VCs are facing the "Big Budget Effect" that is plaguing Hollywood studios right now. In the year 2000 you had just three movies that had made $1B+. Titanic, Jurassic Park, and Star Wars Episode I. Today you have 45+ movies that have made over $1B, and some of them have made $2B+ like Avengers and Avatar.

There are lots of things going on here, but I would start with the top line: advertising share of GDP started sliding immediately after the Dotcom bubble, had a major step down in the financial crisis and has been suspiciously flat ever since. That decline was very obviously concentrated in print but actually affected TV and radio as well. We think... See more

Luminary raised hundreds of millions to become to the “Netflix of podcasts” But… it’s not really working