Do you have any thoughts about recent YouTube
monetization changes? Do you their competitors
will benefit from that? Do you have any names which companies we
should look out for? Which platforms like
YouTube we should look out for? Thank you, Gary. – So what’s the punchline? The truth is I’m not super sure. I know they went with
this subscription stuff. Are they like making less ads? Does anybody know
the context of this? I know you guys probably
assumed that I know but I’m not paying
attention. Eliot? – [Eliot] They’re making
monetization on YouTube, there’s an algorithm to say
which videos they can monetize and which videos they can’t. And they’re making it kind of
fuzzy can be monetized and what can not be monetized. – Based on IP and
stuff of that nature? – [Andy] Basically
demonetizing anything low brow. – Got it. – [Andy] (inaudible) – Janek, I think, look
this happens forever. You have to
understand something, Janek. Anybody in this world, is I’m
gonna give a very good answer that doesn’t
answer the question. I just got the context. You know, I’m gonna give you
a really good fuckin’ answer. I’m really fired up now because
I’m gonna level this up and I’m in a every leveled up
mentality for this show. Anybody who’s watching the show
that is tying their economics into a platform that
is privately held is making a massive mistake. For all the people that
made all their money on Google optimization, this is back
today, like where else are we gonna go when Google changes
the algorithm and they take down lowbrow, it’s the same game. The platforms have their
users interest in mind. People come along and try to
extract value that have their best interest in mind. The platforms have big
scale and opportunity. People want to make
money off of that. As people want to make money off
of that they look for angles, shortcuts,
lowest common denominator, you know, arbitrage. They look for their move and
so whether it was affiliate marketing and AdSense AdWords
arbitrage, Commission Junction, YouTube, Facebook Pages. There’s always these moments
where you know there’s the ebb and flow, the seesaw of like the
cat and mouse game of the people that produce content
on these platforms. MySpace, this is just history this has been the last
20 years of the internet. What happens is the platform
will make a macro decision that’s in the best interest of
the end users at scale and it will hurt the people that
been hacking the system. Slideshows on the internet that
allow those advertisers to make money, those media companies
make more money against advertisers that sat in the middle and didn’t care
about the quality. This is a quality-quantity game
that plays itself out so Janek here’s what I would say and for
everybody else that’s watching whether it is
Snapchat or Instagram or Facebook or Twitter or YouTube or podcasting, diversify your world. You need to be everywhere
and creating brand and scale everywhere that you are capable
of and if you’re not well then maybe you don’t deserve to make
as much but relying solely on the revenue one platform is a
humongous mistake especially when that platform is a private
business that is going to make the decisions for that platform. I loved everybody when the
Facebook algorithm change and organic reach dropped and they
we’re trying to drive their ad revenue up that all you had
real puffy chest and saying, “Well, we’re gonna
go elsewhere.” How’d that work
out for you, Rick?

“from scratch, what metrics
would you look “at to determine success?” – Uh, if you’re starting
from scratch, what metrics would you look
at in measuring success? – [India] Yes. – Money in and profit post money in. And I’m actually making a
joke but I’m being serious. It’s so funny, I just
had a business meeting. I think a lot of people have metrics for the sake of metrics. Marketing for the
sake of marketing. If you have a business
the only metric that you should be
paying attention to is your top line revenue
and your profit at the end of the day
that can afford to pay your costs that
are driving your business. Now, if you’re very,
very early on, you want to see traction. But I think the reason I’m
jumping on this question is we now live in a
culture where so many people think the following, which is they’ve been
affected by Twitter, Instagram, Facebook
and Snapchat. If you get tens of
millions of followers it doesn’t matter that
you don’t make money. You eventually
become a billionaire. The problem is that works
for seven companies. That is not the norm. Most people try to, and this is what’s
going to happen over the next decade my friends, you will see, and over
the next three years, you will see an enormous
amount of companies that went and tried to
get 10,000, 100,000, a million users, didn’t get there, weren’t the hot product,
the unicorn, the once in a
generation business. The once in a
generation business. And they ran out of money. And then you go out of business. So what I really want
to ground this first question in, in practicality. The only metric a business person should be understanding
is their cash flow. Money in, money out. How do you build momentum? Is it heading in the right direction? I’m very proud that AJ
and I and the senior leadership that helped
us along the way, we built an actual business here. VaynerMedia wasn’t a valuation. VaynerMedia is
revenue and profit. And I do think that
we have gotten way too into
users and mentions, and the one that
bothers me the most, number of followers, and we’ve got away from
what are you doing? Do you know how many people
have come up to me and they’re like, yeah I’m struggling, and they’re like this is
actually, DRock you were with me, it really hit me during
that one kid coming up to me in Colorado, and I don’t
want to pick on the kid, but like everybody thinks
that amassing a following on social media is a business. Amassing a following on
social media is a platform for you to create
a business on top of. A business, is a functioning
organization that sells something that
you make profit in so you can sustain
that business and grow (snap)

– [Voiceover] Eric wants
to know, “What makes a “company more investable,
millions of active users “consuming free content or
millions in actual profit?” – Millions in actual profit. – Next question, alright.

“price objections when
attempting to close a sale?” – I assume price objections
mean that you’re asking for too much money and they
don’t want to pay that? What’s your take on that, Danielle? It’s not an easy show, to
just come and get to read and check out. – Are you sure? – Yes, I’m very sure. – I guess I would say if you
give them a dollar value, kind of like we do here when we give statements of work to clients
where they approve it, they come back with requests to take down or gets higher. – Do they ever request
to charge them more? – Sometimes they ask for more things, and then you do change orders, and you do get more money that way. – Love it! Look, I think it’s moments in time. Early on, when I was
building Vayner and I needed a leverage of clients and
logos to tell people, yes, it’s not just I did it for
myself and my family business, but for, at the time,
Campbell’s, the NHL, Pepsi, that mattered, and so I
was willing to take less. We’ve talked about spec work ad nausea if you watch the show. The DRock story. So I think it’s a leverage game, right? Like who has the leverage, and so I think that every transaction
has its own cadence. There is no blanket statement here. You have to understand
what your product is worth, but you also have to
think, and this is where romance kills people. You say that you’re worth $150 an hour, and you don’t quantify that
you need this client right now because there isn’t good deal flow, or you want to buy a ring for your girl, or you need to do different things besides just shoot weddings
because you want to show a better portfolio to get other business. People are not using other
variables and they go well I’m worth $1.50! Fuck you! You’re worth $1.50 in your head, the market decides what you’re worth. You’re worth $1.50 if
people will pay you $1.50, consistently, always, always and forever. You’re not worth that, look,
there was two years ago where I prematurely tried to
raise my speaking fee higher, and the market was like that’s great Gary, and you’re the best speaker ever, and this and that, but that is just not where your price is at,
and so you’re not entitled to anything other than
what the people that are buying your stuff agree to. What you need to be smart
about is understanding when’s the right time to negotiate down because it’s in your best
interests, or when are you negotiating down for no reason at all and you’re declining your value. That’s on you. That’s
being a good salesperson. That’s being a good operator. So, I think that everybody
here needs to have a balance of both. You have to pull from opposite directions. When is it in your vested interests? And then you deploy humilty
Kool Aid at scale, right? The amount of times I will deploy humility in a world where my ego
is on fire is off the, you know what, Staphon, I want fire here. Ego fire. Give me ego fire. I’ve got nothing but ego and bravado, but there’s plenty of
times I deploy humility ’cause that’s what that
moment’s game needs to be successful, and so I would tell you to not deploy romance. This is this and that. Deploy practicality of the moment.

“Adele’s new album isn’t
streaming anywhere. “Is she romantic about selling albums, “or leveraging people to buy music?” – Oh, wait a minute,
Staphon’s just standing here, and if you’re just, I
mean, show that, DRock. He’s really, truly just standing here. (laughter) One of the things that makes me unhappy, I mean, really, I know
you’ve gotta watch it for editing purposes, but you should be you should be doing something, Staphon. – [Staphon] You’re right.
(laughter) – So let’s do a little Periscoping. Alright. Adele’s new album is not
streaming anywhere, right? – [India] Is she romantic
about selling albums, or leveraging people to buy music? – It’s a really good
question, and the truth is, there’s a time and a place
for you to do everything, so, we talk about spec work here, right? DRock got his job on it, right? Like, you do something for free and it leads to what you want to happen. Well look, when you’re
Jay-Z in the early days and nobody knows who the hell you are, it makes sense to go to a club, not get paid, and spit your fire, because you’re building leverage. I used to go and speak for free. Often. I don’t do that anymore. Because I have an alternative. I have demand now. Adele, if her name was “Shmadele,” if Shmadele came out with a new album and nobody knows who Shmadele is, I would hope, I don’t
follow music enough, so, if there’s a Shmadele, I apologize. But if you’re Shmadele and
nobody knows who you are, you not only want to be
on streaming services, you wanna, like, show up on
Instagram people’s accounts and, like, sing, you wanna, like, go outside and give
people your free album, like, you want exposure
because that creates leverage that you then can charge for. Adele doesn’t have that problem, and so she’s trying to maximize
profits through that channel versus the pennies that streaming does. It does two things: it makes her more money, it gives her less exposure by accident for people that could find her through Spotify or other places that have never discovered her before. From my point of view,
it’s a fine balancing act. Right? I think if you look at the people that pushed against Napster,
or pushed against technology, the bands that pushed
against MTV, historically, that didn’t make music videos, if you’re too romantic for
too long, you can get caught, unless you’re in the top 1%. I believe that there’s an absolute way to not conform to modern marketing. A€ la Apple. If your product is
disproportionately the best, consistently, you can get
away with acting differently. But if you look, even at, like, actors at the top of their game, like a Will Smith who made the same kind
of movie for a while, everybody has their day and time. And so my answer is, if
Adele has this read properly that she doesn’t need more
exposure, she has a huge fanbase, she just put out fire, and it killed, cool. Look at Justin Bieber in parallel. Did a lot of marketing,
a lot of Instagram, a lot of releasing, a
lot of stuff out there, and it really worked. Now the question becomes, he needed that because he
was in this funny spot, does he do the same thing next time? Or does he go a little bit
closer to where Adele is if Adele’s over here? The answer to the
question, my friends, is, there’s no absolutes. There is no right answer. There’s moments in time,
like the first question. There’s knowing what to do at this moment. The things I do running
this business at 600 people is very different than what I did at four. I don’t say yes, I said
no to 19 deals today. I said yes to every deal
when we first started. Right? And so we just talked about, we just all got together on my team to talk about how much
book-buying you have to do for all my packages for the next book. I think we can all agree, there’s a lot more books
that you need to do to do the things that I did two years ago for Jab, Jab, Jab, Right Hook. ‘Cause I’m busier, I
have more opportunities. I have more leverage. This is where the #AskGaryVee
show’s brand, right, has helped me. Why don’t you say, I mean, you’re just, this is amazing, but why don’t you just say hello. – Hi. – [Gary] Tell the Vayner
Nation who you are. – Uh, Reed Adler, sound guy. – Yeah, so Reed just was working on something else I just did, he’s just hanging out, he said before we aired, “hey, my brother turned
me on to the show,” his brother and him now know who I am more than they did before because this show’s working for me, which then gave me leverage to ask for 3,500 books to give a keynote, versus 2,000 books. So this is how it works, guys. You put in the work for a year and a half, you build up leverage, which then allows you to get more stuff. So Adele’s move, where a
lot of people might say, “oh, Gary’s gonna say,” because I know a lot of you thought this, “oh, that’s bad, you’re killing exposure.” No, it’s balancing that. What’s important is not
reading your own headlines and doing the thing that Adele’s doing too long, too many times in a row that now no 17-year-old in America or 15-year-old even knows who you are, because they only live in those platforms. Right? All the bands that said no to being the music on John Madden Football in 1999, 2001, 2004, 2006, they missed out on being Good Charlotte. Good Charlotte said yes, they were willing to give away the music, or go find out how the
Black Eyed Peas worked. Will.i.am was smart, he’s like, “oh, for a TV commercial? For this Apple iPod thing? Okay. We won’t be too fancy.” And the three big bands
that you’ve heard of that said no missed the chance of being huge. So yo, I even say yes to things for free, if the exposure is
disproportionately unbelievable. Saturday Night Live
does not need to pay me to show up and be in an SNL. Because they’re bringing me something. You, with your local TEDx thing, in Shmugga-mugga-mugga, Iowa, sorry to pick on Iowa, I love you, Iowa, like, yeah, you got a problem. Because, like, I don’t wanna
come for those 40 people, it’s just checks and balances. And I love you 40 people, but watch the show for free, I can’t make it, it’s just an equation. Adele’s at that place where
she can do this right now, but Adele needs to do what I think I try to be really good at, which is don’t read your headlines, don’t get too fancy to not take a selfie, if you get too separated
from that for too long, and you can do it, but if you do it for too long, somebody else is gonna come along and Shmadele’s gonna be number one. Shmadele’s coming.

“You’ve joked about being overstaffed, “but what’s the balance between hiring “for capacity and waste?” – Tim, that’s a great question. For all of you that are growing quickly, I think one of the things
I take the most pride in is my ability to have a
pulse on my organization from a sales top-line revenue impact, and on the bottom-line cost thing. I think I grow businesses way faster. I do believe that if I end up
operating two more businesses, if I have four businesses
in my career before I die, that I’ve hypergrown, I
have two now in my bag, like, really fast, like,
all-time, like, really, especially non-technology
companies, really fast, I will be known, I mean,
I actually think my legacy as an operator could be speed to victory. I think what I’m really good
at is I have disproportional understanding of the
pulse of what I’m selling, and I’m willing to bet right to the brink, because I don’t need to
take home a lot of money. Like, I’ve always left my own moneys and my own vices on the
table to reinvest back into my business, which
allows me to overstaff, which means I’m them
ready for the new business that comes in, and I
don’t have to go crazy finding the talent, and so, because I’m trying to build culture, sure, you can freelance and
outsource less margin, but you can do better cash
role, make more profit, but I want those people part of my team, and grow with them, let them
learn the religion, grow. So, I think everybody’s
got their own balance, but I think it’s completely
predicated on your stomach for risk, because it comes with risk, you don’t wanna overstaff,
then you lose an account and you have to let people
go, that changes the vibe. I think it comes down to
your salesmanship ability, can you always, in a
pinch, sell some more stuff out of nowhere, and I
think that it comes down to the understanding of where
your business is positioned compared to the landscape, meaning, I always knew that I’m
ahead of the market, and the world’s gonna come to me. A lot of our scopes,
our contracts for 2016, are growing very quickly,
because I knew the world in 2009 would spend more money on
Facebook, Twitter, Tumblr, Pinterest, Instagram,
Snapchat, or whatever was there at the time, you know, the current state of the internet, so I’m riding that wave. It lets me bet a little bit more. It’s a pulse-cadence feel, taste thing that allows me to get away with it, but ultimately, more than anything, it’s the balance of your own selfish wants of your take-home income,
versus how much you wanna reinvest in your business. It’s as simple as that. If you’re running a
business and you’re making a million dollars in revenue, and you have $600,000 in expenses,
you’re taking home $400,000. You could make it $850,000 in expenses, take home $150,000,
and then know that that extra investment will allow
you to make three million the next year. I believe in myself ultimately, any entrepreneur, CEO, or decision maker that’s taking money off the table, I believe is betting less
on themselves along the way and are playing a short-term game. To me, the time I start extracting dollars is when I believe less in
the growth of the company.

So, the question to you
is very business-related. – Please. – As you know, we built
something similar to you, we got inspired off of Crush It! – Yes, yes. – So, did the same
thing, did a lot of jobs, put in a lot of work over the years. – Built leverage. – Yeah, built leverage,
put the trust in the brand. – We have a substantial
business now in seven figures. – But, now that, it’s been
a couple years we’ve kind of stagnated.
– Yeah. – Because, so. – Happens all the time. – So my question to you is, and I think, one of the weaknesses
here, is actually scaling, because we tried to do
everything ourselves, we have a small team,
but how do you actually build that team with you, and
the most important question is that, how do you build
and maintain that culture and that, that love that, the same love that you have for the business, – In other people? – In other people. – (laughs) This is a very, this is a very eastern European question,
is very common things that. So, the answer is, you don’t. If you expect somebody
else to love your business as much as you, you two are
out of your (beep)in’ mind. And, this is something
I tried to teach my dad. As a young kid, I’m like,
Dad, you own the business. How the hell do you want them to love this as much as you do? What you need to do is
several different things. First of all, thank you
for asking me the question. I lived it. I did it at Wine Library,
from people that are more like you. You guys went to zero to
something just like my Pop’s. And how I scaled it was, I
taught him these pillars. And I taught him these pillars. Which is, number one, get over that. It’s over. They’re never going to
love it as much as you. If you’re lucky enough, like I find, like that amazing man behind you, if you can find people that can
love it 8.5 as much of a 10, 9.2 as much of a 10, 9.7 on a holy grail moment out of 10, well then, you’ve won. So, that’s never gonna happen,
and it’s actually completely, completely disrespectful
for you to even want that from somebody else,
’cause you never loved somebody else’s business as
much as you love your own. So, why are you going to try
to make somebody else do that? Number one. Number two, the biggest mistake
people make at this point is you start wanting to cash
in on some of the fruits of this amazing hard work. It’s a little bit more exciting to dress a little bit better, to
live at a better place, to take a vacation, to
do all these things. I get it. The way to scale and grow
is to have the dollars to continue to scale and grow. If you’re doing everything yourself, there’s a couple reasons. One, you’re a perfectionist
and don’t think anybody else can do it. Two, you see other people do it and they do it as an eight to your 10, and that’s not good enough. Three, you do not want to
deploy the money because you want to use those
monies for other things for yourselves and other things. All three are massive vulnerabilities. Fix those three, and you’ll grow. I run my businesses the first five, 10 years of their lives at no profit. And I did it, and people
can say, now, easy for you. Bullshit. I was 28 years old, I
build a humongous business, and I was making $40,000 a year. I had friends that were half
me and a hundredth of me making more money, had better
cars, were having more fun, I was 28 years old, making $40,000 a year, and I build a $30 million
business at that point. That’s eating your own dog food. So, get over yourselves,
and be thankful that people want to work for you, and get
them to an eight or a nine, and you get them to an eight
or nine, by loving them more. What you did for your audience, you need to do for your
employees 10 times more. Biggest mistake entrepreneurs make, they treat their employees worse than they treat their customers. Biggest mistake. Treat them better than
you treated your audience. Then they’ll get from a six to
an eight, and that’s amazing. They’ll never get to a 10. It’s not their business. Number two, decide how much
you want to live great now versus every dollar, every dollar, you take that trip to
Spain, is three dollars less that you make three years from now. – Well, what if you have
still substantial money after vacations, after
everything, and you– – Invest it. – And into? – People. – But, people, how do you
find these people who are still eight even or a seven? – But easy, because you
need to treat them better, because you’ve got them,
you just need to change the way you treated them. And, if they don’t get
there after you treat them way better, you fire
them, and you find people who do react to you giving them more value than they’re providing you. – Cool. – You understand?
– Yeah. – Really?
– Not fully. – So, that’s why I’m not letting you go. Here’s my thing: you kick it. So, how many employees do you guys have? – Uh, around the world, seven right now. – Great, you need to really vet them, the number one thing I
would do if I were you is, I would call them right
after the show, and say, What can I do to make
this much better for you? – We do that. – Good, good. Do you deliver on everyone? – Yeah.
– Great. Well then, you should
be having no problem. Then, then, I’m a little
bit more confused. Then, either you have not
built up enough trust with them for them to tell you the truth, or, you’re just not hiring fast enough. – We’re not hiring fast enough.
– Good. – ‘Cause no, because we’re,
we’re, we’re trying to have everybody be like fully 10. – So, you know, (laughs) – [Alex] We want Eric’s– – [Gary] Eric, Eric was
what number in place, 17? 17. He watched Vayner go from 17 to 200, then, for personal
reasons, he went to Boston. He’s back now, and we’re 600. What Eric can tell you
(laughs), all the VaynerMedia employees from 17 to
200, stick with me here, this is not an insult, he
knows how many four, five, six, seven and eights. You need four, five, six, seven
and eights when you’re big. You can’t make seven 10’s,
that’s not how you scale and win. That’s the secret. It’s not about you guys
getting seven people to a 10, it’s about you hiring 40 people at eights. So how about this, here is
the last question, follow-up.

I don’t love this question,
to be honest with you. I think that there’s 17,000 ways to make supplementary income. You can babysit, you can
collect cans on the street and return it for deposits,
you can go garage sale-ing and flip it, you can to all the
freelance sites in the world and do your thing if
you can design or video, you could become an
Uber driver, you can mow fuckin’ lawns, like what kind
of question is that, India? I think the answer to that question is, the way you make supplemental
income is to put in work. – [India] I thought you were
gonna tell ’em to quit school. – You can quit school, too, but I mean, that question stinks. It’s a stinky question, and
I’m sorry, I know you watch the show, I love you, I love you. This is straight tough love. It’s a mentality thing,
not a tactical thing. There’s eight billion ways to make money, we’re in god damn America. Or, if you’re not, 98% of the countries in the world, you can make money. Go work at McDonald’s. – [India] From Perth Champagne Club,

The hashtag Instagram expert, and I just wanna ask you, how do you decide which projects to say yes to, and which ones to pass on? Because I have a shit-ton of projects and opportunities coming my way on a regular basis, and
it’s often a challenge to know how to prioritize which ones to put at the top, and which
ones to take a pass on. So, I thank you for your time, and I look forward to your answer. – Sue, I’m really pumped you asked this. A lot of entrepreneur
self, kind of, you know, one off of freelancers,
different things of that nature, I’ve got a really good answer for you and it came to me immediately, unlike the first question. I, if I were you,
hearing what I’m hearing, would continue to raise
your price on every project substantially and choose
the ones that pay you the most, if that’s what you want. I would do the ones that network you with the most networkable,
or biggest brand, or the kind of people
that you wanna be around, and so I would, here’s what I would do. When you have a supply
and demand issue at hand, you know, I mean high
class problem, right, too much coming in, it’s going well, and trying to pick which ones, it’s all about raising the stakes, whether that’s a better
networking opportunity, famous people, rich
people, connected people, nice people, whatever makes you tick, or money. So if it’s $3,000 a month
or $2,000 a project, then it needs to be five and 35 hundred, and if it’s five and 35 hundred, then it needs to be 75 hundred and 6,000. Like, raise your price. There’s a lot of you right now that are doing services
that only scale you, that are not building you a business because you’re not understanding
how to raise your prices. Let the market say no,
let the market say no, let the market say no. Let me tell you the story about
my first speaking gig ever. My first speaking gig ever,
never spoke, got a random email, at Wine Library, they’re like, we want you to speak at
this internet conference, I’m like, okay, cool, amazing, I get on the phone, guy tells
me about the conference, how much do you wanna get paid, I think I’ve told this
story on the show before. No? Oh, good. This is a good one. On the phone, how much
would you like to get paid, I’m like, oh, crap, what the
hell do you get paid to speak? I’m like, alright,
throw out something big, you know, I’m a good negotiator, you know, I’ve been buying a lot of
wine for the last ten years, I’m like, alright, $5,000. Right? Remember, like, you
guys know me as me now, like, this was literally like, it’s like you saying
$5,000, Staphon, right? You’d be pumped as shit
right now to speak for. You’ll stand here naked,
right, so, so, so, I was like $5,000. He goes, okay, I go, crap,
that was way too fast. So, I’m like, okay, now we’re
talking about logistics, I’m like, alright, I gotta
get more money out of this. I think I got crushed on this negotiation. So, I get to the end, I’m like, okay, to recap, 30 minute
talk, and it was an hour, 30 minute talk in Miami, July 17th, he goes, no, no, no, no, he goes, we need you for an hour. I’m like, oh, I go, we’ll that’s $10,000 for the speech. He goes, okay great, I go. Still too little! And I kept raising it until
the market at that point settled me in, between five and fifteen, which was unbelievable and blew my mind, and it was market, I didn’t know, and, obviously, it’s grown since then, and so, I really think that
you need to keep pushing the boundaries of money,
or upside opportunity. I would do stuff for free
if you thought it was going to lead to happiness,
paying forward to somebody you believe in, or something
down the line for you without expecting it,
remember that whole thesis. So, that’s what I would do. I would pick the ones
that you’re just pushing, you’re pushing the pricing,
you’re pushing the pricing.

“How do you think people will
consume news in the future “and how can small publishers
like ourselves monetize “on our content if it is
consumed on a native platform?” – Raymond great question. You’re going to have to find
ways to integrate advertisers in a way that if you’re not
the platform where you’re monetizing the eyeballs, well then you don’t
deserve the dollars because all the advertisers want
is the awareness, right? I mean they’re not smart
enough to recognize they want the actually engagement
and the sell through. Unfortunately right now they
still want the awareness. So, if your news is
being consumed on Twitter and not on your platform, and there’s no ad opportunity
for your advertisers in that format and
that’s going to Twitter, well then you’re fu—-
and that’s exactly what you are alluding too. I think what you need to do is A, find ways to drive people to your world, which is extremely difficult. Or B, rethink the model all together. Do you actually, you know, when was it that media
and news companies decided they were in the advertising business? A long time ago. But are you maybe in the events business? Are you maybe in the consulting business? Are you maybe in the
content production and compete with VaynerMedia business? Are you in the stand up comedy business? I know that was weird, but like that’s really where I’m going. You and everybody else selling
news has defaulted into, “I sell advertising.” Why? Why are you romantic about
the way you make your money? Why are you using 80 years
of history to make your money when the world is clearly
changing at a scale that we’ve never seen? Why? Why? Because innovation and innovators are rare and far and few in between aren’t they? And so, I challenge you in this show, at this moment, and everybody else
trying to monetize news. Recognizing news is now
being consumed on Facebook. Recognizing news is now
being consumed on Twitter. You’ve lost your power of people
coming to your destination. There’s a couple of
ways to think about it. Are you thinking about
virtual reality video? Are you thinking about 3D printing? Are you thinking about
mobile only society? Are you thinking about the
next thing after mobile which might be, I can do it right here in thin air. Or, more importantly,
’cause all of that stuff is probably 10 years away. Are you thinking about
different ways to make money? Meaning, you have a news
outlet and because you’re good at producing news
and getting people to consume it on the web, maybe you help advertisers
get their content consumed on Facebook and Twitter. Rethink the game. And by the way, that was advice for everybody here. Always rethink how you make your money. Wine Library has a big
second floor right now and I’m trying to sell it out as space for events and things of that nature. I’m making money on the real estate. So rethink the way you make your money. (car engines revving)