Grazer believes that scalability has not been fully realized in the entertainment industry. Social media has achieved the scalability element to some degree. Most shows extend their view via Twitter and Facebook. But how do we create a platform that is fully scalable and consumable by all? I believe the profusion of video is part of the equation.
The discussion led to Grazer calling the intersection of entertainment and education the “big void.” He sited Apollo 13 as a good starting point, and stated more needed to be done. I agree that more needs to be done to augment current platforms to improve education for all.
As Grazer points out, when you have quality content the technology will find you. We are already beginning to see this play out.
Your Advanced Degree Is Already In Your Pocket
The future of education involves the use of technology, media, and innovative platforms. Future generations will consume education the same way they consume entertainment – on a laptop, a tablet or a phone.
Today anyone can take online classes from top tier business schools, including: Stanford, Harvard, and Wharton. The old days of applying for admission and waiting for approval are over. Education belongs to the masses. And education as we know it is moving away from text book learning to digital learning.
Why TV is Your Classroom
As the world evolves, more and more people are moving away from traditional jobs and moving towards entrepreneurship. It’s not surprising that Shark Tank has gone from 4 million viewers to 8 million viewers in just a few short years. The cast has done an excellent job of blending education and entertainment. Viewers learn how to pitch their ideas, how to understand the mechanics of distributing a product, how to measure their financial performance, and how to negotiate on their toes.
Over on Bravo, past shows — Kell on Earth, Tabitha Takes Over, and The Rachel Zoe Project — have showcased female entrepreneurs running successful businesses. With only 20% of female entrepreneurs hitting the $1 million revenue mark, the business world needs female role models. I must admit, I learned a lot about running Atelier Advisors by watching Kelly Cutrone battle dead beat clients and lazy team members.
Bravo is also responsible for Emmy award wining Million Dollar Listing New York, which has done a great job of marrying education with entertainment. A typical episode teaches viewers how to perform in high-pressure environments, how to calculate home valuations, and how to negotiate to win. We even get to see the use of robotics and virtual reality to sell a home.
This year, Bravo brings us a San Francisco version of the hit show. I’m looking forward to watching due to the similarities between the real estate world and the startup world. For instance, a home is shown in an open house the same way a startup is presented at demo day. Homes are staged with an interior design team to increase the valuation the same way a startup uses a beautiful demo or immaculate UX design to increase the valuation of a startup.
The idea is to bring in a high number of potential “buyers” to increase the valuation. An all-cash, above ask buyer is similar to a well-respected investor offering to lead a funding round at a high valuation. Once that event is achieved, it will be hard for the “seller” to resist the offer.
The Future of Entertainment
As more people consume entertainment through YouTube, iTunes, and Netflix, the revenue model for entertainment will evolve. I expect to see more innovation on the delivery, pricing, and content.
I predict more product placement and fewer traditional ads. Unlike native ads, which had many up in arms, product placement can be done in a subtle way that doesn’t feel like an ad. How many times have your favorite TV personalities discussed finding dates on Tinder or hailing rides via Uber? See. You probably didn’t even realize the product was placed.
Join me this week in the digital classroom for the premiere of Million Dollar Listing San Francisco on Wednesday, Intro to Startup Finance on Platzi on Thursday, and Finance for Entrepreneurs’ monthly broadcast – How to Monetize Your Product or Service — on Saturday. We’ll discuss the common pitfalls entrepreneurs fall into when attempting to build a scalable, profitable company.
Have a question about monetization? Feel free to tweet me @lilibalfour and I’ll answer your question on Finance for Entrepreneurs’ next broadcast. If you’re watching Million Dollar Listing San Francisco, be sure to follow hashtag #MDLSF and handle @BravoMDLSF
Remember: education belongs to the masses.