Donald Katz says Audible's customers are highly loyal.
Fortune: You founded Audible in 1995, sold it to Amazon in 2008, and are still running it. How did you get started?
Donald Katz : I was a writer for 20 years, and in the early Internet days one of my articles was ripped off by techies all over the world. I remember thinking that there had to be a way to protect the integrity of professional creativity. I liked to jog with a belly pack full of tapes because I loved listening to literature. My old college roommate, a supercomputer designer in Silicon Valley, explained to me how the compression of digital signals worked and how talking, as opposed to video or music, could more easily be transmitted over phone lines. That's how Audible was born.
|Where should you put your money now?|
|How to bet against the bitcoin megabubble|
|El-Erian: Jobs report is even better than you think|
|More Americans are working, but pay is still low|
|What can you learn from Mr. Efficient Markets now?|