🥧 The baking boom


May 27, 2021

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

Jeff Bezos will officially step down as Amazon’s CEO on July 5. At 57 years old, you could say he is still in his prime.

The big idea
Vimeo

How Vimeo went from CollegeHumor side project to a multibillion-dollar company

When you hear the name CollegeHumor, you might think of the media company whose viral sketch videos have titles like “If Google Was A Guy.”

You probably don’t think of an $8B+ public software company.

Believe it or not, Vimeo started off as a CollegeHumor spinoff

In 2004, developers Jake Lodwick and Zach Klein built Vimeo as a side project while working at Connected Ventures, CollegeHumor’s parent company.

By 2006, CollegeHumor was getting 6m visitors a month, and media conglomerate IAC bought Connected Ventures for $30m to own that audience. (Translation: IAC kinda sorta bought Vimeo by chance.)

After Google acquired YouTube for $1.65B later that year, IAC realized its luck and shifted focus toward Vimeo with the goal of making a high-quality, curated YouTube competitor.

But the market was too small

Vimeo considered investing in original content to spur growth, but Anjali Sud, then director of marketing, thought it was a bad idea.

Sud pitched IAC’s CEO on building video software for businesses, similar to what GoDaddy and Squarespace did for websites. The pitch landed her the CEO job.

That launched Vimeo’s shift to SaaS

Vimeo has since built out a suite of production tools for:

  • Mom and pop stores to generate high-quality social media video content
  • Creators to build subscription streaming platforms
  • Fortune 500 companies to securely broadcast content in ultra-high quality

Vimeo went public earlier this week with 200m+ users and 1.6m paying subscribers. The company generated $89.4m in Q1 2021 revenue, +57% YoY.

(Little-known fact: Vimeo’s founders got the idea for Vimeo after they saw  CollegeHumor’s video of Ashley Simpson’s 2004 SNL lip-syncing debacle go viral.)

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

80% of readers only scan headlines. This makes headlines a magnet for eyeballs. Check out Alex’s 13 tips to craft a perfect headline. #hustle-picks

Electrek shared a crowdsourced Tesla Cybertruck reservation tally that puts the total count of $100 refundable deposits at 1m+. #clean-energy

African fintech startup OPay is raising up to $400m in a funding round that would take it to a $1.5B+ valuation. OPay says it processes ~80% of bank transfers for Nigerian mobile money operators. #fintech-cryptocurrency

Sam asked Jet.com founder Marc Lore what company he should start today that could sell to Amazon or Walmart in 3 years for $100m. Listen to Lore’s answer. #mfm

Not your grandpa’s EV: Lockheed Martin and GM are partnering to build an autonomous, electric Lunar Terrain Vehicle for NASA’s Artemis program. #emerging-tech

CVS, Walgreens, and Rite Aid stocks were feeling the heat Wednesday after a report that Amazon is weighing whether to enter the brick-and-mortar pharmacy space. #ecommerce-retail

Google landed a deal to use anonymized patient data from HCA Healthcare, the operator of ~2k health care clinics in 21 states. Expect this to sound some privacy alarms. #privacy

Google is working with hospitals to develop algorithms and tools to improve the medical care systems. There are concerns around patient privacy. #big-tech

Food Biz
kneading dough

Will the baking industry still rake in the dough after the pandemic?

At the onset of the pandemic, baking was the self-care a lot of folks kneaded.

Aspiring bakers cleaned both brick-and-mortar and online stores out of supplies, while baking sales rose faster than your sourdough starter.

  • King Arthur Baking Company sold 156m+ pounds of flour in 2020, +58% YoY
  • Sales of baking mixes and ingredients jumped by ~25%, according to market research firm Mintel Group
  • Hershey’s cocoa sales shot up 126% while its baking chips surged 75%
  • Yeast sales increased 647%

But will home bakers keep baking when they’re not stuck at home?

The answer appears to be “yes.”

Calls to King Arthur’s baker’s hotline increased 43% during the pandemic. But in March, King Arthur co-CEO Karen Colberg told Yahoo Finance that they’re still seeing baking levels up 25%-30% over pre-pandemic levels.

Meanwhile, consumer market research firm Hunter conducted a survey that found 71% of Americans plan to keep cooking more at home. Another Mintel Group survey from March found ~⅓ of Americans were baking more often and plan to keep at it.

To keep ovens warm…

… companies in the baking biz are now introducing a slew of new products and features, per The Wall Street Journal:

  • For those who’ve mastered cookies and cakes, America’s Test Kitchen is dropping a new cookbook for “The Savory Baker.”
  • King Arthur’s new “Extraordinary Breads” campaign features 12 recipes beyond sourdough. It also released keto flour.
  • Betty Crocker is launching simple kits for families, including “cookie cups.”

Why, yes, that is a cupcake made with cookie dough.

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

How Netflix crushes with the YouTube community tab

With 1,000+ subscribers, you can access YouTube’s community tab to post text updates, video thumbnails, polls, images, GIFs, and the like.

Think of it as an image-focused social feed on your YouTube channel. Yet another way to grow your brand, garner engagement, and draw eyes toward other proprietary content.

In 2020, Netflix started using the community tab to leverage its now-nearly 20M subscribers…

And they’re executing picture-perfectly

Netflix already sees way more engagement on the YouTube community tab (15K-40K likes on most posts) than they do on Twitter (around 10x less).

They push fresh releases, tease behind-the-scenes, craft solid memes, and start conversations, all wrapped up in a too-likeable brand voice.

This HubSpot video breaks down Netflix’s formula to real YouTube community tab success.

Here’s Netflix’s 4 steps →
Q&A
Stanley Druckenmiller headshot

Stanley Druckenmiller (Source: Bloomberg / Getty Images)

Stanley Druckenmiller: ‘The greatest investors make large concentrated bets where they have a lot of conviction’

Stanley Druckenmiller has a long and storied investing career:

  • In 4+ decades of investing billions of dollars, he has never recorded a down year.
  • During one stretch, he compounded assets at 30%+ a year for 30 straight years.

As the lead portfolio manager for George Soros’ Quantum Fund…

… between 1988 and 2000, Druckenmiller was the architect of one of the greatest trades ever: In 1992, he and Soros made $1B shorting the British pound.

Today, Druckenmiller’s firm — Duquesne Capital — is closed to outside money and run as a family office. His net worth has reached $5B+.

In recent weeks, Druckenmiller has raised alarm bells…

… around the Federal Reserve’s aggressive monetary policy, which risks stoking inflation, per his analysis.

To find out more, The Hustle spoke with the investor. The conversation was set up by Toggle AI, an investing AI startup that Druckenmiller counts among his investments.

Druckenmiller tells us:

  • What makes a great investor
  • How he makes an investment decision
  • Whether we are in another tech bubble
  • What career advice Druckenmiller has for 20-year-olds
  • What he thinks of crypto (Bitcoin, Ethereum, and Dogecoin)
  • Which Big Tech firm will be the first to reach a $5T valuation

Read the full Q&A here, or listen to the conversation on the My First Million podcast.

Share on Facebook Share on Twitter Send as email to a friend View on our website
Big Tech
Google Search bar

Google Search is making an AI-powered leap

Last week, Google rolled out dozens of new releases during its I/O 2021 developer conference, including updates to Android and Workspace (e.g., Docs, Slides, Sheets).

But the real story is Google’s updates to its cash machine: Google Search.

For search junkies…

… here are 2 acronyms — meant to make Google Search more talkative and knowledgeable — that you should know about:

  • LaMDA (Language Model for Dialogue Applications) allows AI bots to better mimic conversational dialogue.
  • MUM (Multitask Unified Model) gives AI a better understanding of the question being asked and the ability to string together complex search queries — AKA the AI knows what you’re really asking.

The 2 technologies are not yet ready for the public, but that didn’t stop Google from demonstrating their abilities by having Alphabet CEO Sundar Pichai “talk” to the planet Pluto (anthropomorphism at its finest).

The future is conversations

The I/O demonstrations foreshadow a future Search that’s less type-in-a-query-and-get-a-list-of-results, and more chat friendly.

In Google’s own blog post, it demonstrates a hypothetical search to prepare for a hike to Mount Fuji. Instead of sifting through result pages and tweaking keywords, the AI just knows what information can help and delivers it conversationally.

How exactly? Don’t look at us. But anything’s better than accidentally clicking a search ad.

Share on Facebook Share on Twitter Send as email to a friend View on our website
Meme of the Day

On the same day that Jeff Bezos’ official departure date from Amazon was announced, the Big Tech firm acquired MGM Studios. The $8.45B price tag comes with a deep catalog of films — mainly the “James Bond” franchise — as well as the Epix cable channel and TV shows such as “Fargo.”

We have only one question for the film studio founded in 1924: Will Amazon change the famous MGM opening production logo (the one with the roaring lion)?

If they want to, here’s one suggestion:

Source: Twitter / @TrungTPhan

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?

Join 1.5m+ professionals getting The Hustle daily news brief

Business and tech news in 5 minutes or less

100% free, no ads or spam, unsubscribe anytime

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?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.

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.google.com/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"> <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"> <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> <input class="email-submit" type="submit" value="Join Free"> <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>