then I monetize it elsewhere, books, speaking

8:46

gigs. The podcast actually makes

8:48

a decent amount of money, actually makes really good money

8:50

once you get to a certain level. But

8:53

trying, I can't even imagine how

8:55

difficult it would be to try and make a living,

8:58

getting enough views on

9:00

these platforms, given that

9:02

the take to the house is 90

9:04

plus percent. It's near impossible.

9:06

And you'll hear stories about people making a

9:08

ton of money. But I

9:10

just think, I'm just discouraged when I

9:12

hear that in China, kids

9:15

report astronaut is the number one

9:17

most aspirational career. And

9:19

in the US, it's influencer. Just be clear, if

9:21

you wanna be an influencer, you might as well

9:23

open a nightclub or try and go

9:26

for the MBA. Your odds are as bad as good as

9:28

making a living there. It is very difficult. However, it is

9:31

a powerful tool to be

9:33

a creator and a storyteller to

9:35

establish domain expertise and awareness around

9:38

the things you are doing professionally

9:41

off platform. Anyway, thanks

9:43

for the question. And hopefully I will see

9:45

you in India soon. Question number two. Hey,

9:49

Scott, I am a 52 year

9:51

old single mom. My daughter is a high

9:53

school senior in Shewelton Boston University of the

9:55

fall. About 14 years ago, my

9:57

business partner, another single mom and I started.

10:00

a niche consulting company providing federal grant

10:02

writing administration to local governments in

10:04

Alabama. It has been

10:06

meaningful work helping rural poor communities

10:08

repair infrastructure. In 2023, we had

10:11

900,000 in gross revenue and we have three employees, including ourselves. And

10:17

this year we hope to hit a million. We both

10:20

want out of the business and are ready for

10:22

change. We love working for ourselves and the freedom,

10:24

but the stress among ours, pressure and exposure are

10:26

wearing us down as we get older. I would

10:29

also want to get out of Alabama and

10:31

build a community for my last third of

10:33

life. No explanation needed. Why? How

10:36

do we get out? Can you help us schedule a

10:38

three to five year exit strategy? I

10:40

know there are business brokers, but would they be interested

10:42

in what we do? Sometimes the

10:44

business, because it provides a high quality of

10:47

life, seems like it shackles me into a

10:49

stressed out unfulfilled life. Do

10:51

we just get jobs somewhere and take one third

10:53

salary pay cuts and give up our freedom and

10:55

our ability to travel? We have

10:58

some funds saved in the business

11:00

and 401ks, roughly about a million and

11:02

no debt. Not enough to retire,

11:04

but a bit of a cushion. I

11:06

admire you. Love your humility and self-reflection.

11:08

My daughter and I will also

11:10

be in London for a week in April. Any suggestions

11:12

on must do activities? Thank

11:15

you so much. What a

11:17

lovely question, Anonymous from Alabama. So

11:19

first off, you're

11:21

doing God's work, single mothers. They're

11:24

the secret sauce of the source of my

11:28

mom. I was raised by a single mother a lot of

11:30

my life. And what's

11:32

interesting about single mothers raising daughters

11:34

is daughters in single mother households

11:37

and single parent households. When we say single parent,

11:39

it's really single mother because 92% of single parent

11:41

households is the mom, but

11:43

they have similar outcomes. It

11:46

doesn't appear to diminish their likelihood of going

11:48

to college or increased incidence of depression or

11:50

self-harm. It's boys that really

11:52

struggle in single parent households.

11:55

Anyways, first off, congratulations. It

11:57

sounds like your daughter's tracking. That's what we all want

11:59

as parents. We all want a

12:01

kid who's a senior in high school

12:03

going to a good school. So well

12:05

done. Also you're a fucking gangster.

12:08

You're making a million bucks a

12:10

year in Alabama, consulting to local

12:12

governments, doing federal grant

12:14

writing. And you have three employees.

12:18

I mean, that's, you're getting sort

12:20

of top line revenue per employee of a

12:22

consulting firm in an urban center that would

12:24

be working for four pro. I mean, you

12:27

are doing so well. And

12:29

I have just some initial thoughts here.

12:31

First off, be clear.

12:34

Your economic vitality and stress

12:36

I have found are

12:39

correlated. When

12:41

there are periods in my life where I have

12:43

balance, really good health,

12:45

I can focus on my relationships. Those

12:47

are usually, those are usually the periods

12:50

when I'm not making any money. The

12:53

marketplace is competitive and it has this sixth

12:55

sense for who's willing to put up with

12:57

the bullshit you are putting up with. You're

12:59

essentially in a consulting business, which means managing

13:01

clients, managing people,

13:03

managing deadlines, pitching

13:06

business, getting the business done before

13:08

the business is done, pitching more business such that you

13:10

can feed your employees, managing people

13:12

who are awful. They're complex. They're

13:15

needy. They want to be paid. They want

13:17

healthcare. And then clients, Jesus Christ, don't get

13:19

me started on clients. Anyways, the

13:21

market stresses, not only the skills that you have

13:24

to bring to bear, but the stress you need

13:26

to endure and it's paying you for

13:29

Alabama. What is a lot of money? So, okay,

13:31

that doesn't help. But the realization is if you

13:33

think you're going to shoot off to

13:35

another city and have the same quality

13:37

of life with lower stress, yeah, I just

13:39

don't think that's going to happen. I

13:42

just don't think that's going to happen. So your

13:44

rounding second, if not rounding third, you've built

13:46

a nice little business. The question is how

13:49

do you turn it into enterprise value that you can

13:51

then monetize such that you can start to scale down

13:54

and maybe lower your stress

13:56

levels in Alabama or somewhere else? It

13:58

sounds like you're tracking. I'd be. very remistic of

14:00

this business up right now. It sounds like you're

14:02

doing really well. What you

14:04

could do is the following, identify someone in

14:06

the business or get someone

14:09

into the business who has the same sort

14:11

of leadership skills that you have demonstrated and

14:13

over time, you could sell

14:15

the business to and you're going to finance

14:17

their acquisition of the business. What does that

14:19

mean? You have

14:22

Susan. Susan is your most talented

14:24

employee and Bob is the second

14:26

most talented. And you say, Susan and Bob, this

14:29

business is going to be yours. And

14:31

it's going to be yours in three to five years. And what

14:33

we're going to do is I'm going to sell it to you.

14:36

Now, how am I going to sell it to you? Slowly

14:38

but surely, I need you to take over the business and

14:40

show you can run the business. And I

14:42

want you to take me from 50 hours a week

14:44

to 40 hours to 30 hours. I

14:46

want you to take me down 10 hours per

14:48

year over the next four to five years, you and your

14:51

partner. And you guys either step up and

14:53

show us the ability to do that or we bring in

14:55

new people. By the way, if the business is totally dependent

14:57

upon you, then just run it for

14:59

another few years, milk it for as much cash as possible,

15:02

and then shut it down. A better

15:04

way to do to create long-term wealth,

15:06

if you can, if you can, and this isn't easy,

15:08

is to find people to take over the business that

15:10

are likely, hopefully already in the business or bringing someone

15:12

else and train them. And then you save them,

15:14

hey, every year I'm going to

15:16

give you 20% of the business and

15:19

I'm going to finance it. You don't have to pay me a dime.

15:23

What you do have to do is pay me 10% of the

15:25

top line. And then 5% after

15:27

years, three, four, five, and six. So maybe you

15:29

get somewhere between 45 and 90 grand a year

15:33

for the next three, five, 10 years. And

15:36

hopefully you find something else that's not as

15:38

stressful that supplants or supplements that

15:40

income. So one, you have an income stream,

15:42

which is effectively selling your business, right? You

15:45

take a fee, you take some top line

15:47

revenue, they're running the business in exchange

15:49

for you handing over the reins in a thoughtful way

15:51

and they didn't have to pay you cash. They

15:54

just pay you five, 10% of

15:56

the top line each year for a predetermined

15:58

number of years and after. After that

16:00

sun sets after five or seven or 10 years,

16:02

they own the business free and clear. And that

16:05

way you're rooting for them. You're going to help

16:07

them. Are you especially good at new business? Can

16:10

you edit these proposals? What is

16:12

your superpower? And continue to

16:14

do that. Just don't do it 40 or 50

16:16

hours a week and hope that they can maintain

16:18

and or ideally grow the business and

16:20

you effectively get a low

16:23

stress income stream over the medium

16:25

term. Now, the important part. When

16:27

you come to London. So

16:31

I trust or hope your daughter is into sports. I would

16:33

take her to a Premier League game. There's just nothing like

16:35

it. I'm not in sports at all. But

16:37

going to going to a league in the prem is just

16:39

so unique. It's so

16:41

uniquely, I don't know, British. Absolutely

16:44

check out a pub. There's

16:46

just there's fantastic restaurants. There's fun stuff to do.

16:48

I wish I had stuff that was more uniquely

16:51

Britain free to do or walk around High

16:53

Street and Marlabone. Take the tube.

16:56

Go see a show. All the

16:58

all the all the kind of quote unquote British

17:01

stuff. You know, be a tourist. Have a great

17:03

time. Walk around. There's a ton of

17:05

neighborhoods to just walk around. There's a bunch of good food.

17:08

Ping me and maybe we can all grab coffee. You

17:10

sound like such a thoughtful, impressive woman. I would enjoy.

17:13

I would enjoy the chance to meet you and and

17:16

your daughter. Anyways, congratulations on

17:18

building it. What sounds like a

17:20

fantastic business and having

17:23

a really successful parent daughter

17:25

relationship and a daughter that's tracking and

17:27

have a great time in London.

17:29

The people are really nice. It's a wonderful city. Second

17:32

best city in the world. Second best city in the

17:34

world. And you're going to have a great time.

17:36

Thanks so much for the question. We

17:39

have one quick break for a final question. Stay

17:45

with us. Support for property comes

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Evolve Bank and Trust members FDIC. Welcome

20:23

back. Question number three. Hey Prof.

20:25

G, this is Morgan originally from New York but I

20:27

reside in Hong Kong which I would argue is easily

20:29

one of the best cities in the world. I'm

20:31

a huge fan, love your sense of humor, your insights

20:34

and lessons and I think you're an inspiration and a

20:36

great role model. So thank you. My

20:38

question was around what you do to

20:40

continue learning and growing and specifically whether

20:42

you're a disciplined reader. I used

20:44

to read a lot but I have a business and a

20:46

family and I exercise and I'm busy and

20:49

I find it very hard to consistently read books these

20:51

days. All told and to

20:53

be honest I rarely intentionally dedicate time

20:55

to personal and professional growth. What

20:58

about you? You find the time to

21:00

read and if not aside from writing what do

21:02

you do to keep learning and growing and coming

21:04

up with all your amazing insights. What do you

21:06

do? You're doing something right. Keep

21:08

up the great work and if you ever come to

21:10

Hong Kong and gave me the chance I'd love for

21:12

the opportunity to hang out with the dog and show

21:14

you around in style. Thanks Prof. G.

21:17

Morgan from Hong Kong, congratulations on building what sounds

21:19

like a really fun life. Every time I went

21:22

to Hong Kong I felt like I was in

21:24

this really cool Bruce

21:26

Lee or James Bond. It's just

21:28

so, I find it just such

21:30

an incredibly one of the most impressive cities in the world.

21:33

Okay, so I get asked this question a lot and I don't have a

21:35

lot of good answers. This is

21:38

where I get my source of

21:40

information from a few places. I get it from, if

21:42

I find, I used to get a lot of

21:44

great information from Twitter before it became just a

21:46

cesspool of desperation or a

21:49

sewage system on a sewage system. I

21:51

now get a lot of great information from

21:53

TikTok, from threads. I

21:56

follow a bunch of people that I find interesting and they have

21:58

a... The algorithms do a

22:00

great job of bubbling up really interesting articles. I

22:04

don't, I'm reading all day. I

22:06

read very few books. I read maybe two or three

22:09

books a year and I'm not proud of that. And

22:11

it sounds, I'm self-conscious saying

22:13

that because I think to be an educated, learned person

22:15

you probably need to read more than that. But

22:17

I'm reading all day. So I don't feel

22:20

a need. I don't know,

22:22

it's just not how I relax. What

22:24

I try and do is not, for me it's

22:26

not quantity and it's not even, well,

22:28

I guess it's quality or more than that, it's

22:30

trying to cement certain ideas. So

22:33

whenever I hear something interesting, I

22:36

immediately kind of rewind it, watch it,

22:38

read it over and try and

22:40

cement it in my wet matter. And I'll give

22:42

you an example. Last

22:45

night, when did I hear this? Oh,

22:47

I was watching congressional testimony. And

22:49

this person said when talking about

22:51

technology and its impact on society, he

22:55

said, we have paleolithic instincts, medieval

22:57

institutions and God-like technology.

23:00

And I thought that was so interesting,

23:04

the way he put that. And so what

23:06

I do is across my media sources, when

23:09

I find something that I think is

23:11

really interesting, I either write it down

23:13

or I watch it over and over,

23:15

I read it over and over until

23:17

it becomes part of my, static

23:20

memory or knowledge system. Also,

23:22

what really is the

23:25

source of my inspiration is

23:28

young people, specifically we do an

23:30

editorial call every week

23:32

here at Prof.G. And the young people,

23:35

I say the young people, I'd say just,

23:37

they're young, whatever, average. I think the,

23:39

not the average age, because me and my, the

23:41

president runs this company, bring it up dramatically, but

23:43

the median, I think it's probably 25 or 26, it's

23:46

a much over-educated, super impressive, super smart young

23:49

people. And they pitch me

23:51

and the whole team, there's about 12 or 14 of us, I

23:54

guess I should probably know how many people actually work there, on

23:57

ideas and these kids. They're

24:00

so inspiring and they'll find a twist on something

24:02

and they say something and their view on things

24:05

in there sort of my muses if you will,

24:07

is it muses or muse I? But

24:10

and that's a key thing is that

24:12

do your best to find a group

24:14

of people who you find inspiring. But

24:17

I bet if you started calling people about

24:19

questions about the market questions around or just

24:21

having people you can have conversations with around

24:23

the stuff Create a circle

24:25

of people who you think are just incredibly

24:29

Bright and blue flame thinkers that you can have dinner

24:31

with call on the phone And

24:33

work through ideas on I find that that's a

24:35

great way To really bang on

24:37

issues and discover insight sometimes on these editorial calls

24:39

We'll go for an hour hour and a half

24:41

But we don't come up with jack shit and

24:44

other times someone will say something and I'll think

24:46

that's it That's it someone was talking about on

24:48

our last editorial call that Klarna is laying off

24:50

700 people or that AI is

24:53

using chatbots in

24:55

place of 700 customer service and I just like oh my

24:57

god this AI is corporate

24:59

ozm pick and we wrote a whole thing

25:01

on it I'll say it's really powerful if

25:03

you really want to understand a domain if

25:06

you really want to understand a domain It's

25:08

not about reading about it It's about writing

25:10

about it because then it forces you to

25:12

read about it and organize your thoughts Anyways,

25:16

really appreciate the question. It's

25:18

something I'm thinking about a lot. I'm trying

25:20

to be more engaged I'm trying to get

25:22

out more. I'm as I get older. I'm

25:24

becoming more of a recluse I

25:26

can stay two three days and not leave my

25:28

house and that's bad for me I know that

25:31

but I'm sort of find myself with drawing from

25:33

the world a little bit It's a little bit

25:35

scary and I realize it's bad, but I'm just

25:37

getting so comfortable not being around people And

25:40

especially like people but you have to bounce

25:42

off of other people Such that

25:45

your ideas can have sex and come up with

25:47

better ideas So, I don't know. Let

25:49

me just end by saying if you want to learn more

25:51

if you want to have more source of information You

25:54

don't get out more and it sounds like you're

25:56

doing that anyways Morgan in Hong Kong if I'm

25:58

there I will absolutely absolutely look

26:00

you up. I love Hong

26:02

Kong. That's

26:06

all for this episode. Again, if you'd

26:08

like to submit a question, please email

26:10

a voice recording to officehours at propgmedia.com.

26:21

This episode was produced by Caroline Shagrin.

26:23

Jennifer Sanchez is our associate producer and

26:25

Drew Burrows is our technical director. Thank

26:28

you for listening to the Prop G Pod from

26:30

the Vox Media Podcast Network. We will catch you

26:32

on Saturday for No Mercy No Malice as read

26:34

by George Hahn and on Monday

26:36

with our weekly markets show.