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The music, publishing, film, and startup industries are almost identical. The models are similar, it's mostly the nouns that are different.
🎵 Music has artists, managers, labels.
📚 Publishing has authors, agents, publishers.
👩🏻💻 Tech has founders, incubators, and VCs.
🎵 Music has artists, managers, labels.
📚 Publishing has authors, agents, publishers.
👩🏻💻 Tech has founders, incubators, and VCs.
Managers help musicians refine their music and help find a label.
Agents help authors refine their book and help sell it to a publisher.
Incubators help founders refine their pitch and help sell equity to a later-stage VC.
Agents help authors refine their book and help sell it to a publisher.
Incubators help founders refine their pitch and help sell equity to a later-stage VC.
The transactions resemble each other too.
VCs may invest $1m for 10% of the company.
A publisher may offer a $1m advance for 90% of royalties.
A filmmaker makes a 120/50/50 deal with her financiers - 20% back on their investment first, then the rest split 50/50.
VCs may invest $1m for 10% of the company.
A publisher may offer a $1m advance for 90% of royalties.
A filmmaker makes a 120/50/50 deal with her financiers - 20% back on their investment first, then the rest split 50/50.
Each industry sustains itself off of very few, really massive (10,000x) wins. Harry Potter, Taylor Swift, The Avengers, and Uber pay for the rest of the attempts.
Every industry looks meritocratic, but it is not.
Every industry looks meritocratic, but it is not.
If you want to be successful in any of these "hits-based" industries, you should have a strategy that goes beyond "make stuff people want."
And if you're moving from one industry to another, you have a head start. Most of your learnings will transfer. Or so I'm hoping!
And if you're moving from one industry to another, you have a head start. Most of your learnings will transfer. Or so I'm hoping!
