Starving to Death on $200 Million: The Short, Absurd Life of the Industry Standard [Englisch] [Gebundene Ausgabe]

The Standard was of course an editorial operation, and this book focuses on the experiences of the editorial staff of which the author was a member. Since I was a part of the technical infrastructure team, I wasn't privy to many of the intricate details. Ledbetter's insights into the editorial staff's point-of-view are interesting and amusing; the basic happenings are all there (extravagant offsite meetings, reckless overspending, internal power struggles, and so on), but with some added first-person (or second-person) details.

I was hesitant to buy (and read) this book at first. Would I want to relive the days of The Standard? Would there be anything in there I didn't already know? Would it be interesting? For the most part, sure. It's not entirely a rehash of the life and death of one company; there are sprinklings of humorous (and Dilbert-ish) anecdotes that should be appealing to anybody who has dealt with the pressures of startups and shutdowns.

While I faithfully read the Industry Standard during its era, I never stopped to think about it as a business. It was clearly successful, and I had thought of it as a lucky benefactor, a byproduct of a real revolution. But what Ledbetter instead shows you is a business that had frankly more real success than almost all the startups it reported on -- the Healtheons, WebMd, Epinions, etc of the era were lucky to do a few million in revenue, and yet in the span of 18 months this magazine went from nothing to over $200 million in revenues, was profitable, had 450 employees, and was actually the highest earning magazine in America. It was almost the opposite of the dotcoms which had millions of readers/users but no revenue -- The Standard has millions of revenue on just a couple hundred thousand readers.

How do you create not just the most successful new magazine in history but actually become the number one earner -- equivalent to winning Rookie of the Year and MVP in the same year -- and then screw it up so badly and get unlucky enough that the business is dead 12 months later? Read this book to find out!

It's not uncommon for me to read a good mystery or thriller in 1 or 2 sittings, but I've never had any desire to keep reading a non-fiction book(even a good non-fiction book) for an extended period of time, and in a funny way the epilogue did seem more like the end of a mystery, filling us in on what's happened to the characters since the Standard folded. I read the book (cover to cover) in a couple of hours. I've never read anything by James Ledbetter before, but I've got to figure he's a pretty good reporter, because he managed to capture my attention, and hold it till he was done with me, and in the end I wanted a lot more. Or course, it's possible I simply had nothing better to do.

It's not a 5 star book. It's not going to change my life, and I won't pass this around to all my friends saying "You must read this book!" But as someone who had never heard of the Industry Standard till I opened the book, I came away from it saying, "I want to know more..."

Also, from my point of view, the book was not about the magazine. It was about Ledbetter's journey through the magazine, often shifting from the magazine's rise and fall to humorous stories about his run ins with PR agents, details about stories they published, and tales of a party or event, that he may or may not have attended.

If you do have a chance to pick up this book, you might enjoy the result, not because of the lessons learned, but because the story is just too good to be fiction.