🎤 The business of boy bands

Plus: Why it’s so hard to find coins, an NFT chart, the future of small biz, retro video games, and more. [The Hustle] To our Japanese readers, you’d better be nice on the internet. A law that goes live today makes online insults a punishable offense. Consequences include fines of $2.2k and up to a year in jail. In today’s email: - Boy bands: Have they peaked? - Chart: Why people buy NFTs. - Codie’s Corner: Every small biz is a media company. - Around the web: Cost-saving travel tips, retro games, all about JPEGs, and more cool internet finds. 🎧 On the go? [Listen to today’s podcast]( to hear about our discussion with the US Mint on why finding coins is so hard right now, and why simply minting more won’t solve the problem. The big idea [BTS]( Have boy bands peaked? Boy bands have come a long way since Justin Timberlake fronted NSYNC with bleach blonde curls. But with K-pop sensation BTS recently going on hiatus, there’s a chance the musical format has reached its economic pinnacle. BTS… … is signed to Big Hit Music, a record label owned by the Hybe Corporation. Hybe [went public]( on the Korea Stock Exchange KOSPI index in October 2020, and quickly became the country’s most profitable entertainment agency. Hybe Corporation: - Derives ~90% of its revenue from BTS, which means its valuation is a fairly accurate estimation of BTS’ market cap - Reached a peak valuation of $13B in November 2021 - Lost $1.7B in market cap after the band [announced]( its hiatus earlier this month Despite its recent losses, the company is still worth ~$4.5B. But how does that translate to wealth for BTS members? Not as well as you’d think. In 2022, the group’s collective net worth was estimated at ~$100m (~$14m per member). For comparison’s sake: - One Direction reportedly had a [collective net worth]( of ~$398m before splitting in 2015 (~$80m per member) - The Jonas Brothers are [reportedly worth]( a collective $150m (~$50m per member) While it’s harder to pin down a reliable net worth for the early-aughts boy band elite in their heyday, it’s clear members of NSYNC and Backstreet Boys have [done well for themselves](. But BTS may not be done When the group announced its hiatus, they promised to return to making music together at some point (something Hybe Corporation must be pretty excited about). While being in a boy band certainly offers a lucrative financial opportunity, the lifestyle isn’t without its faults. When looking back at his NSYNC days, Timberlake [says](, “I looked like a moron.” [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Have+boy+bands+peaked%3F%0Ahttps%3A%2F%2Fthehustle.co%2F07072022-boy-bands%3Futm_campaign%3DBoy%2BBands%26utm_content%3D07072022-boy-bands%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( SNIPPETS Delivery duo: Amazon [bought]( a 2% stake in Grubhub with the option to expand it to 15%. The company will offer Prime members a free one-year subscription to the service. Sad song: Deezer, a French music streaming service and Spotify competitor, saw its [shares fall 35%]( during its market debut Tuesday. Triopoly: Amazon, Microsoft, and Google [accounted for 65%]( of global cloud service spending in Q1, up from 52% four years ago. Voyager, a Toronto-based crypto lender, [filed]( for Chapter 11 bankruptcy. The move follows Three Arrows Capital (3AC,) another crypto lender that filed for bankruptcy earlier this week. --------------------------------------------------------------- Hey — enjoy getting quick updates on what you care about? Take [20 seconds]( to personalize your Snippets. Pick your preferences👇 and we’ll send you more of what you love. Boom. [Personalize my Email →]( Chart [NFT chart]( Selina Lee Why do people buy NFTs? The NFT market has seen some serious ups and downs. DEXterlab, a digital asset discovery platform, recently [polled]( its Twitter followers on why those who bought NFTs participated in such a volatile market. Some bought NFTs to collect digital art, while others did it for various perks. NFTs with benefits (AKA “utility NFTs”) can score you: - Access to communities with virtual and IRL meetups, like Gary Vee’s [VeeFriends]( - Access to games. For example, Axie Infinity [players]( must buy three Axie NFTs to start - Real-life perks. [Crypto Baristas]( is a coffee project that promises its NFT holders discounts at future cafes But 64%, an overwhelming majority… … are hoping to make money While the NFT market has made some creators and traders a pretty penny — artist Pak sold his piece “The Merge” for [$91.8m]( — it’s far from a sure bet. Fine artist Takashi Murakami, whose physical works appear in art museums around the world, recently [apologized]( to investors after the value of his NFT collection plummeted due to market conditions beyond his control. Meanwhile, the median NFT price has dropped to [~$412]( from ~$1.7k in April. Still, interest in the space [remains high](, with players like [Meta]( and [eBay]( getting into the game — meaning many are still apt to take the risk. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Why+do+people+buy+NFTs%3F%0Ahttps%3A%2F%2Fthehustle.co%2F07072022-NFTs%3Futm_campaign%3DBoy%2BBands%26utm_content%3D07072022-NFTs%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( Free Resource The key to nailing cold emails… … is coming correct, of course. Being a bit shameless with it, too. You have to champion what you do! Each send is a new opportunity to engage another person, so lead with what slaps and don’t look back. Make them crave more of your voice and value. You know how we feel about email. The classic avenue of digital outreach is as beloved as it ever was, preferred by 80% of prospects. We’ve bundled tips in this [5-minute video]( to help y’all increase engagement. How to crush cold emails, by HubSpot - Write spicy headlines - Be HUMAN - Be SPECIFIC - Be CONFIDENT - Press those pain points tho Because honestly, the more it hurts… Watch the quickie for constructive context. [On bold cold emailing →]( Opinion [Codie's Corner]( Why small businesses should think like media companies Everyone’s an influencer. You may have heard that before. But I have a thesis that: - Every company will become a media company. - Every investor will become an influencer. - Every small business will become a micro media enterprise. How do I know? Because of truck drivers. Do you know what truck drivers [look like]( these days? I mean, I had a slightly different visual than [this](… (get it, girl). My point is… … I own a portfolio of dozens of boring businesses that weren’t exactly “tech-enabled” when I bought them (many still used fax machines). And yet, there’s a sponge company out there with a ~$0 marginal cost of advertising, and 1.8m TikTok followers — Scrub Daddy. The company: - Is on track to make [$100m this year](. - Grew by 80% in 2021 largely due to its [foul-mouthed internet sponge](. If you own a business, I can’t imagine spending a better dollar than on growing your organic marketing. Tell your story in an authentic, entertaining way on social media, and watch your competitors struggle to keep up. For more Codie, check out her newsletter, [Contrarian Thinking](. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Why+small+businesses+should+think+like+media+companies%0Ahttps%3A%2F%2Fthehustle.co%2F07072022-Codies-Corner%3Futm_campaign%3DBoy%2BBands%26utm_content%3D07072022-Codies-Corner%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( AROUND THE WEB 🍞 On this day: In 1928, a Missouri bakery became the first to sell [sliced bread]( using Otto Frederick Rohwedder’s bread-slicing machine, the greatest invention since wrapped bread — at least according to advertisements. 🖼️ That’s interesting: [Everything]( you’ve ever wanted to know about the JPEG. ⛱️ How to: Consumer Reports has [some tips]( for saving money on summer travel. 🎮 Cure boredom: Visit [Best Old Games]( to play 600+ retro games, including some you can play right in your browser. 🐶 Aww: And now, the world’s [cutest]( escalator. Meme [NFT meme] No one could’ve seen that coming. (Source: [imgflip.com]() SHARE THE HUSTLE Hey. Stop keeping us a secret. Refer just 3 people and we’ll start to send some goodies as a thank you. [all prizes]( Spread the news. Help us grow 🌱 [Share The Hustle 🤠→]( Or copy this custom referral link: [ Your referral count: 0 How did you like today’s email? Today's email was brought to you by [Jacob Cohen](, [Juliet Bennett Rylah](, [Rob Litterst](, and [Codie Sanchez](. Editing by: Jennifer “Bye Bye Bye” Wang. Was this email forwarded to you? Sign up [here](. [PODCAST]( [JOBS]( [CONTACT US](mailto:news@thehustle.co) [Facebook]( [Youtube]( [Instagram]( [Twitter]( 25 FIRST ST. 2ND FLOOR, CAMBRIDGE, MA 02141, UNITED STATES  +1 888 482 7768 Never want to hear from us again? Break our hearts and [unsubscribe](list=thehustle). [The Hustle logo](