Inside Anchor’s Journey to Product Market Fit and 9-Figure Sale to Spotify with Mike Mignano

Subscribe to my newsletter The Split for new episodes emailed every week: https://www.thespl.it/ Brought to you by Attio, the next generation of CRM: https://bit.ly/AttioThePeel Mike is currently a partner at Lightspeed Venture Partners. Before Lightspeed, he spent five years building Anchor, which he sold to Spotify in 2020, and then led Spotify’s podcast, video, and live products for three years. It's probably safe to assume every podcast you listen to uses Mike’s product, and we go way back to the very beginning and talk through how the team at Anchor pulled it all off.Mike also shares his frameworks of “Doing the Dumb Thing” and "Super Goals," which are high-stakes, focusing goals with a clear and urgent time frame, open-ended method of achievement, and a single measure of success. Chapters: (00:00) Intro (4:22) Why AI makes consumer investing interesting again (8:05) Podcasting in the early 2010’s (14:03) The benefits and drawbacks of RSS (21:50) Building v1 “Instagram for audio” (25:53) Advice for building a close-knit community (29:28) Raising their first small round (31:38) Inside their splashy launch at SXSW (39:17) Why the first product failed, but allowed them to raise money to build Anchor (45:26) What makes a good product founder (47:39) Re-launching v2 a year later (53:51) What is a Super Goal (56:32) Finding Product Market Fit with months of runway left (59:02) Getting to a million podcast creators (01:02:09) Launching the first podcast ad network (01:04:10) Why anchor started sponsoring its own ad network (01:08:13) Spotify’s acquisition of Anchor (01:14:22) How Spotify won in podcast market share (01:16:34) Why the future of podcasts is video Referenced: Mike’s Podcast “Generative Now”: https://www.youtube.com/playlist?list=PLXW6zY9x-gk1oPyjZ_qBCDEYKTbPpGa8S Mike’s blog posts: https://mignano.substack.com/p/the-standards-innovation-paradox https://mignano.substack.com/p/the-power-of-supergoals https://mignano.substack.com/p/startups-vs-incumbents-the-battle https://mignano.substack.com/p/all-podcast-roads-lead-to-video Where to find Mike: Twitter: https://twitter.com/mignano LinkedIn: https://www.linkedin.com/in/mignano Where to find Turner: Twitter: https://twitter.com/TurnerNovak LinkedIn: https://www.linkedin.com/in/turnernovak/ Newsletter: https://www.thespl.it/