Stephanie Piza has departed M88 to found Piza in Los Angeles, proposing a model she calls representation 2.0 that treats creators as full-fledged media companies
Stephanie Piza has left M88 after two and a half years as Head of Emerging & Interactive Talent to launch Piza, a Los Angeles-based firm built around what she calls “representation 2.0.” The idea is simple in ambition: treat creators not as one-off talent but as founders of enduring businesses. Piza blends traditional representation with venture incubation and co‑building of consumer brands so creators capture long-term value—equity, IP, and governance—rather than just immediate fees.
What representation 2.0 looks like
– Hybrid services: Piza offers negotiation and deal management alongside product development, capital access, and coordinated brand strategy.
– Shared ownership: Instead of a pure fee-for-service model, the firm structures equity stakes, revenue shares or IP licenses so creators have a real economic stake.
– Operational depth: Successful execution needs product managers, marketers, legal and investor-relations capability in-house to shepherd concepts from prototype to market.
– Governance and legal scaffolding: Clear contracts—vesting schedules, IP assignments, exit terms—are central to avoid disputes and align incentives.
Why this matters
By combining agency know-how with entrepreneurial deal-making, the model shifts value from one-off sponsorships and short-term monetization toward sustained ownership. When creators hold equity and control over IP, benchmarks suggest higher lifetime value, deeper audience trust and more attractive outcomes for investors.
The trade-offs
Upsides
– Greater upside for creators: equity and licensing income can substantially outpace commission-based revenue over time.
– Better alignment: shared economics encourage creators and managers to invest in product quality and brand longevity.
– Access to capital and expertise: creators get hands-on support for product, supply chain and go-to-market strategy.
Downsides
– More complexity: negotiating shared ownership, governance and exit mechanics takes time and sophisticated legal work.
– Operational cost: incubating ventures requires capital and staff beyond a typical talent shop.
– Potential conflicts: shared decision-making can clash with creative autonomy if terms aren’t carefully defined.
How it works in practice
Piza’s playbook usually follows four steps:
1. Define ownership: standardized equity agreements and vesting tied to milestones.
2. Protect IP: clear assignment, licensing and revenue-split language so rights don’t get lost in the shuffle.
3. Incubate: rapid prototyping, market testing with small product runs, and iterative improvements driven by audience data.
4. Narrate: cultural positioning and coordinated content campaigns that reinforce the brand and drive demand.
Practical use cases
– Lifestyle creators launching direct‑to‑consumer product lines.
– Fitness or wellness personalities building subscription services or branded programs.
– Niche creators translating engaged followings into merchandise, podcasts, or media formats.
The highest returns appear when creators stay involved in product development and community engagement, and when launches align with coordinated content pushes.
Where this sits in the market
The creator-economy landscape is fragmenting into three camps: traditional agencies, boutique talent-first firms, and VC-backed incubators or studios. Piza sits between an agency and a studio—selective, LA-based, and focused on co-owned ventures. The firms that win will combine distribution leverage with operational muscle and clear, repeatable playbooks.
Bigger picture: incubation vs. management
Groups like NOFILTR argue that incubation protects audiences as assets—prioritizing trust and long-term retention over short-term deals. Incubators take equity, measure engagement decay and set rules to avoid trust-eroding partnerships. That discipline raises the floor for creators but demands patience and balance-sheet capacity from the incubator.
Standardization and the future
For the market to scale, players need common templates—standard term sheets, audience metrics, and valuation frameworks for creator equity. Those tools reduce disputes, speed deals and make creator-owned stakes investable. Secondary markets or regulated liquidity options could follow if pricing standards mature. The promise is clearer pathways to ownership and more durable businesses built around audiences. The challenge lies in scaling those processes without flattening the bespoke creative relationships that made creators successful in the first place. Watch for how Piza—and rivals—codify contracts, measure audience health, and prove repeatable outcomes in brand launches before this thesis becomes the industry norm.