Raj Shamani has grown Figuring Out from a podcast recorded under a blanket in his bedroom to a global media business with nearly 20m YouTube subscribers and a 120-person team. In this episode of The Business of Creators, Ian Shepherd sits down with Raj to unpack the systems, strategy and relentless experimentation behind that growth.

Raj explains why he doesn’t see Figuring Out as simply a podcast, but as the flagship product of a much bigger “education-first” media company spanning content, education, investments and social distribution.

Topics Discussed:
- How Raj went from a small city in India to building one of the world’s fastest-growing podcasts
- The “Wave Machine” Raj’s team uses to understand what audiences will care about next
- How a 120-person team researches guests, tests thumbnails and experiments with content
- Why Figuring Out expanded beyond business into health, relationships and understanding the world
- Raj’s ambitions to turn Figuring Out into a globally trusted education-first media institution

Key Takeaways:
- Build around a clear audience promise rather than trapping your content within one topic
- Focus on “teachings, not trends” and long-term value rather than chasing short-term virality
- Treat experimentation as a core business function — including actively studying what doesn’t work
- Great interviews require extensive preparation, curiosity and a willingness to ask difficult questions
- Think beyond your content format: a podcast or YouTube channel can become the foundation for a much larger business

Raj also reveals how his team prepares for major guests, why some recorded interviews never get published, and the dream guests he still wants to interview — including Jeff Bezos, Taylor Swift and Barack Obama.

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