The Feeding Frenzy Fueling Food Media M&A

A.J.: We consider ourselves a creator network, not a podcast network. Some of our creators are huge on YouTube, while others have massive Instagram followings; almost all of them have a Substack. As such, we have a distinct monetization plan for each of them. As a new company, we are mostly focused on direct-sold advertising with brands whose social ethos align with ours. But as we grow, we are going to look at multiple revenue streams.

Mark: How does the ownership model work? Does Companion have equity in any of its shows?

A.J.: Our first studio partnership, with Rainn, became a template for how we wanted to do business. In our model, the creator retains the intellectual property and creative control, while we come in as a financial backer and strategic partner. We take a minority ownership interest and have a revenue split on ad sales and revenue. Ultimately, the long-term upside is our stake in the shows.

Mark: What does growth look like for Companion? 

A.J.: Right now we have around 12 employees and are backed by angel investment. We have a studio space in Los Angeles and are building out more infrastructure, but ultimately we want to remain a high-touch, high-attention partner. We are building a direct-to-consumer brand and looking for quality creators.