BLOOMBERG BUSINESSWEEK – Dec 5 – Levin was a junior investment banker at Credit Suisse First Boston when Barry Diller brought him over to IAC/Interactive Corp. in 2003; 12 years later, he succeeded him as CEO. IAC is spinning off the Match Group so the market can more easily value smaller IAC businesses, such as video platform Vimeo. In July, Levin invested $250M in Turo, which lets people rent out their cars when they're not driving them.
Q: What's the secret to competing with Big Tech, as you do with Facebook in dating?
A: They'll always have distribution and cost advantages. We can have a better product. We've got a group of people who eat, breathe, sleep, and live dating. Their product is free. Some of our products are not free. That's a signal of a commitment.
Q: Why spin off businesses like Match Group? Why not become an Internet conglomerate?
A: We're not empire builders. If we're going to keep building new businesses, we've got to focus. Eliminating the thing that starts to make life easy and focusing on the hard things is how you build them up.
Q: What's the one thing you learned from Diller that continues to shape IAC?
A: Thinking bigger. "Why aim for $20M in revenue? Why not $200M? Why not $2B?"
