Income Report: May 2019

Introduction

Welcome to my May 2019 income report. My income reports are designed to provide full transparency of the business; further, they are used to prevent conflict of interests in an industry flooded with scams and accusations. There are two podcasts I have used for guidance on how to create a sustainable income: Fire Nation and Smart Passive Income, both provide income reports.

Summary

May was another interesting month, revenue growth continues but costs were very high, primarily due to Consensus expenses. Also, my legal situation is gathering pace which comes with its own challenges. Still, the podcast reach continues to grow, as do the opportunities for creating new content.

Sponsors

I gained two new sponsors this month:

  • Aurox: the professional trading platform took out a 6 episode sponsorship of the podcast to promote the launch of their software application.

  • Accointing: have taken out a three month sponsorship of the podcast to promote their crypto accounting software.

Total revenue for the month was $37,855.01, which was marginally my best month (previously March), of which $35,406.34 came from sponsors, which is +27.3% on my previous best month.

Total expenses were very high at $20,224.15 + $4,966.27 network fees, which means that the profit for the month was $12,664.59. Note that expenses were due to covering the cost for Consensus, Magical Crypto & Florida for the Junseth and DeRose interview, but this is a worthy investment for the networking opportunities and in person interviews.

For the next month I will be focusing on keeping costs down and improving margins.

Craig Wright Lawsuit

The lawsuit gained pace and I have now appointed a law firm to represent me. I was more than happy to cover the costs myself, including remortgaging my house but a number of people spoke to me privately, advising me to raise a fund due to the importance of the lawsuit.

The lawsuit presents many challenges, from misinformation and accusations of intentions. I am doing my best to correct these but it isn’t scalable to respond to every question.

Note: this lawsuit is not a marketing activity, it is distracting and financially a poor investment.

Other stuff

My content is under ever increasing scrutiny. Every show and Tweet is being watched and often mistakes are highlighted and can become Reddit posts, for example this post from a Tweet where I uploaded a video of me making a Lightning payment. Because the payment took longer and expected and I referred to censorship resistance while using a custodial wallet, this drove a number of responses. As such, I am having to be more careful about what I post and the accuracy.

As I have mentioned previously, by presenting all my stats transparently, it is easy to see how people accuse me of making decisions to gain downloads and sell sponsorship. I can’t do much about this, WBD is a business, not a hobby, and despite me being a dick on Twitter sometimes, I run it professionally in the background. Of course, I want to grow the show and revenue, but this does not equate to a reduction in integrity.

  • Show downloads: 202,322

  • Income: $37,855.01

  • Network fees: -$4,966.27

  • Expenses: $20,224.15

  • Profit: $12,664.59


May 2019 Stats

The May stats report is available for download here, it includes:

  • Downloads by per month total & by platform

  • Downloads by show total & by platform

  • Channel growth

 
What Bitcoin Did.png
 

March Downloads:

  • Libsyn: 146,570

  • YouTube: 45,600

  • SoundCloud: 2,371

  • Spotify: 7,781

  • Total: 202,322 (+9.2% from April)

Note: Libsyn is my podcast hosting provider which is the stats for downloads on iTunes and the majority of other podcast applications.

Other Stats:

Notes:

  • Growth was positive this month, with a +9.2% rise from April. As the Andreas anomaly show falls out of range growth is back in standard range.

  • YouTube: grew +26.3% on March, again as the Andreas show has fallen out or range, growth is back to a standard trajectory. YouTube continues to provide a significant percentage of downloads at 22.5%.

  • Others: SoundCloud maintains a steady and small contribution to downloads while Spotify continues to grow.

  • 60 day average this jumped again to 16,758 which was a +7.6% increase on April, again, the Andreas show distorts this and I am expecting this to drop next month. I will not be using these numbers in my ratecard and am still selling ads on a frozen average download rate of 10k per show.

  • Specials the Lightning shows saw an average of 13,020 downloads, which is marginally below the average. It was a great experience to make these shows but perhaps a month covering a specific topic is too much.


Platform Stats:

  • Website page views: 43,774 (-12.3% from Apr ‘19)

  • Email subscribers: 2,900 (+1.8%)

  • YouTube followers: 6,104 (+13.3%)

  • Twitter followers: 62,300 (+5.1%)

  • Twitter followers (WBD Account): 4,429 (+4.5%)

  • Facebook page: 148 (+4.2%)

  • Medium: 2,600 (+4%)

  • LinkedIn: 4,630 (+13.1%)

Note: The Facebook page has had very little attention due to work load. I have also included LinkedIn figures now as I have noticed my shows are increasingly being shared there.

Notes:

  • Twitter follower numbers grew again this month and is at the stage now where a lot of Tweets are being scrutinised. This adds pressure to ensure my content is more accurate.

  • YouTube continues to grow at a nice rate, +13.3%. YouTube is a giant search engine and offers a solid contribution to the show downloads.

  • Website fell this month and at some point I would like to start adding more content to make it more useful for people.

  • All other channels need some work (same notes as last month):

    • Facebook I see little benefit to expending significant time yet (requires a strategy)

    • Medium I need more time to write but I don’t have that at the moment

    • Email subscribers would likely grow with unique content but there are already lots of good newsletters out there


Income Report

Summary:

  • Income: $37,855.01

  • Network fees: -$4,966.27

  • Expenses: $20,224.15

  • Profit: $12,664.59

Gross income - $37,855.01

  • Sponsorship: $35,406.34

  • Professional services: $0.00

  • Patrons: $1,301.53

  • Podcast subscription (BTC): $60.00

  • Merchandise sales: $786.26

  • Tipjar: $360.88

    • Bitcoin: $167.11
      0.01893134 BTC

    • Bitcoin via Lightning: $167.11
      1046987 Sats

    • Litecoin: $0.00

    • ZCash: $0.00

    • Monero: $0.00

    • Ethereum: $0.00

    • Ripplecoin: hahaha piss off

  • BAT payments: $41.35

Network fees: -$4,966.27

Expenses - $20,224.15

  • Travel: $9,194.44

  • Entertainment: $7,434.16 (includes $5,106.66 for my Consensus party, paid for by DropBit)

  • Computer and software: $872.34

  • Banking fees: $4.98

  • Podcast costs: $624.04

  • Community support: $2,094.18

    • Casa Node giveaway *2: $667.47

    • Donations * 9: $1,341.00 (giving Bitcoin away)

    • Patreon - Noded: $12.00

    • Patreon - Popular Front: $36.00

    • Patreon - Saifedean: $60.00

    • Patreon - Luke Dash Jr: $24.00

    • Patreon - Stephan Livera: $12.00

    • Patreon - Rekt Podcast: $30.00

    • Patreon - Euclid & Oaks: $20.00

    • Patreon - Amy Castor: $20.00

Note:

  • While record revenues were recorded at $37,855.01, record costs were also recorded at $20,224.15, significantly denting profits.

  • Income from sponsorship was up by +27.3% at $35,406.34 and now almost all slots are sold for the year.

  • Patreon contributions were steady but tips were much lower than previous months. Tips are a nice contribution and hugely appreciated but not something that can be relied on.


Income Breakdown

Sponsors:

  • Clients: 5

  • Show sponsored by: 1 booking (lead sponsor - Kraken)

  • Preroll + midroll combo: 1 booking

  • Preroll / midroll mix: 3 bookings

Inventory:

  • Available shows: 10

  • Available video shows: 0

  • Available slots per show: 6

  • Available slots per video show: 2

  • Total available slots: 60

  • Slots sold: 60

  • Inventory sold: 100% (woohoo!)

  • Revenue per show: $3,540.63 (+29.1% on April)

  • Show CPM value: $236.04 (based on a projected average of 15k downloads per show)

    • Average ad CPM rate: $39.34


Key lessons

To take forward:

  • Travel expenses always dent profits but it is great to meet people at events and do in person interviews. Consensus is an annual expense which is worth the investment.

  • Tips + patrons can’t be relied upon for business expenses.

  • Selling out ad slots allows me more time to spend on the show.


May Objectives Audit

Reduce costs:

  • (IN PROGRESS) Review network fees, significant outgoing - negotiations underway

  • (FAILED) Keep travel costs down

Efficient operations:

  • (FAILED) Assistant: train assistant - need to find the right assistant

Revenue growth:

  • (COMPLETE) Inventory: sell remaining May slots

  • (IN PROGRESS) Video: find a sponsor to support a monthly video interview

  • (IN PROGRESS) Other specials: prepare ATM special

  • (FAILED) Subs: push subs by crypto and Lightning option for ad free show

New revenue opportunities:

  • (ON HOLD) Consider investment to build a media business with additional audio and video products

  • Launch new podcast covering non-Bitcoin topics

Marketing:

  • (IN PROGRESS) Continue to optimise website for search

  • (ON HOLD) Complete the rewrite of the online course to support search

  • (FAILED) Finish review of content on site and ensure it reflects personal opinion

  • (COMPLETE) Continue to target high quality guests/unique subjects

June Objectives

Reduce costs:

  • Complete network fee negotiations

  • Keep costs down

Efficient operations:

  • Assistant: find assistant

Revenue growth:

  • Inventory: sell remaining June slots (NOT REQUIRED - June FULLY SOLD)

  • Video: find a sponsor to support a monthly video interview

  • Other specials: prepare ATM special

  • Subs: push subs by crypto and Lightning option for ad free show

New revenue opportunities:

  • Launch new podcast for non-Bitcoin subjects

Marketing:

  • Continue to optimise website for search

  • (ON HOLD) Complete the rewrite of the online course to support search

  • Finish review of content on site and ensure it reflects personal opinion

  • Continue to target high quality guests/unique subjects


Goals

Short-term:

  • DONE Achieve +$10,000 profit per month (now consistently achieved and forward billing for the year reflects thisx)

  • DONE Consistent revenues to recruit assistant (on target)

Long-term:

  1. Achieve £1m of cleared profit

  2. Buy Lambo

  3. Buy Bedford Town and get them in the football league

  4. Be crowned King of Bedford

If you read this income report and you have any questions then please feel free to reach out to me.