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Jun 11, 2017 · 25m · top-founders

687: Monaco Bored Him, Now Places Ads on DIgital Billboards with VistarMedia CEO Jeremy Ozen

Jeremy Ozen · 13m spoken Nathan Latka · 9m spoken
0:00 / 0:00

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Jeremy Ozen, co-founder of Vistar Media, discusses how he leveraged his background in high finance to build an asset-light programmatic digital billboard platform generating $5.5 million in EBITDA on $20 million in gross revenue.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 40.1% of the talking time here. How this is scored →

Nathan as informed peer 3.7 Guest teaching 2.3 Guest disagreement 0.7 Nathan pushing back 1.9
05100:0010:0020:001:05–3:59 · Nathan as informed peer 4/10 Explaining Vistar Media's Real-Time Digital Billboard Ad Tech Nathan asks how Vistar buys and prices digital billboard inventory and whether they carry inventory risk. Jeremy clarifies that their technology operates on a real-time bidding model using telecom location data rather than pre-buying billboard inventory.3:59–7:55 · Nathan as informed peer 3/10 From Goldman Sachs and Monaco to Entrepreneurial Inspiration Jeremy recounts his career transition from Goldman Sachs and a Monaco hedge fund to learning entrepreneurial execution from a retail founder in Poland. Nathan actively validates the strategy of copying proven models and executing better.7:56–12:48 · Nathan as informed peer 6/10 Founding Vistar Media and Early Programmatic Out-of-Home Hustle Nathan demonstrates familiarity with online programmatic cookies versus mobile location data, prompting Jeremy to validate his ad tech fluency. Jeremy outlines the challenge of standardizing an offline industry that had zero programmatic infrastructure in 2012.12:50–18:20 · Nathan as informed peer 6/10 Vistar Media's Financial Health, Unit Economics, and Market Scale Nathan drills deep into Vistar's margins and P&L breakdown from $20M gross to $5.5M EBITDA, then pushes Jeremy on why they do not raise debt to acquire asset-heavy billboard operators. Jeremy explains why real estate CapEx undermines their software valuation multiple.18:21–20:37 · Nathan as informed peer 4/10 Executive Compensation, Reinvestment Strategy, and Growth Goals Nathan probes whether Jeremy views Vistar as a lifestyle cash machine or an enterprise exit vehicle, and inquires about personal compensation. Jeremy explains his low $50k salary and why reinvesting high EBITDA into enterprise growth maximizes valuation.20:37–24:27 · Nathan as informed peer 3/10 Sponsor Break: Organifi Superfood Drink Mix Travel Story Nathan conducts a sponsor read for Organifi before transitioning into the Famous Five rapid-fire questions, concluding with a comprehensive recap of Vistar Media's metrics.24:28–25:42 · Nathan as informed peer 0/10 Episode Conclusion and HostGator AdWords Promotional Offer Solo host monologue featuring podcast housekeeping, upcoming episode teasers, and a HostGator AdWords promotion.1:05–3:59 · Guest teaching 4/10 Explaining Vistar Media's Real-Time Digital Billboard Ad Tech Nathan asks how Vistar buys and prices digital billboard inventory and whether they carry inventory risk. Jeremy clarifies that their technology operates on a real-time bidding model using telecom location data rather than pre-buying billboard inventory.3:59–7:55 · Guest teaching 2/10 From Goldman Sachs and Monaco to Entrepreneurial Inspiration Jeremy recounts his career transition from Goldman Sachs and a Monaco hedge fund to learning entrepreneurial execution from a retail founder in Poland. Nathan actively validates the strategy of copying proven models and executing better.7:56–12:48 · Guest teaching 2/10 Founding Vistar Media and Early Programmatic Out-of-Home Hustle Nathan demonstrates familiarity with online programmatic cookies versus mobile location data, prompting Jeremy to validate his ad tech fluency. Jeremy outlines the challenge of standardizing an offline industry that had zero programmatic infrastructure in 2012.12:50–18:20 · Guest teaching 4/10 Vistar Media's Financial Health, Unit Economics, and Market Scale Nathan drills deep into Vistar's margins and P&L breakdown from $20M gross to $5.5M EBITDA, then pushes Jeremy on why they do not raise debt to acquire asset-heavy billboard operators. Jeremy explains why real estate CapEx undermines their software valuation multiple.18:21–20:37 · Guest teaching 3/10 Executive Compensation, Reinvestment Strategy, and Growth Goals Nathan probes whether Jeremy views Vistar as a lifestyle cash machine or an enterprise exit vehicle, and inquires about personal compensation. Jeremy explains his low $50k salary and why reinvesting high EBITDA into enterprise growth maximizes valuation.20:37–24:27 · Guest teaching 1/10 Sponsor Break: Organifi Superfood Drink Mix Travel Story Nathan conducts a sponsor read for Organifi before transitioning into the Famous Five rapid-fire questions, concluding with a comprehensive recap of Vistar Media's metrics.24:28–25:42 · Guest teaching 0/10 Episode Conclusion and HostGator AdWords Promotional Offer Solo host monologue featuring podcast housekeeping, upcoming episode teasers, and a HostGator AdWords promotion.1:05–3:59 · Guest disagreement 1/10 Explaining Vistar Media's Real-Time Digital Billboard Ad Tech Nathan asks how Vistar buys and prices digital billboard inventory and whether they carry inventory risk. Jeremy clarifies that their technology operates on a real-time bidding model using telecom location data rather than pre-buying billboard inventory.3:59–7:55 · Guest disagreement 0/10 From Goldman Sachs and Monaco to Entrepreneurial Inspiration Jeremy recounts his career transition from Goldman Sachs and a Monaco hedge fund to learning entrepreneurial execution from a retail founder in Poland. Nathan actively validates the strategy of copying proven models and executing better.7:56–12:48 · Guest disagreement 1/10 Founding Vistar Media and Early Programmatic Out-of-Home Hustle Nathan demonstrates familiarity with online programmatic cookies versus mobile location data, prompting Jeremy to validate his ad tech fluency. Jeremy outlines the challenge of standardizing an offline industry that had zero programmatic infrastructure in 2012.12:50–18:20 · Guest disagreement 2/10 Vistar Media's Financial Health, Unit Economics, and Market Scale Nathan drills deep into Vistar's margins and P&L breakdown from $20M gross to $5.5M EBITDA, then pushes Jeremy on why they do not raise debt to acquire asset-heavy billboard operators. Jeremy explains why real estate CapEx undermines their software valuation multiple.18:21–20:37 · Guest disagreement 1/10 Executive Compensation, Reinvestment Strategy, and Growth Goals Nathan probes whether Jeremy views Vistar as a lifestyle cash machine or an enterprise exit vehicle, and inquires about personal compensation. Jeremy explains his low $50k salary and why reinvesting high EBITDA into enterprise growth maximizes valuation.20:37–24:27 · Guest disagreement 0/10 Sponsor Break: Organifi Superfood Drink Mix Travel Story Nathan conducts a sponsor read for Organifi before transitioning into the Famous Five rapid-fire questions, concluding with a comprehensive recap of Vistar Media's metrics.24:28–25:42 · Guest disagreement 0/10 Episode Conclusion and HostGator AdWords Promotional Offer Solo host monologue featuring podcast housekeeping, upcoming episode teasers, and a HostGator AdWords promotion.1:05–3:59 · Nathan pushing back 2/10 Explaining Vistar Media's Real-Time Digital Billboard Ad Tech Nathan asks how Vistar buys and prices digital billboard inventory and whether they carry inventory risk. Jeremy clarifies that their technology operates on a real-time bidding model using telecom location data rather than pre-buying billboard inventory.3:59–7:55 · Nathan pushing back 1/10 From Goldman Sachs and Monaco to Entrepreneurial Inspiration Jeremy recounts his career transition from Goldman Sachs and a Monaco hedge fund to learning entrepreneurial execution from a retail founder in Poland. Nathan actively validates the strategy of copying proven models and executing better.7:56–12:48 · Nathan pushing back 2/10 Founding Vistar Media and Early Programmatic Out-of-Home Hustle Nathan demonstrates familiarity with online programmatic cookies versus mobile location data, prompting Jeremy to validate his ad tech fluency. Jeremy outlines the challenge of standardizing an offline industry that had zero programmatic infrastructure in 2012.12:50–18:20 · Nathan pushing back 4/10 Vistar Media's Financial Health, Unit Economics, and Market Scale Nathan drills deep into Vistar's margins and P&L breakdown from $20M gross to $5.5M EBITDA, then pushes Jeremy on why they do not raise debt to acquire asset-heavy billboard operators. Jeremy explains why real estate CapEx undermines their software valuation multiple.18:21–20:37 · Nathan pushing back 3/10 Executive Compensation, Reinvestment Strategy, and Growth Goals Nathan probes whether Jeremy views Vistar as a lifestyle cash machine or an enterprise exit vehicle, and inquires about personal compensation. Jeremy explains his low $50k salary and why reinvesting high EBITDA into enterprise growth maximizes valuation.20:37–24:27 · Nathan pushing back 1/10 Sponsor Break: Organifi Superfood Drink Mix Travel Story Nathan conducts a sponsor read for Organifi before transitioning into the Famous Five rapid-fire questions, concluding with a comprehensive recap of Vistar Media's metrics.24:28–25:42 · Nathan pushing back 0/10 Episode Conclusion and HostGator AdWords Promotional Offer Solo host monologue featuring podcast housekeeping, upcoming episode teasers, and a HostGator AdWords promotion.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 55.8% · guest 44.2%0:00 · Nathan 55.8% · guest 44.2%3:00 · Nathan 19.6% · guest 80.4%3:00 · Nathan 19.6% · guest 80.4%6:00 · Nathan 10.2% · guest 89.8%6:00 · Nathan 10.2% · guest 89.8%9:00 · Nathan 20.6% · guest 79.4%9:00 · Nathan 20.6% · guest 79.4%12:00 · Nathan 41.1% · guest 58.9%12:00 · Nathan 41.1% · guest 58.9%15:00 · Nathan 25.4% · guest 74.6%15:00 · Nathan 25.4% · guest 74.6%18:00 · Nathan 44.8% · guest 55.2%18:00 · Nathan 44.8% · guest 55.2%21:00 · Nathan 72.8% · guest 27.2%21:00 · Nathan 72.8% · guest 27.2%24:00 · Nathan 99.6% · guest 0.4%24:00 · Nathan 99.6% · guest 0.4%
Sharpest disagreement ▶ 17:44 Jeremy dismisses hostile contract renegotiations

Jeremy rejects Nathan's suggestion that Vistar should strong-arm billboard partners into giving up 10% equity, noting that collaborative expansion in a multi-billion dollar market is far more productive.

 Hardest push from Nathan ▶ 14:56 Nathan presses Jeremy to buy out billboard owners

Nathan challenges Jeremy's P&L efficiency by asking why he doesn't leverage cheap capital to acquire billboard real estate assets directly and eliminate cost of goods sold.

 Biggest teaching moment ▶ 15:43 Jeremy distinguishes billboard real estate from ad tech software

Jeremy educates Nathan on why buying $250k physical billboards turns a high-margin software business into a low-multiple, capital-intensive real estate operation.

 Nathan holds their own ▶ 14:24 Nathan synthesizes complete unit economic breakdown

Nathan demonstrates financial modeling expertise by immediately translating Jeremy's revenue, COGS, hosting, and headcount numbers into exact percentages and EBITDA contribution margins.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Explaining Vistar Media's Real-Time Digital Billboard Ad Tech 4412 Nathan asks how Vistar buys and prices digital billboard inventory and whether they carry inventory risk. Jeremy clarifies that their technology operates on a real-time bidding model using telecom location data rather than pre-buying billboard inventory.
From Goldman Sachs and Monaco to Entrepreneurial Inspiration 3201 Jeremy recounts his career transition from Goldman Sachs and a Monaco hedge fund to learning entrepreneurial execution from a retail founder in Poland. Nathan actively validates the strategy of copying proven models and executing better.
Founding Vistar Media and Early Programmatic Out-of-Home Hustle 6212 Nathan demonstrates familiarity with online programmatic cookies versus mobile location data, prompting Jeremy to validate his ad tech fluency. Jeremy outlines the challenge of standardizing an offline industry that had zero programmatic infrastructure in 2012.
Vistar Media's Financial Health, Unit Economics, and Market Scale 6424 Nathan drills deep into Vistar's margins and P&L breakdown from $20M gross to $5.5M EBITDA, then pushes Jeremy on why they do not raise debt to acquire asset-heavy billboard operators. Jeremy explains why real estate CapEx undermines their software valuation multiple.
Executive Compensation, Reinvestment Strategy, and Growth Goals 4313 Nathan probes whether Jeremy views Vistar as a lifestyle cash machine or an enterprise exit vehicle, and inquires about personal compensation. Jeremy explains his low $50k salary and why reinvesting high EBITDA into enterprise growth maximizes valuation.
Sponsor Break: Organifi Superfood Drink Mix Travel Story 3101 Nathan conducts a sponsor read for Organifi before transitioning into the Famous Five rapid-fire questions, concluding with a comprehensive recap of Vistar Media's metrics.
Episode Conclusion and HostGator AdWords Promotional Offer 0000 Solo host monologue featuring podcast housekeeping, upcoming episode teasers, and a HostGator AdWords promotion.

Statements from this episode (9)

Disclosure
Ozen: Vistar Media takes zero inventory risk through real-time buying
“We don't actually really ever have risk on the inventory because the system is a real time system. So with other media like Google and Facebook where you have real time buying of ad inventory, our system operates the same way. So we don't actually buy it up fr…”
Jeremy Ozen Jun 11, 2017 ▶ 2:18
Disclosure
Ozen: Vistar Media uses telecom location data to target billboard ads
“We use data from telecoms specifically the location data of consumers to analyze where people are throughout the day, and so we use that data to inform which to buy and when.”
Jeremy Ozen Jun 11, 2017 ▶ 3:02
Insight
Latka: Founders should copy proven models and win on execution
“I just tell people copy like hell, find something working, copy it and out execute.”
Nathan Latka Jun 11, 2017 ▶ 7:14
Prediction Not checkable as stated
Ozen: Programmatic technology will take over all advertising media formats
“We think that programmatic is going to take over every other form of advertising.”
Jeremy Ozen Jun 11, 2017 ▶ 10:59
Disclosure
Ozen: Vistar Media won't raise a priced round after $5.5M EBITDA
“We have not raised a series, a price round and we're not going to raise a series, a price round because last year we did 5.5 million of EBITDA.”
Jeremy Ozen Jun 11, 2017 ▶ 13:15
Assertion Contradicted
Ozen: Vistar Media is the only programmatic out-of-home ad player
“Because we're the only player that does programmatic out of home.”
Jeremy Ozen Jun 11, 2017 ▶ 18:00
Assertion Supported
Ozen: Digital billboards represent $2B of the $7B billboard market
“The pie is so big. I mean, it's a seven billion dollar market. The digital part is about two billion.”
Jeremy Ozen Jun 11, 2017 ▶ 18:08
Disclosure
Ozen: Vistar Media hopes for a big exit to Google or Verizon
“I think we do hope for an X, a big exit to Google or Verizon one day.”
Jeremy Ozen Jun 11, 2017 ▶ 19:05
Disclosure
Ozen: Vistar Media co-founder takes a $50,000 annual salary
“50 K per year.”
Jeremy Ozen Jun 11, 2017 ▶ 20:05
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