Podcast Celebration: The live podcast event showcased Acquired's growth, celebrated audience engagement, and highlighted the importance of community, featuring insights from prominent guests like Jamie Dimon and Daniel Ek.
This live podcast event at Chase Center highlighted the journey and growth of the Acquired podcast, celebrated by a vibrant audience of 6,000. Jamie Dimon and Daniel Ek expressed their support, while hosts Ben and David shared insights about their incredible listener engagement, including a tripling of Spotify followers over the past year. They also emphasized the importance of community and word-of-mouth in their success. Despite challenges, such as forgetting the thumb drive for their theme song, the event was filled with excitement and spontaneity, turning a traditional episode format into a lively celebration. By engaging directly with their audience, they showcased the personal connection they have built over the years, emphasizing that the heart of their show lies in shared experiences and passion for storytelling in the world of technology and business.
Evolving Engagement: Podcast growth on Spotify highlights the importance of understanding audience needs and adapting to new formats, while social features enhance user connection. Innovating alongside audience preferences is crucial for success.
Podcasts have seen significant growth, now reaching over 150 million listeners on Spotify, attributed to evolving consumer habits and technology like wireless headphones. The key to success for creators lies in understanding their audience and adapting to new formats like video, while keeping the core focus of their product intact. Social interactions in music, such as Spotify's Jam feature, have also become essential for user engagement, especially during the pandemic. By letting go of rigid initial visions and being responsive to audience needs, creators can continue to innovate and find new ways to connect with listeners.
Strategic Growth: Spotify's rapid growth is due to a deliberate, patient approach, focusing on strategic execution and learning from others, ensuring they meet user needs effectively.
Spotify's success stems from a methodical approach rather than a rush to market. Daniel Ek, Spotify's CEO, values deep discussions over quick execution. He believes in waiting for the right opportunities and being deliberate in decisions, which is crucial in a complicated industry. This strategic mindset enables Spotify to utilize its extensive user base effectively, launching podcasts and audiobooks when the market showed demand. Learning from others, like Mark Zuckerberg, emphasizes the importance of adaptability and constant improvement, highlighting that success doesn't just come from innovation but also from understanding the audience and their needs. Moreover, the willingness to listen and incorporate feedback makes Spotify a better platform, ensuring they make changes that resonate with their users. Thus, the combination of patience, learning, and strategic execution contributes significantly to Spotify’s rapid growth and market leadership.
Power and Reflection: Crusoe provides clean energy for AI while hosts reflect on their past assessments of YouTube and LinkedIn, realizing their initial judgments missed future successes. This highlights the tech industry's unpredictability and the importance of adapting views over time.
Crusoe is innovating by providing huge amounts of energy for AI development, using nuclear-like power without harmful emissions, addressing the energy bottleneck for AI advancements. They offer services directly to some of the biggest corporations or through their managed AI cloud. Additionally, the hosts reflect on past evaluations of companies like YouTube and LinkedIn. They admit their initial grades were off, particularly for YouTube, which has since become a powerhouse with significant revenue and influence. This conversation emphasizes ongoing learning in the tech space, the critical role of AI, and the unpredictable trajectories of tech companies after acquisitions.
Financial Titans: SpaceX's Starlink and Taylor Swift's Eras tour demonstrate extraordinary financial success, showcasing innovation and execution as key drivers in modern business.
SpaceX has made incredible strides since 2020, with the successful launch of Starlink generating significant revenue, showcasing its dominance in the satellite market and aerospace industry. Meanwhile, Taylor Swift has revolutionized her business, with the Eras tour and streaming success potentially pushing her cash flow beyond half a billion, affirming her status as a top earner in entertainment. Both SpaceX and Taylor Swift illustrate the power of innovative thinking and strong execution in generating massive financial success over the years.
Entrepreneurial Challenges: Entrepreneurship is challenging, and ignorance about the hardships can encourage people to take risks. Both Jensen Huang and Mark Zuckerberg emphasize how overcoming difficulties shapes values and leads to meaningful success in business.
Starting a company is very tough, and sometimes entrepreneurs don't realize how hard it can be until they're in it. Jensen Huang mentioned that ignorance can be a superpower because it pushes you to take risks you might not if you fully understood the challenges. Both he and Mark Zuckerberg reflected on their journeys, recognizing that while they faced significant difficulties, those experiences taught them valuable lessons about persistence and what truly matters in business. Ultimately, facing challenges helps shape one's core values and defines success more meaningfully. Entrepreneurs often learn through suffering, realizing that those struggles can lead to greater accomplishments and innovations in the future.
Innovation Balance: Successful innovation balances original ideas with customer feedback. Open-source technology aids this by fostering collaboration and rapid development, allowing companies to create core technologies like AI while learning from the market.
Innovation often requires a balance between pushing forward with original ideas and being responsive to what customers want. Successful companies learn from existing patterns and technologies while also developing their unique advancements. Open-source technology has played a crucial role in this process by fostering community collaboration and encouraging faster development cycles while also placing companies in a position to build their own core technologies, especially in complex fields like AI.
Navigating Responsibility: The speaker regrets misjudging political impacts on public perception, stressing the importance of clarifying responsibility and supporting research to handle criticisms effectively and aim for a positive future for the company.
Reflecting on the company’s past, the speaker acknowledges that they misjudged the impact of the political environment on public perception, especially post-2016. They recognize the importance of taking responsibility for legitimate issues while also being clear about what is not their fault. Moving forward, they emphasize the need for academic research and collaboration to accurately address criticisms and anticipate future challenges. The focus is on cultivating a long-term vision for the company while navigating complex social dynamics and plotting a healthier path for its reputation and goals over the next decade.
Inspiring Innovation: Mark Zuckerberg seeks to create inspiring products through Meta, focusing on innovation in AI and VR. He believes that fostering uplifting experiences can enhance human connections and optimism about the future, reflecting a commitment to impactful technology amid challenges.
Mark Zuckerberg emphasizes the shift towards creating not just useful products, but truly inspiring and uplifting experiences. He envisions a future where Meta focuses on innovation in AI and virtual reality, aiming to engage users deeper and foster optimism about the future. This transformation began as he reflected on the challenges of the pandemic and deep political issues. Recognizing the potential of the family of apps, he believes that building awesome, inspiring products will lead to greater overall impact and connection among people. By investing boldly in projects that inspire him personally, Zuckerberg aims to create a sense of excitement and joy, moving forward with a mission to enhance human potential through technology, while also reinforcing the importance of brand evolution without running away from challenges.
Tech Platforms: Tech competition is between closed and open platforms. Founders should focus on their passions and innovate without restrictions, learning from others but following their unique path.
In the evolving tech landscape, there's a strong competition between closed and open platforms. While Apple's integrated approach has gained popularity, there's a push for open platforms that allow anyone, especially new developers, to innovate without restrictions. Founders today should pursue what they are passionate about, learn quickly, and create based on their unique vision rather than mimicking past successes. There's much to learn from both triumphs and failures of others, but success often requires doing things differently and encouraging individuality in creative endeavors. The future will depend on who can successfully build platforms that empower everyone to contribute towards a more vibrant tech industry.
Acquired LIVE from Chase Center (with Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg)
Acquired
196 Episodes
Recent Episodes from Acquired
Acquired LIVE from Chase Center (with Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg)
Here it is: the complete video of the most unbelievable night of Acquired’s nine-year life… our sold out live show at the Chase Center in San Francisco. We joked during the months (months!) of preparation leading up to this event that it was like planning a wedding for 6,000 Acquired fans, and the guest list included Jamie Dimon, Daniel Ek, Emily Chang, Jensen Huang and Mark Zuckerberg… no pressure! But thanks to our amazing partnership with J.P. Morgan Payments, together we were able to make something incredible. Tune in and enjoy the celebration!
Sponsors:
Many thanks to our fantastic Fall ‘24 Season partners:
Links:
- Mike Taylor, the truly incomparable performer of Who Got the Truth?
- Mike Amiri (who designed Mark’s shirt)
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Photo Credit: Mark Zuckerberg by Jeff Sainlar / Meta
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
The Mark Zuckerberg Interview
Mark is the iconic founder CEO of our time. At Chase Center on September 10, 2024, he did an unprecedented thing: a live conversation in front of 6,000 people on Meta’s company strategy, sharing stories from early Facebook history, and his thoughts on the future of AI, VR, and AR. Mark was remarkably candid in our discussion, and gave us a window into his real and intense daily demeanor leading Meta. (And his other life endeavors!)
We can't wait to release the complete video of the whole night, including our surprise conversations with Daniel Ek, Emily Chang, and cameo appearances from Jensen Huang and Mike Taylor (the incredible singer of “Who Got the Truth?”). That’s coming in a couple weeks, but for now: enjoy this conversation with Mark Zuckerberg.
Sponsors:
Many thanks to our fantastic Fall ‘24 Season partners:
Links:
- Mike Amiri (who designed Mark’s shirt!)
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Photo Credit: Mark Zuckerberg by Jeff Sainlar / Meta
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Chase Center + Summer Update
Summer greetings from Acquired! Two items for this “mini-episode”:
- Tickets are now available for our live show at Chase Center in San Francisco, with special guests including Mark Zuckerberg (!). The show is Tuesday, September 10th, with doors opening at 5 PM for an hour of mingling with other listeners before the show starts at 6 PM. Huge thank you to the J.P. Morgan Payments team for being our incredible partner in making this happen. Tickets are almost gone so make sure you grab one ASAP — you don’t want to miss this night! https://acquired.fm/sf
- We also figured this is a good excuse to update you all on the state of Acquired — after an incredible first half of the year (including WSJ’s profile of the show) we are taking the rest of the summer off to recharge, parent our young children, and prepare for the big night in September. We hope you’re having a great summer, and we’ll see you live in the fall!
Carve Outs:
More Acquired:
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Microsoft Volume II
In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, again. But… what happened in the twenty years in between? The answer, as we discovered in our research, is probably not what you think.
In this episode we explore and analyze the browser wars and the DOJ case, Windows XP through 8, Surface, Xbox, search, Yahoo!, Bing, the iPhone, Nokia, mobile, social, Facebook… and oh yeah, a little thing called Azure and the enterprise — which ended up becoming so big that no failures mattered. Tune in for Microsoft, Volume II.
Chase Center Live Show in SF:
- Sign up here to for the pre-sale list before tickets are available to the public. See you there!!
Sponsors:
Many thanks to our fantastic Season 14 partners:
Links:
Carve Outs:
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Starbucks (with Howard Schultz)
Starbucks. You’d be hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously enjoys his daily spinach feta wrap. :)
But it wasn’t always this way. Long before the frappuccinos and the PSLs and the cake pops, Starbucks was just a small-time Seattle roaster that only sold beans — and was started not by Howard Schultz but rather the guys who later ran Peet’s (!). Starting from six tiny stores when Howard took over in 1987, this quirky coffee company named after a character from Moby Dick has scaled to nearly 40,000 locations worldwide.
Today, in a first for Acquired, the protagonist himself joins us as a third cohost to tell the whole story of Starbucks. And Howard is in the perfect moment to do this — after three separate stints as CEO he’s now retired, off the board of directors, and in his own words “not coming back.” So place a mobile order (or not! as you’ll hear Howard speak about), sit back with your own favorite Starbucks items, and enjoy.
Sponsors:
Many thanks to our fantastic Season 14 partners:
The Biggest Thing We’ve Ever Done:
- San Francisco. September 10, 2024. Mark your calendars.
Links:
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
** Future capabilities of biometric payments are under development; features and timelines are subject to change at the bank’s sole discretion.*
Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Microsoft
Microsoft. After nearly a decade of Acquired episodes, we are finally ready to tackle the most valuable company ever created. The company that put a computer on every desk and in every home. The company that invented the software business model. The company that so thoroughly and completely dominated every conceivable competitor that the United States government intervened and kneecapped it… yet it’s STILL the most valuable company in the world today.
This episode tells the story of Microsoft in its heyday, the PC Era. We cover its rise from a teenage dream to the most powerful business and technology force in history — the 20-year period from 1975 to 1995 that took Bill and Paul from the Lakeside high school computer room to launching Windows 95 alongside Jay Leno and the Rolling Stones. From BASIC to DOS, Windows, Office, Intel, IBM, Xerox PARC, Apple, Steve Jobs, Steve Ballmer… it’s all here, and it’s all amazing. Tune in and enjoy… Microsoft.
Sponsors:
Many thanks to our fantastic Season 14 partners:
Links:
- Congress changing copyright law in 1980 to include “computer programs”
- Acquired “classic” on Microsoft’s 1987 acquisition of Forethought / PowerPoint
- All episode sources
Carve Outs:
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Renaissance Technologies
Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec’s alchemic colossus has posted annual returns in the firm’s flagship Medallion Fund of 68% gross and 40% net over the past 34 years, while never once losing money. (For those keeping track at home, $1,000 invested in Medallion in 1988 would have compounded to $46.5B today… if you’d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn’t just beat the market, but in the words of author Greg Zuckerman “solved it.”
Sponsors:
Many thanks to our fantastic Season 14 partners:
Links:
- The Man Who Solved the Market
- The Quants
- Bloomberg’s 2016 RenTec profile
- Quartr's visualization of RenTec's returns
- All episode sources
Carve Outs:
- Modern Treasury’s Transfer Conference Registration
- The New Look
- Cole Haan x Acquired!
- Class of Palm Beach (and the Mini Kelly inside the Birkin!!)
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Hermès
In luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès:
- Doesn’t increase supply to meet demand (hence the waitlists)
- Doesn’t loudly brand their products (IYKYK)
- Doesn’t do celebrity endorsements (stars buy their bags just like everyone else)
- Doesn’t even have a marketing department! (they barely advertise at all)
And yet everyone knows who they are and what they represent. But, despite all their iconoclasm, this is not a company that’s stood still for six generations. Unbeknownst to most, Hermès has completely reinvented itself at least three times in its 187-year history. Including most recently (and most dramatically) by the family’s current leaders, who responded to LVMH and Bernard Arnault’s 2010 takeover attempt by pursuing a radical strategy — scaling hand craftsmanship. And in the process they turned the company from a sleepy, ~$10B family enterprise into a $200B market cap European giant. Tune in for one incredible story!
Sponsors:
Many thanks to our fantastic Season 14 partners:
- J.P. Morgan Payments
- ServiceNow
- Vanta
- NVIDIA GTC (Code "ACQUIRED" for 20% off)
Links:
- Visuals for:
- Quartr's Hermès: Two Centuries of Craftsmanship and Excellence (with graphs)
- 00:23: Haut a Courroies, the “high-belted bag” to carry saddles and boots
- 00:45: Chaine d'ancre, “Chain of anchors”
- 00:49: Jeu des Omnibus et Dames blanches, “White ladies at play”
- 00:53: Screen printing each color on a scarf individually
- 00:57: The Hermès oranges
- 01:06: Sac à Dépêches (today: the Kelly Bag)
- 01:07: Grace Kelly photo in LIFE Magaine
- 01:26: Steps to sew a saddle stitch
- 01:48: The Birkin Bag
- 03:17: Petit h
- The saddle stitch (video)
- Inside the Saddlery at the Faubourg
- Hermès 2022 Annual Report
- Axel Dumas Interview
- All episode sources
Carve Outs:
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Novo Nordisk (Ozempic)
Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving in, our first thought was, “wow, seems like these new diabetes and obesity drugs mean serious trouble for big insulin companies.”
And then… we realized that Novo Nordisk IS the big insulin company. And in a story befitting of Steve Jobs and Apple, they’d just disrupted themselves with the drug equivalent of an iPhone moment. Once we dug further, we quickly realized this company has it all: an incredible 100+ year history filled with Nobel Prizes, bitter personal rivalries, board room dramas, a generation-defining silicon valley innovation, lone voices persevering against all odds — and oh yeah, the world’s largest charitable foundation at its helm. Tune in for one incredible story!
Sponsors:
Many thanks to our fantastic Season 14 partners:
More Acquired:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Links:
- Chart: US Healthcare Spend by Category
- Chart: US Distribution and Reimbursement System (for pharmaceutical drugs)
- Chart: Insulin Supply Chain
- YouTube Talk: What People Get Wrong about the Finances of the Drug Industry
- Alex Telford: The pharma industry from Paul Janssen to today: why drugs got harder to develop and what we can do about it
- Out-of-Pocket Health: Obesity Drugs
- Out-of-Pocket Health: US Healthcare System Problems
- All episode sources
Carve Outs:
- Noxgear Tracer 2 running vest
- Drops of God
- Wool by Hugh Howey
- Mere Mortals at San Francisco Ballet
- Blackberry
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Holiday Special 2023
Ben has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show “in public”. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big things cooking for 2024. Plus as always, we wrap with extended carve outs (joined this year by some surprise guests) for anyone still shopping for those holiday perfect gifts.
Huge thank you to everyone for making 2023 an amazing year again here in Acquired-land, and cheers to even greater things to come in 2023!
Sponsors:
Thanks to our fantastic partners, any member of the Acquired community can now get:
- Your product growth powered by Statsig (and listen to our ACQ2 interview with CEO Vijaye Raji)
- Scalable, clean and low-cost cloud AI compute from Crusoe (and listen to our ACQ2 interview with CEO Chase Lochmiller)
- Mark Leonard and David Senra’s holiday book recommendations on Blinkist, plus our favorite books on Ben & David’s Bookshelf
More Acquired!:
- Get email updates with hints on next episode and follow-ups from recent episodes
- Join the Slack
- Subscribe to ACQ2
- Check out the latest swag in the ACQ Merch Store!
Links / Extended Carve Outs!
- The Psychology of Money
- The Artist’s Way
- Transitions
- Thinking, Fast and Slow
- Zojirushi hot water heater
- Nike Pegasus Trail 4 GORE-TEX
- Mill
- June Oven
- Silo
- Alias
- Warby Parker Amari glasses
- Hoka Ora recovery shoes
- Adobe Light Room
- The Eureka Theory of Everything is Wrong by Derek Thompson
- The Luxury Strategy
- Candide
- The QB School
- MNF ManningCast
- The Eras Tour
- Uppababy Vista
- The Joolz Aer Plus
- Coco
- At Present
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.