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This memo is presented by Trolley.
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Today’s episode about media moguls I’m joined by Web Barr. He released a new podcast, Media Moguls, which dives into the visionaries who shaped the industry. His first episode is about Ted Turner.
In our conversation, we talked about the different types of moguls. You can listen to the episode here or read below for my thoughts on the levels of moguls.
The Levels of Being a Mogul
A few years ago, I shared a post where I used the term “mogul” to refer to a collection of multihyphenates who became successful in recent years. This was a “new money” class that used the internet to build their careers.
But the post was challenged by someone who usually has a good perspective on things. “Do moguls still exist? There are few, if any, people today who could sway an industry like Lew Wasserman.”
Well, when you put it that way. Damn.
I’m someone who hates how loosely the term “superstar” is thrown around in music, so I get it. Mogul is no different. Yet much like being a superstar, this isn’t black and white. It’s a spectrum! There are levels to this, and we’re gonna break them down.
Level 1: The Blank Check Mogul
These moguls proved themselves, time and time again. Their audiences love their work, and they deliver results for their business partners. They have carte blanche to pursue the projects and initiatives they want. They still answer to the company that pays the bills, but those companies rely on them too, which gives the moguls power.
Examples: Tyler Perry (Tyler Perry Studios), Shonda Rhimes (Shondaland), Taylor Sheridan (Paramount), Oprah Winfrey (OWN)
Level 2: The Traditional Definition of Mogul
These moguls have similar titles and positions to those of Wasserman, Walt Disney, and David Geffen. But the industry is far more mature today. Sure, these moguls still need some visionary magic to stand out, but the job-to-be-done is to be a strong operator and effective dealmaker for their shareholders.
Examples: Ted Sarandos (Netflix), Shari Redstone (Paramount Global), Ari Emmanuel (Endeavor), John Malone (Liberty Media).
Level 3: The Power Broker Mogul
“Mogul” is not the first thing that comes to mind with this group. Media is rarely “the main thing” for these people. In fact, it’s often a loss leader for another business that’s more lucrative. These are tech leaders who control the pipes, algorithms, and platforms. Their decisions have the power to sway trends in entertainment, culture, and politics.
Examples: Mark Zuckerberg, Elon Musk, Jeff Bezos, Steve Jobs in the 2000s.
To be clear, this is not an endorsement or celebration of the people in Level 3. Like them or not, it’s the reality.
The Web of Mogul Influence
These levels don’t exist in isolation—they’re all connected. Many of the Blank Check Level 1 moguls built their followings on the products controlled by the Power Broker Level 3 moguls. Tyler Perry collected hundreds of thousands of email addresses before his first movie in 2005. He still relies on promotion through the platforms controlled by tech moguls. Meanwhile, Tyler Perry Studios works with the traditional moguls at Level 2 who broker his deals with Amazon Prime Video, Netflix, BET, Lionsgate, and others.
At the highest level, the Level 3 Power Broker moguls answer to very few people. They respond to regulation, policy, and free markets. It’s not a coincidence that many of them were front and center at the presidential inauguration in January.
It’s not unlike Lew Wasserman’s relationship with Ronald Reagan. The MCA chief developed a close relationship with the Screen Actors Guild president. They supported each other's rise to power in media and government.
For the moguls at the top, while technology may have changed, they've always had a front-row seat in shaping the future of entire industries, not just their own companies.
Listen here:Spotify | Apple Podcasts | Overcast
Chartmetric Stat of the Week - Carti International
Playboi Carti’s new 30-track album Music had 384 million streams in its first week. It’s the highest for an album release since Taylor Swift’s The Tortured Poets Department. But beyond the numbers, I’m impressed by the global impact. London and Sydney are the third and fourth-highest cities for Carti’s Spotify Monthly Listeners. This is proof for the people who think hip-hop doesn’t travel as well globally as other genres!
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