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🏋️ Why landlords love gyms

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The Hustle

Hollywood players are scrambling for the rights to the FTX story amid reports that Michael Lewis has spent the last six months with CEO Sam Bankman-Fried, who will be the subject of his next book.

In today’s email:

  • EVs: Many want them but can’t afford them.
  • Chart: Gyms are in recovery mode.
  • Digits: FT-Ex, drones, Wordle, and more.
  • Around the web: A Cheetos tomb, focus breaks, a spreadsheet escape room, and more cool internet finds.

🎧 On the go? Listen to today’s 10-minute podcast to hear Jacob and Rob break down the latest FTX drama, Twitter’s latest moves, an anniversary at Amazon, and more.

The big idea
EV interior

Young people want EVs… but their wallets don’t

Gen Z apparently thinks EVs are “cool,” per a survey from auto insurance platform Jerry.

They and millennials are the generations most interested in purchasing electric vehicles, citing climate worries and rising gas prices as additional reasons.

The problem?

People under 40 are the most likely to want an EV, but less able to afford one, per NPR.

  • Though EVs may save drivers money on fuel and maintenance over time, they’re typically ~$18k more expensive upfront due to the high cost of lithium batteries.
  • Though some buyers may be eligible for tax credits, they are currently limited.

Optimistically…

… Matt Jones of vehicle pricing site TrueCar told NPR that by the time younger consumers hit prime car-buying age, EV prices may have come down given increased manufacturing.

Some experts believe EV and gas-powered car prices may even reach parity by 2025 thanks to subsidies for consumers and efforts to manufacture batteries domestically.

But infrastructure also poses a barrier

The federal government wants half of all new passenger cars and light trucks sold to be zero-emission by 2030, and the Bipartisan Infrastructure Law set aside $7.5B to add 500k public chargers across the US by then.

But McKinsey estimates the US would need 1.2m public and 28m private chargers — ~20x what it has today.

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TRENDING
eyeball wearing a hat

Whoa: In its debut weekend, Black Panther: Wakanda Forever pulled in an estimated $180m, and some viewers claim it has the best end credits scene in Marvel history.

SNIPPETS

Yikes: Hours after filing for bankruptcy, FTX was reportedly hacked, with $600m+ in crypto stolen from the platform.

Twitter reportedly laid off 80% of its contractor staff, with the cuts expected to impact content moderation and core infrastructure.

Groovy: Colorado became the second state after Oregon to decriminalize psilocybin mushrooms.

YouTube is introducing a “Live Q&A” feature that will help creators field questions from livestream viewers.

Ark Invest CEO Cathie Wood compared the Federal Reserve’s rate hikes to the policy that sparked the Great Depression, and urged the Fed to reconsider its strategy.

Freyr Battery, a Norwegian battery-maker, partnered with Koch Industries to build a multibillion-dollar battery plant in Georgia that’s expected to support the US power grid.

Robot writers: AI content tools are everywhere right now, but are they actually any good? We tested five AI writing tools to find out if the bots are coming for our jobs.

Chart
fitness industry market size
Olivia Heller Tweet this Image

Gyms are back, and landlords love it

The pandemic gave the fitness industry the biggest sweat of its life.

Social distancing protocols and the rise of at-home fitness products spurred a 33% drop in the market value of the fitness industry between 2020 and 2021, per IBISWorld.

But as consumers become more comfortable leaving their homes again, the industry is slowly building its muscle back, per The New York Times.

In the wake of the pandemic…

… fitness center openings are outpacing other retail categories:

  • In the first three months of 2022, the square footage of new fitness centers jumped to 4.5m square feet, up from ~2m at the end of 2021.
  • Monthly gym visits were up 18%+ from 2019 levels between March and August, and new memberships jumped 34% YoY in August alone.

With many landlords still dealing with pandemic-driven vacancies, the recovery of fitness centers, which often take up big chunks of square footage, has been as refreshing as a post-workout smoothie.

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Free Resource

Two polished business plan templates

Before that big idea sits and dies on some notepad… let’s see if it flies.

Every dream company needs that showstopping one-sheeter, with a  long-form read that tells the full story. Here are two tight business plan templates to outline every key aspect of your venture.

Use this free HubSpot resource to:

  • Sell your company story
  • Lay out grand scheme goals
  • Describe product and competition
  • Detail legal and financial blockers
  • Determine true product-market fit

Work out the logistics on this foundational doc.

Swift business plan →
Free Resource

Two polished business plan templates

Before that big idea sits and dies on some notepad… let’s see if it flies.

Every dream company needs that showstopping one-sheeter, with a  long-form read that tells the full story. Here are two tight business plan templates to outline every key aspect of your venture.

Use this free resource to:

  • Sell your company story
  • Lay out grand scheme goals
  • Describe product and competition
  • Detail legal and financial blockers
  • Determine true product-market fit

Work out the logistics on this foundational doc.

Swift business plan →
Numbers
Digits

Digits: FT-Ex, Prime Air, and more

1) FT… Ex. The Miami Heat are ending their 19-year, $135m arena naming rights deal with bankrupt crypto exchange FTX, which also had lucrative deals with Tom Brady, the MLB, UC Berkeley, and others.

2) Tracy Bennett, an associate puzzles editor at The New York Times since 2020, is now also the official editor of Wordle. The job takes Bennett ~30 minutes to an hour a day, and the game still gets “tens of millions” of players daily.

3) Telecommunications companies once employed 350k US landline operators. Today, there are just 550, and AT&T is ending its landline operator service in 21 states, affecting 3m of its 8.5m landline customers.

4) In Latin America, Uber and DiDi roam the streets of major cities. But in Brazil, for instance, Uber only covers 131 of 5.5k urban areas with 10k+ people. That’s prompted the rise of hundreds of hyperlocal ride hailing apps — many of which are made by a company called Gaudium.

5) Amazon started its two-day delivery program ~17 years ago. But by the end of 2022, the milestone could drop to 30 minutes, as its 80-pound, 50 mph MK27-2 drone starts making deliveries of up to 12 kilometers roundtrip in California and Texas.

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AROUND THE WEB

🚗 On this day: In 2006, the remaining two Pig Stand restaurants in Texas closed due to bankruptcy, marking the end of America’s first drive-in chain.

🐆 Haha: A man built a concrete time capsule so that future generations may know Flamin’ Hot Cheetos.

👀 How to: Take breaks for better focus.

🧠 Cure boredom: Play some brain tests. Compare your scores with other players.

🐋 Aww: And now, a beluga whale getting a massage.

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How did you like today’s email?
Today’s email was brought to you by Jacob Cohen, Juliet Bennett Rylah, and Rob Litterst.
Editing by: Mark “Time capsule full of Frito Pie” Dent.

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