YouSaid · the spoken record

Stacy Spikes

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24
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2023-05-23
most recent
2023-05-23
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1
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  1. “And I think the other thing was, I wanted to really be honest about what it means to be a founder. I think so often we get the Hollywood version of it. I was in my dorm room one night and I was working on some code and I had this idea. The math is different. The average founder is actually older, tends to be in their 30s and 40s and be part of a downturn in the economy. So right now, there's a time where more founders are going to be born in this downturn in the economy and all the tech layoffs than any other time. And they are not just college kids in dorm rooms. There's all these beautiful stories. They aren't the sexy Hollywood, the American cape in the wind, guy who had an idea. They're different.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  2. “People see success can look different. You can't be what you can't see. And so the more you see something happening, the more you believe it can happen for you. Today, only 1% of African American founders are capitalized. 1%. That's crazy, right? And so when you take all women, all minorities only equal three percent, then you're really talking about a world that has to change radically and it will change, but we're the early ones who are starting that change.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  3. “Think that you're going to get no's, but you learn how to run through walls better. Look, some of it's pattern recognition, right? Investors want to invest in things that they think are going to make them money back. They're not racist in a sense that they're saying, I'm not going to invest in that person because the color of their skin or their sex. They're saying, I want to bet on horses I think can get across the line first. So it becomes more about how does a person emotionally deal with the world that's not used to seeing them as the answer. And once you realize it's about pattern recognition and somebody has to start to change, there was one black baseball player. There was one black basketball player. There was one black football player until that happened and someone gets through the wall.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  4. “Testing. And again, outsiders have that advantage, that incumbents don't. When you're running a large scale operations, you just can't have the same nimbleness that a little startup team can do. And then I think the last part is you can surprise the world. I think when you look at Venus and Serena coming out of South Central, you see really unlikely people who didn't have a hope and a prayer to change things. That's where most of the innovation seems to come from. Inside of you is the ideas that can radically change the world. The universe needs outsideers to bring change. From an outsider background that may give you less confidence? Also, give you more resilience because you've been facing that kind of mountains of nose your Those two sides.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  5. “Of an outsider. I think if you're going to decide to be a founder at anything, you're picking a really hard life. You're choosing a journey that most will not succeed. So do it for the passion of trying. And if you're going to go that route, then the outsider aspect is there are a lot of hidden advantages. So one, they're not thinking about you coming for that marketplace. No one's staying awake at night at a Fortune 500 company worried about some kid in their basement. But that's the person that they probably need to be thinking of. The second thing is that you probably have passion for the problem solution that you're looking at and all inventions really require this tireless effort at modeling and remodeling and testing and testing.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  6. “Know we got to write a better ending. Part of the reality was my partner and I as black founders were not able to access growth capital to help grow the business the way we would have liked and to show evidence of that the guys who came in just months after announcing they were going to buy the company were able to raise near $250 million just in a matter of months. Black Founder, The Hidden Power of Being an Outsider. I will say there has been Or in being a black fountain.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  7. “Yeah, it was really my first time not leaving something I had built, but forcibly getting kicked out of something. And I think the challenge was it was very public. Right now, Mark Wahlberg and HBO are making a documentary about what happened at Movie Pest. What really happened was what everybody kind of started saying was, well, did the two white guys who ran it into ground, were they the founders? A lot of people didn't even know about Hame and I, right? They didn't know about two African American founders who came out of tech and shook up the movie industry. No one had seen a black tech founder media story. And so it kind of became a life of its own. And you're right. I got branded with it. And when it became available to buy back, I was like, I can't let the movie in like that.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  8. “There's this augmented reality meets VR kind of concept. If you and I decide we're going to go to the movies, can I go to a physical theater and you go in VR and we go see the same movie at the same time and I have on augmented glasses that I might be able to see you sitting in the seat next to me. That's the kind of stuff that we're really interested in because the technology is now here that maybe theaters can get into the game where they honor their theatrical window, but the boundaries of their theater are now beyond the walls of their cinema. Our identities can be tied up in our”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  9. “Still hold fast that cinema is the live event of the movie industry. You saw the data that came back on Black Panther. Black Panther was the biggest recent box office that they had, and it was the best performing on their streaming platform. I think out of convenience, we like to have an either or conversation when it's not. It's an and. And so I believe that Cinema is healthy and there's a lot of expansive opportunities.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  10. “Think the brand is a rebel brand that allows us to have conversations around new ideas. I don't think you can ever get too far over your skis with that because it's kind of an open door. You're like the new kid on the block going, well, what if we did it this way? Let's just try it. Let's test it. When you look at Silicon Valley and you look at companies like Tesla, they have a culture of constant innovation. They have a culture of not being afraid to go throw paint on the wall. And I think that that's the same thing that the movie industry needs and us coming out of tech. We had that culture. And so that's what we hope we're bringing to the conversation.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  11. “It's nationwide. What we did was we took the beta list, the wait list. There was 800,000 people on that list. We started in November letting in markets and then I think the last week of January, we opened up the wait list for all markets. So we've gotten most of the kinks worked out. You have these bumps along the way. It's a new system, a new model that I don't think anyone has quite done what we're trying to pull off. The theaters are actually further along than we've caught up to. So around 25% of all of the theaters in North America have already agreed to partner. We've been slow because of some challenges on the product side. We've been slow to onboard all of them. So we need to catch up with them more than anything. We've already done partnerships with 40% of theaters outside of the big three.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  12. “Yeah, we're testing a version of the unlimited right now. When I was CEO at the $30 price point, it was more viable. Once you got a certain number of circuits to participate in letting you buy in bulk, the $30 unlimited was doable. At $10 a month when the private equity group took over Movie Pass, that's not sustainable. I don't believe you can ever make $10 a month work for, in theory, 30 movies a month.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  13. “The movie industry in the 80s started focusing on what we call incremental spend. So you said, okay, we're not going to get more people. So it's like bigger sizes, bigger drinks. Let's add variety. They wanted to move more and more into the restaurant business where each time you went, you had a higher per spin. Problem is it became really attractive for the 50-year-olds, but it was no longer attractive for the younger people. You were pricing out your next legacy of consumers and you started to see a drop in attendance as we started to price them out. They started Netflix and chill and just watching content on their phone. And we didn't adapt on focusing on frequency. And so movie pass focuses on frequency and volume where if I can increase your attendance by 144%, I'm making money there versus I need to focus on incremental spend.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  14. “With 500 seats? Do I want to go to a dine in burger place? And what we figured out with the credit system is you can basically bake in a margin in that decision-making process. There was a mather report that was run when I was CEO of the company the first time, and they found that movie pass increased the average person's attendance by 111 to 144%. And so we know that subscription increases behavior.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  15. “And so you have to constantly adapt, and you have to constantly test to a whole new generation. Subscription was an idea that legacy media companies just never considered. And yet we all started to shift when Netflix and Spotify started to change the media landscape. They had a reoccurring business model. And that's where I think there's a maturity for the cinema business to have that model because a reoccurring business where you don't have to acquire the customer over and over is a better business to be in. But right now, the movie industry has to reacquire the customer every single time. So I think the biggest model comparison, I would say, would be in Airbnb, the seat you're going to rent for two hours. Do I want to go to a really big screening?”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  16. “Yeah, so we're starting to see price testing, there's seasonal price testing. We price test at different levels. So whether it's premium format, IMAX format, 2D, 3D, you have the life cycle of a film. It's early release where the prices are higher. It can be in a later stage where it's at a second run theater. So I think that that is a constant thing that is always going on it always has been going on where the only difference is you're able to use AI and machine learning to do that at a faster, more effective way than you used to in the past where you just kind of had to set a time of day and they would know the box office would charge at a different time or a different format.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  17. “And reward that traffic at a lower price for when you're going during off-peak times. If you want to go during peak times, you're going to use more of your credits because you're saying, okay, I want to go Friday night opening weekend seven o'clock show, right? So you couldn't do that in the old system. And so with this new way, it makes it much more of an open marketplace where the value exchange that we're seeing, they're seeing. And so now that's better for everyone. So if it costs you more, it costs.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  18. “The old movie pass, you signed up, you paid a monthly fee, and you got 30 credits. And whatever movie you went to was one credit. And at the end of the month, you'd start over again. So you could in theory go to 30 movies anywhere you wanted at any point. There were two problems with that. One, a partnering theater where perhaps we were buying wholesale and doing a deal with you couldn't tell the difference between that theater versus going to another theater that we're paying full price for that ticket. We want it to be able to differentiate the value to the consumer of those two different players. The other thing was it allowed us to drive traffic at off-peak times. So what you're able to do in the marketplace is called yield optimization. You're able to drive traffic.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  19. “Would you like to see this product back even though there are other existing products since we left? In 2017 and 2018, there was still resistance to movie pass or subscription as an idea and the pandemic changed all of that.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  20. “So, oddly enough, I'd kind of moved on, licked my wounds, figured, oh well, but during COVID people kept posting and saying, I wish I had my movie pass. And we saw a lot of those popping up. And then when we found out that there was an opportunity to buy the company back, it was, well, let's take a serious look at it. Is it mission accomplished with the subscription side of movie going? And we felt there was still room to grow and there was still an opportunity. And so we talked to customers from the past. We talked to all the studios and we talked to all of the theaters. And it was kind of a unanimous feeling that if we could come back, it would be great if we would. So it wasn't just a crazy founder who couldn't let go. I think it was doing some real analysis and asking the stakeholders in the marketplace.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  21. “Every great movie, the first act is everything seems like it's going okay, and then it goes awry, but we all know the third act is the most important fun part, and that's what this is. And so we help change the industry. And I think that's story was unfinished”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  22. “Of people didn't even know about Hame and I, right? They didn't know about two African American founders who came out of tech and shook up the movie industry. No one had seen a black tech founder media story. And so it kind of became a life of its own. It became available to buy back. I was like, I can't let the movie in like that. You know, we got to write a better ending.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  23. “Hey, folks, Jeff Berman here. I'm thrilled to share some of the new names who will be joining us at this year's Masters of Scale Summit. This may be our biggest stage yet. Read Hastings, Meredith Whitaker, Van Jones, Amjad Massad, and more will be there with us october twentieth through twenty second in San Francisco. If you're building something great or you want to build something great, we want you there with us too. Join us at masters of scale dot com slash apply twenty six. That's masters of scale dot com slash apply twenty six. It was really my first time not leaving something I had built, but forcibly getting kicked out of something. And I think the challenge was it was very public. Everybody kind of started saying, Whoa, did the two white guys who ran it into ground were they the founders”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT

  24. “The very best founders I know are brilliant at building systems. They connect teams, they remove bottlenecks, and they eliminate single points of failure. And yet, when it comes to their own wealth, most are running a disconnected stack. A tax accountant here and a state attorney there, a wealth manager who doesn't talk to either one of them. Creative planning was built to fix exactly that. One integrated team of tax professionals, state planners, investment specialists all coordinated by a dedicated wealth manager who sees your full financial picture and keeps every piece working together. Proactive tax efficiency, state strategy investments all under one roof, creative planning where wealth works together. Learn more at creative planning dot com slash masters of scale.”

    2023-05-23 · Masters of Scale · Rapid Response: Using failure as a launchpad, w/MoviePass’s Stacy Spikes · IDENTIFIED FROM THE TRANSCRIPT