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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: A lot of people think podcasts about work are boring,

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Speaker 1: and sure they definitely can be, but understanding of professionals

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Speaker 1: routine shows us how they achieve their success little by little,

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Speaker 1: day after day. It's like banking with P and C Bank.

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Speaker 1: It might seem boring to save, plan and make calculated

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Speaker 1: decisions with your bank, but keeping your money boring is

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Speaker 1: what helps you live a more happily fulfilled life. P

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Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

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Speaker 1: Boring since eighteen sixty five is a service mark of

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Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

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Speaker 1: National Association Member FDIC.

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Speaker 2: Let's talk about Netflix. Let's get into this conversation. So

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Speaker 2: Netflix shaking up the industry. They just signed Ihearts, some

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Speaker 2: of the iHeart podcasts.

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Speaker 3: Yes, Breakfast Club joined Jada like nineteen shows.

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Speaker 2: So I spoke to Charlamagne yesterday actually about this, Yeah,

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Speaker 2: and he had an interested in take on it.

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Speaker 3: What was his take?

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Speaker 4: His take was that it's beneficial.

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Speaker 2: You don't really know exactly how it's going to play out,

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Speaker 2: but it's beneficial from the standpoint that YouTube has been

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Speaker 2: taking advantage of creators for a long time and that

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Speaker 2: there's no alternative to YouTube. Netflix obviously a higher level

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Speaker 2: of production. So it's is it Traditionally Netflix showed like

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Speaker 2: you have to even if you're filming a documentary on Netflix,

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Speaker 2: to my understanding, it has to be done with a

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Speaker 2: certain level of camera. They're not going to even four K.

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Speaker 2: So YouTube, you could do anything. You can put anything on.

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Speaker 3: YouTube, yes, but but okay, so keep going.

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Speaker 2: So so he was just saying that he felt that,

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Speaker 2: like you said, it wasn't one hundred percent show of

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Speaker 2: like the total outcome, but he just feels like, Okay,

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Speaker 2: you know, Netflix is a it's a situation that could

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Speaker 2: potentially shake up the industry.

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Speaker 3: And add I agree with add.

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Speaker 2: More options better than having like a monopoly in a

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Speaker 2: sense as far as just YouTube control and all of

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Speaker 2: the content. And then I look at it from a

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Speaker 2: standpoint of like, obviously that's going to come with a

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Speaker 2: certain level of guarantees as far as money.

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Speaker 4: Going back to this situation, it also.

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Speaker 2: Some creators might be a little scared and nervous because

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Speaker 2: it's like me personally, I'm gonna be watching a lot

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Speaker 2: less breakfast club content, not because I don't like the

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Speaker 2: breakfast club but I'm not on Netflix that like I'm

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Speaker 2: on YouTube all day on my phone.

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Speaker 4: Right, Netflix is something I.

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Speaker 2: Have to actually take time, sit down on my couch

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Speaker 2: eleven o'clock at night, like the television, and I make

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Speaker 2: a conscious decision. I've never really watched Netflix on my

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Speaker 2: phone other if I download a documentary on a plane. Right,

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Speaker 2: But if I'm watching just a random interview, I'm in

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Speaker 2: the spur of the moment.

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Speaker 4: I just want to listen to it on my car.

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Speaker 5: You want to hit YouTube, get in, get out.

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Speaker 2: But Netflix also, I mean, you know, they have shows

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Speaker 2: that have billion Diddy documentary I was like billions of

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Speaker 2: streams already in a couple of weeks. So they've pushed

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Speaker 2: it to their audience too, so they things can go

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Speaker 2: viral on Netflix as well.

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Speaker 3: Things do.

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Speaker 2: Okay, Netflix coming into podcast industry you talked about it

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Speaker 2: is kind of reminiscent of something that happened a couple

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Speaker 2: of years ago.

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Speaker 4: So let's have this conversation.

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Speaker 5: Sure, I think Netflix and YouTube were at war. Podcasting

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Speaker 5: changed the habits of listenership and viewership. Netflix and YouTube

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Speaker 5: we are at war with cable television viewers and podcast

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Speaker 5: listenership across all DSPs. Vodcasts, which are the video side

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Speaker 5: of the podcasts, are becoming so relevant and so imperative

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Speaker 5: to premium platforms that without it, all you have are

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Speaker 5: ten to twelve episode programmatic shows like Ozark, and those

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Speaker 5: take six months two years to make, and then after

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Speaker 5: three days of being out, what are people watching? What

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Speaker 5: they've realized is what we've been saying for a long time.

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Speaker 5: We're putting out two episodes a week, three hours each.

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Speaker 5: We're giving this is just publicly, so the Joe Budden

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Speaker 5: podcast gives you six hours of free public and then

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Speaker 5: another six to eight hours paywalled, so we're talking about

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Speaker 5: between twelve and twenty hours a week.

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Speaker 3: We own the market share.

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Speaker 5: Netflix looks now and goes what Spotify did back in

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Speaker 5: twenty eighteen. Holy shit, we're paying the labels all this

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Speaker 5: money for the music licenses we have. But what if

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Speaker 5: we enter the podcast market space and don't have to

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Speaker 5: pay the labels their share because we're doing original audio

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Speaker 5: with podcasts.

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Speaker 4: That means.

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Speaker 5: We don't have to pay the labels. We can collect

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Speaker 5: profits every quarter, which means our stockholders will invest more

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Speaker 5: money because they'll get a bigger differ.

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Speaker 3: Then I think.

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Speaker 5: The war is starting not only between YouTube and and Netflix,

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Speaker 5: but it's YouTube and Netflix trying to figure out how

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Speaker 5: to take over the most listened to and watch content

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Speaker 5: in the world, which is podcasting. This goes back to

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Speaker 5: my vision for what my daughter is going to do

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Speaker 5: for her first job. They're betting ten years down the

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Speaker 5: line right now. They don't give a fuck what show.

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Speaker 5: This is Netflix. They don't care what works and what doesn't.

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Speaker 5: That's why they're not negotiating with individual shows right now.

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Speaker 4: Now.

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Speaker 5: I don't know what your conversation with Charloe Man was,

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Speaker 5: but he didn't negotiate that deal with Netflix, right.

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Speaker 4: iHeart, it was I Heart.

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Speaker 6: It was saying iHeart the beneficiary. It was the sweet

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Speaker 6: of iHeart podcast keyword, it's a sweet. iHeart was approached

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Speaker 6: by Netflix. And now I'm I'm speculating.

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Speaker 5: I don't really know if this is how it works,

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Speaker 5: but I'm using my better judgment. iHeart was approached by Netflix.

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Speaker 5: Netflix came up with a really beneficial situation for iHeart

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Speaker 5: to take their vodcasts and put them on a platform

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Speaker 5: like Netflix, not one at a time, a suite of them,

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Speaker 5: and we just saw this recently happen with a competitor, Spotify,

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Speaker 5: Bill Simmons and The Ringer. They announced fourteen of I'm

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Speaker 5: paraphrasing fourteen of his shows. We're going to be the

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Speaker 5: first offerings from Spotify to Netflix for their partnership with Netflix.

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Speaker 5: And my first thought was, didn't they buy The Ringer

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Speaker 5: from Bill Simmons? So that means Bill Simmons didn't negotiate

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Speaker 5: with Netflix. I'm sure he's pretty angry right now. I'm

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Speaker 5: sure Spotify gets all the upside of the Netflix deal.

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Speaker 5: I'm sure iHeart gets all the upside of the iHeart

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Speaker 5: situation with all their shows and so what they're doing.

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Speaker 2: But iHeart doesn't own We talked about this downstairs. Breakfast

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Speaker 2: club is different because that's the iHeart entity. The individual

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Speaker 2: shows I don't notice for certain, but I know it.

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Speaker 3: What shows are you referencing?

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Speaker 5: Just give me a couple, Joe and Jada, they own

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Speaker 5: their own show.

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Speaker 3: They don't, I'm asking. Yeah, So it's it's interesting.

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Speaker 1: Well, you know, I don't know, only because I was

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Speaker 1: on the phone with iHeart yesterday. I was literally tell me,

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Speaker 1: I'm because I'm just expect for so a lot of

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Speaker 1: what's changed is that what you're talking about is a one

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Speaker 1: hundred percent correct. When podcasting started, it was just the

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Speaker 1: audio experience, and then a lot of shows we had

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Speaker 1: we started with it became a video experience. In the

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Speaker 1: original contracts, there is nothing for the video, right, those

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Speaker 1: are old, old school contracts. So now they've actually started

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Speaker 1: putting language language. This guy's good YouTube rights inside of

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Speaker 1: the lange which of their contract or video rights or

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Speaker 1: video rights. So now if you signed a deal.

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Speaker 5: Like if I'm Joe and Jada in twenty twenty four,

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Speaker 5: i start my podcast, do you think I don't.

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Speaker 3: Know who they have a deal with, but they have it, right,

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Speaker 3: I don't know. Yeah, let's just say they have a

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Speaker 3: deal with some network.

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Speaker 5: Do you think that their deal didn't include video rights

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Speaker 5: in twenty twenty four?

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Speaker 1: And I'm sure it did, because the language has changed,

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Speaker 1: even in negotiating contracts, and even with us, like in

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Speaker 1: our contracts, it was like, what's the matter, No, it's.

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Speaker 3: Real, these are real conversations.

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Speaker 1: It was like, look, not something that we're interested in, right,

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Speaker 1: because we built this independently, right of course, and so

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Speaker 1: most people don't have a video component of their pocket

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Speaker 1: today's they do labels know that, labels.

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Speaker 3: Being the powers of the corporations.

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Speaker 1: And so now it's in the contract, yes, right, so

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Speaker 1: they'll throw a little bit more money in it.

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Speaker 2: And when you say stand it, oh, let's not just yeah,

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Speaker 2: because we can't do that.

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Speaker 3: What's the matter You afraid of offending somebody? What can't

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Speaker 3: we do? What is going on here?

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Speaker 1: Anyone's contract saying that iHeart and the Spotify's of the

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Speaker 1: world offering.

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Speaker 2: Now I'm saying for us, we've never given up any

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Speaker 2: level of a video at all. So I just said,

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Speaker 2: but I know that there's other people eighty five South

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Speaker 2: they never gave up their video.

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Speaker 1: But so now think about when did they start. They

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Speaker 1: started along a long time exactly. I'm talking about the

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Speaker 1: new work.

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Speaker 2: Content people that's coming into the game right now in

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Speaker 2: the past three or four that they're signing deals off

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Speaker 2: the rip.

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Speaker 3: Yes, yes, that's giving up No.

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Speaker 5: No, no, stop, don't ask the questions. So now we're

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Speaker 5: now we're gonna now we're gonna sound crazy. You're not

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Speaker 5: gonna do this with me. Yes, they are giving up

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Speaker 5: their video rights.

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Speaker 4: Off the off the risk.

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Speaker 3: Yes, they don't have any yet. No, because they want

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Speaker 3: a bigger check.

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Speaker 1: That's that part too, And they haven't even experienced what

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Speaker 1: it is to be.

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Speaker 2: But they know that they're gonna. It's not like YouTube

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Speaker 2: is a secret at this point. They know that video

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Speaker 2: is a major part. Probably more people might even watch

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Speaker 2: the video than they listen to the audio.

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Speaker 3: That is a fact. Well who knows it better?

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Speaker 1: They know, like you said, they're looking at it's the

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Speaker 1: same thing that you said earlier. If they offer you

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Speaker 1: one point two and master Pizzo is just thirty years ago,

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Speaker 1: if they offered me one, I must be worth a hundred.

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Speaker 3: There you go.

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Speaker 1: They know if they offer you two million or ten

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Speaker 1: million for your video rights and your audio rights, they

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Speaker 1: know they're gonna make thirty off of it, right.

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Speaker 5: Because no one's investing to get their money back.

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Speaker 3: Right, They're investing to make the profit. There's a margin, earners.

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Speaker 4: What's up?

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Speaker 1: You ever walk into a small business and everything just

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Speaker 1: works like the checkout is fast, or seats are digital,

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Speaker 1: tipping is a breeze and you're out the door before

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Speaker 1: the line even builds. Odds are they're using Square? We

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Speaker 1: love supporting businesses that run on Square because it just

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Speaker 1: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 1: at a pop up market, or even one of.

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Speaker 4: Our merch partners.

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Speaker 1: Square makes it easy for them to take payments, manage inventory,

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Speaker 1: and run their business with confidence, all from one simple system.

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Speaker 1: One of the things we love most is seeing neighborhood

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Speaker 1: businesses level up. Dis is West Indian spot right in

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Speaker 1: our community that started with a small takeout counter. Now

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Speaker 1: with Square they've been able to expand into a full

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Speaker 1: sit down restaurant and even started catering events across the city.

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Speaker 1: That's the kind of growth that inspires us, and it's

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Speaker 1: powered by Square. Square is built for all types of businesses,

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Speaker 1: from the corner bagel shop that turn into a local chain,

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Speaker 1: to the specialty market with thousands of unique items, to

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Speaker 1: the stylists who's been holding you down for years. If

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Speaker 1: you're a business owner or even just thinking about launching

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Speaker 1: something soon, Square is hands down one of the best

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Speaker 1: tools out there to help you start, run and grow.

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Speaker 1: It's not just about payments, it's about giving you time

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Speaker 1: back so you can focus on what matters most ready.

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Speaker 1: To see how Square can transform your business, visit Square

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Speaker 1: dot com, Backslash Go, Backslash, eyl to learn more that

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Speaker 1: Square dot com backslash, go, backslash EYL, don't wait, don't hesitate.

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Speaker 1: Let Square handle the back end so you can keep

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Speaker 1: pushing your vision forward