In episode #1252, we discuss our reasons why we think Luminary is failing as a business. Luminary is a podcast production studio that raised well over $100 million to try to build the Netflix for podcasts. If you’re going to launch a business, you have to look at consumer behavior and truly understand what your industry demands. Tune in as we go over all the points why we think Luminary’s roll out failed and how you can prevent that from happening in your own business.
TIME-STAMPED SHOW NOTES:
- [00:25] Today’s topic: Why We Think Luminary is Failing.
- [00:30] Who is Luminary, what is their business model, and why did their launch fail?
- [01:34] The importance of understanding consumer behavior before starting a business.
- [02:06] Why knowing your industry is key for launching a new business.
- [03:29] Structure of podcasts: why listeners aren’t interested in paid or B-list podcasts.
- [04:23] The pivot that Luminary needs to save their business.
- [04:59] Key lesson from this episode: give away everything fro free to build your audience.
- [05:51] That’s it for today!
- [06:02] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information.
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