So … what the hell is Web3?

Recode Daily

Recode

Science, Technology, Society & Culture

4.6 • 1.3K Ratings

🗓️ 18 January 2022

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

What the hell is Web3, why did everyone start talking about it all at once, and are we going to still be talking about it in a few months? Jarrod Dicker, an investor at the Chernin Group, may know the answers to some of those questions, so he sat down to talk with Peter Kafka, host of the Recode Media podcast. Host of Recode Media: Peter Kafka (@pkafka), Senior Editor at Recode More to explore: Subscribe for free to Recode Media, Peter Kafka, one of the media industry's most acclaimed reporters, talks to business titans, journalists, comedians, and more to get their take on today's media landscape. Support Recode Media and Recode Daily by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:34.8	Welcome to Recode Media with Peter Kafka. That is me and in a minute we're going to have a really
0:39.4	interesting conversation about Web 3. We had to do it. It's time to do it. It's going to happen
0:45.0	today. But first a quick note about one of the two big New York time stories I wrote about last
0:50.3	week. You know about this one. You know about both of them. Of course you listen to this podcast.
0:53.4	The Times is paying $550 million in cash with the athletic. I wrote about it at the time. You
0:58.8	can read that story at box.com for free. No subscription. But here is the TLDR. The Times wants
1:04.8	subscribers. That's why it's making the second biggest acquisition in its history. The athletic has
1:09.6	1.2 million subscribers. The Times thinks they can sell many more subscriptions to the athletic.
1:14.1	It also wants to bundle the athletic with the paper itself and the other add-on is already selling
1:18.8	like games and cooking. The athletic is selling because it doesn't make any money and that's why
1:24.0	it's selling for the same valuation. It was valued at two years ago and not the $800 million plus.
1:29.4	It had been matched at one point before the pandemic. I wrote last week. This is a big bet for the
1:35.0	Times and I can see lots of ways it could work out. But the nagging question I've had since then is
1:40.3	I'm still figuring out how the Times is going to turn the athletic from a cash-burning operation
1:44.5	into one that breaks even or makes a profit. The athletic loses a lot of money. It lost about
1:50.3	100 million dollars between 2019 and 2020. It lost 50 million dollars last year. That's five zero.
	...

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