The Best One Yet - 🐶 “Who gets the dog?” — Pet Prenups are trending. The US Open’s economics. Ikea’s used marketplace.

Episode Date: August 27, 2024

The US Open is selling $12M worth of just one cocktail… because tennis found a new business model.Ikea just launched an official used furniture biz… to beat Facebook Marketplace.The newest trend in relationships is Pet Prenups… because you need to “Cover Your Assets.”Plus, the newest streaming service is from Chick-fil-A… but what should we name it? (Poultry+).—-----------------------------------------------------GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts FOR MORE NICK & JACK: Newsletter: https://tboypod.com/newsletter Connect with Nick: https://www.linkedin.com/in/nicolas-martell/ Connect with Jack: https://www.linkedin.com/in/jack-crivici-kramer/ SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Anything else: https://tboypod.com/  Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. It's Tuesday, T-Boy, Tuesday, August 27th. And today's pod is the best one yet. This is a T-boy. The top three pop business news stories you need to know today. Jack, have I mentioned you've been glowing since you indulged in all that S-cargo across the pond man? The French sunshine.

It hits you different. Jack's the only person who came back from France and had both S-cargo and caviar at the same time. Was it snail eggs? Oh, I only had the fish eggs. Okay, we'll round up. In the meantime, three stories for today's show. What do we got on the pod, Jack? For our first story, the U.S. Open tennis tournament just began.

It's the most corporate event in sports. So Jack and I will tell you how the U.S. Open makes half a billion dollars in just two weeks. For our second story, it's IKEA. IKEA just launched IKEA pre-owned, an official website to buy that used flugin' sofa. IKEA is Zuckin' Facebook Marketplace, and we are. here for it. And our third and final story is the newest trend in relationships. What is it, Jack? Pet pre-nups. Pet pre-nups. And the reason for pet pre-nups is because you need to C-YA. Cover your assets. If you know, you know. But yeties, before we hit that wonderful mix of stories,

fantastic mix of stories. I love the mix today, Jack. The hottest business headline while we were on vacation was the spiciest business headline while we were on vacation. Literally. Because Chick-fil-A is reportedly planning to launch a streaming service. Did you say a steaming service? Steam chicken? A streaming service. Steam chicken or stream chicken?

That's what I confirm audio-wise yet. That is, this fried chicken fast food chain is dipping itself into Hollywood video production. It's the Netflix of Nuggets. It's the Hulu of Hot Sauce. Now, if they don't name this streamer Poultry Plus, we need to speak with the manager. Darlene, get over here. We've got a problem. No, Chick-fil-A has not confirmed this streaming news yet.

So, besties, hold the waffle fries. But according to people familiar with the matter, Chick-fil-A is paying $400,000 per 30 minutes of video content. Jack, could you sprinkle on a little more context to 400K for 30 minutes of content? To pay for one episode, they'll need to sell 80,000 fried chicken sandwiches. I think we know a guy and his name is Buddy Timmy, who could handle that consumption check. Actually, his name's Colonel Sanders. But the goal here, we assume, is to glorify.

chicken-loving culture. Chick-fil-A wants to spice up the drama of Southern Fried Chicken with, you know, some streaming content. We expect to see titles like Sauce in the City, a story of love, life, and finger-lick. Carrie Bradshaw, she's going to lick it up, Jack. And yeah, I said lick it, Jack. So yet is, is Chick-fil-A the next HBO? Let us know in your comments what you think.

Oh, and while you're there, let us know what you think they should name the new Chick-fil-A streamer. Nick, it's got poultry plus. Pulchoo Plus, it's got legs. Let's hit a baby 15 years before this song Two boys from the Northeast met in the dorm They had an idea to cause a cultural storm

It's the best one yet But the best is an norm Jack Nick, that's it I don't even think they need to practice 50% that's a fat tip Tea Boy City on your at list If you know you know because we're ready to go We can't wait no more so just start the show

Start the show First a quick word from our sponsor For our first story, the U.S. Open tennis tournament has kicked off and it's bringing in more money than ever. Because the U.S. Open is not a sporting event. It's a resort for your company's marketing team. Vesde's the hottest celebrity hang out right now. It's not Montauk. It's not Monaco and it's not Miami. Where is it, Jack? Queens. Queens. Specifically, flushing Queens. You're going to want to take the seven train. The U.S. Open. The 143-year-old tennis tournament takes place in flushing Queens.

And the U.S. Open, it is the fourth and final Grand Slam tennis event of the year. And it's played on the hard surfaces of the Billy Jean King Tennis Center. Right next to Shea Stadium. So hard that John McEnroe broke 29 rackets and Andre Agassi went bald. Did you know, though, it's a two-week tournament? It's a long tournament check. And it has a week of qualifiers prior to that. And this year, the prize is a record-breaking tournament.

$75 million in cash. The winner of the singles tournament gets $3.6 million. But anyone who qualifies, 128 players, they get $100 grand just for showing up. Even if you're ranked $128, you're still walking away with a pretty good fun time. With $100,000. Yeah, that's pretty nice. How are these tennis players making so much money in this tournament check?

Record ticket sales, thanks to a million visitors who are going to show up over the course of the two weeks. You know what, Jack and I have been saying it all summer long. Tennis, it's the new pickleball. I love that laugh. Now, the business highlight of this tournament is actually a beverage. Yeah, it's not a tennis match. It's actually a cocktail drink, right, Jack? The honeydews.

Invented by Gregus, it's a vodka drink that I haven't tried yet. Yeah, it's made with vodka, lemonade, a little bit of melon, and not demour. And they're $23 per drink, reminding you that tennis is a country club sport. But here's the shocker about this one cocktail at the U.S. Open Yetis. They're expected to sell 500,000 of these honey-duce drinks at the game. That's $12 million in revenue just on that one cocktail. The U.S. Open is bringing in $12 million bucks on one single drink order. But the U.S. Open business model is unique in sports, because they don't depend just on ticket sales, concessions, and TV deals, like all the other sports leagues.

No, Yetis, Jack and I jumped in T-Boy style. And we noticed that the U.S. Open isn't a tennis tournament. it's really a resort. This entire campus in Queens, it's one giant corporate business lounge. Yeah, because the profit puppy of the U.S. Open isn't selling seats to fans. It's selling suites to businesses. Now, lots of stadiums have corporate suites, but the U.S. Open is on a whole different level. Because a single lounge at the U.S. Open costs at least $100,000 per day,

and sales of those lounges are up 27% from last year. year, they made $71 million in hospitality. Yeah, we're using the word hospitality because these are like corporate conference centers during the U.S. Open. And the U.S. Open has found a way to stretch that money because the matches aren't just one match a day. Their matches all day. For two straight weeks. Yeah, so the clients in those corporate lounges are ordering seafood towers of lobster and oysters from breakfast until midnight. And they're putting the honey deuce on their corporate card. So yeah, you're getting a second. Oh, and then these lounges, they create a beautiful business cycle that benefits the U.S. Open's bottom line.

If Jamie Diamond invites you to the J.P. Morgan Chase lounge for the U.S. Open. Jamie! You say yes, even if you're a celebrity. And celebrities prefer the sweets to the seats. These luxury suites attract celebrities, and the celebrities attract regular people to buy a ticket. Yeah, because you'll pay more to go to the U.S. Open on the off chance. He may see Kylie Jenner over Cocoa Golf.

So sweet sales drive ticket sales, too. Two more honey deuses. We're putting them on the T-boy card. Jack, what's the takeaway for our buddies over at the U.S. Open? The U.S. Open. It's the only sport that serves two different audiences. Two different audiences. Yeah, for most sports, the experience is largely the same in the stadium and on TV. Baseball, football, basketball, hockey. If you're watching on TV, you pretty much experience the same thing as the person who went to the game. But it's not the case with U.S. Open tennis in particular, because the The in-stadium experience is completely different from the TV experience. I doubt you're ordering a seafood tower from your living room, and you're probably not seeing Kylie Jenner in the bathroom. No, and that is why the U.S. Open, Formula One racing, horse racing, those are more hospitality businesses than on-field sports businesses. Those three sports, Nick just mentioned, they serve fans of the sport on television,

but then fans of luxury in the stadium. So the U.S. Open's tennis product, it hasn't actually changed in decades. but its revenue has surged past $500 million per tournament. Because the U.S. Open has found a second audience. It's become a corporate resort. For our second story, IKEA is launching IKEA pre-owned, an official website for used IKEA furniture.

Because secondhand sales are like Rottweilers. You'll want to be on the right side. Oh, yeah, you do. Yeah, it is a funny thing. There is a photo of Jack that exists on Facebook of him wearing a white tuxedo to his junior prom. I've deleted that photo. I saved a version of it. But that's not the only reason why you've still got a Facebook account, is it, Jack?

I actually am one of 500 million people in the world who have an active Facebook account just to use Facebook marketplace. Jack has a Facebook account for one reason only. And it's Facebook marketplace. It's to sell that white tuxedo I wore to junior prom. But yet is, here's the fascinating thing about Facebook Marketplace. The most common product that Jack has noticed on Facebook Marketplace is IKEA. Every day, there's like 500 IKEA things for 25 bucks that I could buy on Facebook Marketplace. Like, I wake up and I'm like, oh, another text from Jack about another $8 Lufa desk from IKEA on Facebook Marketplace.

Great. Honestly, an entire market and economy exists of old IKEA products. They're either on the driveway next to the street or on Facebook marketplace. But here's the problem, yetties. Although IKEA is one of the most popular products on Facebook marketplace, IKEA gets no piece of those transactions. Which leads to the news. IKEA is moving to control the secondary market of IKEA furniture.

That's right. IKEA just launched IKEA pre-owned, the official marketplace for used IKEA furniture. They're testing this fall in Madrid and Oslo to start, and they're hoping to expand globally next year. It's not IKEA. Jack and I call it old Kia. Oh, I thought you're going to say you, Kia. Kind of like that one now, too, Jack. But yet is, here's the big question when Jack and I saw this story.

How does IKEA differentiate their secondary market from the ones you already use like Facebook, eBay, or Craigslist? Because like Craigslist, IKEA's secondhand is just a middleman. They're never going to touch that used flugan sofa you buy. Yeah, IKEA's new service is just going to connect a seller with a buyer who then have to hand handle the delivery and shipping on their own without IKEA. But IKEA does know that fluggen sofa best. So in the listing, they're going to add the dimensions of the product, the materials of the product, and other product specs so that the buyer knows what they're buying.

The seller has to upload their own picture, but then IKEA is going to provide the marketing pictures from IKEA.com to make that listing thrive. And then if a sale does occur, ratings are exchanged between the buyer and seller. IKEA is trying to fill the gap that Facebook and Craigslist can. They're trying to fill the trust gap. And they're doing it by attaching their brand to the whole transaction process. And now, interesting thing Jack and I should point out about their launch strategy here, right, Jack? IKEA's not taking a fee as the middleman.

Yes. This is a free service right now because they want you to give it a little try. But in the future, IKEA says they're going to take a symbolic and humble fee. They said humble. Those Swedes are going to add a little fee fee fee. Dear fluggen sofa. So, Jack, what's the takeaway for our flugin sofa buddies over at IKEA? Secondary sales are like Rottweilers.

They're great if they're yours. They're kind of scary if they're not. Yeti's shocking stat. IKEA estimates that more people actually own IKEA secondhand than new IKEA. Cool statistic. Yeah. But a huge problem for IKEA for two big reasons. The first reason there's a problem for IKEA is that IKEA isn't making.

a penny on most IKEA sales. Second, customers could get scammed on Craigslist trying to buy IKEA, which would damage their perception of IKEA. This isn't a flugensoka, Jeff. This is a boogunsova. I don't want a boogunsova. So if you're a brand, secondary sales can be like a rotwiler. Yes. It can be kind of scary. But if you control that Roddy, if it's your Rottweiler, then it can protect you. That's why BMW, Levi's, and Snoo have all recently launched a pre-owned marketplaces. That's right. Instead of letting a secondary sale happen, unlike Facebook or Craigslist, more brands are launching their own secondary marketplaces to control the experience. A controlled marketplace to protect the brand and add a new revenue stream. Because the way Jack and I see it,

secondhand sales, they're kind of like Rottweilers. Great if it's your Rottweiler. Kind of scary if it's someone else's. Easy boy. Easy boy. Easy boy. Now a quick word from our sponsor. For our third and final story, the hot new trend in relationships is the pet pre-nup. The pet prenuptual.

The pet pre-prenup. Because when you're looking at your assets, you need to look beyond your bank account. So yeah, he's a funny thing. One of the most popular stories that Jack and I covered on this pod last year was the pre-nup pop. The pre-nup pop.

Because according to a Harris poll, this is unbelievable. This is wild. 47% of millennial marriages happening right now include a pre-nup. Sit down, stand up, get down on one knee, and then sign here, sign here, and then sign here. Nearly half of millennial marriages include a prenuptial agreement. That was a shock for Jack and me until we caught this nugget. The newest trend within pre-nups, pet pre-ups. pre-nups. Yetis, get this, business insider interviewed lawyers who are now seeing 20 to 25% of

pre-ups include a pet provision. Because we all know that one couple who split up now and has to awkwardly co-own a pet together. Like, who's picking up the poop in that situation? That's what I want to know, Jack. It's an awkward co-parenting situation. Because yet he's 23 million American households adopted a dog or a cat during the pandemic, but they're not all necessarily together today. So who gets custody of the corgi? Look, the fight over Fido isn't fun. So they're letting a lawyer figure it out preemptively. And that lawyer is really happy to do so.

Oh, I'm going to have to draft a new agreement for this one. Oh, another two hours. But Jack, I feel like you are uniquely positioned to jump in T-Boy stop to this one because I don't have a puppy. You got a puppy. I have a wonderful super mutt pandemic puppy we adopted. I cannot imagine losing that little. little fur baby. Well, good news, Jack, because if the other partner gets the pet in a divorce situation, you would still potentially get weekend visitation rights or petcation privileges based on the data we've

seen. A couple weeks a year, even if you don't get the pet, you can roll around in the grass with Grover, your great day. Or here's another strategy we're seeing in the pet prenups. You could pull a trade of the pet, you know what I mean? Oh, if you want the pet, then I get the house. Yeah, yeah. It's like One of you gets the corgi if you split. One of you gets the condo. That's another way these things break down. Either way, the pet pre-nup is a growing trend. Yeah, because millennials and zelenials and Genzi, we are marrying later.

We're having kids later. And so we're more likely to have a pet as we enter the marriage. The pet pre-nup. A new way that lawyers can charge billable hours. Until they add the pet to the will, in which case they can charge even more billable hours. I think they're doing that. They are adding the pet to the will. Yeah.

Yeah, you're nice, but... It's not man's best friend. It's lawyer's best friend. What do you mean the cat gets the stamp collection? Oh, my God. So, Jack, what's the takeaway for our buddies who are anyone getting a pet pre-up? Actually, just anyone getting married. It's important to C-YA.

Cover your assets. Cover your assets. Yeties, Jack and I said on a recent hotline episode that we each review our spending monthly. I review my spending on the 15th of the month. Yes. I think yours is the third of the month. It's the third of the month, Jack. Exactly.

But it's not just your spending. You also should review your assets every month. Nick and I each have a net worth spreadsheet that includes all of our debts and all of our assets. Now, while pets don't have a financial value, they are considered by courts to be ownable assets. In fact, one divorce attorney said that people will fight more about the pet in a divorce than they do over the money. Yeah. So that, it's just a reminder that you have more things of value than you realize.

Your car has value. Your crypto has value. Your kangrafy junior rookie card you got when you were a kid has value. Even the refundable down payment that you just made on a hotel for vacation, that is an asset too. To have a clear picture of your own financial situation, don't just check your bank account. The way Jack and I see it, you need to CYA. Cover your assets. Jack, and you'll whip up the takeaways for us for T-Boy Tuesday.

The U.S. Open generates $500 million of revenue in just two weeks, driven by corporate sweet sales. It's a resort for companies. Basically, the U.S. Open has found two audiences, tennis fans and corporate marketing budgets. For our second story, it's IKEA. They're moving to control the vast market for second-hand IKEA furniture. Because second-hand sales are like a Rottweiler. Great if it's yours, kind of scary if it's not. Easy, boy.

Easy, boy. For our third and final story, it's the big trend in pre-up agreements. A pet provision. Basically, a pet pre-up. Because we all need to C-YA. Cover your assets. But Yeties, this pod's not over yet. Here's what else you need to know today.

First, French authorities have arrested the founder and CEO of Telegram, the messaging app. Telegram is particularly popular in Russia, Ukraine, and other former Soviet countries. But France thinks that Telegram has become the messaging app for criminals, so they just arrested the CEO. It's a political drama about free speech that's unfolding right now. And second, the NFL will vote today on whether to allow private equity firms to own NFL football teams. Until now, the NFL has only allowed individual billionaires to own NFL football teams. But now they want to know if groups of billionaires can own NFL teams. And with the expected passage of this vote,

those billionaires will be able to sell like 10% of the team to raise a few hundred million dollars of liquidity. And finally, Apple just announced the date for its next big event. The iPhone 16 will come out on Monday, September 9th. Some early leaks of this new iPhone, it will have a new color. Yeah, apparently it might be bronze jack. That's kind of cool. Very inclusive, Olympic speaking. Yes, it is. And the new iPhone will also likely come with AI. Not artificial intelligence. They're calling it Apple.

Now time for the best fact yet. This one sent in by Owen Peas from lovely Fayetteville, New York. Push and play. Here we go. Did you know that a cloud weighs a million tons? I didn't know that. Wait, a cloud weighs a million tons. A cloud weighs a million tons.

Although, Jack, I think a lot of that's water weight. You know, it just kind of curious it. It's all waterway. Good call. I'm sure that must be like a typical cloud. Yeah, yeah, that's good point. But clouds, I think of them as so light and fluffy. They're actually incredibly heavy.

You would think it's the lightest thing floating in the air. It's actually one of the heaviest things in the world. If it's so heavy, why doesn't it fall to the ground? Where are we on that one, Isaac Newton? And that's a fact for another pod. Yeties, you look fantastic today. And remember, for T-Boy Tuesday, Jack and I want to know, what should Chick-fil-A name their new streaming service?

Faltry Plus is the leading candidate so far, Because it's the only candidate. Fried Flicks doesn't totally work. Wait, Jack, did you say streaming or did you say steaming? I just want to confirm one more time. Hit us up in the comments with what you think it should be called. I think he said streaming. Okay, we'll confirm.

Yeti's Nick and I. We'll see you tomorrow. Can't wait. And before we go, a huge congratulations to legendary Yeti's Ty and Victoria Jacobson on their new baby girl. Maxine Lucille Jacobson is a perfect 9th. pounds and 21 inches. And she's thriving just outside Seattle. And Wally and Larissa Sonek have got their six-year wedding anniversary. 13 years they've been together since Old Johnson and Wales. And a huge shout

out to birthday boy Arnaldo de Hoyas Jr., who's never missed an episode out of Austin, Texas. And Joey Javoyne is celebrating a 21st birthday down in Nashville, and he's still celebrating that birthday. Happy 29th birthday to Matthew Loon, who happens to be a honeymoon baby, according to his mother down in Riverside, California. Legendary birthday. And Andrew Meringer celebrated a birthday in Chicago with his legendary mama who together were doing some logistics. And to anyone else who's celebrating something today, Nick and a T-boy.

Celebrate the wins. This is Jack. Nick and I both on stock of Apple and I own stock of Netflix and Levi's. That's a trigger warning. That's a trigger warning.