WEBVTT - How Far Funny Or Die Has Come From Its Viral-Video Days 0:00:06.320 --> 0:00:10.080 Welcome to another edition of Strictly Business. I'm Andrew Wallenstein, 0:00:10.200 --> 0:00:13.960 co editor in chief of Variety. Over the past eleven years, 0:00:14.000 --> 0:00:17.079 Funnier Die has built a brand on cutting edge comedy, 0:00:17.480 --> 0:00:19.720 but the way the company has evolved since the days 0:00:19.760 --> 0:00:23.279 of Will Farrell's viral videos has taken it a long way. 0:00:23.640 --> 0:00:26.360 It's CEO Mike Farrah is here to talk about where 0:00:26.360 --> 0:00:28.040 the company has been since he took the job in 0:00:28.080 --> 0:00:33.440 twenty sixteen and where he's going next. Thanks for coming in, Mike, 0:00:33.640 --> 0:00:35.720 Thanks so much for having me. Now, you've been CEO 0:00:35.760 --> 0:00:37.879 over the past few years, but you've been at the 0:00:37.880 --> 0:00:41.240 company for how long? Total ten years? So I was 0:00:41.320 --> 0:00:44.319 hired as the first producer in the summer of two 0:00:44.360 --> 0:00:47.600 thousand eight, and I would imagine you have seen this 0:00:47.680 --> 0:00:50.440 company go through a lot of changes over that time. 0:00:52.120 --> 0:00:57.240 I have. You know, It's cool because I think, you know, intrinsically, 0:00:57.480 --> 0:00:59.960 in our DNA, we're still the same company. In turn, 0:01:00.120 --> 0:01:03.400 is of just wanting to say yes, moving really quick, 0:01:03.520 --> 0:01:06.880 wanting to work with great talent and do different things 0:01:06.920 --> 0:01:09.000 that are you know, I think, a little bit left 0:01:09.000 --> 0:01:14.440 of center, but still pretty accessible. Um. But yeah, obviously 0:01:14.480 --> 0:01:17.399 the world of media has changed, that the digital world 0:01:17.440 --> 0:01:20.840 has changed. And I think it's a testament to our 0:01:21.000 --> 0:01:23.800 team and and everyone that has really bought in that 0:01:23.800 --> 0:01:26.640 we've been able to evolve so successfully. And I think 0:01:26.640 --> 0:01:28.440 that illusion is still going on. You know, we were 0:01:28.480 --> 0:01:32.240 just talking me like, you cannot stay static in any capacity, 0:01:32.319 --> 0:01:34.760 and I think you know the challenge that we always 0:01:34.800 --> 0:01:38.679 try and embraces. How do you continue to evolve but 0:01:38.840 --> 0:01:41.560 keep your priorities and discipline in place so that you 0:01:41.600 --> 0:01:45.360 can really capitalize on on what you're good at and 0:01:45.440 --> 0:01:48.040 that team that's working with you. As I mentioned off 0:01:48.080 --> 0:01:51.240 the top, Will Ferrell, he is one of the co founders. 0:01:51.240 --> 0:01:54.040 You've got some other famous names in there. How active 0:01:54.320 --> 0:01:56.960 are these people in your day to day as you 0:01:57.040 --> 0:02:00.680 manage to their credit their very act I actually have 0:02:00.760 --> 0:02:03.880 to leave here to go have a meeting with Will. 0:02:04.000 --> 0:02:07.040 We are we did a big Rose Parade, especially as 0:02:07.080 --> 0:02:10.280 this character Cord Hosenbeck, and so we did the Rose 0:02:10.280 --> 0:02:13.400 Parade with Amazon, and we did the Royal Wedding with HBO. 0:02:13.560 --> 0:02:16.400 And so we are having lunch this afternoon to move 0:02:16.480 --> 0:02:18.480 with with other folks who are working on it, to 0:02:18.639 --> 0:02:23.160 talk through Rose Parade. Uh, so you know all those 0:02:23.200 --> 0:02:25.240 guys you know, they have a you know, they have 0:02:25.280 --> 0:02:27.320 a lot going on. We all have a lot going on, 0:02:27.440 --> 0:02:29.680 but they are always so willing to help out and 0:02:29.760 --> 0:02:32.720 have good ideas, and I keep them posted. But you know, 0:02:32.760 --> 0:02:35.680 they'll come to board meetings, We'll have calls and and 0:02:35.919 --> 0:02:38.360 I think they're just so excited about what's going on 0:02:38.440 --> 0:02:42.880 and the direction that we're going. But they're also patient 0:02:43.000 --> 0:02:45.320 and they know that, you know, the world is continuing 0:02:45.360 --> 0:02:48.040 to change, and I think they like the adjustments that 0:02:48.120 --> 0:02:51.240 we've made. And and yeah, man, they're all in well 0:02:51.320 --> 0:02:55.040 encapsulate what the direction and what the adjustments are. Because 0:02:55.400 --> 0:02:58.520 we go back eleven years ago, Funnier Died very famously 0:02:58.720 --> 0:03:04.320 burst onto the scene with those videos of Will and celebrities. 0:03:04.360 --> 0:03:07.399 But it feels like Funnier Die has become so much 0:03:07.480 --> 0:03:12.280 more than that. Well, thanks it has. But what we're 0:03:12.320 --> 0:03:14.680 really focused on. We have two pillars in the company, 0:03:14.760 --> 0:03:18.720 digital and long form, and and digital now means something 0:03:18.760 --> 0:03:21.200 different than it just meant when we were cranking out 0:03:21.240 --> 0:03:24.360 all the viral videos. That was fantastic because it helped 0:03:24.480 --> 0:03:27.160 establish the brand. And we have a really strong consumer 0:03:27.200 --> 0:03:30.119 facing brand and we have I think, like prior over 0:03:30.200 --> 0:03:33.160 forty million followers on social media, and it's it's a 0:03:33.240 --> 0:03:35.360 young group that we have a lot of credibility with. 0:03:36.200 --> 0:03:39.000 But you know, that wasn't always a great business um 0:03:39.080 --> 0:03:41.720 and that was the error of all these digital publishers 0:03:41.800 --> 0:03:45.440 having these like massive valuations, but they weren't totally built 0:03:45.520 --> 0:03:48.960 on a lot more than potential. And because we still 0:03:49.000 --> 0:03:52.240 are an independent company and a startup in that way, 0:03:52.320 --> 0:03:56.040 I think we've evolved in the ways and what digital 0:03:56.080 --> 0:03:59.360 means and and now what it really means is a 0:03:59.480 --> 0:04:03.760 focus on the custom campaigns that we make for brand partners. Uh. 0:04:03.920 --> 0:04:06.160 That could be a company like Kroger. We just did 0:04:06.520 --> 0:04:09.160 a few videos with Jeff Goldblum, a cooking series with 0:04:09.240 --> 0:04:11.960 him that's that's really funny. I could also mean a 0:04:11.960 --> 0:04:14.560 partner like IMDb. We just did ah. I think we've 0:04:14.600 --> 0:04:18.360 done five or six imdbms, which was based on an 0:04:18.440 --> 0:04:21.920 original video that Jake Samanski came up with. And so 0:04:22.200 --> 0:04:25.279 what we've been able to do is really focus what 0:04:25.320 --> 0:04:28.039 we're good at and bringing cool talent in front of 0:04:28.080 --> 0:04:30.120 and behind the camera, just like we were doing just 0:04:30.160 --> 0:04:33.000 like when it was for fun, keep it fun, but 0:04:33.120 --> 0:04:36.920 also have just a more thoughtful business approach on how 0:04:37.040 --> 0:04:42.800 to differentiate ourselves in a very very crowded digital landscape. Uh. 0:04:42.839 --> 0:04:44.960 And then the second pillar, long form. We've just been 0:04:45.080 --> 0:04:50.280 very fortunate to diversify into long form television, movies, specials 0:04:50.320 --> 0:04:54.200 series in a way that just happened really organically. We've 0:04:54.240 --> 0:04:58.680 always just had that relationship with the talent community that 0:04:58.720 --> 0:05:01.440 it felt like a natural level Susan, And so I 0:05:01.480 --> 0:05:04.480 think that's really the focus. There are so many things 0:05:04.480 --> 0:05:07.440 going on, and you have to be really smart to 0:05:07.520 --> 0:05:09.960 just not focus too much on the shiny new thing 0:05:10.040 --> 0:05:13.120 that comes along. Um. But I think what makes us 0:05:13.240 --> 0:05:16.960 unique is that digital business, which is now really robust. 0:05:17.000 --> 0:05:19.520 I think, like I said, I think we've done probably 0:05:19.680 --> 0:05:22.719 forty or so of those deals just this year. And 0:05:22.760 --> 0:05:26.760 then the long form side, we have almost twenty projects 0:05:26.760 --> 0:05:32.000 in production or prepped or offers to to script them. Um. 0:05:32.080 --> 0:05:34.120 And that's where I think we're really going to focus 0:05:34.160 --> 0:05:36.239 and move on. So we're not just a production company, 0:05:36.320 --> 0:05:39.200 We're not just a media company. UM, We're both of 0:05:39.200 --> 0:05:42.680 those things. Why be in both? Why must given the 0:05:42.760 --> 0:05:46.520 challenges of the digital media business, why even bother with 0:05:46.680 --> 0:05:50.400 videos and social when isn't really what keeps the lights 0:05:50.440 --> 0:05:55.200 on and what gets you toward a profit is long form, 0:05:55.279 --> 0:05:58.240 yes and no that they have. They're two totally different 0:05:58.240 --> 0:06:01.400 business models. So long form is great because we produce 0:06:01.520 --> 0:06:04.679 all of our shows, all that revenue flows through the company. 0:06:04.720 --> 0:06:07.040 But the margins, as you know, in television are are 0:06:07.120 --> 0:06:11.120 much lower. The digital media margins um are much higher 0:06:11.160 --> 0:06:14.560 because we're able to leverage the brand, the audience and 0:06:14.560 --> 0:06:17.720 our ability to make really custom content, and brands are 0:06:17.760 --> 0:06:20.599 spending more and more money on on these types of 0:06:20.640 --> 0:06:26.880 programs UM. So I really believe that's what differentiates ourselves there. 0:06:26.960 --> 0:06:29.520 There's there's lots of great companies out there, There's lots 0:06:29.520 --> 0:06:32.680 of people doing interesting things. I think we're unique in 0:06:32.760 --> 0:06:36.080 the fact that we have both sides of those business 0:06:36.320 --> 0:06:40.200 is really working well, and then we have this marketing 0:06:40.320 --> 0:06:42.560 arm that's kind of a really cool tie that binds 0:06:42.600 --> 0:06:46.159 the two together. So we've always done viral videos for 0:06:46.240 --> 0:06:48.640 brand partners, but now it's gotten a lot more thoughtful 0:06:48.680 --> 0:06:51.359 in terms of the social content we can make, the 0:06:51.440 --> 0:06:54.520 live activations we can do UM on lots of our 0:06:54.560 --> 0:06:57.440 series like American Vandal, will will be hired to to 0:06:57.520 --> 0:06:59.880 market those series, not just for the launch, but throughout 0:06:59.880 --> 0:07:03.640 the entire run of the season. Um and I think 0:07:04.080 --> 0:07:07.000 those are the things that we've really decided to focus 0:07:07.040 --> 0:07:11.240 on that can leverage our past, but really thoughtfully put 0:07:11.280 --> 0:07:14.000 us in a position to succeed in the future. So 0:07:14.080 --> 0:07:17.800 Funnier Die is a brand that still matters because for 0:07:17.840 --> 0:07:20.120 a lot of production companies, and I know you're saying 0:07:20.120 --> 0:07:23.000 you're not strictly one, they don't even think about, you know, 0:07:23.200 --> 0:07:27.559 the brand. It absolutely it matters. It's it's the best 0:07:27.600 --> 0:07:30.400 thing that we have going for us. UM. It helps 0:07:30.400 --> 0:07:35.600 you on the long form side too. Absolutely, it attracts creators. 0:07:36.280 --> 0:07:39.560 The buyers were fortunate we have series set up at 0:07:39.600 --> 0:07:43.040 all of different cable companies and streaming companies. Uh. They 0:07:43.080 --> 0:07:46.080 all want to tap into that audience for the marketing 0:07:46.120 --> 0:07:48.600 because there's a ton of content out there. You you 0:07:48.640 --> 0:07:50.320 need to be able to peg it to something. And 0:07:50.360 --> 0:07:52.760 because we have this audience in this relationship and this 0:07:52.880 --> 0:07:55.600 credibility with them, I think that's something. You know, a 0:07:55.680 --> 0:08:00.400 show like American Vandal is really benefited from. I think Mayer, 0:08:01.360 --> 0:08:03.800 our show for if C, has has done great with that. 0:08:04.000 --> 0:08:05.960 I Love You America, which is going to be premiering 0:08:06.040 --> 0:08:09.120 next week. We've done a lot of social for Hulu 0:08:09.160 --> 0:08:11.080 you haven't done a lot of social and digital content 0:08:11.120 --> 0:08:14.520 for Hulu and so whenever, I mean, you don't want 0:08:14.520 --> 0:08:16.880 to be too thirsty about it and like force anything, 0:08:17.040 --> 0:08:21.000 but at the same time, it's it. It's the brand 0:08:21.040 --> 0:08:24.000 that has attracted so many comedians to us from the beginning. 0:08:24.080 --> 0:08:27.160 It's they they still you know, so many people still 0:08:27.280 --> 0:08:30.160 aspire to be like Will Ferrell and Adam McKay and 0:08:30.200 --> 0:08:32.439 Judd Apataw And we've always done a great job of 0:08:32.880 --> 0:08:35.160 working with the big names and the up and coming 0:08:35.240 --> 0:08:39.800 names and everyone in between. Um, So that and taking 0:08:39.840 --> 0:08:42.640 care of that brand is really important. That's that's another 0:08:42.679 --> 0:08:44.640 thing you have to really have a lot of touch 0:08:44.679 --> 0:08:47.920 with because you want to have a great business. You 0:08:47.920 --> 0:08:50.920 want to have an honest business that really delivers for partners, 0:08:51.280 --> 0:08:53.959 but you also want to carry on the sensibility that 0:08:54.000 --> 0:08:56.440 our founders and all the people have created content for 0:08:56.520 --> 0:08:59.840 us over the years have helped cement. So that's always 0:09:00.320 --> 0:09:01.960 a little bit of a balance and a little bit 0:09:02.000 --> 0:09:05.000 of a of a juggling act. But it comes down 0:09:05.040 --> 0:09:07.880 to the people that you have and having a really 0:09:08.000 --> 0:09:11.400 firm sense of what the identity is and what everyone's 0:09:11.440 --> 0:09:15.400 purposes so that they can go out and and you know, 0:09:15.440 --> 0:09:19.359 make the most of those opportunities. You mentioned partners and founders. 0:09:19.480 --> 0:09:21.640 You've got a lot of people that you have to 0:09:21.679 --> 0:09:25.600 look out for, from the Will Ferrell's, the Adam McKay's. 0:09:26.280 --> 0:09:31.600 Then you've got media companies that have ownership stakes, Turner AMC, HBO, 0:09:32.440 --> 0:09:35.760 you still have VC money that came in from the 0:09:35.880 --> 0:09:38.520 very beginning. It's got to be quite a challenge to 0:09:39.120 --> 0:09:41.840 please a lot of people, and at the same time, 0:09:41.920 --> 0:09:44.199 you're it's funny to hear yourself describe yourself as a 0:09:44.240 --> 0:09:47.160 start up because you've been around for eleven years. So 0:09:47.400 --> 0:09:53.479 how do you manage all that? It's a good question. Um, 0:09:53.600 --> 0:09:56.040 I think the honest answer is it's a combination of 0:09:56.120 --> 0:09:59.560 having a really strong sense of where you're going, and 0:09:59.600 --> 0:10:03.360 then you're rating your conversation for your audience. So whether 0:10:03.400 --> 0:10:07.240 I'm talking to the entire company or Will or Chairman 0:10:07.280 --> 0:10:10.440 Mark Quamie or new partners at a mcgeen concerta and 0:10:10.520 --> 0:10:13.680 Josh Sapan, Um, you you have to have a real 0:10:13.760 --> 0:10:17.000 strong conviction in what you do well and and what 0:10:17.120 --> 0:10:18.920 to focus on, what to say yes to, what to 0:10:18.960 --> 0:10:23.000 say no to, and then you do have to understand 0:10:23.120 --> 0:10:26.080 who you're talking to and frame things in a in 0:10:26.120 --> 0:10:30.400 a way that is always truthful, is positive, but it's 0:10:30.440 --> 0:10:33.840 also realistic about the world that you're living in. UM 0:10:33.960 --> 0:10:38.600 And I think that I that's something that maybe comes 0:10:38.640 --> 0:10:40.800 a little bit naturally to me. But it's anything. It's 0:10:40.800 --> 0:10:43.360 like anything you have to like exercise those muscles. How 0:10:43.400 --> 0:10:45.480 you talk to talent is a little bit different than 0:10:45.600 --> 0:10:48.200 how you talk to their representation. But you have to 0:10:48.240 --> 0:10:50.800 be consistent and you have to be transparent, so you 0:10:50.880 --> 0:10:54.320 never so and that's what makes it fun, you know, 0:10:54.440 --> 0:10:57.920 like you know the changes in our own company, the 0:10:57.920 --> 0:11:02.520 media landscape, and how to martial all of these amazingly 0:11:02.600 --> 0:11:06.160 talented people, whether they're famous people or you know, the 0:11:06.480 --> 0:11:11.720 folks who have just are summer interns. Maybe, UM, I 0:11:11.800 --> 0:11:15.400 just feel like that's a that that's why I'm still there. 0:11:15.920 --> 0:11:18.559 But when you talk about Sequoia and I think about 0:11:18.720 --> 0:11:22.680 venture capital, they're typically known for having pretty limited patients. 0:11:22.720 --> 0:11:25.000 They want their return, they want their exit. Do you 0:11:25.080 --> 0:11:29.120 face that kind of pressure? We don't, UM. I think 0:11:29.160 --> 0:11:32.080 from the very beginning, because of the videos that Will 0:11:32.120 --> 0:11:35.560 and McKay and CRESSENTI and everyone made at the beginning, UM, 0:11:35.600 --> 0:11:38.520 we kind of came out of the gate so strong. 0:11:39.120 --> 0:11:43.480 The brand became really well known. It became this cool company. UM. 0:11:43.559 --> 0:11:45.720 And the way those funds are and you probably know 0:11:45.800 --> 0:11:49.000 that they put a bunch of different companies together, and 0:11:49.160 --> 0:11:52.120 I may have to fact check myself, but I'm pretty 0:11:52.160 --> 0:11:55.240 sure like the fund we're in had linked In in 0:11:55.320 --> 0:11:57.559 it and and LinkedIn has gone on to do some 0:11:57.600 --> 0:12:01.079 pretty impressive things and maybe that provided a little bit 0:12:01.080 --> 0:12:04.120 of cover for us, UM, But I think, you know, 0:12:04.320 --> 0:12:06.840 that's one of the things. You know, the point of 0:12:06.920 --> 0:12:10.600 view for the Silicon Valley world and startups is different 0:12:10.760 --> 0:12:14.880 from a creator, is different from traditional media. And making 0:12:14.960 --> 0:12:18.160 all of those different voices make you know, music that 0:12:18.200 --> 0:12:20.240 people want to listen to, is is one of the 0:12:20.320 --> 0:12:24.040 challenges UM. But it also it truly is what makes 0:12:24.040 --> 0:12:27.080 it exciting and and creating wind winds and all those 0:12:27.120 --> 0:12:30.719 different spaces. I think is how we've been able to 0:12:30.760 --> 0:12:34.560 be so resilient as the world changes around us. Like 0:12:34.640 --> 0:12:36.960 a lot of digital media companies, you guys, though, have 0:12:37.040 --> 0:12:40.520 taken your lumps. There has been layoffs in recent years 0:12:40.520 --> 0:12:46.160 that you've had to do in Are you okay with 0:12:46.320 --> 0:12:51.079 where your company is at? Is it financially healthy? Because 0:12:52.080 --> 0:12:56.480 we're seeing no one, you know, BuzzFeed vice from the 0:12:56.480 --> 0:13:01.040 biggest in this space, is immune to how tough digital 0:13:01.080 --> 0:13:05.520 media can be. Yeah, it's not for the fan of 0:13:05.600 --> 0:13:12.280 heart digital publishing. UM, and I do feel good about 0:13:12.520 --> 0:13:14.920 I'm guessing everyone comes on here and tells you how 0:13:14.960 --> 0:13:18.319 great they feel about the things that they're doing. Um. 0:13:18.400 --> 0:13:21.280 It's since here though, we've learned a lot over the 0:13:21.320 --> 0:13:26.160 last few years. Not everything we've done has worked, um, 0:13:26.200 --> 0:13:29.160 but more and more. It's just about that focus on 0:13:29.280 --> 0:13:32.760 the things that can differentiate ourselves. And um, you know, 0:13:32.800 --> 0:13:36.000 because of our partnership, the investment that AMC made in 0:13:36.120 --> 0:13:38.800 us a few years ago, we have well that's the 0:13:38.840 --> 0:13:41.240 main reason we well there's lots of reasons to that deal, 0:13:41.280 --> 0:13:43.959 but was was so great about it was it gave 0:13:44.080 --> 0:13:47.120 us the resources to really bet on ourselves and to 0:13:47.200 --> 0:13:51.000 double down on the talent and the people that we 0:13:51.120 --> 0:13:54.000 knew would be able to kind of break through. Because 0:13:54.040 --> 0:13:56.120 the world is continuing to come to us. If you're 0:13:56.160 --> 0:14:00.680 able to make really great stuff, premium con tent with 0:14:00.920 --> 0:14:04.480 great talent and our ability to have done short form, 0:14:04.480 --> 0:14:08.800 mid form, long form, social, live specials, movies, you name it, 0:14:08.920 --> 0:14:13.280 we're kind of playing in those areas. Um, I'm really 0:14:13.280 --> 0:14:18.040 confident that if we continue to run the business thoughtfully 0:14:18.120 --> 0:14:21.360 and keep extending the game, and maybe when I'm back 0:14:21.400 --> 0:14:23.080 here in two or three years, we're a fourteen year 0:14:23.120 --> 0:14:26.720 old startup and that be fine. If we're able to 0:14:27.040 --> 0:14:28.840 run the business that we want to run and make 0:14:28.880 --> 0:14:30.680 the types of content that we want to make, that 0:14:30.760 --> 0:14:35.840 that's totally great. If there is an opportunity for a 0:14:35.920 --> 0:14:38.480 company to look at us and and we could can 0:14:38.520 --> 0:14:42.600 we could grow more so within the within a larger company, 0:14:43.240 --> 0:14:46.000 that's something we could explore to but we're not seeking 0:14:46.040 --> 0:14:48.080 that out. And if we were trying to do that. 0:14:48.120 --> 0:14:50.160 The whole key is to go in there with a 0:14:50.160 --> 0:14:52.960 ton of momentum and a ton of focus so that 0:14:53.080 --> 0:14:55.760 you don't get lost in the shuffle. And when you 0:14:55.760 --> 0:14:58.640 don't just become like, you know, a logo on a 0:14:58.680 --> 0:15:03.120 business card, but you become a real, you know, comedy engine, 0:15:03.320 --> 0:15:06.800 and that can create comedy solutions for one of these 0:15:06.840 --> 0:15:10.640 massive streaming companies or emerging companies. That does get exciting, 0:15:10.680 --> 0:15:13.200 but you gotta you can't focus on that, and you 0:15:13.200 --> 0:15:16.080 can't you can't worry about that stuff. You gotta you 0:15:16.160 --> 0:15:20.240 gotta just make good stuff, take the opportunity to scale 0:15:20.480 --> 0:15:23.720 when they when they occur, um And as you were 0:15:23.760 --> 0:15:26.600 saying before, I trust the process. When you talk about 0:15:26.640 --> 0:15:30.480 the potential for acquisition, though, it brings to mind that 0:15:30.560 --> 0:15:33.960 everyone these days is talking about consolidation just seems to 0:15:34.040 --> 0:15:38.320 be something that is really gripping the media sector right now. 0:15:38.760 --> 0:15:40.800 I mean, what is your take and not even necessarily 0:15:40.880 --> 0:15:42.480 just speaking to fund of your diet, you said it 0:15:42.480 --> 0:15:45.520 could happen, it couldn't happen. Uh, But as you look 0:15:45.560 --> 0:15:48.680 at the broader landscape, do you look at consolidation and 0:15:48.720 --> 0:15:51.960 see it as an inevitability for a lot of companies. Yes. 0:15:52.560 --> 0:15:54.600 I think it's the nature of of media and it's 0:15:54.640 --> 0:15:57.640 just the history of media. And I think now some 0:15:57.720 --> 0:16:00.680 of the some of the new players, whether it's Netflix 0:16:00.760 --> 0:16:03.960 or Amazon or think Disney, which is massive, but also 0:16:04.080 --> 0:16:07.080 they're launching their streaming platform. Apple is going to have 0:16:07.160 --> 0:16:11.560 their product out next year. Um, Jeffrey Katzenberg is launching 0:16:11.600 --> 0:16:16.880 an entire new platform. My instinct is that there was 0:16:17.120 --> 0:16:19.400 we were kind of at the tail end of this 0:16:19.520 --> 0:16:23.920 massive digital disruption UM and I think the amounts of 0:16:24.000 --> 0:16:27.000 money that these companies are able to spend because of 0:16:27.080 --> 0:16:32.080 subscription and their direct relationship to UH their consumers in 0:16:32.080 --> 0:16:35.680 a way that traditional media has never had as as 0:16:35.760 --> 0:16:39.120 as as firm as a grasp as they do. I 0:16:39.160 --> 0:16:42.760 do think you're gonna see more and more consolidation, and 0:16:42.760 --> 0:16:45.600 and that's why I like the position that we're in. 0:16:45.680 --> 0:16:48.200 If if we can keep doing what we're doing and 0:16:48.760 --> 0:16:53.400 have more and more success, then who is that partner? 0:16:53.440 --> 0:16:55.400 Because for me, yeah, I've been there ten years. I 0:16:55.400 --> 0:16:58.480 want Funniered Eye to matter in thirty forty fifty years 0:16:58.480 --> 0:17:00.320 from nowhere. None of us are in this just for 0:17:00.400 --> 0:17:04.639 like a quick exit. We we we care tremendously about 0:17:04.680 --> 0:17:07.280 the company and the people that work there, and and 0:17:07.320 --> 0:17:10.360 that's why making those changes that you alluded to earlier 0:17:11.359 --> 0:17:14.679 it was really tough, um, but we did it because 0:17:14.720 --> 0:17:16.959 we had to put ourselves in a position to really, 0:17:17.440 --> 0:17:21.879 um you know, get through this period, UH to to 0:17:22.040 --> 0:17:25.480 the next period, which I think will involve consolidation, if 0:17:25.480 --> 0:17:28.679 it's with us or without us. The main thing for 0:17:28.800 --> 0:17:32.320 us is just to run a great company, great content, 0:17:32.400 --> 0:17:36.920 great business, thoughtfully done and see where the path emerges. 0:17:37.480 --> 0:17:39.320 I mean I've been a little I've been a little 0:17:39.480 --> 0:17:42.720 doom and gloom as I talked about digital media. But 0:17:43.000 --> 0:17:46.560 on the other hand, Pete TV, I would imagine that 0:17:46.640 --> 0:17:50.119 this era where there's just so many buyers out there 0:17:50.119 --> 0:17:53.000 buying a lot of content, particularly on the streaming side, 0:17:53.000 --> 0:17:55.480 that's got to be great for you. And you seem 0:17:55.520 --> 0:17:57.800 to be doing just business with just about everyone on 0:17:57.840 --> 0:18:01.320 that front. It's been very positive to for us. UM. 0:18:01.400 --> 0:18:04.760 Nothing's easy, you know, because you really have to have 0:18:04.800 --> 0:18:07.080 a great idea and great talent and a great package 0:18:07.119 --> 0:18:09.399 to really cut through and get you know, straight to 0:18:09.480 --> 0:18:11.680 series orders, and we've been fortunate to do a lot 0:18:11.720 --> 0:18:16.720 of that UM. But yeah, us our ability to diversify 0:18:16.880 --> 0:18:19.960 into long form much earlier than a lot of other 0:18:20.080 --> 0:18:23.320 digital publishers just because of our Hollywood roots has really 0:18:23.359 --> 0:18:26.520 paid off. And I remember there there are times that 0:18:26.640 --> 0:18:30.160 even internally people are wondering why we are so focused 0:18:30.200 --> 0:18:33.080 on TV because the margins were so different than what 0:18:33.119 --> 0:18:36.119 we were getting on the digital side. But now the 0:18:36.240 --> 0:18:39.199 some of these two pillars, digital and long form is 0:18:39.240 --> 0:18:44.320 what makes us UM special and I think we we 0:18:44.320 --> 0:18:46.920 we will continue to build that out and maybe there's 0:18:46.920 --> 0:18:50.600 some opportunities to scale that, you know, scaling talent driven 0:18:50.880 --> 0:18:54.480 you know, series is not always the easiest thing. Um. 0:18:54.520 --> 0:18:57.159 But we're fortunate to have, like I said, almost twenty 0:18:57.200 --> 0:19:02.879 different projects in production prep coming back writing. UM, and 0:19:02.920 --> 0:19:06.200 I think that's a testament to the team and the 0:19:06.240 --> 0:19:08.960 power of the brand and the creators that were fortunate 0:19:09.080 --> 0:19:12.959 to work with m We've talked about TV, but another 0:19:13.040 --> 0:19:16.600 front that you guys have been somewhat active in was 0:19:16.720 --> 0:19:19.440 virtual reality. Last I saw you a few years ago, 0:19:20.080 --> 0:19:23.920 you guys produced this virtual reality yeah, which one a 0:19:23.960 --> 0:19:28.000 Peabody along with American Vandals. Was super cool. I came 0:19:28.040 --> 0:19:31.560 in a skeptic, thinking virtual reality programming in any sort 0:19:31.600 --> 0:19:33.960 of long form way, how does that work? And yet 0:19:33.960 --> 0:19:38.360 I watched this uh meub and it was like watching 0:19:39.119 --> 0:19:43.080 a good sitcom and except reinvented for a different medium. 0:19:43.119 --> 0:19:45.720 Are you still going down that road? Are you still 0:19:45.800 --> 0:19:50.320 interested in what virtual reality could be? Um? Yes, that 0:19:50.400 --> 0:19:52.840 was a great experience and partner in with Felix and 0:19:52.840 --> 0:19:55.400 Paul was really tremendous. And owen Burke wrote a great 0:19:55.440 --> 0:20:00.320 script and they they they are really the experts. UM. 0:20:00.400 --> 0:20:04.200 For us, it's more knowing where's an opportunity for our 0:20:04.200 --> 0:20:08.879 sensibility and comedy to make a difference. Uh And is 0:20:08.960 --> 0:20:12.080 that does that make financial sense to pursue and then 0:20:12.200 --> 0:20:14.840 doing it as well as possible. So I wouldn't say 0:20:15.080 --> 0:20:17.960 we're talking every day about what we can be doing 0:20:18.000 --> 0:20:20.600 in VR, but I think that's just an example of 0:20:20.640 --> 0:20:24.760 how we're able to stretch and extend these comedy muscles 0:20:24.800 --> 0:20:28.960 in so many effective ways. Um. And whether it's it's 0:20:29.000 --> 0:20:30.800 that or some of the other projects that we have 0:20:30.920 --> 0:20:33.960 coming up, it's it's really what's the win win. Can 0:20:34.000 --> 0:20:37.440 we do something cool with creators? That's a good business move. 0:20:37.920 --> 0:20:41.040 That isn't just because you always want to build the brand, 0:20:41.080 --> 0:20:43.720 but now we're established in a way that you want to, 0:20:44.040 --> 0:20:46.320 you know, really be spending your time on things that 0:20:46.400 --> 0:20:48.359 you think can move the needle. So in that case, 0:20:48.400 --> 0:20:51.560 it was great that our first main focus on VR 0:20:51.760 --> 0:20:55.320 was able to resonate. So well, what is it like 0:20:55.440 --> 0:20:59.840 being in the comedy business? In seeing Away? Late Night 0:21:00.160 --> 0:21:03.760 has been completely re energized, talk shows, things are obviously 0:21:03.760 --> 0:21:07.760 getting very political. We're does Funnier Dice sit in that landscape? 0:21:09.359 --> 0:21:16.560 That's a good question. Um, It's a great time to 0:21:16.640 --> 0:21:19.640 be in comedy. There is a lot of it out there. 0:21:19.880 --> 0:21:25.320 I think where we sit is our ability to make 0:21:26.280 --> 0:21:30.880 surprising comedy with really cool talent that whether it has 0:21:30.920 --> 0:21:34.400 a huge marketing campaign or just comes out of nowhere 0:21:34.480 --> 0:21:38.439 like American Vandal, can really break through the noise. And 0:21:38.480 --> 0:21:40.680 there's a lot of talented people. We're not the only 0:21:40.720 --> 0:21:43.359 one is doing it. But I think what's unique about 0:21:43.480 --> 0:21:46.840 us is, you know, we had three Emmy nominations this year, 0:21:46.920 --> 0:21:48.920 and it was so cool to have it be for 0:21:49.200 --> 0:21:52.920 Digital with Gay of Thrones writing for American Vandal, and 0:21:53.000 --> 0:21:56.960 I Love You America Sarah Silvan show in Variety. And 0:21:57.000 --> 0:22:00.080 I think that cross section really kind of speaks to 0:22:00.400 --> 0:22:05.720 us being able to matter in those areas um and 0:22:05.800 --> 0:22:14.400 so it's also a great time for young, diverse, impactful voices, 0:22:14.880 --> 0:22:18.560 and there is a massive there's just a massive new 0:22:18.600 --> 0:22:21.440 wave coming and I really challenge everyone had funniered Eye 0:22:21.480 --> 0:22:24.159 to to know these guys and girls and these writers 0:22:24.200 --> 0:22:28.080 and these comedians and these directors who you know. I mean, 0:22:29.160 --> 0:22:34.080 I went to a comedy show called Tasteful that Jack 0:22:34.160 --> 0:22:39.920 Knight and Lankston kerman Um put together. Uh and the 0:22:40.760 --> 0:22:43.480 lineup they had it was at a was at a 0:22:43.880 --> 0:22:47.200 ice cream place in Koreatown. There were probably I don't 0:22:47.200 --> 0:22:50.399 know two d and fifty of just the most beautiful, 0:22:50.600 --> 0:22:56.000