The Best One Yet
🎟️ “Inside StubHub” — The Ticket IPO. Napster’s $200M comeback. 23&Me’s DNA drama.
Wed, 26 Mar 2025
StubHub is the #1 secondary ticket marketplace… but the biz totally depends on scalpers.Napster still exists (?) and just got bought for $207M… because “Say my name, say my name.”23&M is bankrupt, but 15M customers have a question… ummm, what about my DNA?Plus, the newest economic indicator is “Recession Brunette”... $STUB $ME $EBAYWant more business storytelling from us? Check out the latest episode of our new weekly deepdive show: The untold origin story of… Goldfish Crackers 🧀 Subscribe to The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinks to listen.“The Best Idea Yet”: The untold origin stories of the products you’re obsessed with — From the McDonald’s Happy Meal to Birkenstock’s sandal to Nintendo’s Susper Mario Brothers to Sriracha. New 45-minute episodes drop weekly.—-----------------------------------------------------Subscribe to our new (2nd) show… The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinksEpisodes drop weekly. It’s The Best Idea Yet.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/ Subscribe to our new (2nd) show… The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinksEpisodes drop weekly. It’s The Best Idea Yet.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Chapter 1: What is the biggest risk to StubHub's IPO?
For reasons you wouldn't expect. For our second story, 23andMe just filed for bankruptcy. So we're answering the number one question everyone is asking. Oh, what the heck is happening to my DNA? And our third and final story, Napster, the Y2K music pirating platform, just sold for $207 million? No, no, no, no, no, no, no. That is not the worst fact-checked headline you've ever heard.
It is a true story. We'll tell you why Napster is still... worth $200 million using a song from Destiny's Child. If you know, you know. But yetis, before we hit that wonderful mix of stories. What? A mix? I love the mix today, Jack. Everyone has one big question about the economy right now. Are we entering a recession? Nick and I looked at the data. We're not in a recession yet.
the economy is still growing. But if we were to have a recession, Jack and I have one place we would look, and that place is your hair. Specifically, your girlfriend's hair. Because the ultimate economic indicator, yetis, it's something called recession blondes. Actually, the term is recession brunettes. Good fact check on that one, Jack. We'll explain.
Besties, if your blonde body starts turning brunette, that is a big economic issue. Let me sprinkle on some context. I'd love that, Jack. During the 2008 financial crisis, a new concept arose. It was called recession hair. Oh. But wait, times were tough, so you skipped out on that $300 haircut. In the 2008-2009 recession, women had longer hair, and that reflected their financial worries.
Ipso facto, that was recession hair. But the newest trend is more specific. And what is that trend, Jack? Recession roots. Follow us on this one, besties. If money is tight, you're now postponing your hair coloring appointment. Because that toner's $200. That balayage is 350 bucks. And that is why your brown-haired buddy might not get her hair bleached in this economy.
Stocks are down, roots are up. Egg prices are high, your natural hair color is too. Besties, if your blonde friend shows up at brunch looking a little more brunette than usual, don't ask Rachie about her portfolio. Yeah, in fact, you should cover the tab. Yeah, that's recession brunette. It's a leading economic indicator.
To all of those formerly blonde besties out there, we hope the stock market goes up.
In the meantime, let's hit our three stories. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go.
We can't wait no more, so just start the show.
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Chapter 2: What happened to 23andMe's DNA samples after bankruptcy?
Chapter 3: Why is Napster valued at $207 million?
Besties, if your blonde body starts turning brunette, that is a big economic issue. Let me sprinkle on some context. I'd love that, Jack. During the 2008 financial crisis, a new concept arose. It was called recession hair. Oh. But wait, times were tough, so you skipped out on that $300 haircut. In the 2008-2009 recession, women had longer hair, and that reflected their financial worries.
Ipso facto, that was recession hair. But the newest trend is more specific. And what is that trend, Jack? Recession roots. Follow us on this one, besties. If money is tight, you're now postponing your hair coloring appointment. Because that toner's $200. That balayage is 350 bucks. And that is why your brown-haired buddy might not get her hair bleached in this economy.
Stocks are down, roots are up. Egg prices are high, your natural hair color is too. Besties, if your blonde friend shows up at brunch looking a little more brunette than usual, don't ask Rachie about her portfolio. Yeah, in fact, you should cover the tab. Yeah, that's recession brunette. It's a leading economic indicator.
Chapter 4: What does 'recession brunette' mean?
To all of those formerly blonde besties out there, we hope the stock market goes up.
In the meantime, let's hit our three stories. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go.
We can't wait no more, so just start the show.
I would define reclaiming as to take back what was yours. Something you possess is lost or stolen, and ultimately you triumph in finding it again. Listen to Reclaiming with Monica Lewinsky wherever you get your podcasts.
For our first story, StubHub, or as Jack and I call it, Stubby Hubby, has filed to IPO. So we jumped into the IPO paperwork to break down the business for you. StubHub's future depends on ticketing bots and scalpers in a way that will surprise you. But yet he's in order to tell the story of the StubHub ticketing service. Let's go back to 1999. Jack, pre.com bubble, what was the scene?
A Stanford business school student needed tickets to Lion King on Broadway, but the theater was sold out. Yeah, Hakuna Matata. Not Hakuna Matata, apparently. The guy thought to himself, there must be someone who bought a ticket that doesn't want to go anymore. Timon, Pumbaa, can anyone spare a ticket out there?
But back then, the only option to find a ticket on the secondary market was to stand like a bum outside the theater and tell everyone walking past, I'm looking for tickets. I'm looking for tickets. Everyone in Times Square thinks you're selling drugs or actually just trying to buy a ticket to a Moo musical. So that guy created StubHub, an online secondary marketplace for tickets.
He sold that business to eBay in 2007 for $310 million. StubHub's not part of eBay anymore. It was actually bought back by that same founder who needed the Lion King tickets, and now he's taking StubHub public. So pretty soon, StubHub will trade on the New York Stock Exchange under ticket symbol STUB. Stub. And they're hoping for a $16 billion valuation.
Which is three lifts, and which is huge, because Jack, what are StubHub's financials right now? They profited in 2023, but had a small loss in 2024 on nearly $2 billion of annual revenue. So besties, Jack and I punched our tickets and we read the S1 IPO paperwork on StubHub and we'll present to you the good and the bad of this ticketing business.
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Chapter 5: How do scalpers impact the ticketing industry?
Yeah, yeah. Infinite Reality. They're a metaverse company that plans to create virtual concerts under the Napster name. The new owner says this Napster will be clubhouse times a trillion, which sounds about right. But yet he's Jack and I jumped in T-boy style and we got even more shocked. Because this is the fifth time Napster has been acquired since declaring bankruptcy. That's right.
Napster's got more comebacks than a boy band. It's like NSYNC. They're past their prime, but they're still touring. Because in 2008, Best Buy acquired Napster to boost their CD sales, and then they sold it a few years later. They sold it to Rhapsody, a legal music streamer. Then in 2022, a blockchain company acquired Napster, and now a metaverse company is buying it from them.
And why is this latest acquisition happening? Well, the CEO said this about the deal. He said, there is no better name associated with disruption than Napster. So Napster is being acquired for reasons unrelated to music. They're being acquired because the brand represents rebellion. More than any other brand. So Jack, what's the takeaway for our buddies over at Napster?
To quote Destiny's Child, say my name, say my name. That's 90% of the work. Ladies, in politics, the incumbent, the candidate in office, wins 90% of the time simply because of name recognition. Especially in down ballot or local elections, you simply vote for the name that you recognize. Well, interestingly, data shows that consumers behave the same way.
90% of consumers buy from a brand that they recognize. So this metaverse company, Infinite Reality, they could have spent $200 million on a big brand awareness campaign. They could have dropped all that money on billboards, ads, to introduce you to their new name, Infinite Reality, so you wouldn't hopefully forget it. Or...
They could spend $207 million to buy a name that people instantly recognize already and are curious about. I mean, Jack, those two options cost the same, but the Napster route guarantees a name recognition win. Napster has been acquired five times since going bankrupt. That's insane. Because name recognition is 90% of the battle. Say my name. Say my name.
Jack, could you please whip up the takeaways for us for Ceviche Wednesday? StubHub is going public soon by listing their stock on the New York Stock Exchange. But if scalpers go away, so does a big part of StubHub's business. For our second story, 23andMe is now bankrupt after suffering from the Macarena problem. They were a one-hit wonder. So what about our DNA?
Well, it'll be sold to the highest bidder, so delete it now. There's step-by-step instructions online, by the way. And finally, Napster has been bought by a Metaverse company. It's the fifth new owner of Napster since its bankruptcy. Say my name, say my name. Name recognition is 90% of the battle. But yetis, this pod's not over yet. Here's what else you need to know today.
First, the texting error known as Signalgate dominated the news cycle on Tuesday. A Trump national security advisor accidentally included a journalist into a text chain that was discussing military attacks on the Houthi rebels. Now, Trump wasn't on the Signal chat, but everyone else in his cabinet was, plus a journalist from The Atlantic. That's who was added by mistake. The only winner here...
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Chapter 6: What led to the downfall of 23andMe?
Chapter 7: How can you tell if you're in a recession?
the economy is still growing. But if we were to have a recession, Jack and I have one place we would look, and that place is your hair. Specifically, your girlfriend's hair. Because the ultimate economic indicator, yetis, it's something called recession blondes. Actually, the term is recession brunettes. Good fact check on that one, Jack. We'll explain.
Besties, if your blonde body starts turning brunette, that is a big economic issue. Let me sprinkle on some context. I'd love that, Jack. During the 2008 financial crisis, a new concept arose. It was called recession hair. Oh. But wait, times were tough, so you skipped out on that $300 haircut. In the 2008-2009 recession, women had longer hair, and that reflected their financial worries.
Ipso facto, that was recession hair. But the newest trend is more specific. And what is that trend, Jack? Recession roots. Follow us on this one, besties. If money is tight, you're now postponing your hair coloring appointment. Because that toner's $200. That balayage is 350 bucks. And that is why your brown-haired buddy might not get her hair bleached in this economy.
Stocks are down, roots are up. Egg prices are high, your natural hair color is too. Besties, if your blonde friend shows up at brunch looking a little more brunette than usual, don't ask Rachie about her portfolio. Yeah, in fact, you should cover the tab. Yeah, that's recession brunette. It's a leading economic indicator.
To all of those formerly blonde besties out there, we hope the stock market goes up.
In the meantime, let's hit our three stories. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go.
We can't wait no more, so just start the show.
I would define reclaiming as to take back what was yours. Something you possess is lost or stolen, and ultimately you triumph in finding it again. Listen to Reclaiming with Monica Lewinsky wherever you get your podcasts.
For our first story, StubHub, or as Jack and I call it, Stubby Hubby, has filed to IPO. So we jumped into the IPO paperwork to break down the business for you. StubHub's future depends on ticketing bots and scalpers in a way that will surprise you. But yet he's in order to tell the story of the StubHub ticketing service. Let's go back to 1999. Jack, pre.com bubble, what was the scene?
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Chapter 8: What is the future of StubHub in the ticketing market?
Yeah, because remember, the goal is to get the debtors repaid. It's not to protect your customer privacy. And that is why the Attorney General of the State of California is telling customers this week... delete your data now. Log into 23andMe and figure out how to delete your data.
So in Jackson, my lifetimes of studying and seeing bankruptcy proceedings, basically don't take your chances with whoever buys 23andMe. You may as well delete your data now. Because in bankruptcy, the assets go to the highest bidder, whoever that highest bidder is.
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For our third and final story, Napster, the OG disruptor of music 25 years ago, was just sold for $207 million? We were shocked that Napster was even still around. Yeah, we really were. But we were more shocked it's been acquired five times. Yetis, let's go back to 1999. Jack, set the scene for us, please.
You logged on to your gateway computer, you signed into your AOL account, and then you downloaded that new 98 Degrees album so you could burn it onto a CD. Just because you wanted to impress a girl. Yeah, you could listen to I Do Cherish You for free, and that was because of Napster. Launched in 1999, Napster made it insanely easy to steal music consequence-free.
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