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Investing elsewhere with Revolution’s Clara Sieg

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

I was in the studio alone this week with the wonderful Clara Sieg of Revolution, an early-stage venture capital fund that invests in disruptive startups from underrepresented geographies. As you might have guessed, we talked about the rising trend of investors backing companies from “second-tier” markets like Austin, Atlanta, Denver, Philadelphia, Seattle, etc.

Clara herself hails from Pittsburgh, an up and coming market for technology startups and venture capital investments. We discussed how that has influenced her career in VC and how she landed at Revolution (she’s been there for nearly a decade!) in the first place.

In this special episode, Clara also teaches me how cities become tech hubs. It’s a special kind of recipe. A city must have a great university, or a few, nearby to provide a constant flow of talent. They need some big corporations around for the same reason. They need a healthy community of angel investors ready and willing to get things going. And… well, listen to the episode to learn the rest.

Finally, I ask Clara what investment she regrets not making the most. Her answer might surprise you.

Extra Crunch subscribers can read a transcript of each week’s episode every Saturday. Read last week’s episode here and learn more about Extra Crunch here.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

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Earios is a new podcast network for women creators

It might seem like you’ve now got podcasts covering any and every conceivable topic, but comedy writer and actor Maria Blascucci argued that there’s still “this whole untapped market” — namely, podcasts created by women.

Certainly, some of the most successful shows are hosted by women — but if you look at a list of popular podcasts, you’ll see a lot of men. Similarly, most of the major podcasting networks and companies (like Gimlet, Crooked Media and Earwolf) were founded by men.

So Blascucci teamed up with her friends Amanda Lund (also a writer and actor) and Priyanka Mattoo (a former agent at United Talent Agency and William Morris Endeavor) and created a new company called Earios. They raised $26,000 on Kickstarter last year, and launched their first shows this week.

“As we saw the landscape of podcasts changing and becoming more like television … we started to realize that we might as well carve out a space for ourselves, a community of funny women, instead of just letting it happen to us,” Lund told me.

The goal is to launch 12 shows this year, including four this week — Filling the Void (where “Love” creator Lesley Arfin talks to her friends about their passions and hobbies), Foxy Browns (with Mattoo and Camille Blackett discussing beauty and wellness from the perspective of women of color), Web Crawlers (where Melissa Stetten and Ali Segel explore strange and mysterious things on the web) and The Big Ones (where Blascucci and Lund discuss moral dilemmas).

Upcoming shows include titles from comedian Margaret Cho and musician Feist.

“What we have been trying to do is just trying to do projects and [find] really interesting voices and perspectives that alone will make our shows stand out,” Lund said. “With podcasting, there is a template for it. It sounds like this, and your art looks like this, and we’re conscious of not necessarily falling into that same template. We’re still trying to do things outside of the box whenever possible and keep the medium cracked open, in a way.”

As for monetization, while there are startups exploring subscriptions and paywalls (with some hiccups), Earios is focused on running ads in partnership with Acast.

Mattoo suggested that there’s a similar untapped market here, recalling that as she talked to ad sales companies, “The refrain we heard over and over again was, ‘We have all these ads targeted at women and nowhere to put them.’ ”

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The VCs behind Libra, Facebook’s new cryptocurrency

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

Sadly, Equity co-host Alex Wilhelm is out this week, but for good reason: He’s getting married this weekend. Fortunately, we had the esteemed TechCrunch editor Danny Crichton step in to discuss Slack’s direct listing, Facebook’s new cryptocurrency, the scooter cash desert, startup founder salaries and more with Equity co-host Kate Clark.

We began this week’s episode with the latest Slack news. The enterprise communications business was said to price its shares at $26 apiece Wednesday afternoon, valuing the company at around $15.7 billion. We taped this episode on Wednesday, the day before Slack’s direct listing. It’s now Friday. We’ll be back next week to unpack Slack’s initial performance on the public markets.

Then, we turned to Facebook’s new cryptocurrency, Libra, which will let you buy things or send money to people with nearly zero fees using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger and its own app. As Kate mentioned in the podcast, if you’re curious at all about Libra, read TechCrunch’s Josh Constine’s deep dive here. And, of course, listen to the latest episode to learn more about the role VCs have played in the development of the token and what it means for crypto startups.

Next up on the agenda was scooters, because we can’t seem to tape a single episode of Equity without mentioning VC’s favorite sector. The news wasn’t great this week, however. We’re hearing that Lime, a scooter startup that has raised hundreds of millions in venture capital funding, is having a tough time landing fresh funding. That’s a big problem, because hardware is a tough and expensive business, and if Lime — and Bird for that matter — aren’t able to secure additional capital, well, it’s goodbye scooters.

Finally, Danny and Kate chatted about startup founder salaries. There’s not much written on this topic and comprehensive founder salary data is hard to come by. Fortunately, TechCrunch’s Ron Miller did a little digging to find out just how much VC-backed entrepreneurs are being paid these days. The results are surprising.

As usual, we’ll be back next week. Thanks for listening!

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

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Why Om Malik thinks ‘the VC subsidized life is over’

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

This week we had the full Equity staff on hand to dig through the week’s news, helmed by Kate Clark and Connie Loizos, with Alex Wilhelm in the studio too. Plus, Om Malik, a former scribbler and current venture capitalist, joined us to riff on the latest.

Before we dig into what we covered, a small note from the team: As this episode is going out before Uber will trade, we’ll have another episode coming to you tomorrow after the madness. Stay tuned.

Uber priced its IPO at $45 per share right before we hit record, so we first touched on the final pricing of what should be the year’s largest tech IPO. Pricing toward the lower-end of its range, Uber could be setting itself up for a strong first day. Or, demand was lower than expected following Lyft’s slide. Either way, Uber will trade tomorrow as a public company at last. Om predicts Uber and Lyft rides will get a whole lot more expensive in the next eighteen months, so hold onto your hats, the future for riders and drivers alike is… unclear.

Next, we debated Harry’s exit to Edgewell Personal Care. The direct-to-consumer razor supplier sold this week for more than $1 billion in a deal reminiscent of the Dollar Shave Club’s sale to Unilever. From there, we spoke about the latest from the Luckin Coffee IPO. The news, in brief, is that its IPO is moving forward. Next up is pricing; we’ll be sure to discuss any updates on the podcast.

In big deal news, Carta closed a $300 million round. Connie has learned a lot about the business in recent weeks and it turns out, Om wishes he was an investor!

Finally, Cruise’s latest new round, and the capital needs of autonomous driving. As we all quickly agree, it’s an expensive business and not one that will get cheaper. But, given that so many companies are working on the tech, we hope it works out. Especially Om, who doesn’t have a driver’s license, it turns out.

All that and we had fun! Chat tomorrow!

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

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RedCircle’s latest feature makes it easy to tip podcast creators

A group of former Uber employees unveiled their podcasting startup RedCircle last week, and now they’re already launching new features — specifically the ability for listeners to make small tip payments to podcasters.

RedCircle has created a web-based podcast player of its own, but CEO Michael Kadin (previously an engineering manager at Uber) said the mission isn’t to compete with other podcast apps. Instead the team aims to create the tools podcasters need to build a real business.

In fact, RedCircle is already offering some of those tools — like hosting and analytics — for free, and it also launched a cross-promotion marketplace where those podcasters can team up to try to grow each others’ audiences.

As for the new tipping feature, it appears as a button on the RedCircle player, allowing users to pay $2, $5 or a custom amount with just a few clicks (you’ll also need to enter your credit card info, of course). The startup can also automatically insert a tipping link into a podcast’s show notes, so listeners will find out about it regardless of the player they use.

Co-founder Jeremy Lermitte (a former Uber product manager) added that tipping provides a way for fans to compensate a podcaster for an episode they particularly enjoyed without making the long-term commitment of, say, signing up for a Patreon subscription.

“This allows you to engage at your own pace,” Lermitte said.

Podcasters can and do accept one-time payments via PayPal or Venmo, but Kadin said RedCircle offers more data about who’s making the payments, while also providing a 1099 form for taxes and “all the other things you want to turn this into a real thing, versus something casual.”

“The first thing podcasters say they need is to grow their audience,” he added. “The second thing is to make money from it. Now we’re working on both of those problems. Just give us another week and a half and we’ll make even more progress.”

RedCircle has raised a $1.5 million seed round led by Roy Bahat at Bloomberg Beta .

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Acast launches Acast Access to make paywalled podcasts available on any player

Podcast monetization company Acast is launching a new way for publishers to put their podcasts behind a paywall.

Until now, podcasts have not been well-suited to subscription paywalls, due to the fact that they’re distributed via RSS feeds that can be accessed by any podcast player. So instead we’ve seen workarounds like Substack building a web-based audio player and TechCrunch releasing all our podcasts free while putting transcripts behind the Extra Crunch paywall.

And then there’s Luminary, the subscription podcast app that’s faced serious backlash for including unaffiliated podcasts in a way that some podcasters suspect it was re-hosting their audio files. (The company says it wasn’t doing that.)

With Acast Access, on the other hand, publishers should be able to create versions of their podcasts that are only available to subscribers, but are still accessible from any app.

Chief Product Officer Johan Billgren said that Acast works with a publisher to create two different podcast feeds — the public feed, which is available to everyone for free, and the “accessed-RSS” feed, which should include all the public content but also extra episodes, episodes released early or episodes with bonus content inserted.

Acast Access infographic

Billgren demonstrated the listener process for me, showing how a subscriber could log onto a publisher’s site, visit the podcast page and then click a button that will allow them to subscribe to the paid version of the podcast, choosing the podcast app of their choice. Once you’ve subscribed, you should be able to download and play episodes anytime you want, without any additional login.

Behind the scenes, Billgren said Acast is checking anonymized user data against the publisher’s API to confirm that you really do have permission to access the feed. And apparently it can still cut you off after you cancel your subscription.

Initial Acast Access partners include the Financial Times and The Economist. While it makes sense to launch with larger publishers who can incorporate this into their existing subscription paywalls, Billgren said Acast will also be making this available to smaller partners in the comings months — they’ll be able to release podcasts behind Acast’s own subscription paywall. (The company has already been experimenting with paid content through its Acast+ app.)

“Basically, we want to reach the point where it’s a natural thing to say, ‘This is the public version [of a podcast], press the link to get access to the accessed version,’ ” he said.

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HipChat founders launch Swoot, a social podcast app

Pete Curley and Garret Heaton, who previously co-founded team chat app HipChat and sold it to Atlassian, are officially launching their new product, Swoot, today. The app makes it easy for users to recommend podcasts and see what their friends are listening to.

This might seem like a big leap from selling enterprise software — and indeed, Curley said the company was initially focused on creating another set of team collaboration tools.

What they realized, however, was that HipChat is “actually a consumer product that the company just happens to pay for, because the employees demand it” — and he said they weren’t terribly interested in trying to build a business around a more traditional “top-down sales process.”

Meanwhile, Curley said he’d injured his back while lowering one of his children into a crib, which meant that for months, his only form of exercise was walking. He recalled walking around for hours each day and, for the first time, keeping himself entertained by listening to podcasts.

“I was actually way behind the times,” he said. “I didn’t know this, that everyone else was listening to them … This is like the dark web of content.”

Swoot Screenshot 1

The startup has already raised a $3 million seed funding round led by True Ventures .

“Pete and Garret both have incredible product and entrepreneurial experience, plus they have built successful businesses together in the past,” said True Ventures co-founder Jon Callaghan in a statement. “Their focus of solving the disjointed podcast listening experience through Swoot’s elegant design fills a clear gap in media discovery.”

Discovery — namely, finding new podcasts beyond the handful that you already subscribe to — is one of the biggest issues in podcasting right now. It’s something a number of companies are trying to solve, but in Curley’s view, the key is to make the listening experience more social.

He noted that social sharing features are getting added to “literally everything,” including your bathroom scale, except “the one thing that I actually wanted it for.”

Curley also contrasted the podcast listening experience with YouTube: “We don’t realize how big [podcasting] is because there is no social thing where you see that Gangnam Style has 8 billion views, and you realize that the entire world is watching. There’s no view count, no anything that tells you what’s popular.”

So he’s trying to provide that view with Swoot. Instead of focusing on overall listen counts (which might not be that impressive in a new app), Swoot gives you two main ways to track what’s popular among your friends.

Swoot Screenshot 2

There’s a feed that shows you everything that your friends are listening to or recommending, plus a list of episodes that are currently trending, with little icons showing you the friends who have listened to at least 20 percent of an episode.

Curley said the team has been beta testing the app by simply releasing it on the App Store and telling friends about it, then letting it spread by word of mouth until it was in the hands of around 1,000 users. During that test, it found that 25 percent of the podcasts that users listened to were coming from friends.

Curley also noted that this approach is “episode-centric” rather than “show-centric.” In other words, it’s not just helping you find the next podcast that you want to subscribe to and listen to for years — it also helps surface the specific episode that everyone’s listening to right now.

“In the 700,000 shows that exist, if you’re the 690,000 worst-ranked show, but you have one great episode that should be able to go viral, that’s basically impossible to do right now, because audio is crazy hard to share,” Curley said.

In the course of our conversation, I brought up my experience with Spotify — I like knowing what’s popular, but when a friend recently mentioned specific songs that they could see I’d been listening to on the service, I was a bit creeped out.

“It’s funny, I actually thought, how ironic that Spotify is getting into podcasting now [through the acquisitions of Gimlet and Anchor],” Curley replied. “They actually had this correct mechanism applied to the wrong thing. Music is a deeply personal thing.”

Which isn’t to say that podcast listening isn’t personal, but there’s more of an opportunity to discover overlapping interests, say the fact that you and your friends all listen to true crime podcasts.

Curley also said that the app is deliberately designed to ensure that “the service does not get worse because a ton of people follow you” — so they see what you are listening to, but they can’t comment on it or tell you that you’re an idiot for listening.

At the same time, he also said the team will be adding a mode to only share podcasts you actively recommend, rather than posting everything you listen to.

As for making money, Curley suggested that he’s interested in exploring a variety of possibilities, whether that’s integrating with other subscription or tipping services, or in creating ad opportunities around promoting podcasts.

“My actual answer is, there are a bunch of people trying to monetize right now, but I don’t think there’s a platform even close to mature enough to even try to monetize podcasting yet, other than podcasters doing their own advertising,” he said. “I think the endgame, where the real money is made in podcasting, actually hasn’t been come up with yet.”

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An Equity deep dive on Patreon

The popular TechCrunch podcast Equity this week launched a new series called Equity Dive, wherein a host interviews the writer of the latest edition of the Extra Crunch EC-1.

If you’ve ever wanted to know everything there is to know about Patreon, the platform that connects creators with fans and their wallets, then this is the show for you. TechCrunch Silicon Valley editor Connie Loizos speaks with Eric Peckham who spent hours upon hours meeting with the Patreon team to learn its origin story and the ins and outs of its business practices to get the company to where it is today.

Read a deep dive of Patreon on Extra Crunch

As Eric says:

The way to think about how Patreon has evolved is I see it in kind of three stages, which was this initial crowd funding platform, and then evolving beyond that to try and be a destination platform for consumers where there would be great content that you just go to Patreon to find and you go to discover creators, kind of a marketplace model. They moved away from that. That was somewhat of a gradual shift and essentially the decision was it’s not good to be stuck in this game of trying to be yet another destination platform for consumers competing with YouTube and Instagram and every single media site out there. Really the opportunity and mission underlies our work is about helping creators and enabling all these independent creators to sustain themselves and to build thriving businesses.

They shifted, they now describe themselves as a SaaS company actually, which is very different from framing yourself as kind of a consumer destination. The long and short of it is they see this opportunity, which is a growing market of independent creators around the world who are building fan bases, and for that particular type of SMB they want to provide essentially the full suite of tools and services that they need to run their businesses.

For access to the full transcription, become a member of Extra Crunch. Learn more and try it for free. 


Connie Loizos: Hi, I’m Connie Loizos and I’d like to welcome you to our first Equity Dive. Once a month we’re going to be dedicating an entire episode to a deep dive into the life of one company. This month I’m joined by Eric Peckham, who has reported extensively on the crowd funding membership platform Patreon. Hi Eric.

Eric Peckham: Hey Connie, excited to be here for the first Equity Dive.

Connie Loizos: Same, so Eric you and I ran into each other first in Berlin but we don’t know each other very well. I’d love to hear more about you. You’re based in LA, and from what I understand you are a media industry analyst. Is that correct?

Eric Peckham: Yes, so I cover through both my own newsletter Monetizing Media, the happenings of the global media and entertainment industry. It’s kind of a very business minded lens on media and entertainment.

Connie Loizos: Well I read your extensive coverage on Patreon and it was really impressive, and I wondered considering how much you wrote, is this sort of a long interest of yours this company or how did you decide to settle on this for your first deep dive for TechCrunch?

Eric Peckham: Yes, it was an exciting process digging into this. We made a short list of exciting companies, a lot of unicorn companies or late stage startups we thought were about to become unicorns, and Patreon jumped out for a number of reasons. One is as someone who runs his own newsletter I have had subscribers to that newsletter suggest creating a Patreon. I’ve looked into it before, so I had a little bit of a creator perspective of just wanting to better understand Patreon and other options in the market. I think from a bigger picture, more of a Silicon Valley perspective, Patreon’s a really fascinating company. They’ve raised over $100 million from top PC firms like Index, CRV, they’re the dominant player in this space they’re targeting, but it’s kind of them versus just the big social media platforms. There isn’t the startup that’s comparable in size to it and it’s really trying to own this whole territory of independent content creators, surveying them with different business tools or services.

Connie Loizos: It is really interesting to think the David and Goliath story involves a $100 million venture backed startup versus, as you say, I know these big players Facebook, YouTube. Let’s start at the beginning, so you decided on Patreon for reasons that I can certainly understand now. How did you set about pitching them on this idea? Because obviously you were going to need a lot of access to them, a lot of their time.

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‘This is Your Life in Silicon Valley’: NYT’s Mike Isaac discusses his upcoming Uber book, Leaks from Facebook and More

Welcome to this week’s transcribed edition of This is Your Life in Silicon Valley. We’re running an experiment for Extra Crunch members that puts This is Your Life in Silicon Valley in words – so you can read from wherever you are.

This is your Life in Silicon Valley was originally started by Sunil Rajaraman and Jascha Kaykas-Wolff in 2018. Rajaraman is a serial entrepreneur and writer (Co-Founded Scripted.com, and is currently an EIR at Foundation Capital), Kaykas-Wolff is the current CMO at Mozilla and ran marketing at BitTorrent. Rajaraman and Kaykas-Wolff started the podcast after a series of blog posts that Sunil wrote for The Bold Italic went viral. The goal of the podcast is to cover issues at the intersection of technology and culture – sharing a different perspective of life in the Bay Area. Their guests include entrepreneurs like Sam Lessin, journalists like Kara Swisher and politicians like Mayor Libby Schaaf and local business owners like David White of Flour + Water.

This week’s edition of This is Your Life in Silicon Valley features Mike Isaac, whose upcoming book about Uber –  ‘Super Pumped’ –  is sure to generate controversy. Isaac conducted hundreds of interviews for the book, and answers some pointed questions about his research during this podcast. Isaac also talks about press leaks, Facebook hacks and more during this interview.

If you want to hear what Mike would ask Travis Kalanick if he had the opportunity for a sitdown, you don’t want to miss this transcript.

For access to the full transcription, become a member of Extra Crunch. Learn more and try it for free. 

Sunil Rajaraman:

Welcome to season three of This is your Life in Silicon Valley, a podcast about the Bay Area, technology, and culture. I’m your host Sunil Rajaraman, and I’m joined by my cohost, Jascha Kaykas-Wolff-Wolff. This is your Life in Silicon Valley is brought to you by The Bold Italic.

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Equity Shot: Lyft is public — what does that mean for other IPO-ready unicorns?

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

Sure, we just aired a new episode, but things keep happening, and after talking about this crop of IPOs for so long, we can’t help ourselves. (You can follow us on Twitter, here and here, by the way, if Equity isn’t enough for you.)

Lyft, as you know, started trading today, closing the loop on a long saga that brought the smaller of the two domestic ride-hailing unicorns to the public markets.

After so much speculation about which of the two would get out the door first, Lyft did, and now we get to see what sort of pricing shenanigans happen next. Does Uber drop rates and punish Lyft? Or does Uber work to cut its losses, lowering its expenses and providing a clearer path toward profitability before its April IPO roadshow kicks off? (Not a path to profitability, mind; Uber and Lyft need to show a path to the direction of profitability first.)

We hit all the bases, going over the company’s pricing path, its varying share figures, final raise metrics and more. If you want the hard stuff, we’ve got a shot for you.

Now that the Lyft IPO has wrapped, we’ll be shifting our focus to Pinterest, Zoom and, of course, Uber. Stay tuned.

OK, now we’re done. Until next Friday. Unless something else happens.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.

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