PJ Vogt (4:34)
Greetings, everybody. We are now commencing our annual board meeting for the year 2025 fiscal quarter four. I want to open today with some remarks about the Internet. When the Internet is good, there's nothing better. When it's bad, there's nothing worse. That's not my line. I cribbed it from a famous speech by a former FCC commissioner named Newton Minow. It's his sentence. When he wrote it, he was talking about TV. It was 1961. Minow had just been appointed to the FCC by John F. Kennedy, and he saw his mission as essentially to force TV broadcasters to make TV less stupid. He thought that the broadcasters had tricked themselves into believing that audiences were dumber than they actually were that the viewers actually wanted the garbage they were being fed. This was before pbs, before npr, long before cable tv at that point really just meant game shows, westerns, brain dead comedies, and then 15 minutes of news a day. And Minow, TV's new regulator. In his very first speech to the broadcasters, broadcasters who, by the way, were expecting compliments, he told them what he really thought about their work. In his speech, he says, when television is good, nothing. Not the theater, not the magazines, not the newspapers, nothing is better. But when television is bad, nothing's worse. I invite each of you to sit down in front of your television set when your station goes on the air and just stay there for a day. Without a book, without a magazine, without a newspaper, without a profit and loss sheet or a ratings book to distract you, Keep your eyes glued to that set until the station signs off. I can assure you that what you will observe is a vast wasteland. The Internet today, obviously is our vast wasteland. By which I don't just mean that a lot of it isn't very good. I mean that we've actually entered into our version of that problem from the 1960s. We're being given something worse than what a lot of people actually want. I don't think it's that people are stupid. It's just that none of us are being given very many options. That's what I see as a consumer of the Internet. Anyway, today I wanted to talk more about what it feels like to be a producer of the Internet. I wanted to talk a little bit about what's been going on behind the scenes last few months at Search Engine. So not long ago, we decided that we wanted to make at least one more year of the show, hopefully more than that, but for now, 12 more months. And the thing was, our current contract was expiring, which meant we had to shop our show to podcast networks, ask them to give us a bunch of money upfront so they would then sell our ads. This would be guaranteed income to make sure that no matter what happens with our listener subscriptions, the team here is guaranteed salaries in healthcare. So we had all these meetings with podcast networks. The podcast networks legitimately are mostly run by very nice people. More so today, now that everybody who wants to make money has fled. Podcast executives get a bad rap sometimes, but in my experience, they are podcast fans. And that meant the actual meetings were very nice. We were talking to people who understand the work that goes into Search Engine. They would tell us how much they appreciate what we do. And then about a month later, we Would get an email with their offer. Here is how much we can pay the show up front based on how we think next year will go for the business. And these offers, a sobering amount of them this year were for much less than our current budget. As in, they both loved the show and they were budgeting for a world where next year the ad market would mean it would do worse instead of better. In the language of money, they were saying that they think our mission is going to get harder from here. This wasn't an insult. This was just people acknowledging the thing we've all noticed, which is that we are now on a new Internet. Not an Internet predominantly made out of sentences, which is the Internet where podcasts were born, an Internet made predominantly of TV. On this Internet, people log on to TikTok or Instagram or YouTube and they watch not shows, but really just super fast algorithmic channel surfing on this Internet. Long form, at least as defined by the 15 year old whose brain I most worry about, long form is now YouTube. The thing we make search engine does not have a natural home on this new Internet. New listeners are not going to find us through a clip on TikTok or through a YouTube short, and those are currently the Internet's front pages. The people who are finding us are so intensely motivated to find something that is genuinely long form, something that feels different, that they've essentially just driven very far off the main highway of the Internet, past the side roads. They've driven deep into the brush because somebody told them that there's a restaurant that sells good food out there, which emotionally feels very good. As a business, obviously it's a bit of an obstacle. When we were shopping the show, we had some meetings where some people would ask, would search engine want to join the TV Internet? Do we want to translate this into video? There was an expectation that if we were willing to do that, it would unlock more money. The money in video right now seems to be even bigger than the money that floated around podcasting a decade ago. Money that used to let people like me make anything we could dream of with as many people as we could find or teach to help make it. On the audio side, the conversations would be about the most people could do in the video conversations, none of which went very far. But they would have people asking, how much money do you think search engine needs? And that question, just how much money do you need? I think anyone who makes stuff finds that question very intoxicating. There was a week not too long ago where I just lost sleep naming large numbers in my head at night, I thought a lot about the stuff we could make with a big budget. I thought about a grill that I personally wanted to buy. I came up with comically large numbers. I know that a story about Search Engine going video plays in a very specific way in this room. This is a room for podcast diehards, people who are voluntarily paying for an audio only show. People who mostly like podcasts and do not want them turned into video. But the truth is, I am not against moving images. If there was a way where we could figure out how to make something that makes me feel the way Search Engine does, but in video, I would not be against it. Good TV exists. But we said no this time because we don't know how to get there from here. We don't want to take a bunch of somebody else's money without a clear view of a path to making something we think is great. So this year, once again, we are what is now called an audio podcast. And this chapter of our story has a happy ending. We signed an advertising deal, one we are very happy with, with a network we already love, working with people who we deeply, deeply trust. They've been great partners to us. So we feel good about the next 12 months. We feel particularly good about the next 12 months because a third of our budget right now comes directly from you, our listeners, our paid subscribers, the people who are in this room. But to update you on some things that we did learn from this process. One, we really, truly do not love the idea of making short form video. There are people who do it well. I stare at my phone and see it. But our team does not think in short form. And we think there's always going to be an audience for long form, whatever long form evolves to mean long chains of thought, contradiction, nuance, uncertainty. We are not against the market, we're not anti commercial. But we want to make stuff for people, not algorithms. This year, at some point we are going to pilot some kind of video experiment on the side. It won't be Search Engine. Search Engine is an audio show. But we are going to push ourselves a little bit outside of our comfort zone. We're going to find out what it's like to ask questions in different formats. And for Search Engine, the show that we love making, that we get to make because of you, we are going to continue to push that show forward too. We are unhappy with the current Internet. Our show is optimistic and curious. We do not like to complain. We try to help. And for us, that means that in this next Year we're going to work on stories that dig into questions about how to live on this Internet and how to improve this Internet. For all the work we did this year, all the big reporting swings, we tried to take the breakout hit like four Far and away. The episode that just did insane numbers was a simple interview. The title was How Do I Use My Phone Less Without Meditation or self Discipline. For us, that is a big data point about where people are, where sentiment is. We believe our listeners are looking for smart, challenging conversations about how to push past where we are towards the Internet we want beyond the wasteland. So I'm going to pause in a minute so we can actually present our internal statistics here, like what the show looks like. We're going to measure its heartbeat and after that we're going to open the floor to questions. Before I do that, I very sincerely just want to thank you. I think one of the big lessons of our time is that nobody is coming to save us. Our president is not going to create a new version of NPR for the Internet. The algorithms are not going to tune themselves towards thoughtfulness. We are only going to get what we want if we make it ourselves. We are working very hard to do that for you. We're able to do it because you are helping us. Thank you for your attention. Thank you for funding us. We are here because of you. I'm going to turn it over to Garrett who has made you slides. Okay, we're actually going to take a quick break for advertisements if you on the main feed. I don't think I've ever forward promoted a slideshow before, but these slides have some very juicy details on them. Those slides after these ads. This episode of Search Engine is brought to you in part by Rocket Money. It's easier than ever to overspend from subscriptions piling up to impulse buys after seeing an ad on your phone to ordering takeout a few times a month. Rocket Money helps you rein it in. By showing you where your money's going and helping you make better decisions so you can keep more money in your pocket. I use Rocket Money. I find it really helpful. It helped me cancel a bunch of subscriptions that I totally forgotten about. Rocket Money is a personal finance app that helps find and cancel your unwanted subscriptions, monitors your spending, and helps lower your bills, you can grow your savings. Rocket Money has saved users over $2.5 billion, including over 880 million in canceled subscriptions alone. Their 10 million members save up to $740 a year when they use all of the app's premium features cancel your unwanted subscriptions and reach your financial goals faster with Rocket Money. Go to RocketMoney.com search today. That's RocketMoney.com search RocketMoney.com search. This episode of Search Engine is brought to you in part by GiveWell. GiveWell has spent 18 years researching global health and poverty alleviation, and they only direct funding to the highest impact opportunities they've found. They've spent more than 70,000 hours doing the kind of deep research most of us don't have time for. More than 150,000 donors have trusted them to direct over $2.5 billion. Evidence suggests those donations will save more than 300,000 lives and improve millions more. And all of their research is free on their site. Since their research is donor supported, GiveWell doesn't take a cut of your tax deductible donation. If this is your first gift through GiveWell, you can have your donation matched up to $100 before the end of the year or as long as matching funds last. To claim your match, go to givewell.org and pick podcast and enter Search Engine at checkout. Make sure that they know you heard about GiveWell from search engine to get your donation match. Again, that's givewell.org code search engine to donate or find out more.