Tastemade - My Interview & Studio Tour with CEO Larry Fitzgibbon of the Leading Food MCN

Tastemade is a leading MCN -- and is THE leading MCN focused on food, nothing but food.  The company’s mission is to be “Connecting the World Through Food.”  And investors have bitten -- to the tune of $25 million in their latest round led -- predictably (and smartly) -- by Scripps Networks Interactive (owner of, of course, the Food Network).  Mega-media companies Comcast (via Comcast Ventures) and Liberty Media also are investors in the company’s latest round (which is on top of $15 million previously invested).

Yesterday I drove down the street to Tastemade’s Santa Monica, California headquarters and studios and met with CEO Larry Fitzgibbon (the picture to the right is the unassuming exterior of Tastemade studios, which previously housed MTV).  Larry and I had previously crossed paths a couple of times -- while I at SightSpeed and he at CitySeach; and while I at Sorenson Media and he at Demand Media.  Demand Media is where Larry honed his chops for short-form video content.  After Demand Media’s IPO in 2011, Larry and his other co-founders used their recipe of best practices and mixed in key ingredients of experience, learnings (e.g., focus on a passionate target audience/vertical market and build a brand), expertise, and passion for food to bake Tastemade.  And, here we are.  (The picture below and to the left is one of several fully functioning production kitchens in the studio, this one being more urban and hipster-focused; while the picture further below and to the right is the kitchen typically used more for live audience demonstrations).

Larry shrugs off the label “MCN,” choosing instead to call Tastemade a “Modern” media company.  I mentioned to him that it was intriguing for him to use that word (“modern”), because that is a rarely used word in this day and age.  His response to that was equally intriguing -- i.e., “we are not a next-gen media company, because the audience has already migrated to digital platforms.”  Amen to that!  And, Tastemade’s content is developed natively for those digital platforms unlike content produced for the Food Network or other traditional platforms like television (that is then frequently ... and frequently clumsily simply carted ... over to digital channels).  Different strokes (content) for different folks (platforms).

And, here’s the interesting thing about Tastemade as opposed to many other major “MCNs” (yes, I am generalizing for ease of reference).  Most major MCNs have thousands of channels.  Not Tastemade.  Tastemade counts about 300.  And every single one of them -- every one -- is identified by pin, string, and individual profile on a massive world map on one main wall inside the company’s offices.  Yes, old world recognition by a new world “modern” media company for the old world art of cooking and food.

Here’s another one.  Tastemade’s app (which is really cool, by the way, you should try it out) enables anyone -- you, me -- to be a “foodie” and instantaneously and drop-dead easily make a beautiful professional video at our favorite restaurant while we order our food and enjoy our meal.  Everything is automated (editing, etc.) -- and you can also select music tracks to accompany your “rave” (not reviews, because reviews can be negative) of your food experience so that others can enjoy.  But here’s the punchline.  Every single prolific Tastemade raver has his/her picture and profile on that same Tastemade office wall in an old-world format (via post-its this time), so that the Tastemade team sees their audience, their users, all day, every day.  It is a great authentic reminder of what it is all about -- to connect the world with food! Bravo to Larry and his team for those nice human touches.

Tastemade now gets 18 million unique visitors per month and its core audience is, not surprisingly, 18-34 and about 60% female, with over 50% residing outside of the U.S.  This truly is an international play, because food travels well (at least digitally).  The company’s business model is, as expected, primarily ad-driven (including significant branded content and sponsorship opportunities).  But, the company -- like all other MCNs (and virtually every media company, period!) -- is also experimenting with paid content (via subscriptions and/or micro-payments for access) and ultimately with relevant commerce opportunities.

It’s only a matter of time until some big fish devours them ...

(The picture to the upper left is another interior shot of the studios, while the picture to the lower left is the bar used for viewers to learn about libations and where the Tastemade team will celebrate their inevitable liquidity event.)