On this episode of the L.A. Venture podcast, sit down with Daniel Leff, the founder and managing partner of Luminari Capital, as well as the co-founder and managing partner of his latest fund, Waverley Capital.
Leff has spent 22 years investing in media space. Both Waverley Capital and Luminari Capital are focused on investing in digital media disruptors and innovators.
In this conversation, Leff shared some insights on his work with Waverley co-founder Edgar Bronfman Jr., the CEO of Warner Music Group and former CEO of Universal Studios.
Leff says he and Bronfman see their fund's mission as "trying to find invest in and help build what we call category defining media companies."
Leff has devoted his career to this mission; he was the second institutional investor in Roku. Today, his portfolio includes Headspace, Wondery, FuboTV, Matterport and The Athletic.
He says media is a unique industry, especially in L.A.
"In the media industry, it's a different path to be disruptive," he says. "Business is done differently. It's almost never that a very young person can come into the market and rail against the establishment and expect to be successful."
He argues it's important for both startups and enterprise companies to not "chase the past" and to recognize that you cannot "put Disney out of business. You can't put Comcast out of business. You can't put Viacom out of business… but you can disrupt them."
In the rest of this episode, Daniel shared about how he got established in media, his connection with Roku founder Anthony Wood and his plans for moving forward.
Daniel Leff is the the founder and managing partner of Luminari Capital, and the co-founder and managing partner of Waverley Capital.
"People say content wants to be free. No it doesn't. Great content requires a lot of investment."—Daniel Leff
dot.LA Engagement Intern Colleen Tufts contributed to this post.