Owning Your Own - Eden Gorcey - Revenue Today - Episode # 002

Sales, marketing, and RevOps. It's sink or swim out there, and yesterday's strategies and tactics won't help you today. This is Revenue Today, and I'm your host, Jared Robin. Join me as we interview revenue leaders in our community to learn what steps we could take right now to help you scale yourself and your company. Revenue Today is sponsored by RevGenius, and we're on a mission to bring inspiration and creativity to all revenue professionals in the world. Today's guest is someone special. She's a friend I've known since pre-Rev Genius and pre-COVID days. They're an industry innovator, media and strategy guru, conference speaker. She's problem solved for almost every Fortune 500 company across multiple industries, social impact council member at Ad Council, and currently the chief revenue officer at United Masters in Translation, currently valued at over $550 million. Welcome, Eden Gorsy.

Thanks, Jared, and thanks so much for having me.

So great. So great to be hanging again.

Truly, truly it is. I'm really excited. I'm excited to talk about money. Let's do it.

So jumping in, it's May 2022. Debunk a myth about generating revenue today.

I think that is such an excellent question, Jared. Um, I will say, you know, the myth that I would actually like to debunk today is that you can only do one thing well. And I hear that so often, right? Like, you only have to focus on one thing. You have to perfect one product. And I gotta be honest, I say, fuck that. I think that flies in the face of innovation. I think sometimes perfection can really be the enemy of progress. And I think if you, you know, if you look at major, major businesses, I think we'd all agree that Amazon Fairly successful companies. You know, if you look at major business, businesses, I would say that they have always ruthlessly prioritized making sure that they're true to their value proposition, but they've also really been able to differentiate into different products, right? If you think about Amazon, if you think about what they've done with web services and groceries and so many things that are outside of their core business, That really, really remain true to the value proposition. I think, you know, companies like that are incredibly inspiring. Disney's another great example of a company that isn't only doing one thing, right? Disney's core value proposition is in entertainment, but they have so many different products that express that in so many different ways. And You know, I really truly do believe that when you see an opportunity and you don't expand beyond your core competencies, someone else will, right? And I think that you look at the case of Blockbuster and, you know, many, many companies that are no longer with us. And I think there's a really fine balance between doing too much And, you know, having fear of innovating.

Yeah. Why do, why do you think so many people are hell-bent on just doing that one thing?

You know what? I think that, I think, listen, there is a lot of value in doing one thing really well. I think the biggest challenge, particularly when it comes to technology, right, and SaaS platforms, Is it's pretty easy to replicate one thing. And that's really, you know, in the business that I work in, music distribution and artist services, there's plenty of different companies out there that do music distribution, right? United Masters is not the only company that allows artists to get their music onto platforms like Spotify, you know, Apple Music, SoundCloud, et cetera. But I would argue that we do it better because we have expanded and really differentiated the product. You know, I, it's a good time to talk about my company.

It's always a good time to talk about your company. I, yeah, I'd love to understand, you know, your real-life case studies as to how being creative and not focusing on the one thing is helping you.

Yeah, absolutely. You know, like I said, plenty of other distribution partners out there. The reason I think ours is the best is we have a really clear mission, right? Like our mission, we're a creative technology platform. That really allows artists to build a thriving career on their own terms without having to sign to a record label, which is really historically the way that that has been done. But I think when you talk about what a thriving career is, it's not just being able to produce music, record it onto a computer and get it out there, right? Like building a career is about having access to the data and the tools that you need to understand your fan base, It's about having access to education and inspiration from people who have done this before you have, you know, and I would also say, and this is part of what I'm the most excited about that we're really building at United Masters. It's also about having access to brand partnerships and new ways to get discovered by millions of new fans, you know, whether or not that is Through TikTok and the partnership we've created with them, through Twitch, the partnership we've created with them, or even through Fortune 500 brands and really kind of getting out there through commercials, you know, through brand deals and sponsorships. You know, to me, even as I talk through that, I think you can see there's so much more to our company than just simply being a SaaS platform that has functions. So, you know, to me, I think it's It is incredibly important to stay true to your mission, of which ours is allowing artists to own the rights to their own music, to maintain the rights to their IP while still actually building out this career without really needing the help of the institutions.

Yeah. And, you know, just to build on your first answer, like, that is so fascinating. And that's one thing, but you just mentioned like all these rad brand partnerships, which, you know, old school would be like, no, they take away from, you know, the core focus. And you're saying, no, no, they add to it.

What I truly believe is as long as you're very thoughtful about everything that you build, it's like a flywheel, right? It's, it's every time that we do a brand partnership, Every time that we get our artists featured on stage, in commercials, you know, in influencer campaigns, if you will, that's incredible advertising for us to gain new artists and to gain new subscribers. It's a really incredible tool for us to, you know, maintain stickiness and really make sure that we are increasing our retention numbers in addition to acquisition. So I think You know, again, I think as long as everything's sort of pointed towards the same North Star, there's so many different things that you can do to innovate and, and really, you know, branch out again and just kind of differentiate. I know I keep coming back to that word.

No, I like that. And, and you mentioned some, you know, metrics there, but wanted to bring it around to what, what are the KPIs that are most important to you today?

So, you know, the interesting thing I would say about our company and at the time that our company is really, really resonating so well in culture, our company's about 5 years old. Our founder, Steve Stout, has always just had this incredible way of seeing around corners and seeing what's next. And, you know, he founded United Masters about 5 and a half years ago before, you know, the creator economy was ever something that was on the tip of anyone's tongues. And now you can't have a conversation without talking about the creator economy and Web3 and the importance of ownership, which I'd love to talk a little bit more about later. You know, so I would just say that our core KPI is, It's a little bit of a lofty one, but it is ensuring that as the power is really shifting to individuals from institutions, our main KPI is our ability to support as many artists as possible in making music a real career. You know, I think it's, it's, it's interesting when, when you think as like a teenager, what are you gonna be when you grow up? There's so many clear things. It's like, you know, I'm gonna be an architect, I'm gonna be a filmmaker. And, you know, I, I think that that dream really of I'm gonna be an artist, I'm gonna be a musician, and I'm gonna make money, you know, again, while sort of building my own business. That's, that's a really key KPI for us, in addition to acquisition, retention, you know, all of, all of the other scores. But I think it's, I think it's really important, especially as you're building a new business and as you're innovating, to make sure that you have KPIs that you are setting for the marketplace. Right. I don't know that that many other, you know, companies have a KPI that is as lofty and ambitious, but as perfect and right in today's culture as economic opportunity in that sense.

And, you know, before we were talking about the anecdote going to the airport, right? Like what, like, And, and, and how you're empowering the person that was taking you there to have a new career path, right?

I, I have to tell you honestly that it's just, it's so, so, so rewarding. Listen, I'm, I'm a fairly talkative, very friendly, conversational person, so I ask everybody questions from Uber drivers to Instacart delivery. You know, I, I am a very curious person, particularly as we're building a business. And what has been so, so, so rewarding to me has been the number of, you know, people really in the gig economy who ask me what I do for a living, why do I fly so often? Um, and, and it's been pretty incredible when I tell people what I do. I have heard many artists actually that I've stayed in touch with because I think that's a really, really good way to get real input from your customers once you meet them. But yeah, it's been really exciting that many of— many Uber drivers that I have met are United Masters artists. And, you know, again, when I ask them what they like about United Masters versus other distributors, I will say every single one of them says because United Masters provides brand opportunities. And brand opportunities are the new means to discovery. You know, if you really, really like think about this.

Yep.

The radio used to be the way that you discover music, right? It's whatever's on the radio, whatever is getting radio play. Now it's TikTok and video games. Now it is, you know, it's so much more social. It's so much more viral. So to hear that from artists that I have just met by chance has been really rewarding and incredible.

Yeah, because brands are controlling the impressions. Simply put.

Yep.

And that's, that's so rad. Now, what's been keeping you up at night though, work-wise?

Oh man. You know, I think I'm gonna go back to just the initial thing that I said about innovation. That's what keeps me up at night, right? Like making sure that we are Taking advantage of all of the new trends, making sure that we are in all of the new spaces, but in a very thoughtful and focused way, and a way that is right for our brand. And you know, I say that because I've seen so many cautionary tales of brands who just want to get in on something, right? Like I'm sure you've seen so many headlines recently of like brands getting in on the metaverse, brands getting in on NFTs, and. Yeah, I'm sure you saw in a couple of headlines next to it is like, oh, are NFTs just a passing phase? You know, are these things even here to stay? And, you know, like I said, the concept of ownership and owning your own IP has always really been at the core of United Masters, right? Like owning your creativity. And so when we think about where we're expanding, how we're expanding, you know, how quickly we can do things and how meaningful it is. I will say that that is one of the biggest things that keeps me up at night is if we don't do it, someone else will do it before us. But you've got to do it in such a thoughtful way. And I just think that there, as I mentioned, I think as the creator economy is exploding, there's so many different places that we can go because we really have We've, we've really earned the permission and the right to, to play there and to innovate in these spaces.

I love that. Now, what, what's a piece of advice that you could offer for others facing this, like, FOMO, like, capitalizing on what's going on challenge?

Well, you know, listen, I will say, like I mentioned earlier, I'm a very curious person. I think the most important thing that you can do for yourself is educate yourself. Google is an incredibly powerful tool, and there is no topic that there are not, you know, 20 to 100 podcasts that cover, particularly if it's something emerging. So I would just say, you know, I'm talking a lot about Web3, so I'll just keep with that for a minute. But in the context of NFTs, I would say, you know, the simplest thing you can do is go download a wallet. Coinbase is fantastic. They're a big partner of ours, but MetaMask also fantastic, especially on the Ethereum network. Go download a wallet, go, you know, buy an NFT on OpenSea. Like just go check it out and see how it works. And by doing that and actually becoming, a user, a consumer of the product that you are trying to think about, how does your brand fit in? Like, it just clicks so much faster. It clicks so much faster when you say, oh, you know what? Like, this was the part of the process that really could use some sort of like upgrade. This is the part of the process that I really wish a brand would've come in and given me this type of value exchange. So I, I think once you actually just jump in and do it yourself, right? Like Web3 right now is Is to me, it's almost like social media was in 2010, 2011 when everyone was just trying to figure it out. And smartest thing you can do, like in social, smartest thing you could have done is just go download Snapchat. Like just go download Instagram, go download Twitter, right? And I'd say the same of TikTok now. Like just become a user of the product that you are trying to It's

awesome. Now, what excites you the most about the future? You're up all night thinking about it. What excites you?

I am, I am. Listen, I, it's no shocker that I'm really gonna go all in on Web3 here. What excites me the most about the future is this concept of ownership, right? I think it's It's, you know, I will say I am not the world's greatest expert on Web3 yet. I know just enough to be dangerous because I'm curious. But I think it's really, really fascinating when you look at how the internet has evolved. And, you know, first version of the internet was like read-only. It was essentially you take like the New York Times or a magazine, you take exactly that Piece of paper, you put it on the internet, it almost looked like microfiche. It's crazy. Second version of the internet was read-write, and you know, you can contribute a little bit to it. If you think about Instagram, if you think about social networks, blog posts, et cetera, where you can actually comment and engage with one another. And you know, the third is, 3.0 is really gonna be read, write, own. And I think that as much as NFTs for most right now are, you know, just sort of equivalent with Beanie Babies and collectibles and, you know, JPEGs that are very pixelated, you know, I think the real value in all of that is really the ownership and the ability to have transparency into every piece of media that's ever been created, right? If you think about a picture that you post on Instagram, right? You could post that picture on Instagram. You could, you could actually, you could post it on Instagram. Somebody else could take a screenshot of your picture and— Tokenize it and tokenize it. Absolutely. And just post it as their own. And what I am So, so, so excited about, which just like, you know, obviously it's far from being completely realized right now, but what really excites me about this, this version of the future is the ability for every single thing, right? Every single piece of media, every single asset that is being produced to actually have a contract that has transparency into who made it first, who owns it, the ability to, you know, rate where you can capture a percentage anytime it changes hands. Like, it, it's just, that is very, very exciting to me as the future of ownership.

So I love that. Pushing back a little, isn't it the first to tokenize it versus the first to create it? Like, you could grab my picture and tokenize it and be me.

I mean, that is an excellent point. You could. That would be very unfair to you.

I've had people threaten.

No, I think that, you know, like I said, it is, it is in such infancy stage right now. But I really think when you think about every single industry that is ripe for disruption, everything, right? Everything from real estate to art to music. And also listen, you know, if you think about what the future of music will hold and what artists will be able to do. I don't know if you're familiar with Royal, but Royal is a company that I have been incredibly impressed with. You know, a company that has really brought the fans into the experience by allowing fans to buy into a song and to share in the royalties of that song and to actually have part ownership of You know, your favorite artist. I personally, I bought Nas rare. Wow. So, you can think about that. But yeah, you know, I just, I think the applications are so infinite in terms of how this is gonna disrupt many, many different industries.

That's incredible. I love that idea. Now, the first half we learned from you, The second half, we're gonna learn about you. So who are you?

Such a deep question, Jared. Well, aside from, aside from just being an entrepreneurial spirit, you know, I will say I grew up at the beach. I grew up surfing. I, you know, grew up being really, really, really excited to change the future. And I know that that sounds so trite, uh, you know, especially as a kid, but I, um, you know, I, I moved to New York. I moved to New York penniless and really made a huge bet on myself. Um, I think that told me a lot about who I was as a person and, and how I could, um, you know, really take risks knowing that on the other side of that, I was gonna be able to figure out, um, you know, how to really, really, uh, follow my dreams and make bets on what I believe in. So who I am, who, who am I? Um, I am entrepreneurial. I'm very curious, and I am very, very, very excited to be building the future.

Like that. Now, your passions. What do you do outside of work?

Outside of work, I actually have gotten into interior design recently and renovation. No, it's probably not anything that you would've expected from me. I think you've known me for as long as you have. Yeah. Um, I just, you know what, I love, I love the ability to walk into a room and just see something that nobody else sees and turn that into something. I think it's, it's the most incredibly rewarding feeling. And, um, last couple of years is we have been nomadic a bit more, if you will. You know, ever since the lockdowns in 2020, I've really enjoyed investing in real estate and totally doing makeovers on houses. So big new passion of mine. In addition to that, I am a workout fanatic. I think that's It's one of the things that really helps me sort of get into a meditative state and get ready for the day ahead.

Nice. Where can people find you? How could they get in touch with you digitally? You have no Twitter.

I don't have a Twitter. You know, I don't have a Twitter. I have to be honest. It's because one, I think that I'm very Very aware that everything that I put out on the internet, everything that I put out is, uh, it's public domain. And, you know, I don't know that everybody really needs to hear all of my thoughts, especially as they are happening. And, and probably, you know, not using Twitter was, was one of the best ways to be a little bit mindful. I have, um, A friend who has a great saying of, you know, does it have to be said right now? And does it have to be said by me?

Yeah.

Which I find to be very, very helpful, uh, both in, in personal and professional life. Um, but you can find me on Instagram. That is actually my platform of choice. You know, I'm very, very visual. Eden Gorsey on Instagram. Um, we're always You know, shoot me an email, eden@unitedmasters.com.

Well, Eden, it's been a pleasure having you here. Thank you, Eden.

Thanks for having me. Likewise.

And thank you, audience. Uh, if you've learned something today or laughed, tell someone about this podcast. Thank you again, Eden. This has been another exciting episode of Revenue Today. See you next time. Whoa, another great episode of Revenue Today. For show notes, links, and mentions, visit revenue today dot live. For all my friends in the Rev Genius community, thank you for listening. It's been awesome to spend this time with you. Please DM me any feedback and ideas in our Slack channel or on LinkedIn. If you're not in Rev Genius, join us at Rev Genius. It's free and takes only a couple seconds to sign up, and you'll be a part of a community of 27,000 revenue professionals strong. We've got it all. Looking forward to seeing you there. Catch you on the flip side. Boom.