Monetizing passions, scaling marketplaces, and stories from a creator economy vet | Camille Hearst

0:00

So Steve Jobs' lore was that if you were  in an elevator with him, you better be prepared to talk about what you do at the company because  he had a habit of getting in the elevator and looking at you and saying, "What do you do? What  do you do here?"

0:11

And there were also rumors that people who had not given him a good answer,  that ended up being their last day at Apple.

0:23

So there was someone who I didn't know  personally but worked in my department before I got there who got in an elevator and  looked up and Steve was approaching him and so he went to press the button to open the door  and accidentally pressed the one to close the door.

0:40

And it was like doing this press...

0:40

You  can't see me if you're listening on podcast but frantically pressing the button, trying to  open the door, but accidentally pressing the closed door button and the elevator going to its  destination.

0:52

And apparently he got off and just bolted straight up, ran down the hallway.

0:57

He'll never remember my face. Yeah, exactly. I disappeared.

1:04

Welcome to Lenny's Podcast where I interview  world-class product leaders and growth experts to learn from their hard win experiences building  and growing today's most successful products.

1:15

Today my guest is Camille Hearst.

1:15

Camille is  head of fan monetization at Spotify.

1:15

Before that, she was head of product for creators of  Patreon.

1:21

She was product marketing manager at YouTube and the second PM on iTunes.

1:25

She's also a former founder.

1:25

She started a company called Kit that she sold to Patreon.

1:29

And this episode is for anyone who's curious about the creator space, either from  the creator side or the platform side, or if you'd just like to hear a bunch of  fun stories from an awesome product leader.

1:42

We chat about the future of creator platforms, how  to be successful as a creator, and also as a new creator platform, the downsides of creator life  plus frameworks, stories from Steve Jobs, ways to monetize being a creator and so much more.

1:53

Enjoy this episode with Camille Hearst after a short word from our sponsors.

1:58

This episode is brought to you by Merge.

2:04

Every product manager knows how slow product  development can get when developers have to build and maintain integrations with other platforms.

2:09

Merge's unified API can fully remove this blocker from your roadmap.

2:16

With one API, your team can  add over 180 HR, accounting, ATS, ticketing, CRM, file storage and marketing automation  integrations into your product.

2:22

You can get your first integration into production in  a matter of days and save countless weeks building custom integrations, letting you  get back to building your core product.

2:36

Merge's integration speed up the product  development process for customers like Ramp, Drata, and many of their fast growing and  established companies, allowing them to test their features at scale without having to  worry about a never ending integrations roadmap.

2:49

Save your engineers countless hours, hit your  growth targets, and expedite your sales cycle by making integration offerings your  competitive advantage with Merge. Visit merge.

2:57

dev/lenny to get started and  integrate up to three customers for free.

3:05

This episode is brought to you by Coda.

3:05

You've  heard me talk about how Coda is the doc that brings it all together and how it can help  your team run smoother and be more efficient.

3:14

I know this firsthand because Coda does that  for me.

3:14

I use Coda every day to wrinkle my newsletter content calendar, my interview notes  for podcasts, and to coordinate my sponsors.

3:24

More recently, I actually wrote a whole post on  how Coda's product team operates, and within that post, they shared a dozen templates that they use  internally to run their product team, including managing the roadmap, their OKR process, getting  internal feedback, and essentially their whole product development process is done within Coda.

3:40

If your team's work is spread out across different documents and spreadsheets and a stack of workflow  tools, that's why you need Coda.

3:45

Coda puts data in one centralized location regardless of format,  eliminating roadblocks that can slow your team down.

3:56

Coda allows your team to operate on the  same information and collaborate in one place.

4:01

Take advantage of the special limited time  offer just for startups. Plan up today at coda.

4:06

io/lenny and get a thousand dollars  startup credit on your first statement. That's C-O-D-A .

4:11

io/lenny to sign up and get  a startup credit of $1000. coda. io/lenny.

4:20

Camille, thank you so much for being  here. Welcome to the podcast.

4:27

Thank you so much for having me, Lenny.

4:27

I first wanted to just give a big thank you to Adam Fishman for introducing us who had  just so many nice things to say about you and so I'm really excited to be chatting.

4:35

I want to start with talking about your current role at Spotify and I believe  your role is head of fan monetization.

4:45

What does that actually entail and what  are you responsible for within Spotify?

4:48

As head of fan monetization, I have a team  of folks who are really passionate about figuring out new ways to help artists  and fans connect and also figure out ways to make those connections result in new  monetization opportunities for the artists.

5:08

So one of the things that we all know and we've  seen is how passionate fans are about the artists that they love.

5:14

You've been following any of  the latest bits about the Taylor Swift tour, the Beyoncé tour that's been happening  this summer, and their effect on local economies.

5:23

It's been pretty impressive.

5:23

But one of the things that we also know is it's not just the big huge superstars who have  those rabid and super engaged fan bases.

5:30

People are really passionate just about supporting  the artists that they love in general.

5:40

And on Spotify, we want to figure out  ways we can help that result in more money that goes directly to the artist.

5:45

What are some of those ways just to give people a sense of what might be happening?

5:50

So one of the ones that most mature is merch which is funny to say because most people probably  don't realize that you can purchase merch on Spotify.

6:01

That's one that's been around- I did not realize that. ...

6:03

for a bit of time and my team's recently  been working on making it more prominent, giving artists more ways to offer that merch in  the form of a reward for fans.

6:08

So things like an exclusive discount or an exclusive design or early  access because you're a top listener on Spotify, really thinking about thank yous and rewards  for your Spotify listenership and fandom.

6:27

And then other things we've been looking  at have been listening parties.

6:27

We ran a few of those over the past year.

6:32

I think I  talked about it actually on a Spotify event a few years ago. We were running...

6:39

Sorry,  it wasn't a few years ago, it was last year.

6:43

But listening parties is another way and then  we've got some new ideas we're exploring.

6:50

I've heard people do listening parties with this  podcast actually and I hope that you roll that out to podcast too because that would be very cool. Yeah.

6:55

We have all kinds of ideas of really interesting ways we can bring groups of people  together and get the monetization going. All right. One day. Mysterious but exciting.

7:08

Speaking of Taylor Swift, I was watching a TikTok the other day and they  showed a video of someone inside the concert showing the whole concert and then they panned  to the parking lot and there was just tens of thousands of people just standing around in the  parking lot listening to the second order music out at the stadium.

7:29

And I wonder how can you  monetize that if there's an opportunity? Yeah.

7:34

I think they often have the merch trucks  in those parking lots though one way- Probably unofficial merch. Yeah.

7:40

So you work with artists and I actually  wanted to ask this question.

7:40

What's the best part about working with artists, musical  artists, and what's the worst part?

7:48

I think the best part is working with people  who really lean into their creativity and their passion so much so that they do it for a  living.

7:55

And I think a lot of us have creative pursuit and passions and things we love to do and  if we made millions of dollars and could retire, what would you do full time?

8:09

Usually, it's  one of these pursuits.

8:09

But I think it takes an element of bravery, not to mention talent,  but you really have to go out on a limb.

8:18

And so that's this equality that exists in this  group of people and it's fun to be around and feel that rub off on you and think, "Oh, maybe  I could take the dive one day and I don't know, go do my calligraphy or learn my ukulele and  then do it full time."

8:29

But that's the best part.

8:35

And the thing I'm really...

8:35

I grew up in  a musical household.

8:35

My dad's a drummer although his joke when we were growing up was  real musicians have day jobs because he had to actually have a job with benefit to support the  family and couldn't just be gigging full time.

8:54

Which actually brings me to the flip side  of the question which you asked what is the hardest part.

8:58

I do think we saw this a lot  at Patreon and I think you see it especially with musicians and artists, this feeling that  you want to give your fans everything that you create and you want to do it for free because  you're so enamored with this idea that people really love you and want to support you and  they're really responding to your creativity and everything that you're making, you don't want  to charge them.

9:22

But what comes with that is, well, how are you going to make a living.

9:27

To some degree, there has to be a value exchange that happens in order for  a creative person to live from their art.

9:36

And I've found that that's much  more pronounced with musicians, this starving artist ethos which makes what I'm trying  to do actually quite difficult because a lot of the feedback we get is, "Oh, that's awesome.

9:49

I  want to have a listening party and have everything be free and just have everyone show up and don't  sell anything."

9:53

And we're really looking at it as a way to fans want to support the artists  they love, they want to open up their wallets.

10:03

You've see nothing else from a Substack  and Patreons that people are actually really happy to be a patron of the arts and  they look at it as like a badge of honor.

10:12

But musicians in particular I think tend  to shy away from that which makes the kind of thing that I'm working on more difficult.

10:18

This's a great segue to an area I want to spend time on is the creator economy and creators and  artists and things like that.

10:21

And along these lines, I think I have this issue too.

10:26

I feel bad  charging people but there's also...

10:26

I don't think my stuff is worth enough to charge for and why  would anyone ever pay anything for it and so I imagine you see that too.

10:36

It's just like, "No  one's going to pay for this. It's crazy." Yeah.

10:39

It's funny because we live in a very  capitalist and market dictate the price kind of society, but on an individual level,  particularly when the commodity so to speak is art, there's so many emotions and feelings  involved in that that it's hard for someone who's the creator to disassociate themselves  from it and see what the market will bear.

11:04

Which is why I actually think it's great that  there's platforms who have stepped in and said, "Hey, we see an opportunity.

11:11

Let us insert  ourselves in the center, let us aggregate, and let us do the hard work of pricing and  payment and tax and finance and actually create value where it would be really hard for  an individual person who's a creator to do all of this work and facilitate that connection."

11:31

It's  almost like the perfect marketplace solution.

11:37

But again, it's hard because if the supplier  doesn't want to actually make money in some cases or shies away from optimizing or making money.

11:43

And then there's the creative process.

11:43

Sometimes, you're in a flow mode and you're producing a  lot and then other times, you're in a drought spell and these things ebb and flow which  is why I think companies like Patreon and Substack are really cool because what they try  to do is smooth out that revenue and make it so an artist can actually have a predictable...

12:06

They're not even artist, a creator can have a predictable sustainable paycheck so that they  aren't bouncing around from job to job and losing the ability to have that burst of creativity  because they're worried about their bills.

12:22

I have that experience myself with Substack which  is a subscription newsletter and one of the big downsides people don't think about with this life  is once you start charging, people start buying, say, an annual subscription and that means I have  to at least go for another year and in reality, I never really want to stop it because the  revenue would just stop and that would be really sad.

12:40

So you get on the treadmill where  you don't really have an exit path.

12:40

And I'm not sure exactly where this all goes, but it's  been great.

12:44

But that's something people don't think a lot about is this never ending,  keep creating, keep creating life.

12:51

We call it internally the hamster wheel  of content creation.

12:51

You get on because you love it and then how do you get off.

12:57

you love it and then how do you get off. So it's actually an interesting challenge again for platforms to think about where can they add  value, are there ways to either make the content creation process that much easier and I don't want  to say less of a burden because it's not a burden

13:14

but sometimes, if you don't have time or you're  just at a point in life where you can't do it, are there services or things that can be offered, are  there things like financing that makes sense for creators that banks or traditional institutions  wouldn't offer because of just the difference in the type of work that's being produced. Or another potential solution is are there

13:31

Or another potential solution is are there ways that platforms can create content.

13:37

Maybe it's  automated so that the creator can take a break.

13:43

So maybe they're not AI necessarily, maybe it's  more just aggregating data or doing summaries or maybe there's just other ideas that haven't been  explored out there. But it's a real problem. So I have this lennybot.

13:55

com site which is an  AI chatbot based on all my content including the podcast episodes and actually, an engineer  who was listening to this podcast reached out and offered to help me build it and he did and  it's awesome.

14:05

And I'm curious if that becomes my retirement plan as the bot ends up just doing  this and learns enough.

14:11

I highly doubt it, but it's fun to experiment with. Yeah.

14:17

Use your own content as your large language model, right? Exactly.

14:20

That's exactly what it is.

14:23

And I'm curious where this goes.

14:23

I want to follow the thread of the creator economy.

14:28

It feels like there's this huge wave  of the creator economies, the future of work, and all these platforms launched to allow  creator to make money.

14:33

But it feels like over the past couple of years, it feels like  it faded away.

14:39

And these very small number of platforms essentially one YouTube, Spotify,  Instagram, TikTok, Patreon, maybe Substack, and there was also the sense that the future  of work is freelance, everyone's going to be working for themselves, creating stuff, and it  feels like people are still working regular jobs.

14:59

A lot of these startups haven't done great.

14:59

So I guess I'm just curious what you think happens maybe in the next five or 10 years  from a perspective of platforms emerging and also just from creators, what...

15:08

Do you think  things stay the same?

15:08

Do you think there's another wave?

15:12

Where do you think things go?

15:12

I think it was probably predictable to some degree that platforms would win because just  of the nature of aggregation.

15:18

Once you have either all of the supply or you've aggregated the  demand, it's really a strong network effect.

15:26

Why investors love to invest in these types  of businesses, it's hard to break out.

15:36

I wouldn't underestimate the strategic ability  either of some the big platforms.

15:36

They were definitely thinking ahead and building features  and thinking about whether or not they saw it as a monetization opportunity.

15:50

It certainly is a great  strategic play to make sure that creators felt like they were on the platform that made the most  sense for them and they weren't going to churn or leave or try too many other places out.

16:01

So I think the rush and the funding was to figure out is there room for any other  new platforms, are there specific vertical that maybe there's an opportunity to create  vertical specific features and tooling.

16:18

And actually, I think we saw a huge massive  creation there in Twitch, right?

16:18

Twitch did not exist and they're just a juggernaut.

16:24

I think TikTok is another one that came out of this era.

16:28

Maybe they weren't positioned as  creator economy type startups but effectively...

16:34

Did you see what happened in Union Square  here with Kai, the gaming streamer? No.

16:39

So I'm in New York and last week, there was a mob and a riot because a Twitch streamer  announced that he was going to be giving away PlayStations and computer gear in Union Square and  something like a million teenage boys showed up. I'm not making this up.

16:57

And they had to shut down  the center of New York City to clear what turned into protest, riot, mob- Holy shit. ...

17:07

of teenagers who came for this one creator  that probably no one listening to me right now has even heard of. Yeah.

17:16

So I do think a lot of the predictions  have come to bear.

17:16

There are tons of people making money and making a living  from creating content on the internet.

17:27

There have been studies too where they ask  young people what they want to do and what they want to be when they grow up, we  quote these at, excuse me, Patreon and over 60% want to create content for a living.

17:37

So those trends I don't think are going anywhere.

17:46

Maybe it'll be supplemental income, maybe it'll  be something you do for a period of your life.

17:51

But I do think that this area continues to be  untapped.

17:51

I just don't see a world where...

17:57

I think of Michelle Phan, right?

17:57

She's basically a mini Disney and when you think of it like that, she's created  IP. What can you do with IP?

18:02

Comic books, movies, TV shows, plushies, merch.

18:09

How many millions  of Michelle fans are we going to have seen?

18:15

Look at what's happening in China.

18:15

There's tons of creators like this.

18:20

So whether or not the VCs have won or the startups have succeeded, there's no way that  you can lower the cost of content creation and increase the scale of distribution and not see  this emerge, this creator economy I think emerge.

18:40

But I think that maybe there's still opportunity  for more companies to blossom and to grow and certainly for more individuals maybe  do this, figure it out on their own, and do it without too many big platforms  getting paid off of their creative pursuit.

18:58

Have you seen the NPC trend on TikTok/maybe  Instagram Reels where people pretend to be NPCs, non-playable characters, from a video game? I have not. Okay. It's crazy.

19:07

People just pretend  to be a computer character and people pay them little gifts to do a thing. Oh. Is this the... Yes. Have seen it.

19:13

[inaudible] ice cream, ice cream. Yeah, exactly. Yes. I didn't realize.

19:22

You're making tens of thousands of dollars a day just...

19:26

So that's one way to make a living. Yeah.

19:30

On the thread of becoming a creator, you've seen  a lot of creators try to do this on Patreon, back at Apple even with iTunes, I want to chat  about that, at Spotify now, and even your startup.

19:43

I'm curious what you've seen is  important to success in the creator life, especially things that are maybe not obvious  to people.

19:49

What do people need to get right if they want to pursue that path?

19:52

One of the things that I've seen that I don't know if people realize is consistency  and predictability of content creation which is where this idea that we were talking about  earlier of a hamster wheel kind of comes on.

20:07

But there is something to churning  out consistent quality work and putting it out there for your audience to  consume and respond and react to that goes a long way.

20:21

It's almost like the 10,000 hours.

20:21

You have  to do 10,000 hours of something in order to truly master it.

20:27

But I've seen that time and again.

20:27

I started at YouTube in, let's see, how old am I? It must have been 2010.

20:34

And that was when  I really think this whole thing was just first getting going.

20:40

And we used to put together these  playbooks of what made a creator successful because a lot of the effort there was trying to  support this burgeoning economy.

20:46

And I remember even back then in 2010 and to this day, that  continues to be one of the top pieces of advice.

20:57

Another one is collaboration.

20:57

So working with  other great creators, sharing audience, exposing one another to those audiences, and then this  was something we tried to employ at my startup, Kit.

21:12

We would actually host events for creators  to get together to facilitate meeting and cross pollination in the hopes that it would just  benefit their careers.

21:20

If they were doing YouTube videos with someone they met at the party,  then it would be great for all parties all around. So those are two things.

21:30

And then I do think in a world with all of this content, there continues  to be a need and a space for the curator.

21:42

And curators as creator's kind of an interesting  concept.

21:42

But a curator is almost like what the role at book publishing company plays or a record  label plays or a radio station plays, right?

21:56

There is a degree of having a brand, having  something you stand for, having a vibe or an ethos and that person being almost, not a  gatekeeper in a bad way, but like, "I, Camille, can't consume anywhere near all this  content. You, I trust your vibe.

22:09

Tell me what I should be listening to."

22:15

And so that would be  the third thing I would say is figure out who are those curators who you really can associate your  content with who are on the same page as you, have an audience who you think would like your stuff  and just try and get associated with them. Yeah. The last piece is so...

22:30

I totally see that  all the time.

22:30

If there's someone I super respect and they recommend something, I'm obviously going  to value that recommendation highly.

22:35

That's like we're influencing emerged from organically,  right?

22:40

People just, "Here's something you should check out," and then, "Oh, let's pay you to  share things so that people try our product."

22:48

That was the exact concept behind my startup,  Kit.

22:48

It was all about curating, finding people who are great recommenders for gear, having them  curate that gear, and then you could follow the curators you love who wants to go look on Amazon  and see reviews from people you've never heard of.

23:05

Oftentimes, if it's your brother-in-law  who's a great cyclist and they say, "Buy this," you just buy it.

23:10

You don't even care what the  reviews say because you trust that person.

23:13

What happened with the startup and what  did you learn from that experience?

23:17

I started working on the startup in 2015.

23:17

We managed to raise some money, raised over $2 million, which is a huge accomplishment,  especially if you know anything about venture capital.

23:31

They have a horrible track record  when it comes to funding people of color, women, people who are non-cisgender  white male, just the track record.

23:42

And we had an amazing experience building this  company over several years, grew a bunch of the key metrics up into the right and got to a point  where we were trying to figure out what the next move was and should we get a bridge round.

23:56

We were trying to raise Series A.

23:56

We were, I think, early on the creator economy trend.

24:03

Probably about a year and a half later, it would've been, I think, I hope a snap to  raise money.

24:08

But anyway, we were battling a bunch of different choices, different options.

24:16

And I actually did this startup accelerator called StartX that's run out of Stanford which is my  alma mater.

24:22

And we learned a lot about how to sell a company and what M&A looks like.

24:30

So we started exploring that path.

24:34

And in the end, it made the most sense for us  to have an exit and join forces with Patreon.

24:42

And so that's what we ended up doing.

24:42

Sold the  company in 2018, joined Patreon, worked there a couple of years, and that's where I met Adam. Amazing.

24:47

And I wanted to ask actually about that experience of selling a company.

24:51

There's  a lot of people listening right now who are thinking about selling their company or  maybe you hope to sell their company someday, and I think there's a reality of it and then  there's the idea of how it might go.

24:59

I'm curious what you've taken away from that experience.

25:06

And I guess specifically is there any advice you could share with folks that are thinking  about selling their company someday?

25:10

What you think maybe could have done earlier or also just  share a glimpse of the reality of acquisitions?

25:19

I think it's different for every company for sure.

25:19

Some companies get souped in and get bought.

25:19

And other companies actively sell themselves.

25:27

We are definitely in the latter camp which means that we manage a process.

25:34

It's similar to  how you manage a process for fundraising.

25:34

Not every company just meets the VC and raises money  on the first try.

25:40

They go through a process and meet tons of VCs and put them through the funnel  and end up on the other side hopefully with a successful round.

25:52

So I think that's one takeaway  is treat it like a process and manage it like a process if it is something you're interested in.

25:57

It doesn't really just...

25:57

For most companies, I would say it doesn't just happen.

26:02

And then the second piece of advice I would give I think we should have  been talking to potential acquirers from the beginning and sharing our vision and what  we were trying to accomplish because we started those quite late in our journey as a company and  it just meant it took...

26:18

When I met a potential CPO, who would acquire the company, who would  end up being my boss or CEO, it was their first time meeting me whereas if it had been their  fifth time, we would've had a relationship established and they would've known more about the  vision and what we're trying to do and hopefully, would've had some more time to think about it.

26:40

So those would be my two pieces of advice.

26:40

Start preparing to sell your company from the moment you  found it which is a weird thing because obviously, if you're starting a company, for most  founders, they want it to be the next big thing, they're not starting it in order to sell it,  but it's a good thing to have on your radar because you never know what the future holds.

27:02

And then two is to treat it like a process. Yeah.

27:07

On that piece of knowing people who may  acquire you, I found that to be a thousand percent true.

27:12

We sold our company the Airbnb and that's  how it got to Airbnb and what I realized is you just need people who may buy you in the future to  have you in their head when they have a problem so that they could be like, "Oh, Camille and her  team could solve this problem for us.

27:22

Let's go chat with her and- Exactly. ...

27:28

see if they're interested in acquisition."

27:28

And on the process piece too, 1000% resonates. We basically...

27:33

When we started chatting  with a company, we're just like, "Okay, who else could potentially acquire us?

27:37

Let's make  a big list and who we can talk to at that company as soon as possible and then just explore."

27:41

But it's more challenging there because it's you reaching out to them being like, "Hey, you  want to chat about buying our company," versus them reaching out to you.

27:49

So to your point,  always goes better if they reach out to you, but you can't always control that. Right.

27:53

Or if the meeting is not under the context of buying it all, it's like, "We're  working on something cool. We have a great vision.

28:01

It aligns with what you're doing.

28:01

Maybe there's a  partnership here," versus just tell you what we're doing and then when I contact you in 12 months  about buying me, you've heard of me before.

28:12

I find even when you're starting to chat about  acquisitions, you never want to say directly, "Hey, you want to buy us?"

28:16

It's like, "Hey, you  want to have a strategic partnership of some kind?

28:19

You want to explore partnership?" So funny. Like dating. Yeah, yeah.

28:23

You can't just  be too direct sometimes.

28:28

So when you got to Patreon, I don't know if  it was immediate or eventually you ended up leading the creator side of the marketplace,  and I find that looking at your background, you basically stayed on the supply side of  marketplaces through your career mostly.

28:42

And I actually did the same thing.

28:42

All I worked on at Airbnb especially, or mostly, was the host side.

28:46

And I think it takes a specific mindset in person to be excited about that  side of the marketplace versus the consumer side which is where everyone always generally  wants to go, to the customer side.

28:55

So I'm curious what it is that's drawn you to that side of  the business across all the places you work and then just what you found to be important to  be successful in that role and on that side?

29:09

What drew me to that side of the business probably  was maybe accidental at the beginning.

29:09

Just again, coming from this musical family  and background, I always had a natural interest in helping artists make a  living.

29:23

So I think that interest was there. At Apple, I did...

29:28

There were only  two PMs there. We did everything.

29:34

At YouTube, I accidentally ended up in creator.

29:34

At YouTube, I accidentally ended up in creator. But where I started understanding deeply the dynamics of the marketplace was actually my  experience and the one job I've had that not been in the creator or art or these big consumer  platforms or creator economy which was at a

29:53

startup called Hailo based out of London and at  the time was a huge competitor to Uber and Lyft in the ride sharing and ride hailing space  and I worked on the supply side making sure that there were enough cars to fuel the demand. And in a marketplace like that where it's real

30:12

And in a marketplace like that where it's real time people trying to get a cab to go from uptown  to downtown, you see the inexperience firsthand the impact to your business if you don't have  suppliers, if your suppliers aren't happy, if they go on strike, if there's regulations  that mean you can't use your service.

30:41

And there I think I was...

30:41

So one of the projects that I worked on that I launched was the U. S.

30:46

Uber competitor  because Hailo in Europe was all about getting taxi cabs and did not play in the livery is what  it's called in New York or the private rides.

31:00

Basically, it's like your uncle or your aunt or  your cousin who can switch on Lyft and go pick up whoever.

31:06

That just was not a thing in Europe.

31:06

And so we had to figure out how to launch that in the U. S.

31:11

, how to get drivers on  how to create this supply and it was like it doesn't matter how nice the user  experience is, how great the marketing is, how much demand you can generate if when someone  opens that app, there are no cars available.

31:31

So a lot of people talk about marketplaces as  chicken and egg.

31:31

I actually just think they're two-sided and you start with the supply and  at the end of the day, you can optimize for the demand side or choose who you're going to  prioritize in terms of if there's a conflict, we're going to pick this side or the other.

31:51

And yes, you won't be successful with one side or the other but I just experienced and lived  firsthand the pain of having built this great operations back in that fed into this gray UI and  then you open that app and you can't get a ride because there aren't enough cars available.

32:09

So I think that solidified my feeling that with marketplaces, you can't lose sight of  the solving real pain points and needs for the supply side in order to make sure  the entire business can operate.

32:26

I've done a bunch of research into marketplaces  and I found basically the same thing, that supply is almost always where you need to focus almost  all your time especially at the beginning.

32:34

The way I think about it is that's if you  have a store that's stuff on your shelves and you're not going to have a business if  you don't have anything on the shelves. Exactly.

32:41

There's a few rare cases, I forget exactly which they were, where demand was actually  the bigger challenge and supply is really easy. You know what? It was Rover.

32:47

Rover had no  problem it turns out with supply because who wouldn't want to make 50 bucks watching a dog  for a few hours.

32:51

It was a really easy sell and a lot of people could do it and wanted to do it  so they actually found supply was not an issue.

33:00

But in most cases exactly how you said most 10  times supply is what people are looking for. Totally.

33:05

I find that the counter example I hear a lot is eBay, how they were so good at  aggregating demand, they were basically able to force suppliers to the terms that they  like. But I can't imagine...

33:15

It'd be interesting to talk to some folks who  were at eBay in their early days that the whole thing didn't start up without them  going out and figuring out who are the key suppliers we need to get on this thing  so that we can get aggregating demand. Yeah.

33:31

You got to have some good stuff on  eBay.

33:31

I wonder if Beanie Babies or whatever they started with. Yeah, exactly.

33:39

This episode is brought to you by  Vanta, helping you streamline your security compliance to accelerate your growth.

33:42

Thousands of fast-growing companies like Gusto, Comm, Quora, and Modern Treasury trust Vanta  to help build, scale, manage, and demonstrate their security and compliance programs and  get ready for audits in weeks, not months.

33:57

By offering the most in-demand security and  privacy frameworks such as SOC 2, ISO 27001, GDPR, HIPAA, and many more, Vanta helps companies  obtain the reports they need to accelerate growth, build efficient compliance processes,  mitigate risks to their businesses, and build trust with external stakeholders.

34:13

Over 5,000 fast-growing companies use Vanta to automate up to 90% of the work involved  with SOC 2 and these other frameworks.

34:23

For a limited time, Lenny's Podcast listeners  get $1000 off Vanta. Go to vanta.

34:23

com/lenny, that's V-A-N-T-A .

34:29

com/lenny, to learn more and  to claim your discounts. Get started today.

34:37

You mentioned Apple and I want to spend a little  time there.

34:37

So you said you were the second PM on iTunes back in the day and I'm curious what you  learned from the experience you had working at Apple.

34:46

I think I read somewhere you worked maybe  closely with Steve Jobs and Jony Ive, but I don't know if that's true, but I'm curious just... No?

34:50

Okay, but you do have a Steve Jobs story? Yes. Okay. Yes.

34:58

So I was very early on in the iTunes days I  started interning there when I came out of grad school and my internship was actually  in label relation and then I started a full-time job doing product marketing.

35:13

And at Apple at the time, I think even to this day, they didn't have a product manager  title, they had product marketing managers.

35:19

And so one of my colleagues who remains good friends  to this day, Steve was the first also named Steve, not Steve Jobs was the first PMM working on iTunes  and he primarily was doing all the client stuff.

35:37

He launched the store and everything.

35:37

But I  think I was the second person in the iTunes group with that title. So that was really cool.

35:41

And then as far as the Steve Jobs story, I would think I mentioned to you people like hearing  this story, nothing happened, I just went up to him and said, "Hi, I'll tell the story."

35:51

But I think the context of why people find it interesting is because of other stories  about Steve.

35:56

So let me give a little context.

36:00

Those Steve Jobs lore was that if you were in  an elevator with him, you better be prepared to talk about what you do at the company because  he had a habit of getting in the elevator and looking at you and saying, "What do you do? What  do you do here?"

36:12

And there were also rumors that people who had not given him a good answer  that ended up being their last day at Apple.

36:24

So there was someone who I didn't know  personally but worked in my department before I got there who got in an elevator  and looked up and Steve was approaching him.

36:35

And so he went to press the button to  open the door and accidentally press the one to close the door and was doing this press...

36:41

You can't see me if you're listening on podcast but frantically pressing the button, trying to  open the door, but accidentally pressing the close door button and the elevator going to its  destination.

36:53

And apparently he got off and just bolted straight up, ran down the hallway.

36:59

He'll never remember my face. Yeah, exactly. I disappeared. So that's the context.

37:06

So in 2005, it's my first day of my internship at Apple and I had this  situation where I attended graduation because I only had one semester left to go back to,  so I just decided to attend the graduation.

37:23

That happened basically the week before.

37:23

And  for those of you who are the job span, this is when he gave his really inspiring and famous  Stanford commencement speech and it's an awesome, awesome thing to listen to. You were at that speech? I was there, yeah. Whoa. People love that speech. It's a good one.

37:47

It's really- What did you feel being there listening to it in the moment? Totally inspired.

37:54

Apple was not quite what it is today in terms of  brand and influence and just it's at the peak.

38:06

It's really come a long way.

38:06

It was still  when I met the recruiter at a conference, I was like, "Apple? What do they do again?

38:11

My roommate had a Mac, but what's iTunes?

38:11

Oh, yeah, I think I've heard of that. I think..."

38:16

The dancing iPod silhouette ads which really sent Apple over the top.

38:21

Those  hadn't even really dropped yet, but it was starting, right?

38:25

It was starting  to percolate and bubble and you heard more and more about it and just the association  with music was making Apple more cool. But that speech is...

38:34

Talk about a  commencement speech. That is top-notch.

38:40

And Steve's great at those.

38:40

He  was phenomenal storyteller. So graduation is what?

38:44

Saturday, I go home Sunday.

38:44

The Monday I started my internship and here we are at Cafe Max with my new coworkers and Steve  is sitting literally at the table next to me.

39:00

And so I was like, "Oh my gosh, there's  Steve.

39:00

I would love to say hi and introduce myself and everyone at the table."

39:06

Now mind you, I hadn't heard this story about the elevator button in the full yet because it was my  first day, but they're all looking at each other.

39:15

They're like, "Yeah, go say hi to him if you  want, but you're an intern."

39:15

They say, "Hopefully, he doesn't fire you on your first day."

39:19

But I've always, in my family and in my life, had this encouragement to say hi to people  when you see them and let them know that you appreciate what they do and just thank  them because it doesn't happen often.

39:39

A lot of times, people go and they ask for a  picture or an autograph but this idea of just introducing yourself, saying hello, and thanking  someone for something that they've done that impacted you to something that's been a way that  my parents have encouraged me to behave in the

39:53

world and something that I saw them do and saw  them model because probably, again, coming from my dad being a musician and being fans of other  musicians that like a thing in music, the artist culture that talked to one another about how  something you created influenced you or whatnot. So I went up to him and I got up from my  lunch table and walked over and I said,

40:09

So I went up to him and I got up from my  lunch table and walked over and I said, "Hi, my name's Camille.

40:14

I'm interning here this  summer. It's my first day.

40:14

I was at graduation at Stanford on Saturday and your speech was amazing. I was really inspired.

40:22

I'm so excited to be here and so excited to work on this company and I  just wanted to say thank you for spending your time doing that speech for us on Saturday."

40:35

And he was like, "Who are you? What? You're an intern?

40:42

Well, what are you doing here?" It was  a little...

40:42

We had a little bit of an exchange.

40:42

I had to clarify like, "Yeah, I graduated, but I'm  interning and I have another semester left."

40:46

And he was like, "Oh, okay.

40:51

Well, welcome to Apple  and good luck and I hope you have a really great experience this summer." And that was it.

40:55

I  didn't get fired and I said hello to Steve.

41:00

And after that, I felt like I knew him.

41:00

Every  time, I'd see him around campus I'd wave high and I think he had no idea who I was but he would  look at me confused and then wave back hello. "She's so friendly. Who's this person?" Yeah.

41:14

Do you still remember how you would've described  what you do?

41:14

I have a feeling it's seared in your head, but if not, then never mind.

41:19

Oh, my statement, if he had asked me where [inaudible]. Yeah, exactly.

41:24

Well, yeah, I was lucky because one of  the things that I did he would actually know exactly what it is which is I would  manage press rooms whenever there was an iTunes launch.

41:35

So this is very much grunt work.

41:35

But when there would be a press event for one of the new iTunes 6 launch or whatever, they  would have interviews with Walter Isaacson or I don't know if Kara Swisher was working  back then, but whoever the journalist and Steve would have a room set up with an iMac  computer with an iTunes library full of track.

42:00

There would be whatever the new iPod was  synced to that computer and all of the track.

42:05

And after every interview,  everything would have to be reset.

42:10

Also, the library was crafted so he would give  feedback for months on the content of the library because he would do demos.

42:16

And so he wanted to  know, "Make sure all my favorite tracks are in there, my favorite Beatles records, my favorite  Bob Dylan records, and who's this artist? Let me check them out.

42:28

Okay, they don't cross the bar. Oh, what's this song? Oh, I love this song. Oh, add this."

42:32

So he was very involved in the entire  presentation and someone had to go do all that.

42:38

So who better than the fresh out of masters of  engineering in Stanford graduate student to go do all of the grunt work of making library?

42:46

But those are the kinds of details that he paid attention to.

42:50

And so I would've just told  him that I did product marketing and one of my main responsibilities was fixing the press room  for him and he would've been like, "Oh, okay."

43:01

You mentioned that your title is product  marketing manager and there was a recent kind of a hubbub on Twitter where Brian Chesky  at Airbnb shared that they shifted the role of product manager to essentially the Apple model.

43:10

And I'm curious what your perspective is on that approach to product, the Apple kind of way  versus a traditional product manager?

43:21

They have done this very intentionally  from what I've seen.

43:21

I know they hired Hiroki actually from Apple- Yeah. A lot of Apple people. Yeah.

43:30

And actually one of the new leaders  they've hired, I don't know if you know Judson Coplan, dear friend of mine,  we interned that same summer at Apple and he worked there for 15 years  before heading over to Airbnb.

43:45

But yeah, the Apple construct, it's much more  of design and engineering led organizations, craftspeople I would say more so than strategy  people.

43:54

So that was one of the stark differences I saw in my transition from Apple to Google.

44:02

There are a lot more like people from Coca-Cola and McKinsey and Bain at Google.

44:07

I don't think  any of those people even existed at Apple.

44:14

And it was very much like, "Let's 3D chess our  way into what our next move is going to be."

44:20

Whereas at Apple it was, "Let's tinker and let's  craft and let's build and let's see what feels right."

44:27

There's different approaches.

44:27

As a result, the approach to product management was quite different.

44:31

So I think it makes sense.

44:31

Brian Chesky's background is a designer so it probably  resonates a bit more within the Apple way.

44:40

And then in terms of what it means for product  managers on an individual level, so again, there weren't product managers, the closest thing  would've been CPMs, technical program managers who help manage the sprints and manage the schedule  and listing out what features would happen.

44:58

I spent a lot of my time with the incredibly  talented design team and if I had ideas of product features or...

45:06

We would think months  ahead of time, like what's the anchor story or what are the three key messages for the launch  of iTunes 10 or whatever and we might have ideas for new features that would go in that.

45:17

But because we had that moment in time, we knew well ahead we were planning for and you  were working on the messaging and working on the consumer positioning again while in advance of  anything actually being live or built.

45:27

That was what framed what features you wanted to build and  what problems you would put on the table to be solved as opposed to as clear cut metric you're  trying to drive forward which is how product management has evolved in another capacity.

45:46

And that's how it works at most companies. Mm-hmm.

45:53

I want to come back actually to the creator economy stuff.

45:56

I feel like you've worked in the  creator economy longer than most anyone, and so I wanted to use our time to spend a little more  time there.

46:03

What about on the platform side?

46:03

If someone were thinking about starting a company to  cater to creators, to build a new platform maybe for creators to make a living, do you have any  advice for them?

46:15

Where do you think maybe there's opportunity?

46:19

Where do you think it's like, "No,  probably you don't want to spend time here?"

46:22

I think with any company, solving a real problem  is the most important thing.

46:22

So creators have lots of challenges and things that can be solved.

46:32

Some  painful things are more acutely felt than others.

46:40

I think at the core, every creator needs  two things.

46:40

They need to grow an audience and they need to get paid so that they  can make a living.

46:45

And in some ways, I do think that growing an audience is more  important because with that audience, it opens up opportunities in ways that you can monetize.

46:56

But there are all kinds of other things like we're talking about financing, health insurance, the  list goes on, things we face as human beings, trying to be freelancers in the world often apply  equally to people who are creative for a living.

47:14

And then there are unique things about the  creator space like the spurts of energy, the spurts of creative flow that maybe don't  apply in a salary job or an hourly job.

47:28

So there are lots of problems out there  still to be solved for creators.

47:28

I don't think that this space is nearly solved, done,  stick a fork in it.

47:34

So my advice would be to look at the problems that exist and  pick a real one and go for it. Wise advice.

47:46

Have you seen this podcaster, Bobbi, I forget her last name, she rocketed up  to the fourth biggest podcast in America with a few episodes of her podcast, she interviews Drake  and a few comedians.

47:59

Have you seen this person?

48:05

I feel like I should, but as we said at  the beginning, I'm such a music head, I don't listen to any podcast.

48:09

The reason I thought of her is I was watching a clip of her on an interview show and she hasn't  made any money from this even though she's got the hottest podcast in America right now, and  we're going to link to her in the show notes, but she's hilarious. Amazing.

48:25

There's something about her that just  is really fun to watch.

48:25

But okay, no podcast for you right now.

48:28

We'll get  you on a podcast. You're on the podcast. I'm on a podcast now. There we go.

48:35

You've mentioned your parents and I was reading  your Wikipedia page and the way your parents are described on there is radical Buddhist artists  technologists.

48:40

I'm curious what that means maybe and then also just is there a memory or moment of  growing up that highlights that aspect of them?