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The James Altucher Show

Scribe Media's Resurrection: How Eric Jorgenson Revived a Publishing Giant

The James Altucher Show

James Altucher

Education, Business

4.6 • 2.7K Ratings

🗓️ 18 December 2024

⏱️ 55 minutes

🧾️ Download transcript

Summary

Episode Description:

Eric Jorgenson’s story with Scribe Media is one of the rare second chances in business. In this episode, James sits down with Eric to discuss how he saved Scribe from its dramatic downfall, brought it back to stability, and is leading it into a promising future. Eric shares the inner workings of the acquisition, the lessons learned from Scribe’s collapse, and how the company is redefining professional self-publishing.

Together, they also explore why self-publishing is a vital option for authors, the evolving publishing landscape, and how to create meaningful books in today’s digital age. This episode is packed with actionable insights for authors, entrepreneurs, and anyone interested in the intersection of business and creativity.

What You’ll Learn:
  • The Fall and Rise of Scribe Media: What led to Scribe’s bankruptcy and how Eric Jorgenson turned it around.
  • The Future of Publishing: Why self-publishing is more relevant than ever and how it’s empowering authors.
  • Leadership Lessons: Key takeaways from managing a company through crisis and rebuilding trust.
  • The Economics of Books: Why owning your royalties and creative control can make all the difference.
  • Resilience in Business: How to find opportunity in the ashes of a failed venture.
  • Timestamped Chapters:
    • [01:30] Introduction: James reflects on Scribe Media’s story and his personal connection to the company.
    • [03:20] Scribe’s Collapse: What went wrong under JT McCormick’s leadership.
    • [09:26] Enter Eric Jorgenson: How Eric got involved with Scribe.
    • [17:10] Lessons Learned: Red flags, leadership failures, and rebuilding a company.
    • [24:11] Saving Scribe: Eric’s approach to reviving the company and reconnecting with authors.
    • [32:14] The Future of Self-Publishing: Why the model works and its growing importance.
    • [40:53] AI and Writing: How technology is shaping the future of book creation.
    • [50:49] Final Thoughts: The road ahead for Scribe Media and Eric’s vision for the company.
    Additional Resources:

    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    Transcript

    Click on a timestamp to play from that location

    0:00.0

    This one was really personal to me because I feel like I was betrayed.

    0:13.1

    So we've done podcasts before about self-publishing, in particular, about what I thought was a genius business model, started by Tucker Max,

    0:25.3

    and then the CEO was J.T. McCormick. J.T. was like, you know, had this incredible story. He was the

    0:34.7

    son of a pimp. He rose up to be a great CEO. It was like CEO

    0:37.7

    of the year. It was winning awards. And he was the CEO of Scribe Media. Tucker brought him in.

    0:43.1

    And I did at least two podcasts with him. I really liked him. But you just never know about people

    0:49.7

    sometimes. And look, who knows what the final record of this will say. But basically, Scribe Media

    0:57.0

    went totally bankrupt. Tons of books are published there. Like David Gagin's books are published

    1:02.6

    there. I've had many friends who've had books published there. I can't even list all the

    1:07.0

    books that I know. But if you look up Scribe Media, you'll know half the authors. They're all

    1:12.1

    huge, big authors. And it was kind of like this cross between self-publishing and publishing.

    1:17.3

    It was, again, a really great idea, started by Tucker. And then after a few years, Tucker,

    1:23.2

    and look, I worked hard with Tucker on it. Like I would, we would do podcasts about it.

    1:28.0

    And we were, you know, my book was essentially, choose yourself was the first book published,

    1:35.1

    not underscry media, but under that model of like professional self-publishing.

    1:39.6

    And then J.T. just sort of, I don't know, he disappeared.

    1:46.8

    And, you know, I guess there's going to be court cases about it.

    1:51.0

    And there's a lot of things where I should use the word alleged about it.

    1:56.0

    And everybody thought Scribe was gone.

    1:58.3

    But then Eric Jorgensen, who I had never met, but we knew each other roughly,

    2:05.7

    Eric Jorgensen took over the company. He bought the assets. There was basically almost nothing to buy,

    2:14.0

    but he bought the assets, rehired as many people as he could, saved as many

    ...

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