In June, TPG partnered with the expertise company CAA to launch a $250 million fund earmarked for funding within the creator economic system. Miller sits on the advisory board of the fund, known as Compound, and can assist deploy the capital—one of many largest investments within the creator economic system to this point.
This interview has been edited.
Mark Stenberg: Give me the high-level pitch on Compound. What are you on the lookout for if you consider creator corporations, and what made now the precise time to launch this?
John: I’ve believed within the creator economic system for a very long time. I used to be an early investor in Maker Studios, however it was too early as a result of the monetization wasn’t there but: entrepreneurs weren’t supportive, commerce hadn’t matured, and the platforms hadn’t discovered how they felt about creators. Fast ahead to as we speak, and all three of these issues have matured into one thing investable. That’s the premise behind Compound.
Mark: Where does Compound need to sit out there? Early-stage creators, or the largest names that exist already?
John: At least initially, it’s the latter. We’re investing in people and companies that clearly have some traction and momentum. We need to be on the greater finish of the market—virtually like how HBO positioned itself in opposition to the remainder of tv—and search for high-quality companies and personalities we will grow to be companions with.
Mark: Fox has achieved one thing comparable by its Creator Studios program. How is Compound’s method completely different?
John: I feel what Fox is attempting to do within the creator house is deal with creator-based IP and expertise in particular IP roles. We’re not against that, however our major focus is on the companies themselves. The creator enterprise itself could have IP related to it, however we’re investing within the underlying enterprise, not directing the IP.
Mark: You’ve mentioned that is a part of a much bigger pattern past simply Compound. What does that appear to be?
John: If you step again, creators, indies, no matter you need to name them, are taking higher share of every market they’re in. Indie video games are rising sooner than AAA video games. Fan fiction is rising sooner than conventional publishing. This is a long-term world pattern, pushed by the rise of platforms, the instruments that allow creation, and their falling value.
Mark: Do you see any of the creator companies you’re hoping to put money into changing into billion-dollar corporations?
John: Billion feels just a little far off. I’d prefer to see some companies we’re fascinated by get into the 9 figures—they’re not there as we speak. Billion’s laborious. I don’t assume we’re underwriting that but.
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