1 00:00:04,080 --> 00:00:07,020 Sean Aylmer: Welcome to The Fear and Greed daily interview. I'm Sean Aylmer. 2 00:00:07,410 --> 00:00:11,130 Sean Aylmer: Anyone in business would likely be familiar with global media 3 00:00:11,130 --> 00:00:13,890 Sean Aylmer: brand Forbes. It's been around for more than a century 4 00:00:13,890 --> 00:00:18,509 Sean Aylmer: and engages more than 150 million people every month. And 5 00:00:18,510 --> 00:00:21,450 Sean Aylmer: now Australia is getting its own version with the launch 6 00:00:21,480 --> 00:00:24,900 Sean Aylmer: of Forbes Australia. Michael Lane is the CEO of Forbes 7 00:00:24,900 --> 00:00:27,180 Sean Aylmer: Australia, and my guest this morning, Michael, welcome to Fear 8 00:00:27,180 --> 00:00:27,690 Sean Aylmer: and Greed. 9 00:00:28,230 --> 00:00:29,640 Michael Lane: Good morning. Thanks for having me. 10 00:00:29,910 --> 00:00:33,060 Sean Aylmer: Congratulations on the launch. Why Australia? 11 00:00:34,320 --> 00:00:39,120 Michael Lane: Why not? I think Forbes is synonymous with success and 12 00:00:39,120 --> 00:00:43,349 Michael Lane: entrepreneurship and business, and we do pretty well down here 13 00:00:43,350 --> 00:00:46,500 Michael Lane: in Australia. We got some great Australian success stories and 14 00:00:46,979 --> 00:00:49,229 Michael Lane: I thought, you know what? Australia needs to be on 15 00:00:49,229 --> 00:00:52,440 Michael Lane: the global map and especially under a Forbes banner. So 16 00:00:52,440 --> 00:00:54,030 Michael Lane: we thought, let's see if we can reach out and 17 00:00:54,030 --> 00:00:56,820 Michael Lane: make it happen. And really excited to say that as 18 00:00:56,820 --> 00:01:00,180 Michael Lane: of last Monday, we are live with a very cool 19 00:01:00,180 --> 00:01:04,500 Michael Lane: magazine and a website that's sharing all about success and entrepreneurship. 20 00:01:04,560 --> 00:01:09,839 Sean Aylmer: Fantastic. So it's print and it's online and socials presumably, 21 00:01:09,840 --> 00:01:11,610 Sean Aylmer: is that your distribution means? 22 00:01:12,120 --> 00:01:15,300 Michael Lane: Yeah, that's the initial phase one. We will obviously be 23 00:01:15,840 --> 00:01:21,690 Michael Lane: focusing heavily on our platform, which is forbes. com.au. There's a 24 00:01:21,690 --> 00:01:25,709 Michael Lane: hundred plus articles there on great Australian success stories. We'll 25 00:01:25,709 --> 00:01:28,800 Michael Lane: follow that up with that, obviously that iconic magazine that 26 00:01:28,800 --> 00:01:31,740 Michael Lane: we bought out. Which is synonymous with Forbes and been 27 00:01:31,740 --> 00:01:35,340 Michael Lane: around for 105 years. And then obviously social plays a big 28 00:01:35,340 --> 00:01:37,709 Michael Lane: part of that. But then on top of that, really 29 00:01:37,709 --> 00:01:40,020 Michael Lane: excited to be able to bring these stories to life 30 00:01:40,380 --> 00:01:43,650 Michael Lane: via our event platform. So whether that's coming and listening 31 00:01:43,650 --> 00:01:47,190 Michael Lane: to the front cover or listening to that iconic billionaire 32 00:01:47,400 --> 00:01:50,610 Michael Lane: at an event. And maybe even being able to get 33 00:01:50,610 --> 00:01:53,220 Michael Lane: a photo with them, that's really important for us. So 34 00:01:53,490 --> 00:01:56,970 Michael Lane: it's all about bringing these great Australian success stories to 35 00:01:56,970 --> 00:02:00,330 Michael Lane: light and to almost normalize some of this. I think, 36 00:02:00,810 --> 00:02:03,870 Michael Lane: from me growing up as on young entrepreneur, I used 37 00:02:03,870 --> 00:02:06,840 Michael Lane: to read Forbes and I used to read these 800 words and 38 00:02:06,840 --> 00:02:09,930 Michael Lane: think these people are invincible. But then you know what? 39 00:02:09,930 --> 00:02:12,150 Michael Lane: You start to see them, you start to meet them. 40 00:02:12,480 --> 00:02:16,440 Michael Lane: And for us, we want to actually normalize success, normalize 41 00:02:16,440 --> 00:02:19,380 Michael Lane: entrepreneurship. And we know it's not always a straight line 42 00:02:19,380 --> 00:02:21,870 Michael Lane: to success. So we want to put on events, we 43 00:02:21,870 --> 00:02:25,050 Michael Lane: want to be able to, you have proximity to these 44 00:02:25,050 --> 00:02:31,560 Michael Lane: great Aussie success stories. So that multichannel, multifaceted platforms for 45 00:02:31,560 --> 00:02:34,650 Michael Lane: us is important, being print, digital and obviously live in person. 46 00:02:34,650 --> 00:02:37,950 Sean Aylmer: So with these events you'll literally, so if you've got 47 00:02:38,460 --> 00:02:41,130 Sean Aylmer: a story, the Ferguson brothers for example, I think are 48 00:02:41,400 --> 00:02:45,150 Sean Aylmer: in your first issue. They're founders of Immutable, so using 49 00:02:45,150 --> 00:02:49,079 Sean Aylmer: them as an example may not actually occur. But potentially 50 00:02:49,080 --> 00:02:52,919 Sean Aylmer: you'll have an event with the Ferguson brothers that subscribers 51 00:02:52,919 --> 00:02:55,830 Sean Aylmer: or readers can turn up to and hear straight from 52 00:02:55,830 --> 00:02:57,269 Sean Aylmer: them. That's kind of the idea. 53 00:02:57,690 --> 00:03:01,800 Michael Lane: Absolutely. So every print magazine we do will have a 54 00:03:01,860 --> 00:03:07,169 Michael Lane: culminating event that'll showcase that front cover and or people in 55 00:03:07,169 --> 00:03:11,549 Michael Lane: that magazine. So there'll be business summits, CEO summits, women's 56 00:03:11,550 --> 00:03:15,209 Michael Lane: events, whole heap of different events at varying different degrees 57 00:03:15,210 --> 00:03:19,139 Michael Lane: of, it might be a sub $ 100 ticket. Right through 58 00:03:19,139 --> 00:03:22,260 Michael Lane: to a smaller, more niche event where you actually get 59 00:03:22,260 --> 00:03:24,900 Michael Lane: to hear from them. Hear the behind the stories, the 60 00:03:24,900 --> 00:03:29,340 Michael Lane: back stories, the stories of how they actually made it. 61 00:03:29,669 --> 00:03:33,090 Michael Lane: I think that's really important is that being able to 62 00:03:33,450 --> 00:03:36,210 Michael Lane: show everybody and for people to be able to hear 63 00:03:36,210 --> 00:03:40,290 Michael Lane: that. Success isn't that silly, straight line. So hearing from 64 00:03:40,290 --> 00:03:43,290 Michael Lane: the talent directly at a live event we think will 65 00:03:43,290 --> 00:03:45,810 Michael Lane: be inspiring for the next generation of entrepreneurs. 66 00:03:46,050 --> 00:03:48,450 Sean Aylmer: Yeah, I must say the more I went through journalism, 67 00:03:48,450 --> 00:03:51,270 Sean Aylmer: the more CEOs you interviewed and the more great entrepreneurs 68 00:03:51,270 --> 00:03:53,760 Sean Aylmer: you interviewed, the more ordinary they became. And I don't 69 00:03:53,760 --> 00:03:57,360 Sean Aylmer: mean that in any negative sense whatsoever. They're just ordinary 70 00:03:57,360 --> 00:04:00,120 Sean Aylmer: people who have done quite extraordinary things, I reckon 71 00:04:00,510 --> 00:04:03,930 Michael Lane: Absolutely. In the first edition, we've got several of those 72 00:04:03,930 --> 00:04:07,110 Michael Lane: that we've documented. And when you show up for these 73 00:04:07,110 --> 00:04:09,060 Michael Lane: photo shoots or you show up to listen to them 74 00:04:09,060 --> 00:04:11,820 Michael Lane: in the interview, they're just normal people. They're just doing 75 00:04:11,850 --> 00:04:14,970 Michael Lane: extraordinary things. So we want to be able to let 76 00:04:14,970 --> 00:04:18,450 Michael Lane: every Aussie know that if they are destined for a 77 00:04:18,450 --> 00:04:20,940 Michael Lane: success. They've got a business plan, a dream, a goal, 78 00:04:21,270 --> 00:04:23,850 Michael Lane: then if they stay at it and maybe turn up 79 00:04:23,850 --> 00:04:26,190 Michael Lane: and listen to some of the success stories. And some 80 00:04:26,190 --> 00:04:28,740 Michael Lane: of the failures, that they might learn something along the 81 00:04:28,740 --> 00:04:30,570 Michael Lane: way and be able to go out there and have 82 00:04:30,570 --> 00:04:31,560 Michael Lane: a crack themselves. 83 00:04:31,860 --> 00:04:35,609 Sean Aylmer: So why print? Very courageous, Michael, very courageous, dare I say. 84 00:04:35,910 --> 00:04:38,880 Michael Lane: Yeah, look, everybody has said to us, you're mad doing 85 00:04:38,880 --> 00:04:41,670 Michael Lane: a print version. It was always a part of the 86 00:04:41,670 --> 00:04:44,370 Michael Lane: plan for us. When you think of Forbes, you think 87 00:04:44,370 --> 00:04:47,700 Michael Lane: of that magazine at the airport. In the news agency 88 00:04:47,700 --> 00:04:50,520 Michael Lane: and it's something that you pick up and read and 89 00:04:50,520 --> 00:04:52,680 Michael Lane: get a bit of inspiration from. We wanted that a 90 00:04:52,680 --> 00:04:57,750 Michael Lane: part of our matrix. So a really nice, good quality, 91 00:04:57,750 --> 00:05:01,200 Michael Lane: thick magazine with some amazing stories was always in our 92 00:05:01,200 --> 00:05:03,960 Michael Lane: plans. Now to be honest, we're doing six a year. 93 00:05:04,350 --> 00:05:06,900 Michael Lane: We're not courageous enough to do 12 a year. But 94 00:05:07,050 --> 00:05:10,140 Michael Lane: we think a hundred pages in a really nice quality 95 00:05:10,140 --> 00:05:12,359 Michael Lane: book is going to be something that people can pick 96 00:05:12,360 --> 00:05:18,630 Michael Lane: up, read, understand what's happening in these people's lives. And want them to where they want to be. And 97 00:05:18,630 --> 00:05:20,700 Michael Lane: to be able to learn from it. So the print 98 00:05:20,700 --> 00:05:22,380 Michael Lane: was always going to be a part of our plans. 99 00:05:22,770 --> 00:05:24,720 Sean Aylmer: Stay with me, Michael, we'll be back in a minute. 100 00:05:31,440 --> 00:05:36,060 Sean Aylmer: I'm speaking to Michael Lane, CEO of Forbes Australia. Okay, 101 00:05:36,060 --> 00:05:38,460 Sean Aylmer: so the big question, how do you make money? You 102 00:05:38,460 --> 00:05:43,140 Sean Aylmer: are in media land, is incredibly competitive and you're going 103 00:05:43,140 --> 00:05:46,919 Sean Aylmer: into a space which is reasonably well serviced. Certainly in 104 00:05:46,920 --> 00:05:49,440 Sean Aylmer: print and digital. How do you make money? 105 00:05:49,950 --> 00:05:53,700 Michael Lane: Yeah, it's a great question. Even discussing this with Forbes. 106 00:05:53,940 --> 00:05:57,660 Michael Lane: Forbes traditionally in the business of selling magazines and selling 107 00:05:57,660 --> 00:06:00,960 Michael Lane: advertising. Our business models are a little bit different. I think this 108 00:06:00,960 --> 00:06:04,470 Michael Lane: is why Forbes loved our approach is that we're not 109 00:06:04,470 --> 00:06:08,010 Michael Lane: a B2B business. We're a B2C business. We feel that 110 00:06:08,010 --> 00:06:11,190 Michael Lane: if we can build community, put out amazing content that 111 00:06:11,190 --> 00:06:14,070 Michael Lane: gets people engaged, that they'll want to come back, they'll 112 00:06:14,070 --> 00:06:16,830 Michael Lane: want to read the magazine. They'll want to visit forbes. com. 113 00:06:17,640 --> 00:06:19,620 Michael Lane: au and ultimately want to turn up to an event 114 00:06:19,650 --> 00:06:22,500 Michael Lane: every now and then to learn. So we are building 115 00:06:22,500 --> 00:06:26,339 Michael Lane: a really solid membership that gives people access to all 116 00:06:26,339 --> 00:06:31,050 Michael Lane: three of those versions. Having constant education, constant success stories 117 00:06:31,050 --> 00:06:33,779 Michael Lane: at their fingertips is something that we think will get 118 00:06:33,779 --> 00:06:37,050 Michael Lane: a community that'll continue to grow. And I think the 119 00:06:37,440 --> 00:06:41,339 Michael Lane: advertisers will come after that. We are not leading with an advertisers 120 00:06:41,339 --> 00:06:43,620 Michael Lane: model. We know the advertiser there and we've got some 121 00:06:43,620 --> 00:06:47,670 Michael Lane: great advertising partners, but for us, if we can build 122 00:06:48,240 --> 00:06:50,910 Michael Lane: hundreds of thousands of people who want to be engaged 123 00:06:50,910 --> 00:06:54,029 Michael Lane: in success. And they can come for a very small 124 00:06:54,029 --> 00:06:57,210 Michael Lane: reasonable price every single month. And be able to access 125 00:06:57,210 --> 00:07:00,120 Michael Lane: that, we think that's going to be a long business 126 00:07:00,120 --> 00:07:00,541 Michael Lane: model for us. 127 00:07:00,541 --> 00:07:03,659 Sean Aylmer: So it's a subscription model, is that right? 128 00:07:03,779 --> 00:07:07,560 Michael Lane: It is. And subscription gets a funny, it's a funny 129 00:07:07,560 --> 00:07:10,710 Michael Lane: word these days. We love community, we love membership model. 130 00:07:11,640 --> 00:07:13,920 Michael Lane: For 25 bucks a month, you can come along and 131 00:07:14,220 --> 00:07:16,710 Michael Lane: access a lot of our stuff. Be engaged in what 132 00:07:16,710 --> 00:07:19,620 Michael Lane: we are doing and be able to access success. So 133 00:07:19,620 --> 00:07:22,920 Michael Lane: we feel if we build a membership community, a membership 134 00:07:22,920 --> 00:07:24,900 Michael Lane: model, the rest will take care of itself. 135 00:07:25,410 --> 00:07:27,929 Sean Aylmer: And you've got some good people working on, there are 136 00:07:27,930 --> 00:07:29,550 Sean Aylmer: a bunch of names working on it who I have 137 00:07:29,550 --> 00:07:32,760 Sean Aylmer: worked with at Fairfax over different times. But you have 138 00:07:32,760 --> 00:07:33,630 Sean Aylmer: attracted good people. 139 00:07:34,020 --> 00:07:36,390 Michael Lane: We have, and this was important, and for the listeners 140 00:07:36,390 --> 00:07:39,900 Michael Lane: to know, you got one shot at listing or launching 141 00:07:39,900 --> 00:07:42,510 Michael Lane: something like Forbes in the marketplace. It took me 12 142 00:07:42,510 --> 00:07:45,270 Michael Lane: months to launch. Now, just so we are clear on 143 00:07:45,270 --> 00:07:47,850 Michael Lane: that, I signed the agreement in August last year and 144 00:07:47,850 --> 00:07:51,540 Michael Lane: we've just launched this in September. It was really important 145 00:07:51,540 --> 00:07:54,060 Michael Lane: with no media background for myself to go out there 146 00:07:54,060 --> 00:07:57,180 Michael Lane: and find some amazing talent. And that just takes time. 147 00:07:57,300 --> 00:08:00,900 Michael Lane: It takes time, resources to find who's going to help 148 00:08:00,900 --> 00:08:04,260 Michael Lane: us launch this, who's got decades of experience. And we've 149 00:08:04,380 --> 00:08:06,810 Michael Lane: really been grateful on those who have of taken the 150 00:08:06,810 --> 00:08:09,840 Michael Lane: leap from some really big mask heads to go, " You 151 00:08:09,840 --> 00:08:12,390 Michael Lane: know what? We think this would be a great opportunity 152 00:08:12,390 --> 00:08:14,970 Michael Lane: for us to jump into the Forbes family, have a 153 00:08:14,970 --> 00:08:17,400 Michael Lane: look at it and build it." And I couldn't be more 154 00:08:17,400 --> 00:08:18,990 Michael Lane: excited with the team we've put on the park. 155 00:08:19,410 --> 00:08:22,110 Sean Aylmer: Fantastic. Now Forbes of course, is known for its billionaires 156 00:08:22,110 --> 00:08:24,510 Sean Aylmer: index. Is there going to be a local version? 157 00:08:24,990 --> 00:08:27,900 Michael Lane: There will be, yes. Early next year we will have 158 00:08:27,960 --> 00:08:31,920 Michael Lane: the iconic billionaires list come out. Lists are synonymous with 159 00:08:31,920 --> 00:08:34,559 Michael Lane: Forbes. And for us, we're going to continue that. The 160 00:08:34,559 --> 00:08:37,620 Michael Lane: very first edition that came out last week had the 161 00:08:37,620 --> 00:08:40,710 Michael Lane: top 15 companies who raised the most amount of money 162 00:08:40,710 --> 00:08:43,860 Michael Lane: last year. They actually raised 11 billion dollars and we 163 00:08:43,860 --> 00:08:48,120 Michael Lane: document that. So list synonymous, whether it's billionaires. But it's 164 00:08:48,120 --> 00:08:53,160 Michael Lane: also who's making a difference, who's out there maybe impacting 165 00:08:53,160 --> 00:08:55,890 Michael Lane: Australia in different ways. They're the type of list that maybe 166 00:08:55,890 --> 00:08:58,770 Michael Lane: Forbes hasn't done, which we want to bring to market. 167 00:08:58,770 --> 00:09:02,429 Michael Lane: So definitely a lot more lists coming per issue, but 168 00:09:02,429 --> 00:09:04,950 Michael Lane: also some major ones coming in 2023. 169 00:09:05,520 --> 00:09:07,830 Sean Aylmer: Am I right in saying, and this is just listening 170 00:09:07,830 --> 00:09:11,760 Sean Aylmer: to you, Michael, Michael Lane, CEO of Forbes, Australia. The 171 00:09:11,760 --> 00:09:16,829 Sean Aylmer: journalism will be positive. And I don't say that with 172 00:09:16,920 --> 00:09:19,170 Sean Aylmer: particularly any value judgment in it. You want to tell 173 00:09:19,170 --> 00:09:21,870 Sean Aylmer: good stories there. You want to tell entrepreneurial stories, small business 174 00:09:21,870 --> 00:09:24,750 Sean Aylmer: stories, that type of thing. You're not necessarily out there 175 00:09:24,750 --> 00:09:27,600 Sean Aylmer: to spend months skewering someone. 176 00:09:27,870 --> 00:09:32,429 Michael Lane: No, absolutely. Our whole ethos is positivity. We want to 177 00:09:32,429 --> 00:09:35,700 Michael Lane: shine some light on great iconic Aussies who not only 178 00:09:35,700 --> 00:09:39,540 Michael Lane: maybe got a share price that's continuing to raise the 179 00:09:39,540 --> 00:09:42,600 Michael Lane: trajectory of, but who's making an impact? What are they 180 00:09:42,600 --> 00:09:45,870 Michael Lane: doing? There's some great stories coming through in the next 181 00:09:45,870 --> 00:09:48,569 Michael Lane: issue of people, people have never heard of. But they're 182 00:09:48,660 --> 00:09:52,290 Michael Lane: making an impact. So one thing was interesting to me 183 00:09:52,350 --> 00:09:55,320 Michael Lane: when I announced this, I had a number of friends 184 00:09:55,320 --> 00:09:59,190 Michael Lane: who are tracked by the media who came out and said, " 185 00:09:59,190 --> 00:10:00,870 Michael Lane: Michael, I can't wait to have a friend in the 186 00:10:00,870 --> 00:10:07,740 Michael Lane: media," because Forbes is going to be about positivity, encouragement, aspirational, 187 00:10:07,740 --> 00:10:09,809 Michael Lane: motivational. It's going to be something that's going to be 188 00:10:09,809 --> 00:10:11,970 Michael Lane: inspiring and that's our ethos. 189 00:10:12,660 --> 00:10:15,689 Sean Aylmer: Any podcast, Michael? And this is a bit of a 190 00:10:15,690 --> 00:10:17,160 Sean Aylmer: tricky question for me to ask. 191 00:10:17,760 --> 00:10:22,410 Michael Lane: Look, there definitely will be and what that looks like, 192 00:10:22,410 --> 00:10:25,739 Michael Lane: I'm unsure yet. But it'd be difficult to knock off 193 00:10:25,740 --> 00:10:28,002 Michael Lane: Fear and Greed and what you guys (inaudible) . 194 00:10:28,260 --> 00:10:30,150 Sean Aylmer: Very generous of you, very generous of you. 195 00:10:30,300 --> 00:10:34,470 Michael Lane: But humbly, we will release some iconic stories via the podcast 196 00:10:35,040 --> 00:10:38,880 Michael Lane: mechanism in 2023. And we'll have to wait and see how 197 00:10:38,880 --> 00:10:39,569 Michael Lane: that plays out. 198 00:10:40,020 --> 00:10:43,410 Sean Aylmer: Well, good luck with it. I think the more great 199 00:10:43,440 --> 00:10:46,739 Sean Aylmer: journalism in Australia the better, and particularly business journalism, that's 200 00:10:46,740 --> 00:10:50,460 Sean Aylmer: my genre. And Forbes has a great history of great 201 00:10:50,460 --> 00:10:52,440 Sean Aylmer: business journalism, so good luck with it. 202 00:10:52,770 --> 00:10:54,179 Michael Lane: Thank you very much. I appreciate it. 203 00:10:54,690 --> 00:10:58,200 Sean Aylmer: That was Michael Lane, CEO of Forbes Australia. This is the Fear 204 00:10:58,200 --> 00:11:00,359 Sean Aylmer: and Greed daily interview. Join us every morning for the 205 00:11:00,360 --> 00:11:03,300 Sean Aylmer: full episode of Fear and Greed, Australia's most popular business 206 00:11:03,300 --> 00:11:05,790 Sean Aylmer: podcast. I'm Shawn Aylmer. Enjoy your day.