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Bubble.

(3 minute read.)

Maybe.

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Let's focus firmly-forward, and consider how this business might develop.

There's two viable scenarios…

'Thinking small', this thing does around $1.5 mil annual revenue, with net profit of about 25%.

That's a conservative assumption, with relatively low daily audience size, listen-time, and ad rates… all of which can be a lot higher.

But that'd still be thinking small, so here's an alternative…

Undertaken properly, this could become similar in size to one of the major business magazines (Business Week, Entrepreneur, Fast Company, Forbes, Fortune, Success).

Their numbers are considerable… (last time I looked)… each has per issue circulations of 400,000-1 mil, online audiences of up to 30 million monthly, and annual ad-sales (at rates twenty times our cpm norm) of $85-300 mil.

At a more relaxed pace is HBR, doing $19 mil annual from a 200,000 print circulation, with another $8 mil online from a 3 mil monthly audience.

So pick any number you want—there's clearly a large potential audience, with appropriate revenue and profitability.

Of course, some will say that such expectations are optimistically unwise, particularly in an already crowded sector with large long-established well-funded providers.

And maybe they're right. All things considered though, common sense suggests developing an operation with the turnover and profit to support an eight-figure valuation is not an unreasonable assumption.

So then, 'big or small' there's two routes for us. Either is ok, and the agenda is clear… build a profitable and fun business.

And, rather than the conventional route of 'hype-it-up, sign a gazillion free users asap, go seek $4 mil in vc-funding for accelerated growth', we'll instead develop at a more natural and unhurried pace.

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