Oprah's interview with Meghan & Harry feels like a good time to point out how extraordinary Oprah is.
Short thread on the "Queen of All Media"๐
1) Oprah was born into poverty in rural Mississippi to a single teen mom. At 14, Oprah was molested & got pregnant. Her son was born prematurely & died as an infant.
Oprah re-enrolled in school set on forging a new life. "I'm gonna be famous," she told anyone who would listen.
2) Oprah rose through the ranks of radio & then TV. Her relatability was obvious. Here's a conversation between Oprah & her first producer:
Oprah: You know Iโm black?
Producer: Yeah, I can see that.
Oprah: You know Iโm overweight?
Producer: So are many Americans.
3) Her producer later told her: โYou are Americaโthatโs the whole point.โ
Oprah was made for TV and TV was made for Oprah.
Unlike film, TV as a medium dissolved the boundaries between home and entertainment. For an hour each day, Oprah Winfrey was *in* your living room.
4) The Oprah Winfrey Show was an immediate success. It shot to #1 and within a year, 50% of Chicago watched Oprah.
Over 25 seasons (4,561 episodes!), Oprah grew. Crucially, she seized control of her empire: in the 80s, she shrewdly negotiated ownership rights to her show.
5) Oprah's appeal can be traced to her first-ever monologue:
"There's been so much hoopla about this show that itโs enough to give a girl hives. I mean Iโve got them right now under my armpitsโฆtwo things have bugged me for years. The first, my thighs. The second, my love life."
6) That authenticity, empathy, & relatability made Oprah special. In many ways, she was the first influencer. People *trusted* her.
Two economists calculated that Oprahโs endorsement of Obama netted him 1,015,559 votesโenough to seize the Democratic nomination from Hillary.
7) Today, Oprah is a legend.
She was the richest Black woman of the 20th century.
She's ranked the greatest Black philanthropist in history.
She's been rated the most influential woman in the world.
And she's not done yet ๐คฉ
Sources include the Making Oprah podcast from WBEZ Chicago & the Acquired podcast episode about Oprahโboth fantastic & highly recommended ๐
โข โข โข
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Business model innovation is the most interesting & important trend in consumer internet right now.
The last generation of internet giants made money with ads. The next generation will make money in more diversified & innovative ways.
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1) When the internet started out, people werenโt yet comfortable transacting online; ads let internet sites remain free & accessible to anyone.
This coincided with a post-9/11 erosion of privacy. Weโre seeing the effects today in the invasiveness of Google & Facebook ads.
2) Our renewed focus on privacy is in part fueling a backlash to ad-based models.
But even if consumers wanted ads, ad-based models are less & less attractive. The Google / Facebook duopoly gobbles up 77 cents of every $1 spent on digital advertising.
When I worked at The Rise Fund, TPGโs $4B impact investing platform, we developed a way to measure & track social impact.
Here's a short thread on how we did it
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1) We called our framework the Impact Multiple of Money (IMM)
You can think of the IMM like you think of the Multiple of Money for financial returns. Just as an investor may earn a 3x financial return on her investment (3x MoM), she may also earn a 3x impact return (3x IMM)
2) Here's an example:
Dodla Dairy is the 3rd-largest dairy producer in India
Working with Dodla, low-income farmers enter long-term contracts that offer reliable daily purchases of milk. This doubles annual income for Dodlaโs 250,000 farmers.