Squid Beast

Good morning. ICYMI, Jack Dorsey announced that he’ll be stepping down from his role as CEO at Twitter yesterday, marking the end of an era. We’ll miss the beard and the pithy jokes, but are excited to see what new things his successor, Parag Agrawal will bring—maybe we can all get that long-requested edit button?

-Hannah Doyle

MrBeast’s Viral Video Masterclass

Last week MrBeast made YouTube history with the release of his video reenacting the popular show Squid Game, bringing in 456 contestants to compete for a cash prize of $456,000. Within 24 hours, the video became the most watched non-music/trailer video on the platform, currently sitting at 122 million views. 

By the Numbers

9 minutes → the time it took for the video to hit 1 million views. 

1.4 million → the number of new subscribers MrBeast received in a single day after the video launched. In 2021 he averaged closer to 70k per day. 

#2 → the app store ranking of the video’s sponsor, Brawl Stars, in the free games category after the video’s release, up from #41 previously.

MrBeast spent over $3 million over the course of a seven week production schedule, creating elaborate sets in a rodeo arena; working with other creators on props and digital graphics; and providing flights, accommodation, and per diem to contestants.

The project has been met with controversy, with a conversation trending on Twitter yesterday around comparison of viewership. 

Comparing the performance numbers between MrBeast’s video and the original Squid Game is interesting, but an oversimplification; the stats are being used as a creator economy rally cry that leaves out too much info and nuance. It’s an ad-supported platform vs subscription, 25 minutes vs 500, unscripted vs scripted, and MrBeast made the video after Squid Game had already become a global cultural phenomenon.

Our Take

Overall, this was an incredible production feat on YouTube. We’ve never seen a video of this scale on the platform, and the fact that MrBeast received as much growth as he did shows that by working off trends and using strategic marketing, even the biggest creators still have room to grow. It also proves that the creator economy as a whole is still in its early stages.

NFT Startup Royal Raises $55 Million

DJ 3LAU’s music rights startup, Royal, has been on a funding spree—having raised $16 million back in August, and as of last week, another $55 million from Andreessen Horowitz.

Royal partners with musicians, allowing users to buy NFTs which represent collective ownership in works from those artists. Fans can buy a token from an artist, which helps fund their work, and gives the investor value in return—like if your favorite artist’s songs were public stocks, where you could buy a share of a song, and earn royalties based on the popularity of the music.

Last month, 3LAU gave away 333 NFTs through Royal, sharing 50% of the streaming rights to his latest song. The startup says there have already been nearly $600,000 worth of secondary sales for those tokens, giving the new single an implied $6 million valuation.

Our Take

Web3 is redefining what a community can be. Online communities aren’t just a place to bond around a shared interest, but engines for funding and revenue. With a startup like Royal, fans can treat creators like investments, with both parties benefiting from a creator’s success.

Sponsored by Shopify

The Metaverse is Here. What Does That Mean for Creators?

The Chicago Bulls launched an NFT collection on Shopify, allowing fans to buy NFT’s using credit cards. The digital collection sold out in 90 minutes. This is the future—the value of digital ownership is climbing and at this rate of innovation, accessibility is going to be necessary to reach mass adoption.

With its trusted, established e-commerce platform, Shopify provides that familiar environment for both consumers and entrepreneurs where anyone can feel comfortable exploring, buying and selling NFTs. This accessibility Shopify provides will unlock immense value for the creator economy.

Learn more about how to get started with Shopify in this blog post.

TikTok Lifestyle Creator Curates a Book Club

Tiktok and Instagram lifestyle personality Tinx signed with book subscription company Literati last week to curate her own book club. 

Tinx started creating in May 2020, sharing TikToks where she talks into a small microphone, giving witty commentary on LA and New York culture, along with style and relationship advice. 

She has since grown a devoted following of over 1 million between Instagram and TikTok. If she recommends a product, it’s likely to be sold out shortly after—a sweater she’s been wearing in posts sold out within a week of her first appearance in it. 

Literati chose her for their first digital creator partnership, a deal that comes with the opportunity for subscribers to connect directly with her and other readers in the Literati app to discuss reads and share recommendations. Books will be delivered via monthly subscription boxes.

Our Take

Curation is becoming increasingly prevalent in the creator economy, especially among lifestyle creators with a devoted following that will readily act upon their recommendations. Companies like Literati that figure out how to monetize curation can partner with lifestyle creators for big returns.

 🔥 In Other News

• Gamer Ludwig Ahgren is moving to YouTube.

• Spotify tests a TikTok-like discovery tool.

• Pokimane is awarding $10,000 scholarships to high school gamers.

• Sidemen launches a restaurant chain.

• TikTok personality Griffin Johnson stars in a comedy movie.

We’re sending our condolences to the friends and family of Virgil Abloh. RIP to one of the greatest creators of our generation—

“You can’t surf without the wave. You have to study the wave, you have to be in the water, you have to look at it and know when it’s going to break. You have to know if there are other surfers who are going to take that exact same wave. Design in the modern sense is very much like that. And I surf every day.” —Virgil Abloh