👟 At-home fitness is here to stay

{date(‘MMMM dd, yyyy’,time(“now”))}
The Hustle

Amazon is taking over the OG meme stock GameStop. Well, kind of. On Wednesday, the game retailer announced its incoming CEO (Matt Furlong) and CFO (Mike Recupero)… both former Amazon execs.

The pair join Elliot Wilkes, an Amazon veteran who is now GameStop’s chief growth officer.

The big idea
boxing gif

In-home boxing startup raises $20m as working out from home seems here to stay

Cue “Eye of the Tiger.” At-home boxing startup Liteboxer (how have we not heard of this?) scored $20m in funding to get its machine in front of more customers, per TechCrunch.

Liteboxer is a freestanding shield with 6 targets that light up to show you when and where to punch. Hits are timed to music, and boxers are scored on accuracy and strength.

The device retails for ~$1.5k, while a $29/month subscription includes workouts with Liteboxer trainers.

We know what you’re thinking…

… Peloton for boxing. And honestly, why not?

From March to October of 2020, home fitness revenue doubled to $2.3B vs. the previous year. Over the same span, treadmill sales spiked 135% while stationary bike sales were up 3x.

Also:

  • Peloton itself saw sales growth of 232% during shutdowns.
  • Strength trainer Tonal’s sales grew 8x+ in 2020. It just raised $250m in March, bringing its valuation to $1.6B.
  • VR fitness app Supernatural, where players blast targets in scenic locations, saw subscriptions ($19/month) double after Quest 2 launched last fall.

But what happens now that gyms are back?

A New Consumer and Coefficient Capital survey found 76% of Americans started working out more at home in 2020, and 66% preferred it.

Analysts told The Washington Post that people will likely keep using the  equipment and routines they’ve invested in, but will seek out gyms for social experiences.

Likewise, fitness pros who spoke to The Wall Street Journal predict exercisers — like employees — will go hybrid, splitting their sweat between the gym and home.

TBH, at-home boxing is probably more exciting than that winnerless Mayweather vs. Paul fight.

Share on Facebook Share on Twitter Send as email to a friend View on our website
SNIPPETS

No early Black Friday: As sales continue to move online, Best Buy joins Walmart and Target in closing on Thanksgiving Day. #ecommerce-retail

The Hustle’s Alex Garcia has 12 psychology tips marketers can use to influence their audience. #hustle-picks

Fintech company Now — co-founded by Stacey Abrams in 2010 to help small businesses get invoices paid fasterraises $9.5m. #fintech-cryptocurrency

Clearview’s facial recognition database contains 3B scraped photos. The Verge asks if we can escape it. #privacy

Uber and Lyft are upping efforts to have drivers legally classified as contractors, who wouldn’t receive minimum wage and certain benefits. #big-tech

Now on My First Million: secondhand ecommerce, door-to-door sales, and businesses poised to bounce back post-pandemic. #mfm

First Solar will invest $680m in a new plant and ~500 jobs in Lake Township, Ohio, an hour south of its Cleveland plant. #clean-energy

It’s a billionaire space race. Jeff Bezos plans to leave Earth on July 20. Now, Richard Branson’s team says he may blast off over 4th of July weekend. #emerging-tech

Crypto Country
President Nayib Bukele

El Salvador’s President Nayib Bukele (Source: The Daily Beast / Twitter)

El Salvador’s decision to make bitcoin legal tender could shake up US taxes, corporations

On Tuesday, El Salvador became the world’s first country to adopt bitcoin as legal tender.

Per CNBC, this change means that “prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.”

The country’s president, Nayib Bukele, marked the occasion by putting “laser eyes” — a popular way to show support for Bitcoin — on his Twitter profile. Why not!?

It’s not just profile pictures that are changing

There could be huge implications for the US, as explained by Forbes’ Avik Roy:

  • Taxation: Today, the IRS classifies bitcoin as property. If you use it to transact — like buy a Starbucks coffee — and the price of bitcoin has changed since you first acquired it, that’s a taxable event. But as legal tender, bitcoin can be used in commerce without being taxed (AKA much less friction).
  • Corporate balance sheets: Current accounting rules are unfavorable to crypto assets. If the price rises, you are unable to mark it up as an unrealized gain. If the price falls, though, you have to write it down. From a corporate accounting perspective, that’s all downside.
    However, if bitcoin is considered a foreign currency — because it’s legal tender in El Salvador — corporations can hold it on the balance sheet under more favorable accounting guidelines.
  • Bitcoin’s future: With the US dollar as the world’s reserve currency, it ideally transacts with all of the currencies of foreign nations. As an official currency for El Salvador, it may become harder for the US to ban bitcoin.

El Salvador itself only has a GDP of $27B, smaller than any US state. It’s yet to be seen how the US government will respond but — with El Salvador’s big crypto move — the questions are in play.

Share on Facebook Share on Twitter Send as email to a friend View on our website
Free Resource

Your website is your greatest salesperson

Give it the star treatment, and it’ll work for you 24/7.

It’s no surprise that 60%-70% of a customer’s journey today is digital.That means you need more than busted SEO tactics from 2018 to stand out from the pack.

HubSpot shares exactly how to craft winning websites in this 10-minute video.

Other businesses make you pay for this much content

The best landing pages are easily skimmable (crisp bites only). They open the door, show the value, and close the sale.

This video teaches you how to apply the top principles of design and walks you through some awesome models for inspiration.

It’s time to iron out the wrinkles. Let’s get your website all buttoned up.

Baller B2B websites →
Tech Patents

One way to see the future? Track corporate patents

Trends member Neer Sharma has been rounding up the best corporate patents every week for his must-read newsletter Patent Drop.

Here are some of Sharma’s recent findings:

Facebook’s shared VR spaces

One concern about VR is that it can cause social isolation because… well, you’re wearing a frickin’ headset on your face.

Facebook has a patent application where multiple people wearing VR headsets in the same location can interact in the same AR environment.

The key feature: Data from each person’s headset can be shared to coordinate the individuals and help render the virtual environment. This is a cheaper and simpler approach than the existing method, which requires elaborate camera setups.

Shopify wants to use your phone to measure body size

Poor-fitting clothes are a huge problem in ecommerce for a few reasons: 1) customers get pissed when sh*t doesn’t fit; and 2) returns are expensive.

Shopify is trying to address these issues by using augmented reality — via your smartphone’s camera — to get accurate measurements for clothing.

Interestingly, the technology can also account for how different types of clothing material fit the body. With measurements in place, the tool would let users virtually “try on” clothes.

Microsoft wants to send you ‘wellness’ insights

Microsoft filed for a patent that tracks your biometric data (e.g., heart rate) and pairs it with work-related activities.

If your blood pressure or heart rate rises from spending too much time on emails or in meetings, Microsoft will surface recommendations to help you address the issues.

On the one hand, that sounds helpful… but also dystopian AF.

Share on Facebook Share on Twitter Send as email to a friend View on our website
Stat of the day
creator economy sector

Source: The Information

The creator economy sector — which creates tools for individuals to create and monetize their work — has been big in 2021. And no other venture firm has been more active than Andreessen Horowitz.

Per The Information, Andreessen has led funding for 11 creator economy startups (e.g., Clubhouse, Substack) this year. Its total money dropped? ~$500m.

SHARE THE HUSTLE
Hustle Cons Greatest Hits ebook

Over the years, we’ve learned… secrets.

The business secrets, tips, and tricks that have helped founders go from zero to millions — and even billions — of dollars.

Want to see ‘em? Just refer {3-referral_count} more friends to The Hustle and we’ll send you our curated set of interviews with founders from brands like Zola, AWAY, Vungle, Bonobos, and more.

Here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Stickers

Laptop lookin’ sparse? Water bottle lookin’… clear?

You’re only {5-referral_count} referrals away from your first Hustle swag, Sam’s Stickers. Slap a few of these bad boys on the ol’ laptop and let everyone in the coffee shop know that you know. You know?

Here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Pint Glass

Look at you, smarty pants. You’ve already shared The Hustle with {referral_count} friends and enemies.

But hey, just because you’re a business nerd doesn’t mean you can’t enjoy a cool bevvy. Get {10-referral_count} more referrals and we’ll send you a pint glass etched with The Hustle logo.

Anyway, here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Ambassador Rewards

You’re only {15-referral_count} referrals away from earning our signature dad hat meant for ladies, gents, and dads alike to show folks they’re in the club.

Here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Always be Hustlin' tee

You’re close to the most coveted item in Hustle-land: The Always Be Hustlin Tee.

The fabric? Luxurious. The cut? Relaxed, yet refined. The message? Indisputable.

Share this link with {25 – referral_count} more of your friends to get the goods:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Hustle Hoodie

Damn, you’re on a roll. You’ve got the pint glass. You’ve got the hat. It’s time to complete your collection, don’t you think?

Get {50 – referral_count} more referrals and we’ll send you our favorite piece of Hustle swag: The Startup Sweatshirt. Slipping into this piece of fleece might just transport you to Silicon Valley (or maybe somewhere better, your pick).

Share this link to get the goods:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Trends Screenshot

Hey, we see you. You’re out there spreading the gospel of The Hustle like it’s nobody’s business. Seems like you might be ready for a little more…

Get {100 – referral_count} more referrals and we’ll slide you a free subscription to Trends.

And no, this ain’t an ad. We just think you’re the kinda person who would thrive in our top-tier community (it’s usually $299) full of founders, investors, and builders (AKA ambitious, no B.S. business folks like you — and enjoy our premium research and content.

Share this link with {100 – referral_count} more of your friends to get the goods:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Plane

If you love us so much why don’t you just marry us?

Get {1000 – referral_count} more referrals and we’ll fly you to The Hustle HQ in beautiful, downtown eastern Austin, Texas. Round-trip flight, 2 nights in a hotel downtown, and some wining and dining with The Hustle fam.

Heck, you practically work here anyway. Copy & paste this link to share:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →

How did you like today’s email?

Get the 5-minute roundup you’ll actually read in your inbox​

Business and tech news in 5 minutes or less​

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

We’re shooting our shot…

Start your mornings with The Daily.

Get the freshly baked 5-minute newsletter every day except Saturdays.

It’s filled with the most interesting stories on business, tech, and the internet.

And written for innovators of every industry. Sign up for the news that slaps.

If you don’t like it, unsubscribe any time. Privacy policy.

[email-submission-form redirect-to-home="true" button-text="Join Free" include-trends-opt-in="true" id="main-signup-form" fail-url="" success-url="https://thehustle.co/signup" default-source="thehustleco" default-campaign="home"]
<script type="text/javascript"> var onloadCallback = function() { grecaptcha.render('verify-your-humanity', { 'sitekey' : '6LdddrcZAAAAALyttpvOqiwQGwq5BNhgDz4tMQGE' }); }; function getCookieValue(a) { var b = document.cookie.match('(^|[^;]+)\\s*' + a + '\\s*=\\s*([^;]+)'); return b ? atob(decodeURIComponent(b.pop())) : ''; } function setHiddenFieldValue(wrappingDiv, searchParams, className, utmName, cookieName, defaultValue) { var el = wrappingDiv.getElementsByClassName(className)[0]; var existingVal = el.getAttribute('value'); var newVal = searchParams.get(utmName) || getCookieValue(cookieName); if ((existingVal == null || existingVal == '' || existingVal == defaultValue) && (newVal != null && newVal != '')) { el.setAttribute('value', newVal); } } function setHiddenFieldValueFromUtm( wrappingDiv, searchParams, className, utmName, defaultValue ) { var el = wrappingDiv.getElementsByClassName(className)[0]; if (el != null) { var existingVal = el.getAttribute("value"); var newVal = searchParams.get(utmName); if (newVal != null && newVal != "") { el.setAttribute("value", newVal); } } } function initForm() { var wrappingDivs = document.getElementsByClassName('email-submission'); wrappingDivs.forEach(wrappingDiv => { var sp = new URLSearchParams(window.location.search); setHiddenFieldValue(wrappingDiv, sp, 'funnel-source', 'utm_source', 'funnel_source', 'thehustleco'); setHiddenFieldValue(wrappingDiv, sp, 'funnel-campaign', 'utm_campaign', 'funnel_campaign', 'home'); setHiddenFieldValue(wrappingDiv, sp, 'funnel-medium', 'utm_medium', 'funnel_medium', ''); setHiddenFieldValue(wrappingDiv, sp, 'funnel-referral', 'ref', 'funnel_referral', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-a', 'a', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-c', 'c', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-o', 'o', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-oc', 'oc', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-e', 'e', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-f', 'f', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-r', 'r', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-t', 't', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s1', 's1', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s2', 's2', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s3', 's3', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s4', 's4', ''); setHiddenFieldValueFromUtm(wrappingDiv, sp, 'funnel-s5', 's5', ''); var error_message = getCookieValue('funnel_error_message'); if (error_message && error_message.trim() != '') { var error = wrappingDiv.getElementsByClassName('funnel-error')[0]; var prev_email = getCookieValue('funnel_email'); error_message = prev_email + " is not valid. Please try again"; error.innerHTML = error_message; error.style = ''; } }); if (false) { initCaptchaFormV2(); } } function initCaptchaFormV2() { var v3RecaptchaResponseEl = document.getElementById('recaptcha-response-v3'); v3RecaptchaResponseEl.parentNode.removeChild(v3RecaptchaResponseEl); var wrappingDiv = document.getElementById('main-signup-form'); var subForm = wrappingDiv.getElementsByClassName('email-submission')[0]; var captchaVersion = document.createElement('input'); captchaVersion.class = 'g-recaptcha hidden-input'; captchaVersion.type = 'hidden'; captchaVersion.name = 'g-recaptcha-response-v2'; captchaVersion.value = 'true'; subForm.appendChild(captchaVersion); var captchaEl = document.createElement('div'); captchaEl.id = 'verify-your-humanity'; subForm.appendChild(captchaEl); var captchaApiScriptEl = document.createElement('script'); captchaApiScriptEl.src = 'https://www.recaptcha.net/recaptcha/api.js?onload=onloadCallback&render=explicit'; captchaApiScriptEl.async = true; captchaApiScriptEl.defer = true; document.head.appendChild(captchaApiScriptEl); } function appendCheckboxes() { var optInDivs = document.querySelectorAll('.trends-opt-in'); optInDivs.forEach(el => { if (el.getElementsByClassName('trends-opt-in-checkbox').length < 1) { var checkbox = document.createElement('input'); checkbox.setAttribute('class', 'trends-opt-in-checkbox'); checkbox.setAttribute('type', 'checkbox'); checkbox.setAttribute('name', 'trends_opt_in'); var label = document.createElement('label'); label.setAttribute('class', 'trends-opt-in-text'); label.textContent = "Yes, I'd like to receive updates on market opportunities before they explode from Trends by The Hustle"; el.appendChild(checkbox); el.appendChild(label); checkbox.click(); } }) } window.addEventListener('DOMContentLoaded', (event) => { var funnel_email_cookie = getCookieValue('funnel_email'); if ( (true) && (funnel_email_cookie != null && funnel_email_cookie != '') ) { window.location.replace('/home'); } initForm(); if (true) { appendCheckboxes(); } }); </script> <div class="email-signup" id=main-signup-form> <div class="funnel-error" style="display:none;"></div> <form class="email-submission" action="https://cms.thehustle.co/api/v1/contacts/wordpress_create" method="post" autocomplete="email"> <div class="email-form-wrap"> <input class="funnel-source hidden-input" type="hidden" name="source" value="thehustleco"> <input class="funnel-campaign hidden-input" type="hidden" name="campaign" value="home"> <input class="funnel-medium hidden-input" type="hidden" name="medium" value=""> <input class="funnel-referral hidden-input" type="hidden" name="referral_code"> <input class="funnel-fail-url hidden-input" type="hidden" name="fail_url" value=""> <input class="funnel-a hidden-input" type="hidden" name="a" value=""> <input class="funnel-c hidden-input" type="hidden" name="c" value=""> <input class="funnel-o hidden-input" type="hidden" name="o" value=""> <input class="funnel-oc hidden-input" type="hidden" name="oc" value=""> <input class="funnel-e hidden-input" type="hidden" name="e" value=""> <input class="funnel-f hidden-input" type="hidden" name="f" value=""> <input class="funnel-r hidden-input" type="hidden" name="r" value=""> <input class="funnel-t hidden-input" type="hidden" name="t" value=""> <input class="funnel-s1 hidden-input" type="hidden" name="s1" value=""> <input class="funnel-s2 hidden-input" type="hidden" name="s2" value=""> <input class="funnel-s3 hidden-input" type="hidden" name="s3" value=""> <input class="funnel-s4 hidden-input" type="hidden" name="s4" value=""> <input class="funnel-s5 hidden-input" type="hidden" name="s5" value=""> <input class="funnel-success-url hidden-input" type="hidden" name="success_url" value="https://thehustle.co/signup"> <input id="recaptcha-response-v3" class="g-recaptcha hidden-input" type="hidden" name="g-recaptcha-response" value=""> <input class="signup-email" type="email" name="email" placeholder="Your email address" required autocomplete="email"> <input class="email-submit" type="submit" value="Join Free"> </div> <div class="trends-opt-in"></div> <div submit-success> <template type="amp-mustache"> <p class="c-message c-message--success">Thank you for subscribing.</p> </template> </div> <div submit-error> <template type="amp-mustache"> <p class="c-message c-message--failed">Your submission failed. Please try again!</p> </template> </div> </form> </div>