1 00:00:07,200 --> 00:00:12,280 Speaker 1: Welcome to Strictly Business, Variety's weekly podcast featuring conversations with 2 00:00:12,360 --> 00:00:16,120 Speaker 1: industry leaders about the business of media and entertainment. I'm 3 00:00:16,160 --> 00:00:20,360 Speaker 1: Cynthia Lyttleton, co editor in chief of Variety Today. My 4 00:00:20,480 --> 00:00:24,960 Speaker 1: guest is Ben Silverman, chairman and co CEO of Propagate Content. 5 00:00:25,840 --> 00:00:28,960 Speaker 1: It's not an exaggeration to say that Ben helped shape 6 00:00:29,000 --> 00:00:32,840 Speaker 1: the modern TV business, and in this episode we drill 7 00:00:32,960 --> 00:00:36,559 Speaker 1: down deep into how an independent production venture such as 8 00:00:36,600 --> 00:00:44,640 Speaker 1: Propagate makes money. Coin Moolah, Cheddar Greenbacks, dead Presidents. We 9 00:00:44,760 --> 00:00:48,919 Speaker 1: are talking about money. How do companies like Propagate prosper 10 00:00:49,920 --> 00:00:53,360 Speaker 1: Ben goes there happily, and that's one of the reasons 11 00:00:53,520 --> 00:00:57,280 Speaker 1: why I've enjoyed covering him over the years. Propagate is 12 00:00:57,360 --> 00:01:01,600 Speaker 1: busy in TV and film. It has talent management interests 13 00:01:01,680 --> 00:01:05,839 Speaker 1: and is increasingly active in managing and setting up brand 14 00:01:05,880 --> 00:01:10,679 Speaker 1: partnerships for social media creators. Rewind the tape about twenty 15 00:01:10,720 --> 00:01:14,440 Speaker 1: five years. Ben was a savvy William Morris agent who 16 00:01:14,560 --> 00:01:17,800 Speaker 1: helped producer Michael Davies bring who Wants to Be a 17 00:01:17,840 --> 00:01:22,959 Speaker 1: Millionaire to America, saving ABC in the process. He did 18 00:01:23,000 --> 00:01:25,600 Speaker 1: a lot of very creative deals and was ahead of 19 00:01:25,640 --> 00:01:28,920 Speaker 1: the curve in working with brands to help finance content. 20 00:01:29,800 --> 00:01:33,680 Speaker 1: In the natural way of these things, Ben eventually lit 21 00:01:33,760 --> 00:01:36,559 Speaker 1: out of the ten percentary world to launch his own 22 00:01:36,600 --> 00:01:42,679 Speaker 1: production banner, Reavely. That company yielded such shows as The Office, 23 00:01:43,080 --> 00:01:47,040 Speaker 1: Ugly Betty and The Tutors. We talk about what happened 24 00:01:47,040 --> 00:01:50,160 Speaker 1: with Revey years ago as we go through the twists 25 00:01:50,160 --> 00:01:53,840 Speaker 1: and turns of the journey that led Ben to Propagate Content, 26 00:01:54,400 --> 00:01:56,680 Speaker 1: and of course we talk a little bit about those 27 00:01:56,720 --> 00:02:01,280 Speaker 1: two momentous years two thousand and seven Towan when Ben 28 00:02:01,360 --> 00:02:06,640 Speaker 1: ran programming for NBC. After the conversation with Ben, please 29 00:02:06,680 --> 00:02:09,679 Speaker 1: stay tuned for a real treat from my friend writ 30 00:02:09,760 --> 00:02:13,720 Speaker 1: or Bill Prady. Bill was watching John Oliver on Last 31 00:02:13,720 --> 00:02:16,960 Speaker 1: Week Tonight the other day and a very meaningful moment 32 00:02:17,200 --> 00:02:19,680 Speaker 1: from his past came up totally out of the blue. 33 00:02:20,520 --> 00:02:24,400 Speaker 1: It inspired Bill to revisit one of those one of 34 00:02:24,440 --> 00:02:28,920 Speaker 1: a kind eyewitness to history experiences that you're lucky to 35 00:02:29,000 --> 00:02:32,320 Speaker 1: have if you're lucky enough to work in show business. 36 00:02:32,840 --> 00:02:45,040 Speaker 1: That's all coming up after this break, and we're back 37 00:02:45,120 --> 00:02:50,520 Speaker 1: with my conversation with Ben Silverman of Propagate Content. Ben Silverman, 38 00:02:51,040 --> 00:02:54,520 Speaker 1: chairman and co CEO of Propagate Content. Thanks for joining me. 39 00:02:55,000 --> 00:02:57,640 Speaker 2: Absolutely, Cynthia, great to see you. 40 00:02:57,639 --> 00:03:00,480 Speaker 1: You are about ten years now into the gate you 41 00:03:00,520 --> 00:03:03,040 Speaker 1: launched it in early twenty fifteen. I want to talk 42 00:03:03,080 --> 00:03:05,720 Speaker 1: about the different strands of your business, the content production, 43 00:03:05,960 --> 00:03:09,680 Speaker 1: the social media management that you're getting into, your different investments. 44 00:03:09,919 --> 00:03:14,000 Speaker 1: But let's start at the core business of producing TV 45 00:03:14,600 --> 00:03:18,560 Speaker 1: and film and documentary content. You do a wide range 46 00:03:18,600 --> 00:03:22,680 Speaker 1: of genres. Where are your biggest opportunities to make money? 47 00:03:22,800 --> 00:03:25,160 Speaker 1: Right now? How does Propagate make money? 48 00:03:25,520 --> 00:03:28,760 Speaker 2: Well? I always felt like, you know, the hits find 49 00:03:28,800 --> 00:03:34,880 Speaker 2: money and success creates opportunity. I do see there are 50 00:03:34,920 --> 00:03:38,160 Speaker 2: places we can take risk. So we have a partnership 51 00:03:38,560 --> 00:03:43,800 Speaker 2: in our documentary business called Buttermilk that actually has a 52 00:03:43,840 --> 00:03:48,840 Speaker 2: funding source that we utilize to invest in documentaries, and 53 00:03:48,880 --> 00:03:52,160 Speaker 2: there we can look at okay, we are fully funding 54 00:03:52,160 --> 00:03:56,800 Speaker 2: this documentary, like our upcoming Boy George Culture Club documentary, 55 00:03:56,840 --> 00:04:01,000 Speaker 2: which will be premiering at Tribeca June fifth, is a 56 00:04:01,040 --> 00:04:05,720 Speaker 2: film that now through that premiere process, could be sold 57 00:04:05,720 --> 00:04:09,280 Speaker 2: to the highest bidder. It doesn't just get consumed by 58 00:04:09,280 --> 00:04:12,120 Speaker 2: a platform and they dictate the terms. It's something that 59 00:04:12,160 --> 00:04:15,480 Speaker 2: can create a competitive subset around that piece of property. 60 00:04:15,560 --> 00:04:18,159 Speaker 2: Because we invested in it because we made it and 61 00:04:18,279 --> 00:04:21,040 Speaker 2: took that risk. There should be more of a reward 62 00:04:21,080 --> 00:04:24,520 Speaker 2: and better economic terms associated with So we've built a 63 00:04:24,600 --> 00:04:28,880 Speaker 2: slate of extraordinary documentaries that we do that way, and 64 00:04:28,960 --> 00:04:33,360 Speaker 2: those have some arbitrage and upside in the financial part 65 00:04:33,400 --> 00:04:36,560 Speaker 2: of those films happening and risk because if they don't 66 00:04:37,279 --> 00:04:40,200 Speaker 2: get one hundred percent return on their investment, are our 67 00:04:40,279 --> 00:04:43,760 Speaker 2: partner and investor and we lose money. And so it's 68 00:04:43,960 --> 00:04:46,520 Speaker 2: you know, it's risk taking, but it's risk taking I 69 00:04:46,560 --> 00:04:50,159 Speaker 2: think on a measured and smart scale because documentaries don't 70 00:04:50,200 --> 00:04:54,120 Speaker 2: cost as much as episodes of Game of Thrones, so 71 00:04:54,240 --> 00:04:58,080 Speaker 2: it makes it an easier bet for an independent company. 72 00:04:58,480 --> 00:04:59,680 Speaker 2: Then on the other side. 73 00:05:00,120 --> 00:05:02,880 Speaker 1: Let me stop you there and say is it licensing? 74 00:05:03,240 --> 00:05:06,159 Speaker 1: Is it the pure licensing fees? Is there any other 75 00:05:06,240 --> 00:05:09,320 Speaker 1: model other than you produce a film and you license 76 00:05:09,360 --> 00:05:11,839 Speaker 1: it to a streamer, you put it in the box office. 77 00:05:12,000 --> 00:05:15,040 Speaker 1: Are the brands coming into this business? I'm pressing you 78 00:05:15,080 --> 00:05:16,200 Speaker 1: on how you make money? 79 00:05:16,720 --> 00:05:20,400 Speaker 2: So inside that business you can go to all those lanes. 80 00:05:20,440 --> 00:05:24,359 Speaker 2: We could choose to theatrically distribute it through partners and 81 00:05:24,400 --> 00:05:28,640 Speaker 2: then window it and then control the actual ip and 82 00:05:28,720 --> 00:05:31,840 Speaker 2: copyright on it because we fully funded it, and so 83 00:05:31,880 --> 00:05:34,440 Speaker 2: that we're licensing it for maybe a term, you know, 84 00:05:34,520 --> 00:05:37,520 Speaker 2: three years, five years, two years, and licensing it through 85 00:05:37,560 --> 00:05:41,760 Speaker 2: our own international distribution group around the world, and then 86 00:05:41,920 --> 00:05:47,600 Speaker 2: building cycles of revenue and windows and library value. Where 87 00:05:47,640 --> 00:05:52,600 Speaker 2: I think documentaries were considered more disposable years ago, they're 88 00:05:52,640 --> 00:05:56,320 Speaker 2: now showing real staying power in their actual terminal value 89 00:05:56,360 --> 00:05:59,960 Speaker 2: and residual value. And as we have these hyper competitive 90 00:06:00,440 --> 00:06:05,480 Speaker 2: streamers playing cops and robbers with each other, there's this 91 00:06:05,560 --> 00:06:10,800 Speaker 2: opportunity to potentially license that content as they set up 92 00:06:10,880 --> 00:06:14,839 Speaker 2: walls between themselves and how they buy content or produce 93 00:06:14,960 --> 00:06:18,720 Speaker 2: content and build those kind of vertically integrated platforms, So 94 00:06:18,760 --> 00:06:22,000 Speaker 2: that becomes an opportunity and a way to make money. 95 00:06:22,040 --> 00:06:25,719 Speaker 2: Another way is to build out premium content that you 96 00:06:25,920 --> 00:06:30,559 Speaker 2: just produce for a fee with upside if it gets 97 00:06:30,560 --> 00:06:33,160 Speaker 2: picked up for multiple seasons in the streaming world. And 98 00:06:33,200 --> 00:06:36,599 Speaker 2: that shows like our upcoming stick which we're making for Apple, 99 00:06:37,080 --> 00:06:39,720 Speaker 2: Lulu the Rhinoceros, the kids show we're making for Apple, 100 00:06:39,760 --> 00:06:41,520 Speaker 2: which comes out in May twenty ninth, that comes out 101 00:06:41,600 --> 00:06:44,520 Speaker 2: June fourth, starring Owen Wilson, set in the golf world, 102 00:06:45,000 --> 00:06:48,520 Speaker 2: and then those are just about can we get longevity. 103 00:06:48,920 --> 00:06:52,719 Speaker 2: Can we build in a bonus based fee structure that 104 00:06:52,760 --> 00:06:55,159 Speaker 2: if we hit a season three, four or five, we're 105 00:06:55,200 --> 00:06:58,320 Speaker 2: getting some back ends that kind of kick in, even 106 00:06:58,360 --> 00:07:01,279 Speaker 2: though those shows are likely to only remain within the 107 00:07:01,320 --> 00:07:07,200 Speaker 2: Apple ecosystem, there are incentives for us to obviously deliver 108 00:07:07,240 --> 00:07:10,760 Speaker 2: the most premium content possible, but also bonuses and revenue. 109 00:07:10,880 --> 00:07:13,400 Speaker 2: They don't look like or compared to having an off 110 00:07:13,480 --> 00:07:20,320 Speaker 2: network syndicated monster, but they do provide upside and cash. 111 00:07:20,400 --> 00:07:23,840 Speaker 2: And you're taking only development and executive risk, you're not 112 00:07:23,880 --> 00:07:27,200 Speaker 2: taking physical production risks. Then there are shows like the 113 00:07:27,200 --> 00:07:30,520 Speaker 2: one we're making. We have a show that should be 114 00:07:30,560 --> 00:07:36,920 Speaker 2: announced soon for Fox Broadcasting where it's a real upside opportunity. Right, 115 00:07:36,920 --> 00:07:40,200 Speaker 2: we make a fee on that show that will air 116 00:07:40,320 --> 00:07:43,480 Speaker 2: on Fox, and Fox likely will be the studio partner 117 00:07:43,560 --> 00:07:46,440 Speaker 2: as well on it, but they will license it around 118 00:07:46,440 --> 00:07:49,840 Speaker 2: the world to maximize revenue everywhere they can. They will 119 00:07:49,840 --> 00:07:53,600 Speaker 2: look to license and maximize revenue as well within the 120 00:07:53,640 --> 00:07:58,400 Speaker 2: North American windows off of Fox Broadcasting. And so then 121 00:07:58,480 --> 00:08:02,600 Speaker 2: suddenly you have a real chance for economic upside and 122 00:08:03,080 --> 00:08:07,880 Speaker 2: value creation beyond just the first run of that show. 123 00:08:07,920 --> 00:08:09,720 Speaker 2: And if you get to that place where you get 124 00:08:09,800 --> 00:08:13,720 Speaker 2: success in multiple episodes, there's a chance to sell it 125 00:08:13,880 --> 00:08:18,480 Speaker 2: around the world to different buyers and make significant back ends. 126 00:08:18,720 --> 00:08:21,559 Speaker 2: Then we also continue to do reality television and where 127 00:08:21,600 --> 00:08:29,480 Speaker 2: those shows have international format potential or opportunities to kind 128 00:08:29,520 --> 00:08:32,840 Speaker 2: of integrate or build businesses connected to them, I think 129 00:08:33,160 --> 00:08:37,400 Speaker 2: are great chances for us to make money as well. 130 00:08:37,760 --> 00:08:41,319 Speaker 2: And across that whole group of content, we continue, as 131 00:08:41,320 --> 00:08:43,760 Speaker 2: you know, we always have to work with advertisers. So 132 00:08:44,120 --> 00:08:46,200 Speaker 2: can we light up a little more revenue with an 133 00:08:46,200 --> 00:08:48,920 Speaker 2: advertising partner? Can we light up more revenue with a 134 00:08:48,960 --> 00:08:52,040 Speaker 2: merchandising opportunity? Right stick is set in the world of golf. 135 00:08:52,320 --> 00:08:55,840 Speaker 2: There's so many people interested in golf and being connected 136 00:08:55,880 --> 00:08:59,240 Speaker 2: to the golf consumer, and there are so many opportunities 137 00:08:59,280 --> 00:09:04,320 Speaker 2: for golf actual merchandising opportunities. Can we unlock that. Lulua 138 00:09:04,320 --> 00:09:07,880 Speaker 2: the Rhinoceros is a kid's show, can we unlock the 139 00:09:08,000 --> 00:09:12,160 Speaker 2: value that based on a book that comes with a 140 00:09:12,160 --> 00:09:15,440 Speaker 2: animated show, or the voice of that show is the 141 00:09:15,720 --> 00:09:19,880 Speaker 2: young woman who is Mawana and you know, so there's 142 00:09:19,920 --> 00:09:22,480 Speaker 2: a music soundtrack in that show. Can we unlock value 143 00:09:22,920 --> 00:09:26,760 Speaker 2: in that participation? So all of those piece of content 144 00:09:26,960 --> 00:09:32,959 Speaker 2: have different versions of financial return. None of them today 145 00:09:33,040 --> 00:09:37,200 Speaker 2: other than probably the broadcasting one or the animated one, 146 00:09:37,360 --> 00:09:40,800 Speaker 2: have like the kind of massive potential upside that we 147 00:09:40,960 --> 00:09:43,880 Speaker 2: had making TV shows in the nineties and odds. 148 00:09:44,480 --> 00:09:46,760 Speaker 1: So now to get to that sort of scale that 149 00:09:46,800 --> 00:09:49,320 Speaker 1: you need, you really do need a certain volume. 150 00:09:50,000 --> 00:09:53,120 Speaker 2: You need a volume, and you need chips on the 151 00:09:53,120 --> 00:09:56,320 Speaker 2: table and bets, and you need to think through as 152 00:09:56,360 --> 00:09:59,440 Speaker 2: smartly as you can. Whatevery deal looks like for where 153 00:09:59,440 --> 00:10:02,319 Speaker 2: that upside lies. Right In an animated show, the upside 154 00:10:02,360 --> 00:10:04,040 Speaker 2: lies and merchandising and soundtrack. 155 00:10:04,160 --> 00:10:04,360 Speaker 1: In a. 156 00:10:06,120 --> 00:10:09,440 Speaker 2: Reality show, it's format and advertising dollars. You have to 157 00:10:09,480 --> 00:10:13,959 Speaker 2: look at them all around. Where is the value creation opportunity? 158 00:10:14,320 --> 00:10:16,839 Speaker 2: And the fact is the streamers have kind of shut 159 00:10:16,880 --> 00:10:19,960 Speaker 2: their walls a little bit, so it's hard to exploit 160 00:10:20,040 --> 00:10:21,360 Speaker 2: outside of the platforms. 161 00:10:21,600 --> 00:10:25,040 Speaker 1: In a case like your animated show, Do you own that? 162 00:10:25,520 --> 00:10:27,839 Speaker 2: Because it was based on a book that we partnered on. 163 00:10:28,320 --> 00:10:31,400 Speaker 2: Apple owns all of the television show, but we are 164 00:10:31,440 --> 00:10:34,760 Speaker 2: partners in the merchandising and the soundtrack, and so it's 165 00:10:34,840 --> 00:10:37,560 Speaker 2: thinking through things as you enter those deals based on 166 00:10:37,600 --> 00:10:40,199 Speaker 2: how powerful is the underlying ip in that case it's 167 00:10:40,200 --> 00:10:42,160 Speaker 2: based on a book called Little of the Rhinoceros that 168 00:10:42,240 --> 00:10:45,000 Speaker 2: was a bestseller and pre existed, and the writers of 169 00:10:45,040 --> 00:10:49,080 Speaker 2: that book, who also helped adapt the show, as the 170 00:10:49,120 --> 00:10:51,680 Speaker 2: writers of the script. You know, we're very clear we 171 00:10:51,760 --> 00:10:55,239 Speaker 2: have value here. And so that that was a negotiation 172 00:10:55,280 --> 00:10:59,120 Speaker 2: where both sides participate, both sides of upside and you 173 00:10:59,160 --> 00:11:04,440 Speaker 2: could sass be making Little Lulu stuffies and T shirts 174 00:11:04,480 --> 00:11:06,880 Speaker 2: and soundtracks and all that that goes with a big 175 00:11:07,000 --> 00:11:11,240 Speaker 2: animated hit and then and then with some of these others, 176 00:11:11,480 --> 00:11:14,720 Speaker 2: there may be less merchandising opportunity like a documentary, but 177 00:11:14,800 --> 00:11:17,360 Speaker 2: there may be upside an opportunity and that you financed 178 00:11:17,360 --> 00:11:20,679 Speaker 2: it and can actually own the IP. And what we're seeing, 179 00:11:21,360 --> 00:11:24,040 Speaker 2: like with some of our untold franchise that we make 180 00:11:24,160 --> 00:11:28,600 Speaker 2: for Netflix, is real opportunity to actually exploit the doc 181 00:11:28,640 --> 00:11:31,240 Speaker 2: ep the way you would have exploited the non fiction book. 182 00:11:31,520 --> 00:11:34,679 Speaker 2: So we're turning our film about the Dan Barry Thrashers 183 00:11:34,720 --> 00:11:38,800 Speaker 2: crimes and penalties into a movie with Netflix. We're working 184 00:11:38,880 --> 00:11:42,560 Speaker 2: on a film based on our Johnny Manziel documentary Johnny 185 00:11:42,559 --> 00:11:45,440 Speaker 2: Football that we made for Netflix. So and have a 186 00:11:45,480 --> 00:11:48,679 Speaker 2: major movie star attached. So you're able to kind of 187 00:11:49,200 --> 00:11:54,120 Speaker 2: build those into IP, their self funding IP and with 188 00:11:54,200 --> 00:11:57,640 Speaker 2: a little profit. But then there's this greater upside down 189 00:11:57,640 --> 00:12:00,640 Speaker 2: the road because you've actually got a piece of IP 190 00:12:00,880 --> 00:12:04,720 Speaker 2: that can translate the way that nonfiction books did fifteen 191 00:12:04,800 --> 00:12:05,720 Speaker 2: twenty years ago. 192 00:12:06,000 --> 00:12:08,560 Speaker 1: In the span of Propagate. All of what you just 193 00:12:08,640 --> 00:12:11,920 Speaker 1: discussed is very much how business is done in twenty 194 00:12:11,960 --> 00:12:15,880 Speaker 1: twenty five, but very different to how was done. What's 195 00:12:15,880 --> 00:12:17,880 Speaker 1: it been like to kind of have this perch and 196 00:12:18,000 --> 00:12:23,360 Speaker 1: watch the content business both explode in size and global scope, 197 00:12:23,760 --> 00:12:26,280 Speaker 1: but also now in the last couple of years post strike, 198 00:12:26,320 --> 00:12:28,840 Speaker 1: it's also contracting well. 199 00:12:28,920 --> 00:12:34,760 Speaker 2: I think for us, we've been consciously diversified, always entrepreneurial, creative, 200 00:12:34,840 --> 00:12:38,840 Speaker 2: lad and we have not burned money like so many 201 00:12:38,880 --> 00:12:42,880 Speaker 2: of our peers who when this system kind of retracted 202 00:12:42,920 --> 00:12:45,719 Speaker 2: a little bit, they were forced into mergers, they were 203 00:12:45,720 --> 00:12:49,280 Speaker 2: forced into sales, they were forced into bankruptcies, you know. 204 00:12:49,360 --> 00:12:53,120 Speaker 2: And so we have been able to remain profitable and 205 00:12:53,520 --> 00:12:58,000 Speaker 2: self sustaining after a lyft from our initial investors at 206 00:12:58,040 --> 00:13:01,800 Speaker 2: A and E and RAIN, And that obviously is a 207 00:13:01,840 --> 00:13:04,959 Speaker 2: differentiation to who we are and our independence, but it's 208 00:13:05,000 --> 00:13:08,360 Speaker 2: also because we've invested across genre. We were never genre 209 00:13:08,400 --> 00:13:13,320 Speaker 2: specific when I started in the nineties to age myself, like, 210 00:13:13,559 --> 00:13:16,199 Speaker 2: you know, no one you were a game show producer, 211 00:13:16,320 --> 00:13:19,680 Speaker 2: you were a documentary producer, you were a sitcom producer. 212 00:13:20,120 --> 00:13:22,760 Speaker 1: It was very rigid. It was very rigid, and. 213 00:13:22,760 --> 00:13:26,120 Speaker 2: I broke all those walls down right. I was doing 214 00:13:26,160 --> 00:13:28,840 Speaker 2: my first eighteen months of my first company. I was 215 00:13:28,880 --> 00:13:34,040 Speaker 2: doing the Tutors, The Biggest Loser, Ugly Betty, and the Office. 216 00:13:34,240 --> 00:13:37,360 Speaker 2: There was no pigeonholing, you know what we did. And 217 00:13:37,440 --> 00:13:41,640 Speaker 2: so I think that was very valuable for us inside 218 00:13:41,679 --> 00:13:45,320 Speaker 2: our business. And Howard Owens and Drew Buckley, who've worked 219 00:13:45,320 --> 00:13:48,839 Speaker 2: with me for a long time, are of that same 220 00:13:48,920 --> 00:13:51,040 Speaker 2: mold and model, and so we had a lot of 221 00:13:51,400 --> 00:13:55,200 Speaker 2: ability to work across multiple genres and a lot of 222 00:13:55,200 --> 00:13:59,800 Speaker 2: relationships that we could manifest into great content in multiple genres. 223 00:14:00,080 --> 00:14:02,599 Speaker 2: So I think that's very valuable because when you have 224 00:14:02,640 --> 00:14:04,880 Speaker 2: a strike, you can make a reality show when you 225 00:14:04,880 --> 00:14:08,360 Speaker 2: have when you have a downturn in one side of 226 00:14:08,760 --> 00:14:11,160 Speaker 2: the business, you're able to produce more efficiently in the other. 227 00:14:11,240 --> 00:14:14,520 Speaker 2: When you when you have documentaries as a passion and 228 00:14:14,559 --> 00:14:16,800 Speaker 2: then it explodes into a business, you're sitting there in 229 00:14:16,840 --> 00:14:18,839 Speaker 2: a first driver's seat because you made the nine to 230 00:14:18,840 --> 00:14:22,360 Speaker 2: eleven with the Nowadays who we've now done in nine 231 00:14:22,360 --> 00:14:24,720 Speaker 2: films with, and you have worked with the net first 232 00:14:24,720 --> 00:14:27,400 Speaker 2: scene on Hillary and now she's doing our Sam Banking Free. 233 00:14:27,560 --> 00:14:31,120 Speaker 2: You've you we represented Kenya Barris through Artists First and 234 00:14:31,120 --> 00:14:33,240 Speaker 2: we're able to put him into our Jerry West documentary. 235 00:14:33,280 --> 00:14:36,479 Speaker 2: So you're able to really do things, I think uniquely 236 00:14:36,760 --> 00:14:39,720 Speaker 2: that come from the diversity of content we produce in 237 00:14:39,760 --> 00:14:41,240 Speaker 2: our and are turned on by. 238 00:14:42,040 --> 00:14:44,920 Speaker 1: At what point did you hit the break even mark? 239 00:14:45,280 --> 00:14:47,080 Speaker 1: Like how many years in did you get to the 240 00:14:47,120 --> 00:14:49,880 Speaker 1: point where you could take a breath and like, you know, 241 00:14:50,040 --> 00:14:51,600 Speaker 1: see that revenue was coming in. 242 00:14:52,160 --> 00:14:58,480 Speaker 2: We really used capital to acquire businesses, specifically investments in 243 00:14:58,640 --> 00:15:05,120 Speaker 2: Artists First and Authentic and Select the management companies and Electis, 244 00:15:05,200 --> 00:15:09,520 Speaker 2: which was my old company that produced Chopped and actually 245 00:15:09,560 --> 00:15:14,280 Speaker 2: had investments in those companies. And so we really use 246 00:15:14,400 --> 00:15:19,520 Speaker 2: the capital to create the acquisitions that led to us 247 00:15:19,600 --> 00:15:23,880 Speaker 2: being profitable and break even. And that was how we 248 00:15:24,000 --> 00:15:30,080 Speaker 2: used the capital as opposed to just funding content or 249 00:15:30,280 --> 00:15:36,040 Speaker 2: development or executives. And we've had expansion retrenchment, expansion retrenchment 250 00:15:36,240 --> 00:15:40,640 Speaker 2: and a lot of that happened with the marketplace transformation 251 00:15:40,760 --> 00:15:45,160 Speaker 2: as you mentioned, between Strike and then you know, just 252 00:15:45,240 --> 00:15:48,320 Speaker 2: the retrenchment and then the challenges that a lot of 253 00:15:48,360 --> 00:15:52,000 Speaker 2: the players have had from Paramount to Max and beyond 254 00:15:52,960 --> 00:15:57,680 Speaker 2: to continue to invest. And I'm really hopeful that new 255 00:15:57,760 --> 00:16:03,240 Speaker 2: investment will arrive as we see companies like Paramount figure 256 00:16:03,280 --> 00:16:05,600 Speaker 2: themselves out. When this merger is finally done, I think 257 00:16:05,640 --> 00:16:08,720 Speaker 2: that's going to be a big stimulus into the industry. 258 00:16:08,800 --> 00:16:12,120 Speaker 2: I think what NBC Universal is doing and spinning out 259 00:16:12,200 --> 00:16:15,840 Speaker 2: under Mark Lazarus, this new cable company as a pure 260 00:16:15,880 --> 00:16:19,280 Speaker 2: play and then having Peacock in the studio be more 261 00:16:19,320 --> 00:16:22,040 Speaker 2: pure played, like, I think that's going to unlock opportunity. 262 00:16:22,080 --> 00:16:24,720 Speaker 2: So I see some moves on the horizon that will 263 00:16:24,800 --> 00:16:29,760 Speaker 2: unlock opportunity. And I see the reorganization at Amazon unlocking 264 00:16:30,000 --> 00:16:34,720 Speaker 2: much smarter, better investment. And I see the Apple you 265 00:16:34,760 --> 00:16:38,800 Speaker 2: know shows being so good that I think they'll continue 266 00:16:38,880 --> 00:16:43,040 Speaker 2: to look to deliver on the promise of these great 267 00:16:43,080 --> 00:16:44,480 Speaker 2: shows that they're making right now. 268 00:16:44,720 --> 00:16:47,280 Speaker 1: Are A and E Networks and Rain are they still 269 00:16:47,320 --> 00:16:48,640 Speaker 1: in as investors? 270 00:16:48,760 --> 00:16:52,960 Speaker 2: They are. They are both investors in the company, and 271 00:16:53,000 --> 00:16:55,960 Speaker 2: we do a lot of content with Annie. 272 00:16:56,320 --> 00:16:59,000 Speaker 1: You can see where you're going with the diversification from 273 00:16:59,000 --> 00:17:01,560 Speaker 1: everything from talent man management to trying to wrap your 274 00:17:01,680 --> 00:17:05,240 Speaker 1: arms around the world of social media creators. Let me 275 00:17:05,320 --> 00:17:06,919 Speaker 1: just ask you some of the same questions I just 276 00:17:06,960 --> 00:17:09,879 Speaker 1: asked you about content these days. Where's the sweet spot 277 00:17:09,920 --> 00:17:14,360 Speaker 1: for making money in the business of representing social media creators. 278 00:17:14,720 --> 00:17:20,760 Speaker 2: There's really two big lifts, but three if you include 279 00:17:20,760 --> 00:17:22,960 Speaker 2: some of the success we've had migrating some of that 280 00:17:23,880 --> 00:17:29,159 Speaker 2: talent into mainstream TV and streaming. But it's a series 281 00:17:29,200 --> 00:17:32,679 Speaker 2: of you know, micro transactions going on all year long 282 00:17:32,800 --> 00:17:38,119 Speaker 2: where they're selling advertising basically to people who want to 283 00:17:38,160 --> 00:17:42,320 Speaker 2: connect directly to an audience through an influencer or you know, 284 00:17:43,080 --> 00:17:47,280 Speaker 2: marketing person, and so that's a sequence of revenue that 285 00:17:47,440 --> 00:17:51,440 Speaker 2: just continues to grow. As people look to invest in 286 00:17:52,240 --> 00:17:55,399 Speaker 2: social media, they like to invest through authentic voices that 287 00:17:55,440 --> 00:17:59,119 Speaker 2: can communicate. So we have, you know, a large pool 288 00:17:59,240 --> 00:18:02,119 Speaker 2: of those kind of people that you can talk to 289 00:18:02,440 --> 00:18:07,040 Speaker 2: an audience and consumer directly. And if you're a beverage company, 290 00:18:07,080 --> 00:18:10,399 Speaker 2: a tea company, a haircare company, a fitness brand, you 291 00:18:10,440 --> 00:18:14,360 Speaker 2: can utilize those influencers and pay them to do that, 292 00:18:14,440 --> 00:18:18,879 Speaker 2: and they are basically monetizing their access and their authenticity 293 00:18:19,280 --> 00:18:22,880 Speaker 2: to connect to their audience and consumer. So that's one bucket. 294 00:18:22,920 --> 00:18:25,239 Speaker 1: And let me just ask you like those numbers. I know, 295 00:18:25,400 --> 00:18:27,439 Speaker 1: you know years ago it was there was sort of 296 00:18:27,480 --> 00:18:29,880 Speaker 1: a scale for people and it was, you know, four 297 00:18:29,920 --> 00:18:32,480 Speaker 1: figures and five figures. But these numbers are a lot 298 00:18:32,560 --> 00:18:33,719 Speaker 1: bigger nowadays. 299 00:18:33,720 --> 00:18:38,639 Speaker 2: Correct, The numbers are growing as the migration of audience 300 00:18:38,880 --> 00:18:41,639 Speaker 2: is not watching and I'm sure you know the stat's 301 00:18:42,160 --> 00:18:46,120 Speaker 2: eight hours of television, they're on six hours of social 302 00:18:46,160 --> 00:18:47,879 Speaker 2: and four hours of television because a lot of it 303 00:18:47,960 --> 00:18:50,680 Speaker 2: is dual happening at the same time. And so you're 304 00:18:50,720 --> 00:18:53,520 Speaker 2: watching these numbers shift. You're watching them shift even more 305 00:18:53,520 --> 00:18:58,280 Speaker 2: aggressively demographic based. You know, a seventy year old is 306 00:18:58,320 --> 00:19:01,280 Speaker 2: actually also on social, but no near as much as 307 00:19:01,280 --> 00:19:03,280 Speaker 2: a twenty year old, And so you're watching this massive 308 00:19:03,320 --> 00:19:07,679 Speaker 2: demographic utility shift. So as the audience moves and the 309 00:19:07,720 --> 00:19:11,040 Speaker 2: consumer moves, so too does the advertiser. And this is 310 00:19:11,080 --> 00:19:15,000 Speaker 2: a perfect means to connect directly with consumer and directly 311 00:19:15,040 --> 00:19:18,720 Speaker 2: with audience in an authentic way. So those numbers grow. 312 00:19:18,840 --> 00:19:24,080 Speaker 2: The numbers grow as the influencer and talent communicates to 313 00:19:24,119 --> 00:19:27,280 Speaker 2: a larger group of people. And it grows just in 314 00:19:27,800 --> 00:19:32,000 Speaker 2: how we are using those services and those platforms with 315 00:19:32,200 --> 00:19:34,000 Speaker 2: more and more time and attention. 316 00:19:35,119 --> 00:19:37,320 Speaker 1: Then can I just ask you, is that a ten 317 00:19:37,400 --> 00:19:41,240 Speaker 1: percent business or is that structured all kinds of different ways. 318 00:19:41,520 --> 00:19:45,960 Speaker 2: It's a little higher because the work is so much 319 00:19:46,080 --> 00:19:49,960 Speaker 2: work because you're not doing like necessarily one brand deal 320 00:19:50,040 --> 00:19:53,080 Speaker 2: for the whole year. Some of these some of these 321 00:19:53,119 --> 00:19:57,240 Speaker 2: are fifty to one hundred deals per per influencer happening 322 00:19:57,280 --> 00:20:00,160 Speaker 2: over the course of the year. It is so much 323 00:20:00,240 --> 00:20:04,600 Speaker 2: work for those manager salespeople like their managers growing their 324 00:20:04,640 --> 00:20:08,760 Speaker 2: careers and advising, and then they're also out there literally 325 00:20:09,440 --> 00:20:13,120 Speaker 2: selling these clients. So it's like these two roles in one. 326 00:20:13,440 --> 00:20:18,040 Speaker 2: So it warrants a larger piece because it's really hard 327 00:20:18,720 --> 00:20:21,520 Speaker 2: to do and it takes a ton of work. We 328 00:20:21,680 --> 00:20:25,440 Speaker 2: also can migrate some of the ones who have ambition 329 00:20:25,680 --> 00:20:28,760 Speaker 2: for being in a TV show or movie to another 330 00:20:29,040 --> 00:20:32,560 Speaker 2: medium through our network and relationships. So the select team 331 00:20:32,640 --> 00:20:36,040 Speaker 2: identified the Mormon wives and that's become a massive hit 332 00:20:36,080 --> 00:20:39,479 Speaker 2: for them that they're now producing. We place Georgia Berger, 333 00:20:39,560 --> 00:20:42,480 Speaker 2: one of our executives who we trained to propagate, was 334 00:20:42,480 --> 00:20:45,680 Speaker 2: a former assistant a nine years ago and knew the 335 00:20:45,720 --> 00:20:48,679 Speaker 2: television and entertainment set. We put her inside Select and 336 00:20:48,720 --> 00:20:51,520 Speaker 2: so she's there working with Lisa and the team there 337 00:20:51,520 --> 00:20:55,560 Speaker 2: to kind of mine opportunities from their clients also to 338 00:20:55,600 --> 00:20:57,480 Speaker 2: migrate them to television, and then it becomes a great 339 00:20:57,480 --> 00:21:00,680 Speaker 2: flywheel all of the Kardashians where they're social grows, their 340 00:21:00,720 --> 00:21:04,760 Speaker 2: television growth and advertiser and brand interest grows. Then another 341 00:21:04,880 --> 00:21:06,960 Speaker 2: lane for that world is that we're also able to 342 00:21:06,960 --> 00:21:12,040 Speaker 2: develop out actual brands with those clients. Like Mindy McKnight, 343 00:21:12,080 --> 00:21:15,879 Speaker 2: who's represented there, has a hair product business called Heritage 344 00:21:16,160 --> 00:21:18,919 Speaker 2: that does incredibly well inside Walmart. So you have this 345 00:21:18,960 --> 00:21:22,720 Speaker 2: little kind of almost venture world going on, and you've 346 00:21:22,720 --> 00:21:25,320 Speaker 2: seen it with so many celebrities, but these influencers really 347 00:21:25,400 --> 00:21:29,240 Speaker 2: doing it organically and directly with their consumer building out 348 00:21:29,960 --> 00:21:33,560 Speaker 2: actual brands as well directly. So we have a credible 349 00:21:33,640 --> 00:21:37,199 Speaker 2: barbecue company with Anthony Anderson and Cedric the entertainer. On 350 00:21:37,240 --> 00:21:42,880 Speaker 2: the more traditional entertainment side. The opportunity to unlock that 351 00:21:43,040 --> 00:21:46,280 Speaker 2: opportunity is big. So you can feed a television show, 352 00:21:46,400 --> 00:21:48,720 Speaker 2: you can run these micro transactions and keep the lights 353 00:21:48,760 --> 00:21:51,680 Speaker 2: on and grow their businesses and help and keep them 354 00:21:51,720 --> 00:21:53,879 Speaker 2: fed and raising their families, and then you can have 355 00:21:53,960 --> 00:21:58,359 Speaker 2: these upsides into this brand creation where where there's interest, 356 00:21:58,440 --> 00:22:05,160 Speaker 2: engagement and organic authentic opportunity. So I really like that business. 357 00:22:05,480 --> 00:22:08,560 Speaker 1: Does Propagate have a piece of that company or does 358 00:22:08,600 --> 00:22:12,439 Speaker 1: Propagate benefit from the client has more revenue coming in 359 00:22:12,480 --> 00:22:13,760 Speaker 1: and you commission that revenue. 360 00:22:14,119 --> 00:22:17,760 Speaker 2: All different, so some we invest in, some we build, 361 00:22:17,840 --> 00:22:21,000 Speaker 2: some we incubate, some we just commission. So it's a 362 00:22:21,119 --> 00:22:26,360 Speaker 2: range of opportunities that we look to with the clients 363 00:22:26,400 --> 00:22:28,840 Speaker 2: whatever they want or whatever help they need. Some of 364 00:22:28,840 --> 00:22:31,320 Speaker 2: them we have to actually build. Sometimes we bring the 365 00:22:31,359 --> 00:22:34,960 Speaker 2: idea to the client and co invest or sometimes we 366 00:22:35,560 --> 00:22:40,520 Speaker 2: just help source the opportunity from an investment on the outside, 367 00:22:40,680 --> 00:22:43,280 Speaker 2: or maybe they need somebody who can merchandise or somebody 368 00:22:43,280 --> 00:22:45,320 Speaker 2: who can build it, or someone who can manufacture it. 369 00:22:45,640 --> 00:22:48,639 Speaker 2: So it's all different. Some of them are pure commission 370 00:22:48,640 --> 00:22:51,399 Speaker 2: based based tied to the revenue that comes out of 371 00:22:51,440 --> 00:22:55,360 Speaker 2: what our managers help advise them to accomplish. And then 372 00:22:55,520 --> 00:22:58,080 Speaker 2: others are ones where we've actually come up with the 373 00:22:58,119 --> 00:23:02,000 Speaker 2: idea packaged in the talent, invest it along and built 374 00:23:02,000 --> 00:23:04,440 Speaker 2: it with them so that they there's a range to it, 375 00:23:04,560 --> 00:23:06,840 Speaker 2: just like a kind of it's like a mini venture 376 00:23:06,920 --> 00:23:13,240 Speaker 2: portfolio of different structures inside the company. Now I have 377 00:23:13,240 --> 00:23:15,600 Speaker 2: a whole thesis about our entire business that was from 378 00:23:15,600 --> 00:23:17,840 Speaker 2: the start of the day we opened it. That's only 379 00:23:18,320 --> 00:23:24,439 Speaker 2: which is where content creates culture comes commerce, And is 380 00:23:24,480 --> 00:23:27,520 Speaker 2: that content the influencer? Is that content the TV show? 381 00:23:27,920 --> 00:23:31,800 Speaker 2: But where we're driving culture drives commerce, and that is 382 00:23:32,080 --> 00:23:39,000 Speaker 2: an amazing opportunity that's been unlocked through the technological transformation 383 00:23:39,080 --> 00:23:42,120 Speaker 2: of how the Internet allows us to talk one to one, 384 00:23:42,240 --> 00:23:42,840 Speaker 2: one to many. 385 00:23:43,240 --> 00:23:46,040 Speaker 1: Let's talk about some shows. You're wearing a stick hat. 386 00:23:46,320 --> 00:23:50,080 Speaker 1: Let's use stick microcosm example. First of all, what made 387 00:23:50,160 --> 00:23:53,960 Speaker 1: you say yes to pursuing this? And tell me about 388 00:23:54,000 --> 00:23:57,280 Speaker 1: sort of the evolution of stick and why it makes 389 00:23:57,320 --> 00:23:59,000 Speaker 1: sense for Propagate to do this show. 390 00:23:59,280 --> 00:24:02,679 Speaker 2: Well, whenever I'm talking to a real estate developer or 391 00:24:03,000 --> 00:24:08,120 Speaker 2: venture capitalist or private equity investor, I always do explain 392 00:24:08,240 --> 00:24:11,280 Speaker 2: that our world is actually very similar and one really 393 00:24:11,359 --> 00:24:13,919 Speaker 2: clear cut way. Each one of our shows, as you 394 00:24:13,960 --> 00:24:17,439 Speaker 2: point out, is its own business, with its own CEO 395 00:24:17,680 --> 00:24:22,000 Speaker 2: and its own staff. You know, so you work with 396 00:24:22,040 --> 00:24:25,600 Speaker 2: it a creator like I have had the privilege of 397 00:24:25,640 --> 00:24:28,600 Speaker 2: working with Jason Keller on this. You ID eight and 398 00:24:28,680 --> 00:24:33,919 Speaker 2: create together and build out a pitch and a process 399 00:24:34,000 --> 00:24:36,320 Speaker 2: to go take it to market to get somebody. And 400 00:24:36,400 --> 00:24:38,680 Speaker 2: in this case, I was wildly passionate about it because 401 00:24:38,680 --> 00:24:41,520 Speaker 2: I loved Jason's work and had worked on a couple 402 00:24:41,560 --> 00:24:44,040 Speaker 2: shows prior to it with him that we had developed 403 00:24:44,080 --> 00:24:47,919 Speaker 2: but not gotten produced, but also loved the idea of 404 00:24:48,000 --> 00:24:51,040 Speaker 2: doing an emotionally grounded comedy and a lot of it's 405 00:24:51,080 --> 00:24:53,960 Speaker 2: inspired by his own father. And then we end up 406 00:24:54,359 --> 00:24:58,520 Speaker 2: pitching it out. Apple is very interested in it. They 407 00:24:58,800 --> 00:25:01,280 Speaker 2: end up investing in the script, which is like the 408 00:25:01,359 --> 00:25:04,960 Speaker 2: kind of first phase of their venture investment. We get 409 00:25:05,000 --> 00:25:07,720 Speaker 2: the script written, and now we need to get a 410 00:25:07,840 --> 00:25:10,159 Speaker 2: kind of bible and series arec written because they like 411 00:25:10,240 --> 00:25:12,439 Speaker 2: the script enough so they have Jason do that, and 412 00:25:12,480 --> 00:25:15,320 Speaker 2: then who is going to be stick? And that becomes 413 00:25:15,680 --> 00:25:18,919 Speaker 2: the entire next step of the process, which is, we 414 00:25:19,000 --> 00:25:24,000 Speaker 2: have material, We have an opportunity because everyone's liked the material, 415 00:25:24,359 --> 00:25:26,960 Speaker 2: Now can we get somebody to come in and be 416 00:25:27,080 --> 00:25:30,719 Speaker 2: our star? And Owen Wilson was who we wanted to 417 00:25:30,760 --> 00:25:34,159 Speaker 2: do this, and he had never done TV like this 418 00:25:34,359 --> 00:25:36,159 Speaker 2: before in his whole career. We felt it was like 419 00:25:36,200 --> 00:25:39,240 Speaker 2: a huge exciting get but also a role that he 420 00:25:39,280 --> 00:25:42,919 Speaker 2: would just do so well and bring so much of 421 00:25:42,960 --> 00:25:46,000 Speaker 2: his incredible talent to and so we were able to 422 00:25:46,480 --> 00:25:49,199 Speaker 2: get Owen excited. Then we write the rest of the 423 00:25:49,240 --> 00:25:53,360 Speaker 2: episodes and build the writer's room and start hiring more 424 00:25:53,359 --> 00:25:56,600 Speaker 2: creative people. Then we bring in our production designers and 425 00:25:56,680 --> 00:25:58,960 Speaker 2: production scouts and start figuring out where we're going to 426 00:25:58,960 --> 00:26:01,960 Speaker 2: shoot it. Then we have our producers and our physical 427 00:26:02,000 --> 00:26:03,639 Speaker 2: producers here are going to make sure that we know 428 00:26:03,720 --> 00:26:05,879 Speaker 2: how to pay for it and can execute it. And 429 00:26:05,920 --> 00:26:08,439 Speaker 2: so you're sitting there with the show center kind of 430 00:26:08,520 --> 00:26:13,800 Speaker 2: overseeing this now growing army of executives and people working 431 00:26:13,880 --> 00:26:18,160 Speaker 2: on this series that you started with one other person 432 00:26:18,560 --> 00:26:21,879 Speaker 2: and now has expanded to one hundred and fifty other people, 433 00:26:22,040 --> 00:26:27,040 Speaker 2: not even including you know, extras and you know film 434 00:26:27,080 --> 00:26:32,800 Speaker 2: production and TV production elements. And that's kind of the process, 435 00:26:32,840 --> 00:26:35,639 Speaker 2: and it's a complicated one. It's an intense one. Any 436 00:26:35,760 --> 00:26:40,040 Speaker 2: piece of it goes wrong and it falls off the rails, 437 00:26:40,320 --> 00:26:43,960 Speaker 2: and any element that you bring in can disrupt and 438 00:26:44,000 --> 00:26:46,639 Speaker 2: break it. You cast the wrong person, you hire the 439 00:26:46,640 --> 00:26:51,040 Speaker 2: wrong directors, you bring in the wrong DP. You know, 440 00:26:51,119 --> 00:26:53,560 Speaker 2: there's so many of those roles that have to mesh 441 00:26:53,600 --> 00:26:57,160 Speaker 2: perfectly to build out something. And I want to say 442 00:26:57,200 --> 00:27:00,840 Speaker 2: one thing. Both Jason and Owen, though are player coaches, 443 00:27:00,840 --> 00:27:02,880 Speaker 2: they were both the kind of people who knew how 444 00:27:02,920 --> 00:27:07,520 Speaker 2: to communicate, articulate, lead by example, show up first, leave last, 445 00:27:07,720 --> 00:27:11,520 Speaker 2: and then you kind of people follow you in line. 446 00:27:12,000 --> 00:27:15,520 Speaker 1: What does a home run for Stick look like for you? 447 00:27:15,680 --> 00:27:16,280 Speaker 1: On Apple? 448 00:27:16,840 --> 00:27:20,359 Speaker 2: I believe that show is award worthy. I think that 449 00:27:20,440 --> 00:27:25,200 Speaker 2: Owen's performance is singular and superlative as well as the writing. 450 00:27:25,359 --> 00:27:29,960 Speaker 2: So I truly believe that that show should be able 451 00:27:30,040 --> 00:27:33,879 Speaker 2: to be validated in an award circle. But I also 452 00:27:33,960 --> 00:27:37,240 Speaker 2: see it as a four quadrant show. It's a show 453 00:27:37,280 --> 00:27:42,560 Speaker 2: that has aspirational and warmth to it that I think 454 00:27:42,880 --> 00:27:47,760 Speaker 2: it can find a big audience inside the Apple sphere, 455 00:27:48,119 --> 00:27:52,880 Speaker 2: and so I think it could be measured by success 456 00:27:52,920 --> 00:27:56,840 Speaker 2: in how it does with its cohorts Apple, and I 457 00:27:56,840 --> 00:28:01,320 Speaker 2: think it can be further validated with its with its 458 00:28:01,359 --> 00:28:05,880 Speaker 2: potential like ted Lasso had in actually getting accolades from 459 00:28:05,880 --> 00:28:07,359 Speaker 2: the Globes or the MS. 460 00:28:07,600 --> 00:28:10,080 Speaker 1: Let me ask you about ninety minuto. So you've got 461 00:28:10,119 --> 00:28:14,080 Speaker 1: a Spanish language comedy coming to Peacock may twenty second. 462 00:28:14,080 --> 00:28:14,760 Speaker 1: Tell me about that. 463 00:28:15,200 --> 00:28:18,240 Speaker 2: So we developed this early on when there was a 464 00:28:18,359 --> 00:28:21,720 Speaker 2: just different strategy at the platform where T Plus was 465 00:28:21,800 --> 00:28:23,400 Speaker 2: kind of going to be its own thing. 466 00:28:23,520 --> 00:28:27,879 Speaker 1: That ended up Telemundo, the Nbcundo Spanish language network. 467 00:28:28,000 --> 00:28:29,960 Speaker 2: Yes, was going to kind of do its own kind 468 00:28:29,960 --> 00:28:33,880 Speaker 2: of premium Spanish language work, just like kind of Vix 469 00:28:34,000 --> 00:28:37,679 Speaker 2: was going to do with television continues to do and 470 00:28:37,720 --> 00:28:42,760 Speaker 2: so now it's shifted to Telemundo. But we love Spanish 471 00:28:42,800 --> 00:28:47,320 Speaker 2: language content. We've had great success in doing English language 472 00:28:47,880 --> 00:28:50,840 Speaker 2: US Hispanic content like Jane the Virgin and Ugly Betty. 473 00:28:51,200 --> 00:28:54,640 Speaker 2: We've got a big Latin division and focus a lot 474 00:28:54,640 --> 00:28:59,400 Speaker 2: of time and energy on it. I really enjoy collaborating 475 00:28:59,440 --> 00:29:03,840 Speaker 2: with brilliant Latin storytellers, writers, creators, actors, actresses, and this 476 00:29:03,920 --> 00:29:08,040 Speaker 2: came out of that and is a really strong comedy 477 00:29:08,080 --> 00:29:10,680 Speaker 2: set in the world of soccer. That's the ninety minutes part, 478 00:29:11,040 --> 00:29:14,240 Speaker 2: and I think could break out into something that the 479 00:29:14,280 --> 00:29:17,600 Speaker 2: English language audience would also watch because we're seeing barriers drop. 480 00:29:17,880 --> 00:29:19,920 Speaker 1: Anything else, And you'd like to mention. 481 00:29:20,360 --> 00:29:22,160 Speaker 2: One of the things that I'm super excited about on 482 00:29:22,200 --> 00:29:25,480 Speaker 2: the twentieth anniversary of the Office is that we'll be 483 00:29:25,600 --> 00:29:28,640 Speaker 2: launching a new show in the Office universe called The 484 00:29:28,680 --> 00:29:32,960 Speaker 2: Paper with Peacock, which I'm really excited for and I 485 00:29:32,960 --> 00:29:36,480 Speaker 2: think as long as the modern audience can show the 486 00:29:36,480 --> 00:29:40,280 Speaker 2: same patients it showed and twenty years ago. It is 487 00:29:40,320 --> 00:29:45,680 Speaker 2: an extraordinary cast and brilliantly realized comedic series that I 488 00:29:45,680 --> 00:29:48,080 Speaker 2: think people are going to just love and has all 489 00:29:48,080 --> 00:29:50,760 Speaker 2: the heart and energy and warmth that the original had, 490 00:29:51,320 --> 00:29:54,200 Speaker 2: plus actors and actresses that you didn't know before. 491 00:29:54,720 --> 00:29:56,160 Speaker 1: Do you have a timetable for that? 492 00:29:58,440 --> 00:30:02,080 Speaker 2: They will announce hopefully this upfront, which you'd give you 493 00:30:02,120 --> 00:30:05,760 Speaker 2: an indication, but it'll it should be on before It'll 494 00:30:05,960 --> 00:30:08,720 Speaker 2: be twenty five, so which will be great. And I 495 00:30:08,760 --> 00:30:11,880 Speaker 2: can't wait because it's so fun and I think people 496 00:30:11,880 --> 00:30:15,280 Speaker 2: are going to love it. And then beyond that, we 497 00:30:15,400 --> 00:30:18,880 Speaker 2: got a Jerry West documentary being directed by Kenya Barriss. 498 00:30:18,880 --> 00:30:21,960 Speaker 2: Wh've got this great untold franchise, and we've got Sam 499 00:30:22,000 --> 00:30:24,800 Speaker 2: bankmin Free being directed by the net First team who 500 00:30:24,800 --> 00:30:27,840 Speaker 2: did Kids Stays in the Picture and it's such a 501 00:30:27,960 --> 00:30:30,480 Speaker 2: wonderful and they Elizabeth Taylor and I such a wonderful 502 00:30:30,560 --> 00:30:34,040 Speaker 2: filmmaking collaborative of ours. So a lot of really good 503 00:30:34,120 --> 00:30:40,040 Speaker 2: stuff coming out to propagate across genre, across platform. I'm 504 00:30:40,080 --> 00:30:41,760 Speaker 2: excited for all our talent to shine. 505 00:30:42,160 --> 00:30:45,400 Speaker 1: Ben. Thank you for this very candid conversation. I appreciate it. 506 00:30:46,000 --> 00:30:47,880 Speaker 1: Let me wind up with just a couple of fast 507 00:30:47,920 --> 00:30:51,800 Speaker 1: ones here. You've mentioned the office and ugly Betty and tutors. 508 00:30:51,920 --> 00:30:54,120 Speaker 1: That was when you were running a company called Revelly, 509 00:30:54,800 --> 00:30:57,560 Speaker 1: when you got hired by a little company called NBC 510 00:30:58,120 --> 00:31:03,120 Speaker 1: Universal and you sold that company. Do you regret selling? Really? 511 00:31:03,640 --> 00:31:06,760 Speaker 2: I not only regret selling Revely. My children don't even 512 00:31:06,800 --> 00:31:09,920 Speaker 2: realize how much I regret selling it. At the time, 513 00:31:09,920 --> 00:31:11,560 Speaker 2: people thought I sold it for a lot of money, 514 00:31:11,600 --> 00:31:13,680 Speaker 2: but they had no idea what was inside that company. 515 00:31:14,360 --> 00:31:17,040 Speaker 2: It could have been paid back with a quarter of 516 00:31:17,040 --> 00:31:21,880 Speaker 2: the office, and I really do regret it. We were 517 00:31:21,920 --> 00:31:24,160 Speaker 2: just so ahead. I would have turned that company into 518 00:31:24,200 --> 00:31:28,040 Speaker 2: something extraordinary. Could have used it in the same way 519 00:31:28,040 --> 00:31:31,480 Speaker 2: that like David Ellison's using sky Dance and maybe ended 520 00:31:31,560 --> 00:31:36,400 Speaker 2: up owning Paramount. So I do regret it. But I 521 00:31:36,560 --> 00:31:41,560 Speaker 2: also learned so much at NBCUniversal and met so many 522 00:31:41,840 --> 00:31:44,320 Speaker 2: different kinds of people that I don't think I necessarily 523 00:31:44,360 --> 00:31:47,280 Speaker 2: would have met through the journey had I just stuck 524 00:31:47,320 --> 00:31:48,240 Speaker 2: with Revely. 525 00:31:48,760 --> 00:31:51,360 Speaker 1: Was there a world where you could have structured it differently. 526 00:31:52,040 --> 00:31:54,320 Speaker 2: I put it into a blind trust. I did everything 527 00:31:54,360 --> 00:31:56,720 Speaker 2: I was supposed to do, even though when I had 528 00:31:56,880 --> 00:31:59,040 Speaker 2: conceived of the deal my plan was to step back 529 00:31:59,040 --> 00:32:02,080 Speaker 2: into it. I was made to sell it, really sold 530 00:32:02,120 --> 00:32:04,240 Speaker 2: it on a phone call. I never marketed it, took 531 00:32:04,240 --> 00:32:07,520 Speaker 2: it out, didn't do anything. I didn't even understand values. 532 00:32:07,560 --> 00:32:09,800 Speaker 2: And then I discovered later that it was purchased by 533 00:32:09,800 --> 00:32:12,280 Speaker 2: somebody who just used a bank to buy it for 534 00:32:12,440 --> 00:32:15,600 Speaker 2: them through the projections of the business, which I hadn't 535 00:32:15,600 --> 00:32:20,040 Speaker 2: even done. So it absolutely was a lot of naevite 536 00:32:20,360 --> 00:32:24,200 Speaker 2: on my side, and I should have held stronger. 537 00:32:24,440 --> 00:32:26,080 Speaker 1: Is there any world where you would still be on 538 00:32:26,160 --> 00:32:27,120 Speaker 1: the executive track? 539 00:32:27,520 --> 00:32:31,960 Speaker 2: No? I quit that job because it gave me a 540 00:32:32,000 --> 00:32:34,920 Speaker 2: stomach ache. I need to be free and run free 541 00:32:35,040 --> 00:32:39,680 Speaker 2: and control of my own destiny. And I also I 542 00:32:39,760 --> 00:32:45,600 Speaker 2: really don't like I didn't like being inside an organization, 543 00:32:46,040 --> 00:32:50,080 Speaker 2: any organization where I was limited in following through on 544 00:32:50,160 --> 00:32:52,760 Speaker 2: creativity that may have turned me on. Like I love 545 00:32:52,840 --> 00:32:55,800 Speaker 2: that I could make a food show for the Food Network. 546 00:32:55,880 --> 00:32:58,600 Speaker 2: I could make a great comedy for Apple. I could 547 00:32:58,640 --> 00:33:02,920 Speaker 2: do all documentary for Netflix and Amazon. I like the 548 00:33:03,000 --> 00:33:06,920 Speaker 2: diversity of content. I'm able to pursue un filtered, and 549 00:33:06,960 --> 00:33:10,760 Speaker 2: I got frustrated that I had to conform to like 550 00:33:10,840 --> 00:33:13,680 Speaker 2: certain buckets of kind of content were the only ones 551 00:33:13,720 --> 00:33:15,840 Speaker 2: at that time that the network made, or if I 552 00:33:15,920 --> 00:33:18,719 Speaker 2: migrated to a different place than someone else made, you know, 553 00:33:19,320 --> 00:33:23,560 Speaker 2: and I don't think I have ted Surandus's stamina to 554 00:33:23,760 --> 00:33:27,200 Speaker 2: just to work twenty four hours a day, like inside 555 00:33:27,840 --> 00:33:31,240 Speaker 2: that kind of business from that perspective where you kind 556 00:33:31,240 --> 00:33:33,600 Speaker 2: of end up having to become almost a political figure, 557 00:33:33,760 --> 00:33:37,560 Speaker 2: not just a creative figure or an entrepreneurial figure. So 558 00:33:37,960 --> 00:33:41,600 Speaker 2: I am definitely made the right choice to leave there. 559 00:33:41,880 --> 00:33:43,960 Speaker 2: I made the wrong choice to sell Ben. 560 00:33:44,040 --> 00:33:46,200 Speaker 1: Thank you so much for going through all this. Really 561 00:33:46,280 --> 00:33:47,160 Speaker 1: appreciate your caming. 562 00:33:47,240 --> 00:33:52,160 Speaker 2: Be continued, Cynthia anytime now for the treat that I 563 00:33:52,280 --> 00:33:54,560 Speaker 2: promised you at the start of this episode. 564 00:33:54,840 --> 00:33:57,400 Speaker 1: My friend Bill Prady reached out to me the other 565 00:33:57,480 --> 00:34:00,440 Speaker 1: day with a memory he wanted to share. As soon 566 00:34:00,480 --> 00:34:02,920 Speaker 1: as he started talking, I knew I wanted him to 567 00:34:02,960 --> 00:34:06,440 Speaker 1: record it for strictly business. Bill is a veteran comedy 568 00:34:06,480 --> 00:34:09,440 Speaker 1: writer and co creator of a show that is always 569 00:34:09,560 --> 00:34:13,439 Speaker 1: airing somewhere in the world, The Big Bang Theory. Many 570 00:34:13,520 --> 00:34:16,640 Speaker 1: years before Bill brought us, Sheldon and Leonard in the Gang. 571 00:34:17,040 --> 00:34:20,120 Speaker 1: He got his start working as a writer for Jim Henson. 572 00:34:20,920 --> 00:34:23,680 Speaker 1: That's all you need to know to appreciate this story. 573 00:34:24,160 --> 00:34:28,040 Speaker 1: But it doesn't hurt if you remember nineteen eighty seven. Enjoy. 574 00:34:28,480 --> 00:34:31,160 Speaker 3: This is Bill Prady, and this is a memory I 575 00:34:31,200 --> 00:34:35,080 Speaker 3: wanted to share with you. On November sixth, nineteen eighty seven, 576 00:34:35,160 --> 00:34:38,680 Speaker 3: after a devastating stock market crash, the Muppets appeared on 577 00:34:38,719 --> 00:34:42,360 Speaker 3: a special town hall edition of ABC's Nightline in segments 578 00:34:42,400 --> 00:34:46,920 Speaker 3: designed to explain the financial system. I wrote those segments, 579 00:34:47,160 --> 00:34:49,640 Speaker 3: and I hadn't thought about them in years until John 580 00:34:49,680 --> 00:34:52,680 Speaker 3: Oliver aired one of them recently on Last Week Tonight. 581 00:34:53,960 --> 00:34:56,920 Speaker 3: In nineteen eighty seven, I had my first professional job 582 00:34:56,960 --> 00:34:59,719 Speaker 3: as a writer. I was a computer programmer when I 583 00:34:59,760 --> 00:35:01,680 Speaker 3: dropped out of college and moved to New York. But 584 00:35:01,719 --> 00:35:03,840 Speaker 3: a series of the kind of decisions you make in 585 00:35:03,880 --> 00:35:07,360 Speaker 3: your twenties had landed me at the Muppets. I was 586 00:35:07,400 --> 00:35:10,759 Speaker 3: a production assistant that I worked in the licensing department, 587 00:35:10,840 --> 00:35:13,520 Speaker 3: and then I became a staff writer with a portfolio 588 00:35:13,560 --> 00:35:17,840 Speaker 3: of miscellany funny box copy for the Swedish chef Cerial 589 00:35:18,360 --> 00:35:23,040 Speaker 3: that was me dial a muppet sketches me a statement 590 00:35:23,040 --> 00:35:26,600 Speaker 3: to the press from Miss Piggy Me. One of the 591 00:35:26,640 --> 00:35:29,239 Speaker 3: things I certainly wasn't focused on as a twenty seven 592 00:35:29,320 --> 00:35:31,759 Speaker 3: year old writing for A Frog and a Pig was 593 00:35:31,800 --> 00:35:36,920 Speaker 3: the stock market. On October nineteenth, nineteen eighty seven, the 594 00:35:37,040 --> 00:35:40,960 Speaker 3: US stock market crashed. The Dow fell twenty three percent, 595 00:35:41,040 --> 00:35:44,400 Speaker 3: wreaking havoc on the economy. Ted Kopple, the host of 596 00:35:44,440 --> 00:35:47,400 Speaker 3: ABC's Nightline, began production on a special to look at 597 00:35:47,400 --> 00:35:51,000 Speaker 3: the crisis in depth. Realizing that an understanding of some 598 00:35:51,040 --> 00:35:54,000 Speaker 3: of the basics was essential, he wondered if the Muppets 599 00:35:54,000 --> 00:35:58,120 Speaker 3: would be available to handle the task. I have two 600 00:35:58,400 --> 00:36:02,360 Speaker 3: favorite parts of this story. The first is the phone 601 00:36:02,360 --> 00:36:06,480 Speaker 3: call between Ted Copple and Jim Henson. If you weren't there, 602 00:36:06,560 --> 00:36:08,719 Speaker 3: I should let you know that nineteen eighty seven was 603 00:36:08,760 --> 00:36:12,319 Speaker 3: a fairly primitive time. We hadn't yet started to walk 604 00:36:12,360 --> 00:36:15,680 Speaker 3: around with the Internet in our pockets. Jim's office got 605 00:36:15,680 --> 00:36:17,840 Speaker 3: a message that Copple wanted to speak to him, but 606 00:36:17,920 --> 00:36:20,319 Speaker 3: Jim wasn't going to be reachable. That day. We were 607 00:36:20,400 --> 00:36:24,520 Speaker 3: shooting public service announcements for the National Wildlife Federation on 608 00:36:24,640 --> 00:36:28,759 Speaker 3: location in Central Park. ABC told Jim's office that that 609 00:36:28,800 --> 00:36:31,760 Speaker 3: wouldn't be a problem. They would send a mobile phone 610 00:36:32,000 --> 00:36:35,799 Speaker 3: into Central Park. Sure enough, in the middle of that afternoon, 611 00:36:36,160 --> 00:36:39,080 Speaker 3: a production assistant from ABC found us in the woods 612 00:36:39,080 --> 00:36:42,799 Speaker 3: off the Great Lawn. He opened up a large aluminum briefcase, 613 00:36:43,120 --> 00:36:48,319 Speaker 3: extended an antenna, and moments later the thing rang While 614 00:36:48,360 --> 00:36:50,960 Speaker 3: we watched in awe Like the Apes in two thousand 615 00:36:50,960 --> 00:36:53,799 Speaker 3: and one, a Space Odyssey, Copple explained to Jim what 616 00:36:53,880 --> 00:36:58,920 Speaker 3: he wanted, short funny bits explaining basic terms like bull market, 617 00:36:59,040 --> 00:37:04,840 Speaker 3: bear market, margin, call, contrarian, etc. Jim turned to me, 618 00:37:05,600 --> 00:37:10,680 Speaker 3: you got this. I got this, I said. The next day, 619 00:37:10,719 --> 00:37:12,640 Speaker 3: I was off to the New York Public Library to 620 00:37:12,719 --> 00:37:16,320 Speaker 3: learn about the stock market again. It was nineteen eighty seven. 621 00:37:16,640 --> 00:37:20,439 Speaker 3: In nineteen eighty seven, Wikipedia was a building you went 622 00:37:20,520 --> 00:37:24,080 Speaker 3: to filled with books and people. I'd been told that 623 00:37:24,200 --> 00:37:26,520 Speaker 3: Jim and Frank Oz would perform the pieces, so I 624 00:37:26,600 --> 00:37:30,160 Speaker 3: wrote them for their characters. Jim would perform Kermit and 625 00:37:30,239 --> 00:37:33,800 Speaker 3: Roff the Dog. Frank would perform Fozzy Bear, Miss Piggy, 626 00:37:33,840 --> 00:37:36,919 Speaker 3: and a few others. The pieces were short and as 627 00:37:36,960 --> 00:37:39,520 Speaker 3: funny as I could make them. While conveying the content, 628 00:37:39,880 --> 00:37:42,920 Speaker 3: we headed over to ABC News Headquarters on West sixty 629 00:37:42,960 --> 00:37:46,080 Speaker 3: sixth Street to shoot. Our set department had built a 630 00:37:46,120 --> 00:37:49,600 Speaker 3: miniature version of then anchor Peter Jennings's desk, and the 631 00:37:49,600 --> 00:37:53,320 Speaker 3: Puppet Workshop dressed Kermit in a smart Newsy blue blazer. 632 00:37:54,080 --> 00:37:56,719 Speaker 3: As we walked in, Jim remarked that the studio we 633 00:37:56,719 --> 00:37:59,759 Speaker 3: were in, ABC Studio One, had been the home of 634 00:37:59,800 --> 00:38:03,560 Speaker 3: The Jimmy Dean Show, airing from nineteen sixty three to 635 00:38:03,640 --> 00:38:07,840 Speaker 3: nineteen sixty six. The Jimmy Dean Show featured Jim's puppet Rolf. 636 00:38:08,280 --> 00:38:11,680 Speaker 3: It was the first regular network appearance of a Muppet character. 637 00:38:13,840 --> 00:38:17,120 Speaker 3: The studio wasn't ideal for shooting puppets. Although we had 638 00:38:17,160 --> 00:38:19,520 Speaker 3: a desk in the correct scale, there really wasn't a 639 00:38:19,520 --> 00:38:22,680 Speaker 3: good setup for the puppeteers. Jim and Frank had to 640 00:38:22,719 --> 00:38:26,799 Speaker 3: wedge themselves uncomfortably under and behind it. We worked as 641 00:38:26,880 --> 00:38:31,440 Speaker 3: quickly as we could. Fozzy Bear explained bear markets, and 642 00:38:31,520 --> 00:38:35,320 Speaker 3: Miss Picky took umbrage at Ted Copple's commodities question about 643 00:38:35,360 --> 00:38:39,160 Speaker 3: pork bellies. A grumpy old puppet identified himself as a 644 00:38:39,200 --> 00:38:43,640 Speaker 3: contrarian and then proceeded to disagree with everyone. Ralf smashed 645 00:38:43,640 --> 00:38:47,880 Speaker 3: apples to illustrate the market takes a beating, and then 646 00:38:47,920 --> 00:38:51,360 Speaker 3: a camera broke, and that led to my second favorite 647 00:38:51,400 --> 00:38:57,160 Speaker 3: part of this story. Because they were wedged in, Jim 648 00:38:57,200 --> 00:38:59,800 Speaker 3: and Frank stayed in place while a technician worked to 649 00:39:00,160 --> 00:39:03,359 Speaker 3: the camera back to life. To stay loose, they did 650 00:39:03,400 --> 00:39:06,520 Speaker 3: what puppeteers often do between takes. They kept the puppets 651 00:39:06,600 --> 00:39:10,600 Speaker 3: up and alive. Jim had Rolf the dog on his arm, 652 00:39:10,640 --> 00:39:15,960 Speaker 3: and Frank was puppeteering Sam Eagle. Rolf looked around, you know, 653 00:39:16,640 --> 00:39:20,160 Speaker 3: he began in his rough canine growl. We used to 654 00:39:20,200 --> 00:39:24,520 Speaker 3: shoot the old Jimmy Dean show. Here, Sam Eagle put 655 00:39:24,520 --> 00:39:27,880 Speaker 3: his wing to his head and feigned exhaustion. Oh hell, 656 00:39:28,080 --> 00:39:32,879 Speaker 3: he said, here come the Jimmy Dean stories. And then 657 00:39:33,040 --> 00:39:36,799 Speaker 3: the most amazing piece of improve ensued. When you think 658 00:39:36,800 --> 00:39:39,240 Speaker 3: about Kermit and Peggy, or Ralf and Pozzi, you forget 659 00:39:39,239 --> 00:39:40,839 Speaker 3: that they were brought to life by one of the 660 00:39:40,880 --> 00:39:46,200 Speaker 3: greatest comedy teams ever, Jim Henson and Frank Oz. There 661 00:39:46,320 --> 00:39:50,640 Speaker 3: in ABC Studio one. Frank Sam began the piece, inventing 662 00:39:50,640 --> 00:39:54,960 Speaker 3: a story he'd heard from Rolf for years. Jim's Ralph 663 00:39:54,960 --> 00:39:57,239 Speaker 3: repeated what Sam said, but he did it like he 664 00:39:57,320 --> 00:40:00,480 Speaker 3: wasn't listening, like a needle had just dropped into a groove. 665 00:40:01,560 --> 00:40:05,080 Speaker 3: I was just a little pulp, said Sam mockingly. I 666 00:40:05,200 --> 00:40:08,440 Speaker 3: was just a little pup, began Ralph. Looking for my 667 00:40:08,640 --> 00:40:13,160 Speaker 3: first break, moans Sam. Looking for my first break, said 668 00:40:13,280 --> 00:40:16,520 Speaker 3: Ralph brightly. So I wandered in off the streets of 669 00:40:16,560 --> 00:40:19,719 Speaker 3: New York. So I wandered in off the streets of 670 00:40:19,800 --> 00:40:23,359 Speaker 3: New York through an open door, side Sam, through an 671 00:40:23,400 --> 00:40:28,560 Speaker 3: open door, continued Ralph. And so, with friend leading and 672 00:40:28,680 --> 00:40:31,640 Speaker 3: Jim pretending not to follow, we heard the story of 673 00:40:31,680 --> 00:40:35,440 Speaker 3: a dog breaking into TV. The ABC News team, who 674 00:40:35,480 --> 00:40:38,560 Speaker 3: had largely been ignoring us, stopped working and drifted over 675 00:40:38,600 --> 00:40:42,840 Speaker 3: to watch the bird and the dog continued. The director 676 00:40:42,960 --> 00:40:45,279 Speaker 3: sidled up to the camera technician and asked when it 677 00:40:45,320 --> 00:40:49,440 Speaker 3: would be fixed. Oh, we've been ready for a while, 678 00:40:49,560 --> 00:40:54,000 Speaker 3: the fellow said, I just didn't want to stop the show. Nowadays, 679 00:40:54,000 --> 00:40:57,360 Speaker 3: if something amazing and magical happened like an American eagle 680 00:40:57,440 --> 00:41:02,080 Speaker 3: exhaustedly sitting through the reminiscences of his dog friend, there 681 00:41:02,080 --> 00:41:06,440 Speaker 3: would be iPhone videos from twenty different angles posted all 682 00:41:06,440 --> 00:41:10,720 Speaker 3: over the Internet. But in a world where portable phones 683 00:41:10,800 --> 00:41:15,040 Speaker 3: come in aluminum briefcases that moment only exists in the 684 00:41:15,080 --> 00:41:18,880 Speaker 3: memories of the people who were there. Thanks John Oliver 685 00:41:19,040 --> 00:41:23,840 Speaker 3: for unburying this one and bringing it to mine. 686 00:41:25,080 --> 00:41:28,280 Speaker 1: Thanks for listening. Be sure to leave us a review 687 00:41:28,320 --> 00:41:31,640 Speaker 1: at the podcast platform of your choice. We love to 688 00:41:31,640 --> 00:41:35,200 Speaker 1: hear from listeners. Please go to Variety dot com and 689 00:41:35,280 --> 00:41:39,520 Speaker 1: sign up for the free weekly Strictly Business newsletter, and 690 00:41:39,640 --> 00:41:43,120 Speaker 1: don't forget to tune in next week for another episode 691 00:41:43,160 --> 00:41:44,480 Speaker 1: of Strictly Business.