James Altucher is Adam’s guest for episode 63 of The Wolf Den. James is a successful entrepreneur and investor. He is perhaps best known for being a prolific author, blogger, and podcaster, sharing advice learned from his experiences starting and selling multiple companies. In particular he’s learned a lot because, as his bio puts it, he “lost all his money, made it back, lost it, (and) made it back several times.”
On this episode James recalls how once he only dreamed of having his own show.
“Ten years ago I started to be a semi-regular on different TV shows, different radio shows,” he tells Adam. “And I was always sort of hoping in the back of my mind: ‘Gosh, maybe they’ll give me the chance to have my own TV show or they’ll give me a chance to have my own radio shows or my own talk show.’ And nobody did.”
The only opportunity came from a company that offered him a show, “but they wanted me to pay them $10,000 a month.”
Now, a decade later, “with podcasting, I get to have my own radio show.” And not being on broadcast is no impediment to getting guests like Mark Cuban and Arianna Huffington on The James Altucher Show. In fact, he reports that recently, “I had Coolio (of ”Gangsta’s Paradise“ fame) and (PayPal co-founder and entrepreneur) Peter Thiel back-to-back.”
While he has not been running ads on The James Altucher Show or his daily Ask Altucher podcast, he says he’s now considering podcast advertising. He is influenced by a recent interview between Jerry Seinfeld and David Letterman at the Paley Center, where Seinfeld discusses why he has Acura sponsor his Comedians in Cars Getting Coffee web series.
“I’m thinking to myself, Jerry Seinfeld is probably worth close to a billion dollars,” James says. “Why didn’t he just pay for it all himself?”
The reason was, “to validate the show. To show that this is something that people are giving value to, other than him just having fun with his friends.”
In fact, he tells Adam that, “One of the things we’re thinking about–just like you do with Earwolf– (is) owning a stable of shows with different podcasters, and having advertising across them.”
James says that he sees many things that bode well for podcasting, like the introduction of 4G and wi-fi directly into car dashboards. So, five years down the road he says that podcasting “certainly will replace talk radio.”
Putting his investor hat on, James says that “there are already ten to twenty business models that will work,” for podcasting.
To learn what some of those other business models are, and to hear more about James’ ethos of “Choose Yourself,” listen to the whole episode.