🐤 “Missing: Big Bird” — Netflix’s Sesame Switch. Music’s $64B takeover. Phone-free restauranting. +Botox Networking

0:00This is Nick. This is Jack. It's Wednesday, so Vichae Wednesday, April 8th, and today's pod is the best one yet. This is a T-boy. The top three pop business news news stories you need to know it now. Now, Yeti's full disclosure before we kick things off. We are recording this before the 8 p.m. deadline the president set last night for Iran. The deadline was for either a deal or, quote-unquote, destruction of Iran's civilization. Everyone's watching, and we will know more tomorrow. But in the meantime, we have a live show tonight in New York City we are so freaking excited about. We are late for hair and makeup, baby.

0:31We can't wait to see you on our sold-out show at Irving Plaza. So, Jack, the mix for today's pod, what do we got on the TV? For our first story, Netflix just launched an entire gaming app for kids that includes Sesame Street. But Jack and I discovered one wild business mystery. What happened to the eight-foot-tall puppet known as Big Bird? For our second story, the hot new move at restaurants, phone bands. Yep, there's no bigger flex than cutting the invisible cord. And our third and final story, why is an iconic hedge fund trying to buy the biggest music label on Earth? Phil Ackman is obsessed with Taylor Swift because of musical landlords.

1:07But yet it is before we hit that wonderful mix of stories. I mean, what a mix. No better mix for live show day. Funny thing we noticed as we ate pizza last night at Pasquale Jones. Actually, Jack, it was something we didn't notice. Wrinkles. Yep. No one in New York has wrinkles anymore. Because the hot new trend in between work calls? Yes, Botox in the middle of the work day. That's right. The new coffee break in Manhattan is a Botox blend. Instead of grabbing a double-digit latte at a coffee shop, you're getting a double-lip injection at a med spot. Did you just put a 3 p.m. Botox blitz on my calendar, Nick?

1:39I'm sorry, I'm booked. I'm getting... Coworkers are bonding over this, and does that make it expensable? I think so. According to Business Insider, coffee break Botoxing's now up 87 % in the last year. Which is up infinity percent from the year before, because this was never a thing. To boost company morale, you used to do a happy hour, man. Or maybe axe-throwing with Carol from accounting. But now you're freezing your face with your cubicle neighbor, Carl. A little bit of poison right here, here, and here. Botox. It is the new networking, and we haven't even talked about the wildest part yet.

2:08It's preventative Botox. Oh, besties. There is no better business model than the word preventative. Preventative hair loss pills. Preventative couples therapy. Toss the word preventative in front of a product, and everyone is now accustomed. I need my cha-ching button, Jeff. Peter Griffin. He was sold preventative volcano insurance. We're overdue for a volcano hit. Look out for your 2 p.m. Botox blitz with your boss. Yeah, let's make it a coffee date and cut out a few years. Jack, let's get a free story. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm.

2:41It'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, because we're ready to go. We can't wait no more, so just start the show.

3:00Start the show. First, a quick word from our sponsor.

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4:09And use code T-boy at Monarch.com for half off your first year. That's 50 % off at Monarch.com, code T-boy. ZipRecruiter. Ah, Yeti's first hire we ever made. She was a fan. She wrote a newsletter version of our show. You remember that, Jack? I remember reading her writing sample on the flight, and I was almost in tears, Nick, because this newsletter we were writing as a passion, it was clearly a passion for her as well. She even knew what like a profit puppy was, and we were sold as soon as she put it in the newsletter. We were sold because she didn't just have the skills and qualifications. She had the motivation.

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5:11Try it for free at ZipRecruiter.com slash T-Boy. That's ZipRecruiter.com slash TBY. Meet your match on ZipRecruiter. For our first story, Netflix just launched a kids' gaming app and a new show about the grandson of old McDonald's. But the bigger story is what's happening to the most important kid show in American history, Sesame Street. Big Bird has gone missing. But yet he's, forget Nickelodeon. Yeah. Tommy Pickles could spend an entire sick day at home watching Netflix. Rocco's Modern Life is the modern Netflix show. Cat dog? What a weird show, by the way. Yeah, that's a disturbing image. We still have to talk about that in another pod.

5:52But the only tech native media giant just announced a new kids programming lineup that is arguably the biggest ever. Dr. Seuss, Coco Melon, Miss Rachel, and a new series on Netflix called Young McDonald. I'm going to need you to sprinkle on some context. It's about the grandson of old McDonald. Classic. He's probably like growing organic legal cannabis on his farm these days. Yeah, yeah, yeah. And Netflix also announced a new gaming app to complement these kids' shows. It's called Netflix Playground. Which your kid will be playing on the tablet the next time you fly down to Orlando. Buzz Lightyear, by the way, should be shaking in his space boots.

6:24Talk to me, Jack. Netflix wants to become as essential a subscription to parents as Disney Plus is. And Netflix knows the ultimate profit puppy in all consumerdom. Millennial parents overwhelmed by parenting who just need 30 minutes apiece. Yeah, millennial parents, they're willing to pay. So that's the Netflix headline. Yeah, but here's the bigger story that I've personally been watching. We've been fascinated about this. What's the deal, Jack? Sesame Street has gone CGI. Okay, big news last year. We covered it on the pod. Netflix became the official home of Bert, Ernie, and Count von Count. But what was the strange thing we noticed, Jack?

6:57Those characters I just mentioned, they've largely been benched in Sesame Street's latest season, season 56. Now, yeah, as you know Jack and I are big fans of Sesame Street and everything it stands for. We did a whole deep dive episode on the best idea yet about the origins of Sesame Street. We'll put a link in the episode description of that episode. Yeah, yeah, yeah. But I let my kids watch Sesame Street after breakfast before I take them to school. And Jack, what did you notice as you've been watching on Netflix? Big Bird has been absent since Netflix took over. Yeah. Except for a quick cameo in the opening credits.

7:25Jack, can you tell me how to get to Mr. Big Bird's last known location? Netflix hasn't confirmed it, but we checked each episode so far in season 56 on IMDb. Yeah. There's no human-sized Big Bird. There's only short cameos of Big Bird in an animated fashion. We basically turned our business podcast into a true crime podcast about the whereabouts of Big Bird on Sesame Street. The eight-foot famous puppet has now become a cartoon only in digital side segments of the show. In fact, we noticed there are barely any humans involved in Sesame Street on screen anymore. Sesame Street is very noticeably more computer animation than it ever has been before.

8:03Now, that's ironic if you know the original business of Sesame Street. Jim Hansen invented the word Muppets to describe his marionette puppets. But these days, we're seeing less puppets, more pixels. Now, Netflix and Sesame Workshop have confirmed a shift to the quote-unquote big four characters they're focused on. One, two, three, only four more stars. But that guy you just quoted is not one of them. It's Elmo, Cookie Monster, Abby, Kadabby, and Grover. Yeah, there are still humans in stage productions doing the puppets. We should point that out. But there's a huge animated segment in the middle, and that's conspicuous.

8:35And we suspect that the future of Sesame Street will get more animated and less live action. It's like content Ozempic. Netflix is definitely cutting out some key characters and using tech to lower the cost. If Netflix could save 36 bucks by cutting a vowel, it would be A-E-I-O. So Jack wants the takeaway for our buddies over at Netflix. Technology can perform CPR on the costly things we love. Yetis, Jack and I know that the most expensive businesses, things, companies in America are those that require American humans to produce. Think about the most expensive things in our country. Public education, private education, food, housing, babysitting, daycare.

9:14I'm picturing them. They're all so expensive because paying the workers and giving them health insurance is so expensive. And that's what put Sesame Street at risk of being shut down in the first place last year. Sesame Street is very expensive to produce compared to the animated shows like Cocomelon and the one woman master that is Miss Rachel. And of course, Congress is cutting funding for PBS. So Netflix stepped in and was the savior last year. Netflix saved Sesame Street first with cash, but now it's scaling Sesame Street for the future with technology. Now, honestly, you know, we could get sentimental about this, but there is a positive here, right?

9:49I mean, I watched the animated segments. They're good. They're educational. They're engaging. I feel like it's done a really nice job replacing the old Sesame Street. Oh, yeah. Yeah, it's like 90 % is educational, which is the number of the day, by the way. But Netflix is showing us how to leverage tech's cost structure to preserve the expensive thing we love. In this case, Sesame Street. By benching Big Bird. By disappearing Big Bird's physical form. Big Bird, tweet twice if you're still out there. For our second story, Wall Street is trying to buy Taylor Swift's record label for$64 billion. Bill Ackman's hedge fund wants universal music because music is dominated by three landlords.

10:34But Jack, let's start with Billy Ackman, famous Wall Street hedge funder. He tweets a lot about business and politics. Probably too much about business and politics. But he had one funny tweet we noticed two years ago that actually is perfectly timed for today. I'm glad you bookmarked this tweet, Nick, because Bill Ackman said that his mom used to play the piano for him every night. Ironic, because 40 years later, Bill Ackman is now trying to buy the biggest music label ever for$64 billion. Universal Music Group. They represent Taylor Swift, Bad Bunny, The Beatles, Sabrina Carpenter, Coldplay.

11:06If you're an artist who can go on a first name basis, we see you, Ariana. Thanks for listening. You're probably repped by Universal. Universal Music Group has owned the music of the number one artist for each of the last six years. Oh, this is good music trivia. What is it? Taylor Swift was the number one artist for two of the last six years. Bad Bunny was for the other four. It's just those two. And they're both with Universal. But UMG stock is down nearly half from its all-time high. Yeah, the stock Universal has been singing the blues and Wall Street thinks it knows why. Which leads to the news.

11:36Bill Ackman's hedge fund, Pershing Square, offered 55 billion euros to acquire Universal. I noticed you didn't say dollars, you said euros. Euros. Yeah. Because the problem facing Universal Music Group isn't the music industry or anything they're doing within it. It's geography. Because Yeti's Universal is the product of a century of international mergers and acquisitions. This company was founded 92 years ago in 1934. Trivia? Yeah, more music trivia. What do we got? The number one musical artist in 1934. Let me give them a second to guess. Yeah, I think it was a silent movie. Bing Crosby. Bing Crosby.

12:11But then Universal combined with a Japanese company, and then they sold to a French company, and then they IPO'd in the Netherlands. They actually skipped a Canadian acquisition, but I'll let it slide. That's possible, Jeff. So now, the world's biggest music company trades on the Amsterdam stock market. Okay, and that's the problem. Not because the Dutch don't have good musical taste. I mean, we love Tiesto. He's great. The problem is financial. The stock is missing out on U.S. investors. You see, besties, if Universal were listed in the United States, it would be in the S &P 500. The coolest club in finance.

12:42Index funds would then have to automatically buy the stock because they buy the S &P 500. And every American, by default with a 401k, would own some of Universal Music Group. But since Universal is not U.S. listed, the American investor base has to search it out to buy the stock. And the United States, it represents 60 % of the world's stock market. So Universal, it's FOMO-ing. It's missing out right now. On 60 % of the world's money. Basically, Eddies, think of the U.S. stock market as the ultimate performance venue. It's Carnegie Hall, and Universal's not there. So if Bill Ackman succeeds in buying Universal, he has one simple plan to boost the stock.

13:19Switch its listing from Europe to the New York Stock Exchange. Like a talent scout bringing a foreign singer on tour in America. He's not even going to switch to the CEO. He's just going to change the listing. He's probably going to do it in DocuSign in three minutes. So Jack, what's the takeaway for our buddies over in the music industry? The dirty secret of music? It's dominated by landlords. Yeti's music recordings. The songs we all listen to on Spotify, they're actually owned by the three big record labels. Music publishing, the songs that can be covered, like the lyrics basically, those are generally owned by the artists.

13:52Besides Taylor Swift, who won a battle to own both, both are being bought up by Wall Street these days. Bob Dylan sold the rights to his music. 400 million. Bruce Springsteen did too. 500 mil. Queen, 1.27 billion bucks. And they sold to financial firms, not fans. Because now financial firms are acting like landlords. They're collecting rent every time the music is played. You see, popular music is like real estate. It's a limited resource and it's owned like a landlord. Several of them are publicly traded, like you can own a piece of the music business and take a share of the profits too. Because your monthly Spotify subscription, 70 % of it goes to these music landlords.

14:28But besties, Bill Ackman, he doesn't have to learn trumpet or whip up a jam anytime soon. He can just sit back and collect. If this acquisition goes through. Because music is the new real estate and Wall Street wants to be the landlord. Now, a quick word from our sponsor. Samsara. Yeah, it is. If you're listening to us on the road right now, hey, two hands on the wheel. If you got a third hand, toss it on the wheel too. Fender benders are bad vibes. And if your business involves putting people on the road, well, you need a wingman to make those drives safe. And your P &L statement will thank you.

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16:42For our third and final story. The digital detox movement has hit a new milestone. Restaurants and bars where phones are banned. Nearly 20 years after the iPhone. The screen's rain is coming to an end. Jack, how about we start this story like we do with some stories, with the hero stat. Americans check their phones 144 times per day on average. Can you sprinkle some more context on? That's four and a half hours a day the average American looks at their phone. I'm sorry, that data's from 2023, Jack. Just one year later, 2024, we're now checking our phones 205 times a day. How about that head fake, besties?

17:23That's up like 40 % in one year. You may have to repeat it because everyone was looking at their phones while they were hearing that. This is according to a survey conducted by Reviews.org in 2024. Which we read on our phones on the way to the bathroom earlier. Yetis, if you think about it, phones have become tiny little TVs. I like that way of thinking about it. Now, in the 80s and 90s, the average American watched a lot of TV then too. Four hours a day. So we're basically doing the same thing, Jack, but TVs today are portable, so we're just watching everywhere. Which is key. We used to watch TV with our family in the living room or with friends or with strangers at a bar to watch the game.

17:54Yeah, here's where the social impact is. Today, we're TV watching on our phones, which is a totally solitary experience. And assuming that we're awake 16 hours a day, we check our phones every five minutes. I did just get a notification. Two hundred checks a day. Bieber launched an AI app. Imagine if I, like, worked out or read a book 205 times a day. And apparently Bieber's AI app is already worth a billion. I got to read more about this, Jack. We're not reading, Nick. We're watching videos. Let's be honest. This is what Jack and I find fascinating. It leads to a brand new trend alert across a different industry.

18:29Phone-free bars and phone-free restaurants. That's right. 11 states have them, according to Axios. It's the forced log off. And I'm all for it. Yeah, I mean, the hot new amenity at bars isn't the craft cocktail menu. It's a phone lock. It's not some clever way to describe a mocktail, which I love those clever puns for mocktails. They hit every time. Yeah, yeah, yeah. No, no, it's the unplugged economy that is starting to evolve. So when Washington, D.C. is leading the trend, political power people want to dine in peace without the chance somebody's taking a picture of them. No pictures, no posting.

19:00Those are the signs you now see in D.C. Because diners don't want their date to end up on TMZ the next day. And outside of D.C., restaurant owners are simply thinking no phones enhance the vibe. In New York City, the club scene is really making a comeback. I mean, Jack. Thanks to the elimination of phones. The next time you go raving at a warehouse in Brooklyn with your German buddies, you're going to have to give up your phone before you walk in there. Dancing has kind of died. Yeah. You're worried people might take a picture of you grinding somebody and post it on Instagram and, like, you didn't want that.

19:28But on the other end of the spectrum, you're seeing this too. Chick-fil-A, what is going on down in Maryland, Jack? One franchise in Maryland is offering free ice creams to families who promise to keep their phones off the table. Now, unsurprisingly, besties, this trend is actually being led by Gen Z. 63 % of Gen Z say they intend to disconnect from their phones. Compared to 57 % of millennials and just 29 % of boomers. And this is ironic because Gen Z is the first fully digital generation. The first online since the beginning post-Y2K babies. And yet they're the ones who are most rejecting phone screens in public places.

20:01And this makes sense. At our live show last month, we talked about the resurrection of shopping malls. Yeah, right. What was our takeaway for that one? Gen Z is going back to shopping malls because they want to live in the B-phone era. Yeah, the era before the iPhone. So restaurants and bars banning phones over appetizers is another step in that direction. But here's the twist. While Gen Z intends to disconnect from their phones, they don't actually do it. Get this. Of all the generations, Gen Z checks their phones the most. Last call for screens. So Jack, what's the takeaway for our buddies who are curious about the unplugged economy?

20:35When restaurants start paying you to put your phone down, you know there's a problem. Yeah, we're kind of vibe regulating here, Yetis. You see, two years ago, we covered a startup called Yonder, the phone pouches at live events that force people to not bring out their phones. If you want to see a stand-up comedian or a rock and roll concert, you might have to leave your phone in one of these pouches and then put it in a locker. Schools have begun using Yonder to force kids to lock away their phones too. And now restaurants and bars too. Yetis, the iPhone turns 20 years old next year. And that's actually right on schedule for this story.

21:05Right, because Kara Swisher told us at our last live show, it takes 20 years for a new industry to be regulated. It took 20 years for America to regulate railroads, more than 20 years to regulate cigarettes, and now 20 years-ish to start regulating phones. Now, besties, look, people are trying to limit their phone use and companies are trying to help them do it. But the data shows it's not enough. The generation that most wants to get off their phone literally can't do it. So as we wait for regulation, the market is trying to regulate itself. Jack, could you whip up the takeaways on Ceviche Wednesday before our live show?

21:41Netflix has techified Sesame Street with more CGI and less Big Bird. Because tech can be like CPR to save the expensive things we love. And to disappear Big Bird. For our second story, Universal Music, the record label of Taylor Swift and Bad Bunny, might be bought by Bill Ackman. You're sticking it in the library because music is Wall Street's latest real estate and they want to become the landlord. And our third and final story. It's another sign of the anti-screen movement. Restaurants and bars are banning phones. The unplugged economy, it's vibe regulating. The market is trying to regulate itself.

22:14But yetis, this pod's not over yet. Here's what else you need to know today. First, Apple stock fell Tuesday on reports that their foldable iPhone is delayed. 20-year anniversary coming up. A lot of pressure to unveil something cool. So we'll do the phone, but it's like, it's got a line in the middle. I need more. It's a taco phone. Kind of. A foldable iPhone is actually a bad idea. Yeah, yeah. How do we know this? Samsung just tried it and just failed with it. The Z Trifold, they launched it and killed it months later. We don't need a taco phone. We just need more tacos. And second, Jamie Dimon's shareholder letter came out, and the big line from him, what was it?

22:52We noticed that he said the American dream is out of reach for too many. So JP Morgan launched a$1 trillion initiative, a trillion to help with loans to parts of the country that don't typically get them. Loans to help businesses start, to help homes get built, to help people buy those homes. It's not sexy, besties, but it is a reminder of the basic, boring, critical role of banks in this economy. And finally, Kansas City is dropping$650 million to become America's soccer capital. Because Kansas City is the smallest city with the honor to host the World Cup games this summer. And they're thinking long term.

23:25Well, the potential for the World Cup is huge for this city. They're going to get more visitors than citizens. That's just summer. Kansas City will have more people not from Kansas City than actual Kansas City inhabitants. Over the course of all the games that they host. So the big question, can Kansas City become soccer city long term for America? They're winning in football. Can they win in the other football? In the money where the foot is. Now time for the best fact yet, which, because we just kicked off quarter number two, is some T-Boy trivia. What was the top-performing stock in terms of companies worth at least$150 billion in the first quarter?

23:58Which stock was the best-performing of$150 billion companies? The answer is not Peloton. It's ExxonMobil, which is up 38%. And the number two top-performing stock? ConocoPhillips, another oil and gas company. And number three? Chevron, another oil and gas company. Basties, when gas is expensive, oil companies are celebrating quietly. And whatever the news about the Ron War, it's going to either jack up oil prices or drop them today. Honestly, think about five years ago. Could you imagine telling us five years ago that All Bird stock was basically going to be out of business, but oil companies were going to be the best performers?

24:35Yeah. We thought that oil was on the outs. We were wrong. Stock market. Don't mess with your head. Yetis, you are looking fantastic. Jack, you are glowing. We got to get in the green room. We got hair and makeup to do it. So excited for tonight's live show. Tonight's epic. Doors open at 6.30. Yes. Showtimes at 7.30. Talk to me numbers. Do not be late. Yeah, you don't want to be late. We are opening with a bang. With a surprise. Cannot wait to see you at Irving Plaza. We're going to do a meet and greet after the show. We're going to do an after party at L 'Express. If you know, you know.

25:11And before we go, a happy birthday to legendary Eddie, Sybil Matthew, officially the best fan yet from New Jersey, going to be at our live show tonight. And happy birthday to Cliff Averill, Seattle Seahawk and Purdue Boilermaker and Super Bowl champion, celebrating 40 in the Bahamas right now. And Silas Fraggas, turning four years old while swimming like a shark in Plant City, Florida. Happy birthday to Susan Marie in Centerville, Ohio. And Savannah Westwood is celebrating a birthday, treat yourself with the Michelin star dinner she is. Congratulations to Michael and Christina in Brooklyn, celebrating an IBO, an initial baby offer.

25:44Can't wait to see the baby pics, guys. And Edwin Ruthie just bought a new home down in Arkansas. Congrats, Edwin. And congrats to Ben Rahman, who passed the Texas Health and Life Insurance exam and may be able to give you a midday Botox. And finally, a big shout out to Aaron and Olivia, who just had their beautiful baby girl, Autumn. I-B-O.

26:04This is Jack. I own stock of Netflix and Disney. Nick and I both own stock of Spotify, and we both own ETFs of the S &P 500.

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