Why Luminary Is Failing | Ep. #1252

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 4 January 2020

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #1252, we discuss our reasons why we think Luminary is failing as a business. Luminary is a podcast production studio that raised well over $100 million to try to build the Netflix for podcasts. If you’re going to launch a business, you have to look at consumer behavior and truly understand what your industry demands. Tune in as we go over all the points why we think Luminary’s roll out failed and how you can prevent that from happening in your own business. TIME-STAMPED SHOW NOTES: [00:25] Today’s topic: Why We Think Luminary is Failing. [00:30] Who is Luminary, what is their business model, and why did their launch fail? [01:34] The importance of understanding consumer behavior before starting a business. [02:06] Why knowing your industry is key for launching a new business. [03:29] Structure of podcasts: why listeners aren’t interested in paid or B-list podcasts. [04:23] The pivot that Luminary needs to save their business. [04:59] Key lesson from this episode: give away everything fro free to build your audience. [05:51] That’s it for today! [06:02] To stay updated with events and learn more about our mastermind, go to the Marketing School site for more information. Links Mentioned in Today’s Episode: Luminary Netflix Disney+ Apple TV+ Joe Rogan Podcast New York Times Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Neilpatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Welcome to Marketing School, the only podcast that provides daily top-level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach.
0:11.5	Let's start leveling up your marketing knowledge with your
0:14.3	instructors Neil Patel and Eric Sue.
0:19.2	All right guys before we start we got a special message from our sponsor.
0:24.0	If you want to rank higher on Google,
0:25.9	you got to look at your paid speed time.
0:28.5	The faster your website loads, the better off you are.
0:31.3	With Google's core vital update,
0:33.0	that makes it super, super important
0:34.8	to optimize your site for low time.
0:37.6	And one easy way to do it is use the host
0:40.0	that Eric and I use, Dreamhost.
0:42.0	So just go to Dream Host or Google it.
0:44.8	Find it, check it out, and it's a great way
0:47.0	to improve your low time.
0:50.4	Welcome to another episode of Marketing School. I'm Eric Sue and I'm Neil Patel.
0:55.6	And today we're going to talk about why we think Lumbinary is failing.
0:58.9	So just to give you some context, Lumbinary is a podcast production studio, I'm just going to call them that, and they
1:05.3	raised well over a hundred million dollars to try to build a Netflix for podcasts.
1:09.8	So literally, their marketing, I mean I saw their marketing on billboards on buses how this is the future of
1:15.5	podcasting and you know how you know they don't have to listen to ads or whatever so I'll kind of
1:21.4	speak to what I what I'm seeing you know out the gate is they basically they tried to get people that already have
	...

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