Next steps for Media / Entertainment Start-up
Random thoughts in no order-
- Have you put together a deck for investors that outline your desired growth goals, amount you are seeking to grow and how it will be used, current metrics on growth and retention, listening minutes, etc. everything an investor would be interested in
- cold outreach to acquire talent
- Acquiring a bigger talent to your platform (ex: Spotify is building out their podcast platform by acquiring larger podcasters, like Joe Rogan) Fans follow talent, what can your platform offer?
- visualize your product roadmap with key dates or timelines
- monetization roadmap
- while it is 2 years later and a lot can happen in 2 years, what did Pineapple Media do to get acquired? How were they positioned at the time of acquisition? Can you reach out to their founders to ask questions, seek guidance?
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Hi all,
I’m one of three co-founders a media company start-up. It’s easy to call us a podcast network at the moment because that’s what the majority of our content is, however, we come from the web series world and have already expanded into short form video content.
I understand media companies take a significant amount of capital and that’s why we’ve started with podcasting - low cost and low barrier to entry. We’ve gained some traction on our shows and are just working on consistency, targeting sponsors, and growing our audience.
We see a lot of opportunity in the space, especially with the recent exclusivity and partnership deals happening. I think it’s easy to say we want to be the next Ringer or something similar. In doing research, I found a more comparable target and that’s Pineapple Street Media - less boisterous and flashy than say the Ringer but consistent, quality content and who got acquired by Entercom a couple years ago.
And so this is where we are right now and what I would love some insight on - How do we continue to grow? I’d love to bring on Digital Producer, someone who could help manage the content in a consistent message and grow our audience; and we believe we need a Business Development head, someone who can help drive additional (and bigger sponsorship partnership) and someone who knows the digital advertising world a bit better. The problem is, revenue is limited at the moment, and so we wouldn’t have much to offer from a salary perspective.
Ideally, we’d like to connect with investors. We believe we have a good business proposition and need the resources to continue to see it through.
So, I’m asking the community for any advice - how can we push this through? How can we attract some new talent and what we can offer? And what do we do next?
Thanks
Random thoughts in no order-
- Have you put together a deck for investors that outline your desired growth goals, amount you are seeking to grow and how it will be used, current metrics on growth and retention, listening minutes, etc. everything an investor would be interested in
- cold outreach to acquire talent
- Acquiring a bigger talent to your platform (ex: Spotify is building out their podcast platform by acquiring larger podcasters, like Joe Rogan) Fans follow talent, what can your platform offer?
- visualize your product roadmap with key dates or timelines
- monetization roadmap
- while it is 2 years later and a lot can happen in 2 years, what did Pineapple Media do to get acquired? How were they positioned at the time of acquisition? Can you reach out to their founders to ask questions, seek guidance?
" The problem is, revenue is limited at the moment, "
This should be your primary focus.
Without a solid financial base you need to be very careful about growth, expanding product offerings, investment and especially hiring.
Focus on optimizing and increasing revenue...utilizing your current business product/staff and current customers/markets. Repurpose as much content as possible.
And remember, revenue is not profit. Make sure you are profitable.
Once your business has a solid financial profile, everything else you discussed gets much easier and you are in control.