Disruption
David Pakman's Blog www.pakman.com

An Emerging New Model for TV? Crunchyroll.

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Dec 02
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As the viewer trend data make clear, legacy TV is undergoing a dramatic transformation, led by the many alternative ways of watching video. Cable subs are in decline, network TV viewership has tanked, and now even cable TV viewership is eroding. We frequently discuss the new streaming providers (YouTube, Netflix, Amazon, Hulu) and the on-demand show/movie retailers (iTunes, Amazon, Vudu), but a new model is emerging and worth discussing — the over-the-top (OTT) TV network. Our recently-exited investment in Crunchyroll provides a prime example.

Crunchyroll is the largest provider of Japanese anime online. They license scores of hit and long tail anime shows from Japanese media companies for streaming throughout the world ex-Japan. They offer a free ad-supported viewing option and attract millions of unique monthly viewers. They also offer a paid commercial-free offering at seven dollars per month which makes available a deeper selection of shows. They are available on the web for PC streaming, and have an app available on every mobile and connected TV platform available (iOS, Android, Roku, AppleTV, PS3, Xbox, etc.).

Crunchyroll has amassed hundreds of thousands of paying subscribers and is profitable with net margins many internet and legacy media companies would envy.

While they don’t benefit from the incredibly rich we-will-pay-you-a-fee-even-if-no-one-watches-your-network affiliate fee model of legacy cable TV, they enjoy a more accountable dual advertising/consumer subscription model. While most of us would consider this content niche, their total active actual viewers are considerably larger than most cable networks on your cable grid. Perhaps most impressively, like most technology companies, they are highly efficient, employing fewer than fifty employees.

This model benefits from many of the advantages of the web. An embedding/link-sharing culture helps Crunchy, as everything viewable can be shared and discussed throughout the web. The product is highly mobile and feeds our preference for snackable media consumption on phones and tablets. Non-subscribers get easy access and a thorough chance to experience the content without paying. And the team is staffed by fantastic technologists who rapidly adopt and optimize the service for every new platform that emerges. The team has already started expanding their successful model to new content verticals.

Their success, I think, points the way for niche programmers to deliver great video services directly accountable to their viewers and advertisers alike, and not polluted by the MVPD indirect affiliate fee model nor the antiquated Nielsen people viewer/sweeps model.

For these reasons, Peter Chernin’s The Chernin Group is the new owner of this impressive company and team. I look forward to watching the continued success of Kun, Brandon, James, Brady and the whole team. Without much fanfare, they have pioneered a way forward for much of the video programming world. We are honored to have been investors since 2007 and to have watched you succeed.

Will the Internet Unbundle Higher Education Too?

Nov 27

I was fortunate enough to be asked to deliver the keynote address at this year’s Sustainable Scholarship Conference, put on by ITHAKA. Here, I attempt to review how the internet has disrupted bundled industries and consider the question of whether it will unbundle higher education too.

ITHAKA is a not-for-profit  that helps the academic community use digital technologies to preserve the scholarly record and to advance research and teaching in sustainable ways. They run the popular JSTOR service, a growing digital library of more than 2,000 academic journals, nearly 20,000 books, and two million primary source objects provided to colleges, universities and scholarly communities. I serve as a trustee of ITHAKA.

My slides from the presentation are here:


Thank you to Kevin Guthrie, ITHAKA’s CEO, for the invitation to speak and for the overly-generous introduction!

Why AdTech is Back (It Never Left)

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Oct 30
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One of the most valuable characteristics of venture investing is that sectors go in and out of favor. Certain sectors, no matter the investment climate, have perennial long-term value. At least, that is my view. And I hold that view strongly about the AdTech sector.

More than 60% of the enterprise value created by internet companies comes from companies whose business model is primarily the selling of ads. Since the internet is both a communications medium and a transactions platform, I believe it will always create massive value through advertising. The internet, unlike most traditional media, is inherently a performance-oriented medium and it delivers on the promise to make advertising and marketing more accountable and more efficient. Underlying the delivery of better ad performance, in a world filled with big, quantifiable data, is an ever-increasing slate of sophisticated technology operating on massive datasets in real time. If you advertise on the internet, and eventually, every brand and service in the world will, you need exposure to these technologies or you will underperform your competitors. The AdTech sector, fundamentally, is the delivery of these advanced advertising technologies to all advertisers.

In my previous posts on the evolution of online advertising, I painted a picture, like so many observers of the space, of a world where all impressions are traded on exchanges. That inevitable transition is happening at light speed now. More than 17% of display impressions on the web are traded on exchanges and the forecasts are bullish on this trend. In that world, online advertising looks much more like trading stocks than the buying of ads over lunch meetings. In 2008, we believed that significant value would be built in this exchange layer. It was this thesis that supported our Series B investment in AppNexus. That company continues its incredible run and is one of the largest global ad exchanges in the universe. We believe AppNexus will remain one of the most important companies on the internet.

While a huge amount of buying has moved to the exchanges, the level of sophistication of many advertisers taking advantage of these RTB platforms is still rudimentary. It turns out, just like outperforming the stock market year in and year out, it’s hard to do it well. The amount of data available to buyers is enormous. The number of parameters available in tuning and targeting your audience is almost limitless. And, most importantly, there are always better data scientists down the road doing a better job than you can at building proprietary targeting models. For all of these reasons, in our opinion, the second-most valuable layer in AdTech is the data-driven ad network layer. (Not to be confused with the inventory driven ad networks.) Data-driven ad networks employ either large proprietary data sets or proprietary targeting models on top of very large data sets. The sophistication of the data scientists within these companies delivers a sustainable performance advantage over their less well-equipped peers. Two examples of these companies in our portfolio are Dstillery (formerly Media6Degrees) and Bizo. Both Rocket Fuel and Criteo are two additional companies in the space. Rocket Fuel’s recent IPO fetched it a market cap of more than $1.7B and Criteo is now over $2B. Many are asking themselves, “Why?”

[As an aside, Zach Coelius, the CEO of Triggit, points out that these companies should no longer be called ad networks because they no longer amass large amounts of inventory. They are instead more accurately "algorithmic media buying" companies or "data-driven targeting" companies...not really sure, but they aren't traditional ad networks.] 

The reason these companies are so valuable is that buyers on the exchanges are dominated by performance-oriented marketers today. Their dollars seek the best performance. The data-driven ad network layer is increasingly a case of the haves and have-nots. The better you perform relative to your peers, the more ad dollars you receive. These four companies significantly out-perform their peers, and their incredible revenue growth (and enviable media margins) indicate this.

The reason these companies have bright long-term futures is that this layer is increasingly necessary, hard to replicate, and experiences tremendous network effects. In the early days of AdTech, some believed the traditional media buyers would be able to build their own technology stacks and deliver better performance and value than independent companies in the market. This has not turned out to be true. The best performance can be found elsewhere, largely within technology companies, and so that is where the dollars are flowing. This presents enormous long-term challenges for the incumbent media buyers and will continue to pressure them to flow more and more of their client’s dollars to the better performing AdTech companies.

I believe this layer will eventually see tens of billions of dollars of media buying flowing through it. Of course, the exchange layer benefits from all of this too. For these reasons, there will be additional public AdTech companies which will fetch multi-billion dollar valuations coming to market. AdTech is back. Except it never left.

 

Venturescape: This Year’s NVCA Annual Meeting

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Apr 11
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I’m going to Venturescape, the NVCA Annual Meeting May 14 and 15 in San Francisco and you should too. I haven’t been to one in many years, but this year is different.

The NVCA is the National Venture Capital Association. It’s much more than just a trade organization, and this year’s annual meeting demonstrates that.

My friend Jason Mendelson from Foundry Group is on the NVCA Board of Directors and he is running Venturescape. That being said, if the meeting was going to suck I wouldn’t go. But it looks quite good.

I’m excited about the agenda, as this is the best lineup I’ve seen at one of these events. Included in the mix are:

  • Dick Costolo, Twitter CEO
  • General Colin Powell
  • Ginni Rometty, IBM CEO
  • Anne Wojcicki, 23andMe CEO

There is also the world’s largest VC Office Hours. And for the first time, “fun” is part of the meeting in the form of NVCA Live! — a great concert featuring Pat Monahan from Train and Legitimate Front, a band in which I’m staring as the drummer and main groove man.

If you are a VC, I hope to see you there. If you are an entrepreneur, ask your VC funders for tickets to NVCA Live!, as that is open to everyone, although tickets are only purchasable by NVCA members.

If you are coming, especially to NVCA Live!, let me know. See you there.

Author David Pakman
Category Venture Capital
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Some Thoughts Coming Out of TED
(We need more entrepreneurs!)

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Mar 01
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With my mind fully stretched in various different directions, a bunch of thoughts are coalescing, coming out of another fantastic TED. Three main points are loosely stitched together in my mind and they point to a bunch of future opportunity.

First, we heard convincingly from economists like Robert Gordon, Erik Brynjolfsson and Andrew McAfee that America’s manufacturing jobs which, for so long, powered our healthy middle class, are not coming back in any big numbers. Many of us scratch our heads to understand how to fill this enormous hole. At Venrock, largely informed by a similar Hunter Walk observation, we believe this dirth of fruitful middle class employment is leading to so much of the activity in the shared resources sector (AirBNB, etc.), in the peer to peer marketplace sector (PoshMark, etc.) and in the digital labor market sector (Uber, TaskRabbit, etc.) as income supplementation. This will help and is a highly investible opportunity. But still, is this enough?

Second, we marveled at Elon Musk and his unrivaled appetite to tackle the planet’s largest problems through commercial endeavors filled with enormous risk (SpaceX, Solar City, Tesla). He is an international treasure and it simply begs the question…why aren’t there more of him? Of course, there are many fantastically successful entrepreneurs and we celebrate them all. But how many Elon Musks are there on the planet? One hundred? One thousand? Ten thousand? Why aren’t there ten million? What are the specific experiences, personality traits, education paths, parenting, and DNA necessary to produce the planet’s super humans driven to defy the odds on such interplanetary scale? It is clear the planet needs more of them, and so why aren’t we unlocking the answer to the question of how to make more? A speaker reminded us of the Chinese proverb…

If you want one year of prosperity, grow wheat. If you want ten years of prosperity, grow trees. If you want one hundred years of prosperity, grow people.

We need to grow more Elons (and Steves and Bills, etc.)

Finally, Sugata Mitra delivered a compelling argument that our schools are simply obsolete for the task of turning out the kind of people we now need in our modern society. He argues for far more self-organized small learning groups of kids with cloud-based tools and light direction from a teacher. That may be part of the solution, but it is likely only a part of it. If our future doesn’t need line workers but needs more inventors, creators, risk-takers, builders, and makers, where will they all come from? Surely there is no natural limit on the number of people with these strengths in our species, right? Surely we can teach and encourage more people to excel in these areas, right? In order to do that, just how much of our society needs to change? Isn’t it more than just our schools? Isn’t it the goals we set for our kids as parents? Is the over-whelming emphasis on organized team sports in our suburban communities part of the problem? When we reward kids at spelling bees, perhaps the ultimate test of rote memorization, are we not helping? Shouldn’t every kid on the planet be playing Minecraft? How deep must we dig to get at the real root here?

I suspect this is perhaps the greatest issue we face as a society. How do we produce more entrepreneurs?

(Special thanks to fellow TEDster Juliette LaMontagne for the helpful brainstorming.)

My Congressional Testimony on Internet Music Licensing

Nov 28

I was invited to testify in front of the IP/Competition/Internet Subcommittee of the House Judiciary Committee on the state of internet music licensing. I presented the following testimony today:

Testimony of David B. Pakman
Partner
Venrock

U.S. House of Representatives Committee on the Judiciary
Subcommittee on Intellectual Property, Competition and the Internet
Hearing on “Music Licensing Part One: Legislation in the 112th Congress”

November 28, 2012

Chairman Goodlatte, Congressman Watt, and Members of the Subcommittee:

Thank you for inviting me to testify today regarding the state of internet music radio licensing. I am a venture capitalist with the firm Venrock. We invest in early stage internet, healthcare and energy companies and work to build them into successful, stand-alone, high-growth businesses. We look to invest in outstanding entrepreneurs intending to bring exciting new products to very large and vibrant markets. Our firm has invested more than $2.6 billion in more than 450 companies over the past 40 years. These investments include Apple, Athenahealth, Check Point Software, Intel and DoubleClick.

Although I was previously a multi-time entrepreneur in the digital music business, we are not currently investors in any digital music or internet radio companies.

As venture capitalists, we evaluate new companies largely based on three criteria: the abilities of the team, the size and conditions of the market the company aims to enter, and the quality of the product. Although we have met many great entrepreneurs with great product ideas, we have resisted investing in digital music largely for one reason — the complications and conditions of the state of music licensing. The digital music business is one of the most perilous of all internet businesses. We are skeptical, under the current licensing regime, that profitable stand-alone digital music companies can be built. In fact, hundreds of millions of dollars of venture capital have been lost in failed attempts to launch sustainable companies in this market. While our industry is used to failure, the failure rate of digital music companies is among the highest of any industry we have evaluated. This is solely due to the over-burdensome royalty requirements imposed upon digital music licensees by record companies under both voluntary and compulsory rate structures. The compulsory royalty rates imposed upon internet radio companies render them non-investible businesses from the perspective of many VCs.

The internet has delivered unprecedented innovation to the music community and allowed more and more artists to be heard unfiltered by the incumbent major record labels and terrestrial radio stations. I believe more people listen to a more diverse set of music today than ever before in our time. However the companies trying to deliver these innovative services are unsustainable under the current rates and frequently shut down once their investors grow tired of subsidizing these high rates and elusive profits fail to arrive at any scale. Pandora is a company that has done an amazing job of trying to make their business work at the incredibly high rates under which it currently operates — but their quarterly earnings reports make abundantly clear why they are virtually alone in this category. Regretfully, I cannot point to a single stand-alone business that operates profitably in internet radio. In fact, in all of digital music, only very large companies who subsidize their music efforts with profits from elsewhere in their business currently survive as distributors or retailers of music.

There was a time when the record companies were part of conglomerate media companies which also distributed and licensed the music they controlled. These joint “owners” and “users” of music appreciated the need for healthy economics on both sides of a license. Once the internet emerged, new distributors or “users” of music grew outside of major label ownership. Perhaps in response to their failure to prosper as internet distributors of music, the major labels took a short-term approach and refused to license their music on terms that would allow the “music users” to enjoy healthy businesses. To this day, more than 15 years since I first entered the digital music business, I remain baffled by this practice. In my opinion, it is in the long-term best interest of music rights holders to encourage a healthy, profitable digital music business that attracts investment capital, encourages innovation, and indeed celebrates the successes of the licensees of its music. A healthy future for the recorded music business demands an ecosystem of hundreds or even thousands of successful music licensees, prospering by delivering innovative music services to the global internet. Yet the actions of the RIAA seem counter to this very goal. They have appeared on the opposite side of every issue facing digital music innovators, opposed to sensible licensing rates meant to achieve a healthy market. Regretfully, and perhaps most upsetting to all of us, the artists are the ones who suffer most. They depend on the actions of their labels to encourage a healthy market to grow and have little influence on the decisions of the RIAA.

I am a believer in the value of open and unfettered markets and generally prefer market-based solutions. Unfortunately, the music industry is controlled by a mere three major labels, two of them controlling about two-thirds of all record sales. That amount of concentrated monopoly power has prevented a free market from operating and letting a healthy group of music licensees thrive. That said, I do believe there has been great value in compulsory licensing regimes such as the one governing internet radio. This structure has allowed internet radio companies to license the catalogs of all record labels and tens of thousands of independent artists, not just the dominant majors, bringing unprecedented exposure and revenue to the vibrant long tail of indie music — often where music innovation itself gestates.

The problem is simply that the rates available to internet radio companies under this compulsory license are too high. They frighten off investment capital, prevent great entrepreneurs from innovating, and kill off exciting attempts to bring great new music services to consumers. American entrepreneurship and innovation require vibrant markets unburdened by artificially high rate structures. I am hopeful you will see through the rhetoric often employed in this debate and make sensible policy based on sound economics. I would like nothing more than to invest in the many entrepreneurs we have met who have great ideas about the future of music. With a sensible rate structure in place, our focus on this market could return.

Please note: the views expressed herein are my own and are not necessarily those held by Venrock or other individual partners at the firm.

Not All Traffic Is Created Equal

Sep 26

To build the online media giants of tomorrow, companies need models where the costs of both content and distribution are near zero. Google, Facebook, Twitter, Instagram, Pinterest and countless others employ this model. These models allow scale to emerge at very low-cost.
And in these particular examples, the scale achieved is astronomical — on the order of hundreds of millions or billions of users. In thinking through how to build businesses around this scale, a lens emerges: what kind of traffic produces that scale?
In the case of social media companies like Facebook, Twitter, Instagram, Pinterest and Tumblr, the root activity on the site is the sharing of content. But the content shared on those sites differs widely, particularly around which content attracts the most engagement. Broadly, Facebook attracts photo sharing and light-hearted personal content. Twitter responds far better to true news and topical information sharing. Tumblr seems to resonate around entertainment and creative media. And Pinterest lights up around home design, apparel, food and other commercial items. (I am taking some liberties by generalizing, but you get the point.)

At the scale of Facebook, you could have your users share almost anything and still be able to build a large business, purely by loading the site up with lots of advertising that is (at very least) rudimentary targeted. At that scale, you can reach billions of dollars in revenue. And I believe, even at their scale, their ad load will need to further increase (along with their targeting abilities) in order to signficantly grow the business. (They also must move advertising off-site, as they are now doing, which I detail in this post.)

But if your service attracts particular verticals of content engagement, not all content is created equal, and some is much more valuable than others.

I divide traffic/content engagement into three buckets: topical, informational and transactional.

  • Topical content engagement is what is mostly taking place on Facebook, Tumblr and Twitter. It is comprised of posts generally linking to news, information, family, entertainment, photos, etc. The signal in this stream is the lowest of the three in terms of monetizeable traffic.
  • Informational content, often found on sites like SlideShare, Zillow and automotive blogs is the sharing of information that is near the top of the funnel for demand creation. Things like business white-papers or product reviews are perfect examples of informational traffic. This traffic has significantly more value than topical traffic, and excels at attracting endemic advertisers in the key verticals of travel, auto, tech, financial services, real estate and pharma, to name a few. Intent is well understood in this traffic and the signal is strong.
  • Transactional content is traffic that is essentially one click away from a purchase. Obviously, traffic found on ecommerce sites is the prime example of this and search traffic is a close second, but increasingly Pinterest is proving itself to be a massive source of high-converting traffic. Here, intent is clear and the signal is strongest.

I believe, with the Facebook share price correction, we are entering a period where sites based on topical content traffic are going to struggle in generating value for themselves. Much of the valuations around the consumer web are rationalizing, and because of that, investors are once again focused on understanding business models. Social media properties building traffic around informational or transactional content will be significantly more valuable than topical ones in this forthcoming period. This general notion that every social property with scale will be able to create their own custom “social ad” units and monetize themselves consistent with their earlier valuations, I think, is flawed, unless those properties are in the two higher tiers of content.

How to Hackathon

Jun 15

A traditional and effective way to launch software platform companies is to recruit early developers and host hackathons. Singly, the social data platform company did just that on June 3rd in San Francisco. Singly offered a grand prize of $10,000 to whomever created the most creative and interesting app based on the Singly API. The response was fantastic. They had more than 200 developers attend the 48 hour hackathon in person and more than 20 apps submitted at the end of the weekend. Somewhat surprising to many of us, a bunch of teams were working on apps during the weekend but were not physically in attendance. They showed up at the Sunday 5pm deadline with completed apps, working with our dev teams in the IRC chat rooms.

As important as it is to attract developers to a platform, demonstrating responsiveness to their needs is key. During the 48 hour hackathon, the Singly team re-deployed the API more than 25 times based on bug fixes and feature requests. This was truly development in real-time.

At the end of the 48 hours, 6 judges (including yours truly) evaluated the apps and picked a bunch of exciting winners. It was amazing to see so many apps born in such a short time. Congrats to Yard Rush and all the winners!

The team has a great blog post up about how they did it and what they learned.

A quick video of the entire experience is above.

Author David Pakman
Category Venture Capital
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Why Should eBooks Cost $15?

Apr 16

Last week’s announcement by the Justice Department that they are suing Apple and several of the world’s biggest book publishers for conspiring to keep eBook prices high generated plenty of media coverage. One challenge in wading through this coverage is that most of it tends to be written by…journalists. And some journalists are also authors. And authors seem to have a soft spot for publishers who fight for higher prices. So, we get lots of coverage sympathetic to the plight of the poor book publishers. Amazon is evil, you see.

Absent from most of this coverage are two main questions: a) what is the right price for eBooks and who gets to set it, and b) why are eBooks not interoperable on different devices? These questions, in my mind, are far more interesting than the ongoing struggle of publishers to adapt to Amazon’s dominance in book retailing. In fact, the answers can significantly help legacy publishers stay competitive for the future and avoid extinction.

eBook Pricing

First, a conversation about eBook pricing. Readers of this blog are familiar with my many discussions on digital good pricing and price elasticity. There’s “Weighing In On the Amazon/Macmillan Pricing Debate” where I detail that the market can tell you your optimal (i.e., highest profit producing) price for digital goods. Each incremental digital good has no additional cost. The marginal cost of distributing it is zero. So you really want to maximize total profit by finding the price that produces the most number of copies sold. In these markets, you make a mistake when you set your price by looking at your legacy costs (which were designed for a physical goods market in pre-digital times). Digital markets produce much lower profit per item, since digital markets tend to have lower prices for goods. (See “As Big Media Goes Digital, Markets Shrink“.) In all the discussions about why book publishers demand that eBooks should be $15 and not $10, they say it is because they cannot afford to sell books at $10. That is, they cannot cover their legacy cost models on that number. Right. Which is why you must rebuild your cost structure for a digital goods industry with far lower prices. You start by paying your top execs much less than millions of dollars a year. Then you move your offices out of fancy midtown office buildings. Why should eBooks cost $15? Amazon is far more of an expert on optimal book pricing. They have far more data than publishers, since they experiment with pricing hundreds of thousands of times a day across millions of titles. Amazon can tell you the exact price for a title that will produce the most number of copies sold. Amazon is pretty sure that number is closer to $10 than to $15. Yes, they want to sell more Kindles. And they believe that lower eBook prices mean more eBooks sold which means more demand for Kindle. The negative coverage of Amazon is centered on them selling eBooks below cost in order to reach the $10 price point. But that is a function of publishers setting the cost higher than $10. If the profit-maximizing price for an eBook is $10, then publishers must adapt to set a wholesale price lower than that, even if it means your legacy cost structure doesn’t allow it. And that’s the rub. [By the way, as publishers continue to resist this market force, new "publisher" models are appearing and will replace the traditional functions of publishers with more digital-friendly models.]

Openness and Interoperability

Now, how do legacy book publishers fight back? Well, to begin, their biggest mistake prior to over-reaching on pricing was to insist retailers DRM their eBook titles. Just like in online music, this insistence on anti-copying protection (albeit with limited usefulness) not only creates inconveniences for consumers, it allows for dominant proprietary ecosystems to form (like Apple did with iPod/iTunes, where tracks bought from iTunes only played on iPods, Kindle books can only be read on Kindles.) Instead, publishers should have demanded the opposite. All eBooks should be sold in open, interoperable formats, so an eBook sold at Amazon could be read on a Nook, etc. This would have separated the reader market from the retail market and lessened Amazon’s eBook dominance. It may be too late for this change to work, but it is worth exploring. Incidentally, I predicted this in 2009 with this piece, “The Book Industry Is In Trouble, But Piracy Is Just A Symptom.”

Here’s the essence of what I see — we have authors and publishers screaming that Amazon wants to sell their books at prices lower than the arbitrary costs the authors and publishers have set. But why must eBook prices be $15? What is so magical about that price? Will it maximize profit? I am skeptical that this price does optimize profit. I see how it attempts to protect a legacy cost structure that is out-of-whack with a digital goods market. Yes, Amazon is a relentless competitor. But they always seem to be on the side of lower prices. And as consumers, we love this about Amazon. But none of the articles I have read seem to mention that the winner in a lower-price eBook market is the person authors are all writing books for in the first place. The reader.

(Incidentally, I am completely unmoved by the argument that if Amazon forces traditional publishers to sell books at lower costs, then the publishers will go away and we won’t have books anymore. Hogwash. The publishers built for a printed books world may go away, but their digital native versions will replace them.)

Continuously Updated Awesomeness − The Spotify Play Button

Apr 11

I was completely psyched by Spotify’s announcement of their new play button to embed legal, licensed music into web pages. The web has needed this for far too long, and this is the missing step to enable Spotify to become the universal music platform on the web, allowing us to share songs with each other with the confidence that they will play. We still have the small problem that not everyone is a Spotify user, but that may take care of itself with this announcement.

I get a lot of requests for music recommendations. I maintain a Spotify playlist called “Continuously Updated Awesomeness” where I add my favorite new finds. I am happily embedding it below! Enjoy, and please subscribe…

Author David Pakman
Category Venture Capital
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