Navigating Business Ventures With Traditional and Hollywood Players.
Every day brings new opportunities and many funny stories in our business, especially when so-called heavyweights step into our world—it never goes as planned. I wanted to write this newsletter to share insights from these experiences, helping you navigate and assess similar situations as your clients' careers take off. Although things have evolved significantly over the past decade, there is still a long way to go. "Avoiding lawsuits" could also be the title of this newsletter!
One of the most intriguing parts I've found of being a creator manager is observing how old Hollywood and traditional world figures, accustomed to their own unique ecosystems, interact with our industry. They often struggle to grasp the motivations and drives of today's creators, which can be vastly different from their own past experiences in the limelight.
Contrary to what many of them think, a great manager knows that it's not just fame and money that drive creators. While those perks are part of the package, they rarely surpass the desire for overall influence, reputation, and prestige. Creators seek long-term popularity, control over their destinies, and the ability to shape their own narratives. This dynamic often leads to amusing and enlightening interactions when these worlds collide.
I recall once being invited to a music mogul's house when his company struggled to close a deal with one of my clients. He thought the mansion and groupies would move the needle—it didn’t. Then, there was the hotel mogul who sent a subpar product to my client, shocked when the deal fell through despite the potential profits. And let's not forget the Wall Street company that came to our house, eager to buy up our channel to exploit it for their investors.
Engaging with these personalities is always a fascinating experience, much like explaining life in a new country to someone who has never been there. As a creator manager, you must understand your place in the market and have a strong but flexible vision of how to get there because even though they speak another language, there is value if you can find common ground. I do believe we could learn a lot from each other, but it often doesn't really go down that way.
Looking at Ventures... Top Tips
Assess Respect for Content: Do they respect your content and understand where your client wants to go? If their primary focus is on the money and how lucrative the opportunity is, it may be a red flag. For a young talent manager, it's crucial to recognize that respect for your client's creative vision is a cornerstone of a successful partnership.
Be Wary of Future Financial Promises: Are they speaking too much about the potential future earnings you could make and using calculations of what the follower count translates into dollars? I've never seen these calculations make any sense as good business runs on quality and execution, not follower counts. Young managers should be cautious of things that sound too good to be true. Genuine opportunities usually come with thorough discussions about long-term benefits and shared values, not just flashy financial incentives.
Do You Need Them or Do They Need You? Any good deal should have equal motivation, risk and benefit. In many pitches, there's often a lot of missing information about who the actual parties involved are because you are dealing with a sales person so makes it harder to work out the true intentions. As a young manager, ensure you dig deep into who you are dealing with. Is there a parent company? Why does the creator economy interest them? Understand the full picture before committing, and ensure that the partnership is mutually beneficial and transparent.
Trust in the Process: There are many paths to land at the same destination. Don’t take shortcuts or fall for big schemes. Rushing into deals can jeopardize your client's long-term success and your own reputation. Believe in your strategy and stay committed to your principles. Remember, while our industry isn't going anywhere, they might be in their last wave.
Seize Genuine Opportunities: That said, don't pass on something that can set you up for the future! Just understand that big dollars happen through working with careful partners who are skilled and experienced and aren't just riding on a name from a bygone era. Look for opportunities that align with your client's vision.
Don't Be Afraid to Ask Others: I see many people who get into deals that a simple text or call to someone could have saved. Like with any scam, you are never the first. Seek advice from your network to avoid common pitfalls.
Best of luck.