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Podchaser, a startup building what it calls “IMDB for podcasts,” recently announced that it has raised $4 million in a funding round led by Greycroft.
In other words, it’s a site where — similar to the Amazon-owned Internet Movie Database — users can look up who’s appeared in which podcasts, rate and review those podcasts and add them to lists. In fact, CEO Bradley Davis told me that the startup’s “vibrant, exciting community of podcast nerds” have already created 8.5 million podcast credits in the database.
Davis said this is something he simply wanted to exist and was, in fact, convinced that it had to exist already. When he realized that it didn’t, he posted on Reddit asking whether anyone was willing to build the company with him — which is how he connected with his eventual co-founder and CTO Ben Slinger in Australia. (Podchaser is a fully distributed company, with Davis currently based in Oklahoma City.)
To be clear, Davis doesn’t think podcast nerds are the only ones taking advantage of the listings. Instead, he suggested that it’s useful for anyone looking to learn more about podcasts and discover new ones, with Podchaser’s monthly active users quintupling over the past year.
For example, he said that one of the most popular pages is politician Pete Buttigieg’s profile, where visitors don’t just learn about Buttigieg’s own podcast but see others on which he’s appeared. (You can also use Podchaser to learn more about TechCrunch’s Equity, Mixtape and Original Content podcasts, though those profiles could stand to be filled out a bit more.)
There has been endless discussion about how to fix podcast discovery, and while Davis isn’t claiming that Podchaser will solve it wholesale, he thinks it can be part of the solution — not just through its own database, but through the broader Podcast Taxonomy project that it’s organizing.
“I think if we are successful at standardizing a lot fo the terminology, and if we do an analysis of all podcasts, of how popular they are, that [will help many listeners] to cull and find the good stuff,” he said.
Podchaser plans to add new features that will further encourage user contributions, like a gamification system and a discussion system.
While the consumer site is free, the startup recently launched a paid product called Podchaser Pro, which provides reach and demographic data across 1.8 million podcasts. It also monetizes by providing podcast players with access to its credits through an API.
Davis said the startup was “lucky” that it decided to build a database that’s “agnostic” from any specific podcast player.
“So we had a lot of latitude to work with those platforms, we integrate with many of those platforms and you’re going to see a lot of our credits showing up [in podcast players],” he said.
In addition to Greycroft, Advancit Capital, LightShed Ventures, Powerhouse Capital, High Alpha, Hyde Park Venture Partners and Poplar Ventures also participated in the round, as did TrendKite founder A.J. Bruno, Ad Results Media CEO Marshall Williams and Shamrock Capital Partner Mike LaSalle.
“Even in the face of a pandemic, the podcast market continues to grow at a breakneck pace,” said Greycroft co-founder and chairman Alan Patricof in a statement. “The demand from consumers and brands is insatiable. Podchaser’s data and discovery tools are crucial to taking podcasting to new heights.”
Source: https://techcrunch.com/2021/01/19/podchaser-raises-4m-to-build-a-comprehensive-podcast-database/
Earlier today, Qualtrics dropped a new S-1 filing, this time detailing its proposed IPO pricing. That means we can now get a good look at how much the company may be worth when it goes public later this month.
The debut has been one TechCrunch has been looking forward to since the company announced that it would be spun out from its erstwhile corporate parent, SAP. In 2019, the Germany-based enterprise giant SAP snatched up Qualtrics for $8 billion just before it was to go public.
Qualtrics is either worth less than we would have guessed, or its first IPO range feels light.
That figure provides a good marker for how well SAP has done with the deal and how much value Qualtrics has generated in the intervening years. Keep in mind, however, that the value of software companies has risen greatly in the last few years, so the numbers we’ll see below benefit from a market-wide repricing of recurring revenue.
Qualtrics estimates that it may be worth $22 to $26 per share when it goes public. Is that a lot? Let’s find out.
Qualtrics’ first IPO range
First, scale. Qualtrics is selling just under 50 million shares in its public offering. As you can math out, at more than $20 per share, the company is looking to raise north of $1 billion.
After going public, Qualtrics anticipates having 510,170,610 shares outstanding, inclusive of its 7.4 million underwriter option. Using that simple share count, Qualtrics would be worth $11.2 billion to $13.3 billion.
Source: https://techcrunch.com/2021/01/19/a-first-look-at-qualtrics-ipo-pricing/
Netflix capped off a year of impressive streaming growth by adding 8.5 million net new paying subscribers during the fourth quarter.
That means the streaming giant now has a total of 204 million paying subscribers worldwide — net growth of 37 million new subscribers for the full year, up from 28 million net additions in 2019.
The company also reported that it brought in $6.64 billion in revenue and earnings per share of $1.19 during Q4, compared to analyst predictions of $6.63 billon in revenue and EPS of $1.39.
In response to the earnings report, Netflix shares were up 12.4% in after-hours trading (as of 4:43pm Eastern).
Looking ahead, Netflix projected that it will add 6.0 million new subscribers in the first quarter of 2021 — the same as its old forecast for Q4, and less than half the 15.8 million subscribers that Netflix added in Q1 2020 (right as lockdowns were beginning in the United States).
The company’s investor letter also highlights a number of hit titles from the quarter, projecting that 72 million households will “choose to watch” (watch at least two minutes of) “The Midnight Sky” in its first 28 days of release, while 68 million households chose to watch “Holidate.” It also said the most recent season of “The Crown” was its most popular yet, with more than 100 million households choosing to watch the show “since its initial launch.”
“In addition to titles with big viewership, we also aspire to have hits that become part of the cultural zeitgeist,” Netflix said. “In 2020 alone, we had ’Tiger King,’ ‘Bridgerton’ and ’The Queen’s Gambit.’ … In fact, Netflix series accounted for nine out of the 10 most searched shows globally in 2020, while our films represented two of the top 10.”
The company acknowledged growing competition from new(-ish) streaming services like Disney+, Peacock and HBO Max, but its user numbers still put it far ahead of any streaming competition — Disney+, for example, had 86.8 million subscribers as of early December (Disney’s service launched a little over a year ago and is still rolling out globally).
“Our strategy is simple: if we can continue to improve Netflix every day to better delight our members, we can be their first choice for streaming entertainment,” Netflix said. “This past year is a testament to this approach. Disney+ had a massive first year (87 million paid subscribers!) and we recorded the biggest year of paid membership growth in our history.”
eMarketer analyst Eric Haggstrom made a similar point in a statement:
Netflix ended 2020 on a high note, adding over 36 million subscribers and passing 200 million subscribers. Despite increasing competition from Disney and others, Netflix had its strongest year yet and will look to grow further in 2021, with a strong content release slate already planned. So far, Netflix has been a clear winner of the streaming wars.
Source: https://techcrunch.com/2021/01/19/netflix-q4-earnings-4/
Netflix is always in search of a better way to instantly connect users to something to watch, instead of having them waste time unsuccessfully scrolling through all the available programming options. Now, the company says a recent test focused on solving this problem, Shuffle Play, has proven popular enough to roll out to all users worldwide.
In the streamer’s Q4 2020 earnings, announced today, Netflix noted the product development only briefly. It referred broadly to a test of a new feature that “gives members the ability to choose to instantly watch a title chosen just for them versus browse.” It also noted the feature would reach all users worldwide sometime in the first half of 2021.
Netflix confirmed to TechCrunch the test in question is Shuffle Play, which we first covered back in August 2020. However, the company tells us the actual name of the feature is something that’s still being tested.
Shuffle Play puts a big button right on the Netflix home screen, beneath your profile icon. When clicked, Netflix randomly plays content its personalization algorithms think you’ll like. This could include a movie you’re currently watching, something you’ve saved to your watch list, or a title that’s similar to something you’ve already watched, for example.
A variation has also been spotted in the TV app’s sidebar navigation. More recently, we’ve found this sidebar option relabeled as “Shuffle Play,” instead of “Play Something” as before.
In addition, as you start scrolling down through the Netflix home screen on the TV, you’ll eventually come across a screen that explains what the option is for and points to the new button with a red arrow.
“Not sure what to watch?,” this page asks, before explaining how Shuffle Play works.
Image Credits: TechCrunch
The button has already appeared on some users’ Netflix app for TV devices, due to the ongoing tests.
In its letter to shareholders, Netflix said the user response to Shuffle Play has been positive — which is funny because the original responses to the feature on social media were decidedly mixed. However, the company doesn’t make its decisions based on what a handful of tweets once said, but rather in how Netflix members actually used the product, of course.
Netflix also tells us the feature is still being tested only on TV devices, not other platforms like web or mobile. It declined to say how many users or what percentage had been opted into the test to date.
Shuffle Play is the latest in a long series of tests where Netflix has tried to make it easier to find something to watch right away.
In 2019, for example, Netflix tried out a shuffle mode that let you click on a popular show to start playing a random episode. This may have worked well when users wanted to play a random episode of their default pick, like the “The Office” or “Friends,” but Netflix has lost both.
It has also promoted its shows on the login screen and as screensavers, and notoriously autoplayed previews until last year, when it finally caved in to user demand for a way to turn this off.
Overall, the goal is to make the Netflix experience closer to that of traditional TV, where you could switch the set on and content just started playing.
Netflix says Shuffle Play will roll out globally in the first half of 2021, but didn’t share more specifics.
Deep tech startups develop cutting-edge innovations with the power to truly revolutionize society. The founding team members at these companies often come from deeply technical backgrounds, which powers rapid product progress but can create bottlenecks on the go-to-market side.
In this post, I outline the answers to four key questions around marketing at early-stage deep tech companies that are post-revenue:
- What marketing teams at deep tech companies do.
- When to hire the marketing team.
- Whether the marketing team needs industry experience.
- How to source and evaluate talent for the marketing team.
From this post, deep tech startups can formulate their marketing hiring strategy and attract and cultivate top talent to drive their go-to-market plan. Without business execution, even the most groundbreaking innovations do not achieve their intended impact.
What do marketing teams at deep tech companies do?
To set the context, I share below the typical projects of deep tech marketing teams, which look different from marketing in other industries given the greater product focus and complexity, regulatory oversight and longer time to market.
Go-to-market
Marketers leverage the strength of the IP to establish collaborations with large companies, such as pharma companies and institutions, such as the government, universities or hospitals. To this end, marketers develop creative ways to gather lists of, and information on, key contacts at these potential partners. They also build sales collateral, such as demo videos, pitch decks and one-pagers, to more effectively reach and build long-term relationships with these prospects.
More broadly, marketers also develop the go-to-market strategy beyond partnerships. To this end, marketers conduct in-depth market research on business models, monetization strategies and reimbursement channels.
Communications
Marketers create original content to establish the company as a thought leader, build the company’s brand credibility through social media and apply for awards and honors to validate the potential of the company’s solution.
Forecasting
Marketers work with finance and product teams to formulate projections as the company moves into the clinical phase.
When should deep tech companies hire marketers?
The CEO and other members of the founding team take on marketing work in the formation stage to better understand and empathize with the needs, capabilities and opportunities in the department before bringing someone on full time.
Once the product shows signs of repeatable revenue, a marketing lead is needed. Specifically, this is ahead of a large Series A round, after a small Series A round or when a commercial partner has expressed interest in larger, long-term contracts. Instead of the typical chief marketing officer or chief revenue officer title, deep tech startups call this person a chief commercial officer or chief partnerships officer.
For additional support in the formation stage, companies bring on MBA interns and work with their investors. Prior to the Series A, platform teams at deep tech venture-capital funds are hands-on in helping with marketing through actually doing marketing projects for their portfolio companies, ideating on long-term marketing strategy with the founders through regular feedback sessions and connecting founders with vetted marketing contractors or agencies.
For companies that require FDA approval, commercial advisors, consultants and board members fully take on the partnership strategy work (which represents the bulk of the marketing needs) prior to the Series A round. Similarly, external consultants, such as marketing agencies, can take over major projects like launch strategy. External consultants can then join the team should their performance be strong.
For drug-development companies, the marketing leader is most crucial when the company enters the clinical phase and prepares for trials, regardless of funding stage.
Do marketing hires need industry experience?
Of course, it is ideal to hire someone with experience selling into the space and someone who is comfortable with the complex supply chains and long sales cycles. However, if the choice is between someone with functional expertise but no industry expertise and someone with industry experience but limited or no functional expertise, it is better to hire the former candidate and leverage the rest of the team for domain expertise. Deep tech is a niche area, so the other team members can support the marketer in developing industry expertise.
Source: https://techcrunch.com/2021/01/19/how-and-when-to-build-marketing-teams-at-deep-tech-companies/
