In itnig’s Podcast #26 Bernat Farrero, CEO at itnig and César Migueláñez, Product Director at Factorial, talk with Pol Narbona, Product Owner at Typeform about Product Management.

Pol shares his story with us: How he arrived at Typeform, how he started out as a Product Owner and gives us a little overview on how he works with two road maps — Discovery & Delivery — in Product Management. For the whole talk you can view this video on the Dual Track Agile methodology:

At itnig every Friday we sit down to talk with interesting people whom we meet throughout the week and we make a podcast (in Spanish) out of our conversations. You can listen to it on iTunes, subscribe to our channel on Youtube or enjoy it through iVoox.

https://upscri.be/5c88ff/

First of all, we ask him to situate us and give us a bit of context before we enter in detail into his career path.

What is Typeform?

Typeform is a software for online data collection: forms, surveys, register forms — converting a bureaucratic thing into a conversation. But this is probably just the boring explanation of the produc t— we are really strong in design and user interaction.

How did you arrive at Typeform?

I am from Barcelona and started to study here but then I had the chance to go to the US with a sport’s internship. In the 3rd year at uni I was doing some market research and needed to create a survey, I used Typeform and when I shared the survey the respondents were really surprised. I was studying Business & Tech and when I was finishing uni I started to look for jobs all over Europe. Actually I think Typeform was the only company in Barcelona I applied for. As they did not have any open positions in the Product team I started as Data Analyst, as part of the Customer Success team. Here I came to understand user behavior and I started seeing how the product team works. After a while and a restructuring of the teams, I applied internally for product owner position and here I am now.

I finished my university studies and started working at Typeform a year and a half ago. At that time I was employee #90 if you will and now, 1.5 years later we are about 180 people in the team. I think this gives a good impression of our rapid growth.


How do you work at Typeform in Product Management?

At Typeform we separate ourselves into different product teams, distributed along the User Journey:

  • Discover (top of the funnel, acquisition, public sites)
  • Subscribe (user subscription, demo environment to try product)
  • Conclude (results based work, e.g.integration with partners)

In the Conclude team for example we work in different colonies with Designers, UX, Developers, QA and Product Owners. The colonies give us the info that people working in this colony are focussed on this part of the user journey.

These colonies are not hermetic, we switch between teams, actually it is pretty common for developers to be working on different parts of the funnel from time to time. This allows us to divide the product up in different parts and assign an objetive and metric to each of them.

However, we are changing this again as we discovered that there are lot of dependencies. For example: We wanted to create a user journey for a specific persona but if other teams are working on other priorities there are dependencies that arise. Now we are going for a more horizontal approach to have more context at the moment of working together.

And you said you use Dual Track Agile as work methodology?

Yes, we do Discovery & Delivery in parallel. While the team works on delivery of a tested feature, I can dedicate myself to identify new opportunities that come later.

In general, throughout all teams we work in 2 weeks sprints and with Scrum. We have seen that these are compatible with the Discovery & Delivery Agile roadmap.

If you are interested in finding out more about his work methodology at Typeform, we encourage you to listen to and watch his talk at itnig as well.


Listen to our podcast to learn more about Product Management at Typeform and Pol’s experiences with Discovery & Delivery. Learn more in this Podcast in Spanish on our Youtube channel, listen to it on iTunes or enjoy it through iVoox and subscribe to our newsletter to stay always up to date.


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T.

The reasons why Disney will dominate the media industry

The perception that Disney is only a producer of children’s content is long gone. The company has managed to multiply by 10 its market capitalization in 10 years and I believe it will do it again in the next 10 years based on 3 factors: content, the entry in new businesses and spillover effects on current businesses.

CONTENT

Disney has been making movies for almost a hundred years. They have been movies for all the family but targeted to kids, which are the ultimate decision-makers when going to the movies. This is an example of the classical content they were producing up until the last 10 years.

Found in Pinterest https://www.pinterest.es/pin/129548926755761740/

Despite having a powerful content library, Disney has amassed the most impressive collection of content in the world via acquisitions:

  • 21st Century Fox: 71B
  • Lucasfilm (2012): 4B
  • Marvel (2009): 4B
  • Pixar (2006): 7B
  • Hulu (2009): ??. They acquired 30% and an additional 30% with the acquisition of Fox

With the recent acquisition of Fox, there are only big four other movie studios left in the market: SonyWarner BrosUniversal, and Paramount.

Just to give perspective. This is the list of the top 3 grossing movies for the last 3 years. Spoiler, they are all from Disney:

  • 2017: Star Wars The Last Jedi (rubbish if you ask me), Guardians of the Galaxy 2 (not great) and Beauty and the Beast.
  • 2018: Black Panther, Avengers: Infinity War and Incredibles 2.
  • 2019: Avengers: Endgame, Captain Marvel and Aladdin (Still not counting with Toy Story 4, Spiderman, The Lion King, Frozen 2 and Star Wars: The rise of Skywalker)

Having content as an asset in the movie industry is relevant because of the fact that over 90% of every year’s Top Box Office Hits are not original. Notice that the 9 hits mentioned above are not original content, including Captain Marvel which is a character well known despite debuting in theaters. Moviegoers are risk-averse and showing characters the public is familiar with is synonymous of success in a market where the production of a movie can cost hundreds of millions of dollars.

Another essential part of the content are the actors. They give credibility to a movie and top talent can’t wait to appear on a superhero movie. Just look at the roster of Avengers Endgame with cameos from the likes of Robert Redford, Rene Russo, Michelle Pfeiffer, Michael Douglas, Natalie Portman, William Hurt, Samuel L Jackson or Ken Jeong, the Asian character on The Hangover. All of this without accounting for the main characters. Where else can you see this?

Source: https://www.editorchoice.com/avengers-endgame-cast/

NEW BUSINESS

One of the acquisitions mentioned is Hulu, a streaming platform in the US which also allows watching live content. I believe this is the future. Cable TV operators are doomed. The number of subscriber to Cable TV in the US has declined over the past years.

Source https://www.statista.com/statistics/536356/cable-shopping-networks-revenue-usa/

It’s clear the consumers are opting in to streaming on-demand platforms such as Netflix, HBO, Hulu, and Amazon Prime. That’s why Disney is launching Disney +.

This is a global trend. People across the world may not own a TV, but they have smartphones and internet connection. Netflix has launched a 3$ monthly cell-only subscription in India. Check this relentless growth of subscribers by Netflix.

Take a look at the last Shareholders report by Netflix, a public company that is burning billions every year -3,5B$ in 2019- and is expected to invest 15B$ in 2019 alone in new content. In my humble opinion, Netflix has by far the best streaming platform and the content is remarkably good, just look at the masterpiece Stranger Things season 3.

Source: https://s22.q4cdn.com/959853165/files/doc_financials/quarterly_reports/2019/q2/Q2-19-Shareholder-Letter-FINAL.pdf

Netflix will be the main competitor of Disney, who will claw back its content from other platforms over the next years, reducing the earnings of licensing rights, but attracting customers to their platform. I believe there will be a time where platforms won’t share much content, but eventually, this will rise opportunities for multiplatform viewing apps and some years from now, platforms will reshare content once they settled a loyal customer base. Users will be subscribed to multiple platforms and they would still like to watch what’s best in every one of them. It’s not a winner take it all market.

My final bet is that there’s another big piece of content that is currently slipping away from streaming platforms, live sports. This is the last resort of traditional TV and cable TV operators who have been able to tell customers when and where to watch TV. This is no more, TV is dead.

SPILLOVER EFFECTS

Let’s get some perspective here. Disney is a corporation that currently (2019) has annual revenues of around 70B$ and a net income of around 13B$ (15–20%). Where do they make money from? This is a comparison YoY between the fiscal years ended on September 30th. of 2018 vs 2017. All areas grow except for merchandising. Figures in B$.

Source: company reports

MEDIA

The main source of income is Media Network, which comes from ESPN, Disney Channel, ABC… Here’s the evolution of this revenue stream fro the last decade.

Source: https://www.statista.com/statistics/193211/revenue-of-walt-disneys-media-network-business-since-2008/

With the acquisition of Fox, this chart is going to experience a huge vertical shift.

PARKS AND RESORTS

Parks and resorts are the second biggest revenue stream of the Mickey Mouse company.

Walt Disney World Resort (Flick: Atiq Nazri)

This is a chart with the number (in millions) of yearly by visitors by each park. Around 150 million people go to a venue managed by Disney somewhere on the planet. This can only be achieved by a great hospitality experience and the best content:

Source: https://www.statista.com/statistics/194247/worldwide-attendance-at-theme-and-amusement-parks-since-2010/

STUDIO

This is the revenue that comes from the distribution of movies and music.

The chart below displays the Box Office market share evolution. Disney has managed to multiply by 2,5 in ten years, and now with the inclusion of Fox, the market share could get just shy of 50%, which is ridiculous. This is a major spillover effect from the massive content acquisition.

Source: https://www.cnbc.com/2019/06/14/disney-on-pace-to-earn-9-billion-at-the-global-box-office-in-2019.html

DIRECT TO CONSUMER

This is where the new platform Disney + will come into play. Disney + is a SVOD (Subscription Video on Demand) as far as we know. Other alternatives are AVOD (Advertising Video on Demand) where the users access for free but get adds (Youtube) and TVOD (Transactional Video on Demand) which is what Google is doing among others.

One of the first screenshots Disney shared for Disney +

So far they have had Hulu in this category, but with the introduction of Disney +, this will become of the main revenue streams for Disney. Eventually, the main one if you ask me. My guess is that in one year, Disney + can produce revenues of about 20B$ and grow from there. This is what Netflix is doing right now.

The advantage of Disney + is that they already have the content and they would only need to produce specific content for the platform such as The Mandalorian or the Marvel spinoff series with Black Widow and more. That would imply big operating profits since most content has already been amortized. The downside, however, will be the loss of the licensing revenue they get from streaming onto other platforms included in the Studio section. I’m betting this will be a money-printing machine.

CONCLUSION

Disney is a company that has endured through decades and over the last years has taken on a path of content acquisition and generation that pays off very well. This is why I am “hodling” on its stock.

Disney’s stock price evolution over the years