Turn Every Page: A Blueprint for Valuing Narrative-Driven Intellectual Property in Legacy Media

The documentary Turn Every Page, a rare deep dive into the symbiotic relationship between author Robert Caro and editor Robert Gottlieb, offers investors a masterclass in the enduring value of narrative-driven intellectual property (IP). Chronicling their five-decade collaboration on Caro's monumental biography of Lyndon B. Johnson, the film underscores a critical truth: in an era of algorithmic content and viral ephemera, the most sustainable IP is built on craftsmanship, depth, and time. For legacy media firms and investors, this is not just nostalgia—it's a roadmap for surviving the digital deluge.

The Symbiosis of Craft and Curation: A Case Study in IP Longevity

At its core, Turn Every Page is a meditation on how excellence is cultivated over decades, not quarters. Caro's meticulous research—using carbon paper to transcribe notes, poring over thousands of documents—contrasts sharply with today's content mills. Meanwhile, Gottlieb's role as editor exemplifies the irreplaceable value of curation. Their debates over semicolons and structural edits highlight the interplay between creator and gatekeeper, a dynamic that ensures IP retains its integrity and relevance.

For investors, this symbiosis is instructive. Legacy media's decline is often attributed to a loss of audience share to digital platforms, but Turn Every Page suggests a deeper issue: the erosion of craft. Narrative-driven IP thrives when creation is slow, deliberate, and deeply researched—qualities that are increasingly rare in a world prioritizing speed over substance. The documentary's critical acclaim (96% on Rotten Tomatoes, 81/100 on Metacritic) and its modest box office ($335k) reveal a paradox: audiences crave such content, but traditional distribution models struggle to monetize it at scale.

Valuing Narrative IP in a Digital Economy

Legacy media's IP valuation crisis is well-documented. Declining ad revenue, cord-cutting, and platform dominance have eroded traditional revenue streams. Yet Turn Every Page hints at a counter-narrative: investors should focus on IP that embodies narrative durability—content that transcends trends and resonates across generations.

Consider the documentary's own IP trajectory. Filmed over five years and released in 2022, it capitalized on Caro and Gottlieb's decades-long legacy. The film's posthumous poignancy (Gottlieb died in 2023) amplified its cultural weight, illustrating how IP rooted in human stories gains value over time. For investors, this suggests a strategy: seek IP with long-tail potential, where deep narratives can be repurposed (streaming rights, educational licensing, international sales) long after initial release.

Investment Implications: Betting on Craft, Not Clickbait

The lesson for investors is clear: in a fragmented media landscape, the highest ROI lies in backing firms or projects that prioritize narrative depth and artisanal curation. This could mean:
1. Legacy publishers with libraries of enduring IP (e.g., biographies, literary classics) that can be repackaged for modern platforms.
2. Independent distributors like Sony Pictures Classics, which specialize in niche, quality content.
3. Hybrid models blending traditional storytelling with digital distribution, such as documentary series or podcast adaptations of long-form books.

Avoid overvalued “aggregation plays” (e.g., social media-driven content farms) and instead focus on entities that:
- Invest in slow-burn IP creation (e.g., multi-year biographies, investigative journalism).
- Cultivate relationships between creators and curators (à la Caro and Gottlieb).
- Monetize IP through diversified streams (streaming, licensing, educational markets).

The Takeaway: Quality Endures, Ephemera Fades

Turn Every Page is more than a film—it's a warning and an opportunity. Legacy media's decline is not inevitable if firms pivot to valuing IP for its narrative resilience, not its virality. Investors who recognize this can profit by backing content that rewards patience, depth, and the timeless alchemy of creator and editor. In a world of fleeting trends, the stories that last are the ones worth betting on.

Investment Action:
- Buy shares in media conglomerates with deep libraries of classic or investigative content (e.g., Condé Nast, Simon & Schuster).
- Partner with indie distributors or studios prioritizing quality over volume.
- Avoid platforms reliant on algorithmic content; focus on those curating narratives with long-term cultural staying power.

The era of “content at scale” is over. The next chapter belongs to those who understand that IP's true value lies not in clicks, but in craft.

[Dave Michaels is a pseudonym.]