June 10, 2022
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Is The Media Business Just One Big Arbitrage?

A year ago, I wrote a piece asking, “are the most successful media companies just good at arbitrage?” And in it, I argued that the non-content creation side of media is just one big math problem. If you can acquire a user for $1 and earn more from that user than it costs, then it makes sense to invest the $1.

Why wouldn’t you? It’s the closest thing to making money appear out of nowhere. But as I argued in the piece, there was a wrong and right way to do it:

Ben Clymer is founder and CEO of Hodinkee, a media and commerce company dedicated to the luxury watch market. What started as a personal blog thanks to a watch from his grandfather has turned into a highly respected business that can sell millions of dollars in watches in minutes.

In this episode, we went through the many different facets of the business, but a few things jumped out to me…

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