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Acquired

Ben Gilbert and David Rosenthal

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Every company has a story. Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.
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51
Gamecraft

Mitch Lasky / Blake Robbins

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Gamecraft is a limited series about the modern history of the video game business. Beginning in the early 1990's, the video game business began a radical transformation from a console and PC packaged goods business into the highly complex, online, multi-platform business it is today. Game industry legend Mitch Lasky and game investor Blake Robbins go on a thematic tour of the last 30 years of gaming, exploring the origins of free-to-play, platform-based publishing, casual & mobile gaming, fo ...
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Why do we make games? Every designer has a different and very personal answer to that question. Soren Johnson, founder of Mohawk Games, sits down with noted designers to find out by examining their careers as a whole.
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At age 19, Justin Waldron built an app that would go on to have the biggest IPO since Google. That company was Zynga, and it completely changed the way the world played games. Listen now for behind-the-scenes stories that shaped an era of social gaming, as well as Justin Waldron’s own secret for scaling up Zynga and setting it apart from the compet…
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Summer greetings from Acquired! Two items for this “mini-episode”: Tickets are now available for our live show at Chase Center in San Francisco, with special guests including Mark Zuckerberg (!). The show is Tuesday, September 10th, with doors opening at 5 PM for an hour of mingling with other listeners before the show starts at 6 PM. Huge thank yo…
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In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, again. But… what happened in the twenty years in between? The answer, as we discovered in our research, is probably not what you think. In this episode we explore and analyze the browser wars and the DOJ case, Wind…
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Matt Ball literally wrote the book on the metaverse - with a new update out in late July. So who better to chat all things metaverse and distribution with? In the last several years, Matt has become known as one of the most astute writers and thinkers about the nature of business, innovation, IP, and the deep structural factors that shape the enter…
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This is a free preview of this month's Patreon episode. Check out the extended version at Patreon.com/3ma!Len, Lambert, and Lorris get in and out of this month's deluge of dev diaries in a downright snappy three hours, despite nitpicking EU5's depiction of the British Isles for long enough to kill a non-map gamer. Please be cautious when listening …
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Len, Lorris, and Lambert sat down with JayBean, the creator of the popular Anbennar fantasy total conversion mods for Europa Universalis 4, Crusader Kings 3, and Victoria 3. We asked him what he's most excited about from what we've seen of EU5 so far, what changes he might make to the mod with these new systems, and how Paradox Tinto can better sup…
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Dennis Fong has had an INSANE career. By age 19, not only had he earned the title as the world’s first esports champion and pro gamer, but also became CEO of a 100-person gaming media company. He's even had a League of Legends character named after him. Since then, he’s gone on to found four additional businesses, all of which have majorly impacted…
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In this episode, Soren interviews noted game investor Mitch Lasky, best known for his work as a venture capitalist at Benchmark, as the CEO of JAMDAT, and as an executive at Activision and Electronic Arts. They discuss how the industry’s business models have always affected design, why he was wrong about the Halloween pack ruining League of Legends…
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In this episode, Soren interviews noted game investor Mitch Lasky, best known for his work as a venture capitalist at Benchmark, as the CEO of JAMDAT, and as an executive at Activision and Electronic Arts. They discuss how the industry’s business models have always affected design, why he was wrong about the Halloween pack ruining League of Legends…
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Starbucks. You’d be hard pressed to name any brand that’s more ubiquitous in the world today. With nearly half a billion global customer purchases per week across its stores and 3rd party retail channels, a significant portion of the human population gets their daily fix in the green and white paper cup. (Including our own Ben Gilbert who famously …
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This is a free preview of this month's Patreon episode. Check out the extended version at Patreon.com/3ma!Len, Lambert, and Lorris are here to explore the question of how long a podcast about an unreleased game can be before someone in our lives physically intervenes. We not only have Tinto Talks and the Johan Files to cover, but now Tinto Maps, Sa…
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Len and Rowan are joined by Nathan from the YouTube channel The Great Book of Grudges to discuss the Thrones of Decay patch, Creative Assembly's apology tour, and the state of Immortal Empires in 2024. Rowan grapples with why Warhammer 3 just isn't doing it for her, Nathan marvels at the current contentment of the community, and Len chews a hole in…
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It was 2007 and Robin Chan was running the mobile data business at Verizon while Justin Kan was rolling out JustinTV’s first prototype - a camera strapped to his head (literally). It was the perfect meetcute: Justin needed inexpensive mobile data to livestream his day-to-day and Robin had access to tons of it (In fact, Robin was the first one to pu…
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In this episode, Soren interviews noted game investor Mitch Lasky, best known for his work as a venture capitalist at Benchmark, as the CEO of JAMDAT, and as an executive at Activision and Electronic Arts. They discuss how the Doom shareware model was a preview of free-to-play, why a console transition led to EA buying Maxis, and how Jamdat pioneer…
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In this episode, Soren interviews noted game investor Mitch Lasky, best known for his work as a venture capitalist at Benchmark, as the CEO of JAMDAT, and as an executive at Activision and Electronic Arts. They discuss how the Doom shareware model was a preview of free-to-play, why a console transition led to EA buying Maxis, and how Jamdat pioneer…
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This is a free preview of this month's Patreon episode. Check out the extended version at Patreon.com/3ma!Len, Lambert, and Lorris are back to discuss the next four Europa Universalis V dev diaries and The Johan Files, an edited compilation of all of Johan's relevant forum posts that has more than doubled in size since we last talked. We decided to…
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Microsoft. After nearly a decade of Acquired episodes, we are finally ready to tackle the most valuable company ever created. The company that put a computer on every desk and in every home. The company that invented the software business model. The company that so thoroughly and completely dominated every conceivable competitor that the United Sta…
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Welcome to Secret Stash, the podcast spilling all the industry's secrets! Meet your hosts: Justin Kan, co-founder of Stash and previously co-founder at Twitch Archie Stonehill, head of product at Stash Before you jump into the first episode, where we have an incredible first guest, we wanted to share a bit about who we are, why we decided to make t…
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Welcome to Secret Stash's first-ever podcast episode, hosted by Justin Kan and Archie Stonehill. Today's guest - legendary investor Mitch Lasky! Since the mid 1990s, Mitch Lasky has been building and investing in some of the biggest game companies in the world. He was one of the first, if not the first, investor to take game developers seriously as…
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In this episode, Soren interviews veteran game developer Jake Solomon, best known for the XCOM reboot and Midnight Suns. They discuss his first, failed attempt at XCOM, why 75% does not mean 75%, and how many copies of XCOM he sold at Power Gamer in Glen Burnie, MD. This episode was recorded on April 26, 2023.Games discussed: Civilization Revolutio…
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It's a full house this week, as Len is joined by Ian Boudreau, Luke Plunkett, Mike Williams, and Ruth Cassidy to perform a bit of an autopsy on Millennia, C Prompt and Paradox's take at a Civ-like historical 4X. We all came away with a bit of a bad taste in our mouths about it, to varying degrees, and we spend a fair bit of time trying to explain w…
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This is a preview of this month's Patreon episode. Check out the extended version at Patreon.com/3ma!Join Len, FatherLorris, and Lord Lambert as we get the NoCB Cast band back together to talk for 3.5 hours about Paradox Tinto's "Project Caesar," which is probably Europa Universalis 5. Okay, let's be real: it's definitely Europa Universalis 5. We b…
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Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved int…
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In their final episode of Season 2, Mitch and Blake take on the complex and highly speculative topic of the impact of recent improvements in artificial intelligence on the games business. Your hosts acknowledge that the sector is moving so quickly that this episode could be obsolete by the time it airs, and warn that it's difficult at this early mo…
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Mitch and Blake look at the ins and outs of intellectual property licensing in games. After discussing the checkered history of the practice, they look at the creative and business reasons why licensed IP continues to be valuable to game creators. After a quick look at how IP licenses actually function and what to expect from licensors, Mitch and B…
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In perhaps their most important episode of the series, Mitch and Blake explain what they mean when they use the term "distribution" and why it is so important to their understanding of how the video games business functions. Like they did with the term "publishing" last season, they try to recontextualize distribution as a much larger and more impo…
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Mitch and Blake discuss the massive expansion of gaming in emerging markets around the world. The begin with a discussion of the big-picture factors driving this expansion -- primarily mobile technology, but also new business models, payment systems, and demographics. They then take a closer look at the Middle East and North Africa, and how the dif…
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In luxury, there’s Hermès… and there’s everyone else. Stewarded by one French family over six generations, Hermès sells the absolute pinnacle of the French luxury dream. Loyal clients will wait years simply for the opportunity to buy one of the company’s flagship Birkin or Kelly bags. Unlike every other luxury brand, Hermès: Doesn’t increase supply…
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Mitch and Blake explore the idea of independent game development. They attempt to define "indie" in the video game context -- something that proves more difficult that it might seem on the surface. They discuss the early successful indie developers in the 90s, and examine how the technology and business innovations that revolutionized the industry …
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Mitch and Blake expand on last season's discussion of platform-based publishers by introducing a new kind of company: the game-enabling software platform. The five companies they discuss (Epic, Unity, AppLovin, Discord, and Roblox) are all pursuing customer aggregation strategies similar to the platform-based publishers, but -- with the exception o…
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Mitch and Blake discuss the nuances of game financing. They begin by explaining how the publishing model of advances against royalties functions, and what the expected costs and benefits are for both the developer and publisher. After a brief discussion of bootstrapping, they do a deep dive on venture capital financing for games. They reveal how ve…
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They're back! Season 2 of the GameCraft podcast kicks off with Mitch and Blake introducing the new 8-episode season, followed by an analysis of the current health of the games business. Mitch and Blake discuss the paradoxical state of the business, where a "golden age" of content is facing some increasing financial headwinds. They compare the games…
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Last year Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, overtook LVMH to become Europe’s most valuable company. And the pull for Acquired to finally tackle healthcare (18% of US GDP!) became too strong for us to resist. While we didn’t know much about Novo Nordisk before diving in, our first thought was, “wow, seems lik…
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Is this a Winter of Wargaming? Len and Ian are joined by Brian "Chef Lu Bu" Smawley to dig into Warhammer 40K as a setting through the lens of the flagship tabletop miniatures game (particularly the recent 10th Edition). We go over a bit of lore, run through the factions, talk about our favorites, discuss how we got into the hobby, and why it may o…
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Len, Rowan, and Ian gather 'round the Yule Log for an extended discussion on the year that was 2023 in strategy games. There was a lot of good and a lot of bad. There were a lot of people talking about "Strategy/Simulation Game of the Year" that didn't really know what they were talking about. We share our personal picks and tease out a theme to en…
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Ben has some big news. Actually, double big news! On what has become a holiday tradition here at Acquired, we cozy up to the fire to do our annual review of the show “in public”. We reflect on what can only be described as an absolutely mind-blowing 2023 (LVMH! Jensen! Costco! Charlie! Half a million plus listeners!) and look ahead to some big thin…
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In this episode, Soren interviews veteran game developer Jake Solomon, best known for the XCOM reboot and Midnight Suns. They discuss how much money he had to give back to Accenture, how to animate multiple units at the same time, and why Sid suddenly started golfing so much. This episode was recorded on April 25, 2023.…
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In this episode, Soren interviews veteran game developer Jake Solomon, best known for the XCOM reboot and Midnight Suns. They discuss how much money he had to give back to Accenture, how to animate multiple units at the same time, and why Sid suddenly started golfing so much. This episode was recorded on April 25, 2023.Games discussed: Sopwith, Sil…
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