Mike Kerns and Jesse Jacobs - Content to Commerce - [Invest Like the Best, EP. 220]

My guests this week are Jesse Jacobs and Mike Kerns, co-founders and partners at The Chernin Group, TCG, a multi-stage investment firm dedicated to building consumer businesses. Many think of TCG as some of the best media investors in the world, and in this discussion, you’ll quickly see why. In our conversation, we cover how TCG identifies creators that they can help build businesses with, how established companies should think about influencers and media today, and what innovations they are most excited for in the creator space. As I become more heavily involved in building new media properties, Jesse and Mike are always my first point of call for advice, and I’m so excited to share this with you. Please enjoy my conversation with Jesse Jacobs and Mike Kerns. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ------ This episode is brought to you by Canalyst. Canalyst is the leading destination for public company data and analysis. If you've been scrambling to keep up with the deluge of IPOs and SPACs these days, Canalyst has models on Coinbase, Roblox, Qualtrics and everything in between. Learn more and try Canalyst for yourself at canalyst.com/patrick. ------ This episode is brought to you by MIT Investment Management Company – also known as MITIMCo, the endowment office of MIT. MITIMCo seeks to find people who are focused on achieving exceptional long-term investment returns, partner with these firms early, and stick around for the very long term. MITIMCo doesn’t care how small, new, or un-institutional your firm is if you have the potential to generate amazing results that support MIT’s pursuit of world-class education, cutting-edge research, and groundbreaking innovation. Despite their willingness to invest early, they do not ask for GP economics, and they commit their initial capital for ten years. Visit www.mitimco.org and their new emerging managers page to learn more. ------ Invest Like the Best is a property of Colossus, Inc. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:03:32] - [First question] - The history of TCG [00:04:30] - iFilm (Discontinued) [00:07:08] - Full Screen [00:07:13] - Crunchyroll [00:10:46] - Uniting properties across all of TCG’s brands[00:11:14] - Barstool, MeatEater[00:12:00] - Headspace, Food 52, Hodinkee, Surfline [00:14:03] - Accidental businesses and pre-commercial success[00:14:53] - Exploding Kittens [00:16:05] - Evaluating the potential of a new pitch [00:19:12] - Testing, tracking and understanding media brand conversions [00:21:13] - The most important things happening in media in 2021[00:25:12] - Analysis of MeatEater from content to commerce [00:27:22] - First Lite [00:29:21] - Replacing your own sponsors with owned companies [00:30:11] - Analysis of Hodinkee from content to commerce [00:33:42] - What sparked the resurgence of interest in collectibles [00:38:05] - Hands on investing in the intersection of media, finance and tech [00:40:05] - Comcast [00:41:02] - Surprising discoveries in the sports collectibles space [00:43:06] - NFTs and their role in generating capital for media companies [00:44:25] - Sorare [00:45:22] - JPG File Sells for $69 Million, as “NFT Mania” Gathers Pace [00:47:23] - How to adapt to the NFT space as a business seeking equity [00:51:12] - The valuation landscape of today [00:55:25] - Defining success when working with an influencer [00:58:48] - Upcoming trends they’re most excited about in the world [01:01:40] - Roblox [01:02:00] - Mr Beast, Beastburger [01:02:47] - Pokemon Go [01:04:01] - The kindest things anyone’s ever done for them