a16z Podcast Market Overview

What characteristics should we look for in an investment? Focus on audio content broadly, rather than exclusively podcasts Network effects Full-stack startups that own the consumer listening app, content, and monetization -- which creates a better feedback loop High-quality differentiated content vs. large incumbents which have broad, free libraries of shallower content Consumption experience that is fundamentally different and enhances the experience of the audio content: could be live, social audio or value-add features that support stickiness and engagement Alternative monetization beyond solely ads © 2019 - Andreessen Horowitz 67

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