🎭 “Pay Per Aria” — Opera’s Gen-Z hack. TikTok’s restaurant app. Google’s internet crash. +Harvard’s fave class

0:28This is Nick. Fascinating Nathan Fielder. Hey, Academy, don't let Jack get snubbed again this year. But in the meantime, we got three fantastic stories for the coolest place of capitalism. Jack, what do we got on today's T-Boy? For our first story, Google broke the internet, so Reddit is locking its door. Investors are panicking, but we're namaste. For our second story, the opera is welcoming Gen Z with a pick-your-own-price policy. You want to watch Pavarotti for as little as 11 bucks? That strategy, oh, it's working. And our third and final story is TikTok. They just launched a restaurant review app full of TikTok restaurant videos.

1:01TikTok's doubling down on restaurants because of death jam records. We'll explain. But yetis, before we hit that wonderful mix of stories. Oh, what a mix of stories. Love the mix to come back to, Jack. The hottest class at Harvard this fall isn't what you think. It's not data center infrastructure. It's not creator economy 101. It's not pseudo documentaries with guest professor Nathan Fielder. Well, the highest class at Harvard is actually Humanities 10, aka Hum 10. The hottest class at Harvard is an anti-AI class. In fact, the word human is literally in the title. Jack and I found it fascinating, so we jumped into the syllabus T-boy style.

1:39In Hum 10 at Harvard, students must read one classic book per week. And these are long books, Nick. We're talking like a thousand page books. Students are also encouraged to call out their peers if they asked AI to summarize the book instead of actually reading it. Snitches getting eh? No phones allowed, no laptops allowed in this class. And it's not even taught by a professor with a projection screen, Jack. It's taught inside a museum by a professor wearing a tweed jacket. Besties, this class is a blast from the pre-GPT past. And that's why demand is so out of control to get in. Applications to this class are up 40 % this year, according to the journal.

2:14And get this, you have to write an essay. Yes. Do an interview. Oh boy. And get a letter of recommendation to get into the class. We repeat, a class so popular, you have to apply to get in after you apply to Harvard. Do I need a congressman to write a letter of recommendation? I think it's like the president. You need like two people to turn the keys to get into this thing. Besties, the most popular course at Harvard isn't computer science, AI, or anything trendy or techie. It's Shakespeare, the Iliad, and paperback Plato. And personally, I find that delightful. My wife's a humanities teacher, by the way.

2:42You see, Jack, if you pull out your phone, you're literally handed a pink slip. I would Google it, but I don't want to get kicked out of class, Jack. Hey, Professor, 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.

3:17Start the show. First, a quick word from our sponsor.

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5:29That's ZipRecruiter.com slash tboy. Meet your match on ZipRecruiter. For our first story, Google has broken the internet. So Reddit is locking its door. Tech stocks tumbled last week as AI overviews make us question the entire digital economy. A whole thing. But yet he's the scariest Halloween costume this year. What was it last weekend, Jack? The Nasdaq dressed up as a correction. Yeah, because the tech-heavy index fell a freaky 5 % on Thursday and Friday. The ghost of panics passed. Yes. But this panic began Wednesday afternoon when Google announced their third quarter earnings. But first, Nick, some context.

6:07Let's sprinkle it on, Jack. How about we flash back to December of 2022? That's when Google declared a code wreck because of the launch of ChatGPT. We covered it on the pod. The fear back then AI would replace Google search and therefore Google's top source of ad revenue. Well, it looks like that's starting to happen. Because despite Google having their biggest search query growth in five years last quarter, ad revenue slowed way down. Because your search queries about that chicken parm recipe are now being answered by an AI summary. These are called zero-click searches. They're becoming the norm.

6:37You ask a question and you get an answer without clicking a single link. So it looks like, Jack, those fears we covered four years ago are finally being realized today. AI is cannibalizing Google search. And the result? The worst day for Google stock ever. The worst day for the stock since their 2004 IPO. Google fell 12%,$500 billion in value erased. That's like 83 lifts. It was Google's worst day ever. But it was also Reddit's worst day ever. Because Reddit announced earnings one day after Google. And Jack, this was another Halloween shocker, was it not? Reddit stock fell 30%, like one big downvote.

7:13I mean, it was like not trick or treat, it was just straight up tricks, besties. Google and Reddit, they had a John Stockton and Karl Malone-style relationship for a while now. Historically, people would go to Google looking for information, and Reddit would dish up a nugget of info in some subreddit, like John Stockton to Karl Malone. Yeah, it does, like the 90s jazz. But now, Reddit says that traffic coming from Google has dropped, quote, meaningfully in the third quarter. All of Reddit's business is doing great, except people are no longer clicking into Reddit from a Google search. So pause the pod because Reddit just made a dramatic policy change.

7:47They announced you can't use Reddit anymore unless you're logged in. Yeah, they call it a primarily logged in experience. Basically, you can see the front page and search linked pages. That'll stay open, but the rest is blocked off, bot blocked. You got to be logged in. Now, Reddit's co-founder and CEO has long been a fan of the open internet, which does not require you be logged in. But he's now saying he's sick and tired of bots scraping Reddit content and then upstreaming Reddit with an AI summary. So Reddit is now closed to bots requiring a human to log in. You must have a pulse to opine on that guy's opinion on that subreddit over there.

8:20Find out about the Qtop, you better be a human being. Now, long term, Reddit thinks keeping out bots is going to help them monetize with targeted ads, more personalized feeds. But short term, it's going to hurt the company, Jack. I know you're a shareholder, so I'm feeling for you right now. Now, by the way, Instagram, TikTok, Twitter, that's what the rest of social media already does, required that you be logged in. But Reddit was the lone holdout in the open web purity world, and now it's bot blocking. So Jack, what's the takeaway for all our buddies looking at the NASDAQ stock drop? In the era of AI, you're either a destination or you're dying.

8:54Yeah, it is. The front door to the internet is now closed. AI is showing you info, shopping options, those chicken parm recipes, and the Q-tops. You're getting what you need from your AI before you visit a single webpage. And so the only way to survive digitally is if you're a destination. The New York Times is going to be fine. People go directly to the app and the website. It's a destination. People want New York Times reporting. Instagram, TikTok, YouTube, they'll be fine too. People go directly there to watch viral videos. Google's going to be fine as well, by the way. They're just going to start jamming ads into AI summaries to replace their lost search ads.

9:24Wikipedia, it's seen a drop in traffic because there's no need to click on the Wikipedia link if the AI summary already told you all about it. How about the gap now? Yeah. Like unless people start going directly to thegap.com, then the gap is in a price war to try to impress an AI that's scraping the website to find the best cute top for the best price. The baggy daddy jeans, we're finding them with the chatbots these days. So yet his Reddit is bot blocking, forcing people to log in because it knows the truth. The era of AI, you're either a destination or you're dead.

9:57For our second story, what did the opera teach us about podcasting? Actually, the opera taught us everything. Despite crazy high prices, the opera is losing money. We'll explain how they're turning it around. All right, Jack, your first and only opera. What was it? I've been very curious to figure out what this was. It was a dress rehearsal. We went in high school. We took a bus from Vermont and drove back same day. The opera was Un Balo en Mascara. And my biggest takeaway Yes? Is that Italians have awesome names I thought you were going to say You thought the tenor was a little sharp I actually fell asleep for part of it To be honest But I remember when you texted me From Fan of the Opera You thought the chandelier Was going to fall on you But that's the story for another pod Here is the shocker, Yetis Gen Z loves the opera Yeah!

10:44The boo-boo dolls were nice But now they want Luciano Pavarotti And if you want proof Just look at Megan Schoaf A 25-year-old Los Angeles-based soprano singer Has 145 ,000 followers on TikTok Megan's performance of Carmen is considered the best in the last 400 years, no joke. And clips of that performance are getting eaten up on Instagram right now. But here's the problem. While Gen Z appears to love the opera, they're not actually going to the opera. Which leads to this question asked by the Wall Street Journal. If demand is down because young people can't afford to go and probably don't have a tuxedo, why is the opera raising ticket prices?

11:18That's not what economics dictates that you should do. Because the average US opera performance is up again this year to$376 per an average ticket. Now look, Timothee Chalamet's Nobody Cares About Opera gaffe temporarily boosted sales to the opera back in March. But that Timmy Chalamet bump is now over and operas are struggling again. So hold on to your Hans Heilink. The opera's solution is impresario. Because besties, the opera business model is as broken as a barber in Seville. The fundamental challenge of the opera, it's extremely high production cost. Highest cost in entertainment. And for example, let's look at the Metropolitan Opera, The Met, in New York City.

11:55What kind of numbers, Jack? It costs$326 million to run that opera for a year. And 58 % of those costs are simply the people. A full-time stagehand at The Met makes$260 ,000 in salary and benefits. Jack, The Met said that in 2019. Today, that stagehand's probably making$350 ,000. We're talking like McKinsey money. And yet, the Met Opera only brings in$70 million in ticket sales per year, according to the Wall Street Journal. They must make up that$200 million difference with donations. You don't need to be a CFO or a conductor to call that business model a tragedy. But on the other hand, let's look at the Philadelphia Opera, which got a new president in 2024.

12:33When that president took over in Philadelphia, they were only filling 30 % of the seats. So he took a risk, came up with a plan. Pay what you want pricing. Minimum of$11, but you can pay that$11, or you can pay$21, or$50,$111, or the regular price of$400 a ticket. And what was the result of that DIY pricing, Jack? They sold out. If you tried to see Faust in Philadelphia this year, you're too late. Tickets are sold out. And the wildest detail, 67 % of those ticket buyers were first-timers. We're talking opera virgins. Opera freshmen. They didn't know Pachelbel from Puccini, but they went anyway.

13:07And besties, here's why Pay What You Want strategically is working for opera. Empty seats are$0 seats. Nada. So even if people just pay the minimum$11, that's better than$0. Sure, you'll lose some money to those who are going to pay full price in the short term. But in the long term, you win the public's love for the opera again. Because people are all there. They're watching it. They're enjoying it. They're talking about it. And you get the newbies. And right now, you make the opera more relevant, which loosens the donors' wallets. But here's the big question that we don't know the answer to yet.

13:36Did those first timers who enjoyed Brigadoon last year, Did they buy tickets to Don Giovanni this year? Was it a one-off bump or was it a sustainable move? We did go to our first San Francisco opera last year and... I'm sorry, we, you and your wife. Yeah. I mean, I don't know if this is basic, but we saw The Nutcracker. Oh, that's not an opera. And loved it. That's a ballet. I know. Well, I didn't realize ballet and opera are like considered the same category. They're probably not. I'm sure we will get factually corrected on that, Jack. But in the meantime, we're seeing Swan Lake in December. I have seen The Nutcracker several times and I love it as well.

14:11So Jack, what's the takeaway for all our buddies enjoying the opera? It's a media truism. The smaller the production budget, the higher the ROI. Now Yetis, if you're an entrepreneur, an executive, a manager, anyone who controls the numbers, you got to remember this. The smaller the production budget, the higher the likely ROI. We're seeing it everywhere. Like in TV, expensive late night talk shows are getting canceled while low cost reality shows are getting greenlit. In film, two YouTube films went to theater with tiny budgets this year. and generated huge ticket sales. Social media, the creators going viral aren't the big brands, it's the individuals simply with iPhones.

14:44And in podcasting, money is moving away from cinematic narrative shows like Serial back in the day, to talk shows like the Kelsey brothers. Now there are exceptions, besties, like we are grateful that studios are still taking big budget swings. We saw it this summer with the Odyssey. The Odyssey spent$250 million to produce, and it brought home six times as much as the box office. So it was a big success. But on a percentage basis, it's the smaller movies like Backrooms and Obsession that did 40 times and 500 times their budgets. Big ROIs. Huge box office successes. So the opera's negative ROI, it is one data point that proves this media truism.

15:21Yetis, we're all competing in the attention economy. And in this reality, the smaller the production budget, the higher the ROI. Now enjoy this brief advertising intermission. Now a quick word from our sponsor. HIMSS hair. Yetis, when we get on stage for a live show, the number one thing we're thinking about is confidence. Yes, we do the whole look in the mirror thing and pump ourselves up Jack Donaghy style. Like it's the Super Bowl of podcasts. Look good, feel good, play good our hair. It impacts how we look. Confidence is also not having to think twice before you take a photo or take off your hat.

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17:32That's Nutrafold.com spelled N-U-T-R-A-F-O-L.com, promo code T-B-O-Y for 15 bucks off. For our third and final story, TikTok and whatnot are disrupting Yelp and eBay. Because to innovate, you start with someone else's idea. And we got that idea from Def Jam Records. I thought you were going to say from somebody else's idea. Yeah, we did. We did. We took that idea about that idea from someone else's idea. Yeah, we did. Yeah, but that's the funny thing. If you've seen us at our live shows, you know we like to wear these cool, nostalgic, 90s gold bomber starter sports jackets, right, Jack? They're not all gold.

18:08Only one of mine is gold, but we usually get them on eBay. We do. So it was sad for us to hear that eBay announced last week they're laying off 9 % of workers. And in February, they laid off 6 % of workers. eBay is doing well, though. Last week, they announced third quarter revenue growth of 14%, their fourth straight quarter of double-digit growth. And eBay stocks up 45 % this year. Collectors be collecting. Pokemon is the new gold. Magic the Gathering, baseball cards. Go check the attic because you could get rich on eBay right now. You could be a Bulbasaur billionaire is what Jack and I are saying.

18:36I actually have a Jim Kelly card right here on my desk. I bet you I could sell this for maybe 50 bucks, maybe 500 bucks. But besties, the big question Jack and I found fascinating is who's doing better than eBay? And the answer, whatnot. Whatnot is QVC for people with a ring light? Whatnot. They were founded in 2019, based in Culver City. It's a private company worth 20 billion bucks. And just like eBay, they do online auctions, but they do them live stream on your phone. Like Jack was just rehearsing. And about one-sixth as much merchandise sells on whatnot as eBay, but whatnot is closing the gap.

19:08So that's one new internet company disrupting an old internet company. Here's another. TikTok is suddenly disrupting Yelp. Call Chef Carmi because TikTok could review the bear. TikTok just launched Must Eat, an in-app restaurant guide that's only in New York, LA, and San Francisco right now. And because video killed the radio star, restaurant reviews are now videos. That's why TikTok's doing this. Yeah, you're going to post a video that's like, oh my god. As I'm eating like the cheesiest, drippiest burger you've ever seen. Jack's channeling is in our influencer. He's like, come with me as we find the crunchiest mozzarella sticks in Tribeca right now.

19:43Let's watch it. These are the videos people are watching to get the sense of a vibe of a restaurant. Because TikTok noticed there are 40 million posts reviewing restaurants. So they simply organized them and gave it a brand. Probably using AI, each restaurant now has ratings, reviews, and can be filtered by cuisine. Because besties, you're not reading the reviews these days. You're watching the TikTok videos about that restaurant. Now, just like with Yelp and Google Maps, each restaurant will have a site on TikTok Must Eat, where you can leave a five-star rating and a review. And just like OpenTable and Rezzy, you can now book a date night at Dorcia for 7pm on TikTok Must Eat.

20:16But unlike any of those restaurant apps, TikTok's version is optimized for vertical video. go. The format is new. The business is old. This feels like everything we just said about whatnot. The key difference is vertical video. So Jack, what's the takeaway for all our buddies over at TikTok Food and whatnot? Nothing is new. Innovation is simply finding new versions of existing things. Yet is that quote, that's not new either. That's actually a quote we got from Rick Rubin, the crazy haired shaman-like founder of the hip hop label Def Jam Records. WhatNot and TikTok Must Eat, they're perfect examples of what Rick says about creativity.

20:55And WhatNot is eBay, just with 2026 media savvy, not 1990s media savvy. And TikTok Must Eat is Yelp, just with 2026 media savvy, not 2000s media savvy. You see, the first internet companies, they disrupted the analog companies. But now new internet companies are disrupting old internet companies. So this is actually creative advice for every company. Sometimes Disruption's playbook is simply one tweak away as a minivation on what someone else did. Like taking online auctions and putting them in live vertical video. Because nothing is new. Innovation is simply finding new versions of old things.

21:32Jack, could you whip up the takeaways for us to kick off the week? Google stock plummeted on word that AI is eating Google search, and it's eating Reddit too. In the era of AI, you're either a destination or you're dead. For our second story, the Philadelphia Opera got Gen Z with pay-your-own-price policy and turned the business around. It also reveals the truism of modern media. The smaller the budget, the bigger the return. And our third and final story, WhatNot and TikTok are algorithmic mobile-first versions of eBay and Yelp. Create something new, do what the guy behind Jay-Z does. Start by looking at something not new.

22:05But besties, this pod's not over yet. Here's what else you need to know today. First checking bank account, a biggest robbery in financial history. Crypto or otherwise happened on Friday. We're still figuring out what exactly happened. Binance had$6.3 billion stolen, probably by North Korean hackers. Binance is a crypto exchange, and Bitcoin's price dropped only 5 % on Friday, which is actually kind of a good sign for crypto. Maybe investors noticed that Bitcoin wasn't what got hacked. It was a particular Bitcoin exchange that did. Going into the weekend, Binance's CEO said customers would not end up losing any money, they would be made whole, but then Elon trolled him all about it on X.

22:43Second, Waymo just tapped Toyota to build their next fleet of self-driving cars in the UK and in Japan. Waymo's getting a little out there. Like, they started with Jaguar SUVs, now they've got Chinese-made Ojai self-driving robo-taxis, and soon they'll have Hyundai. But in Japan and the UK, Waymo's will be Toyota's sole all-electric model, the BZ4X. Checking the till here, Jack. Waymo plus Toyota plus Hyundai versus Tesla plus SpaceX? Plus, perhaps someday, Uber and Rivian. Robo Taxi Wars, basically just arithmetic. And finally, Lady Gaga has a new job, CEO of her own beauty business, House Labs.

23:20Every celebrity's got an energy drink or cosmetics brand. Gaga founded hers in 2019. It was House Labs, the first beauty brand launched on Amazon. But instead of just being a co-founder or chief creative officer. She just took over last week as the operating chief executive officer. Although her business card does not say Lady Gaga. No. It says Stephanie Joanne Angelina Germanota. Germanota? It's pronounced Just Dance, Jack. Just Dance. Now time for the best fact yet, which because it's Monday means T-Boy Trivia. What do we got, Jack? You're probably still getting over your Halloween candy hangover or otherwise kind of hangover.

23:55Probably still got a box of Hershey's leftover, we covered their story last week. Hershey's chocolate has a distinctive taste compared to other chocolate that some would call sour chocolate. Yeah, historically sour. Like, why do Europeans say our American Hershey's chocolate bars taste like vomit? Well, that's one way to put it. It tastes like vomit. I wouldn't say that, but... Well, it's because Hershey's chocolate has the same chemical as vomit does, Jack. Gross. But true. It turns out it's called butric acid. It's present in both vomit and uniquely in Hershey's chocolate. I don't think Hershey's putting that right on the label.

24:30It's in, but butric acid is natural in milk, and European chocolate typically filters that out. But Hershey's food scientists apparently spent a little too much time at Sig App decided that it gave the chocolate a distinctive taste. A sour taste or a vomit taste, depending on where you were born. Yetis, you look fantastic to start the week. Jack, you are glowing before we prep for our own opera in a couple days. Yeah, I actually climbed trees all weekend, Nick, to prepare for the Pacific Northwest. We're heading to Seattle for the last T-Boy Live show of our IPO tour, the in-person offering. We still got tickets available.

25:04Grab yours in the link in the episode description. All families welcome. Any age can buy tickets. We can't wait to see you there. In the meantime, Jack, can you help me with my bow tie? We got a matinee of La Boheme we got to hit tonight. No, I can't help you with your bow tie, Nick. Typical tenor. Typical tenor. Jack and I, we'll see you tomorrow.

25:25And before we go, a happy birthday to legendary Eddie Kaboom Kevin, turning 37 over in the Netherlands. And happy birthday to Carl P., the titan of Tribeca, celebrating his biggest birthday yet. And Shelby H. is getting some soft serve in Salt Lake City because Utah does sweets. Happy birthday to Kelly the Bear Eden in Tucson, Arizona. And Mary G. is always lucky in Las Vegas for the best birthday yet. Happy seventh wedding anniversary to Jordy and Sierra Brown. And Ricky Lee and Mae Wong, we see your anniversary down in Orlando. And to anyone else celebrating something today, make it a T-boy.

25:55Celebrate the win.

25:59This is Jack. I own stock of Reddit. And Nick and I both own some Bitcoin. Bitcoin named Ben. Yetis, this holiday season, don't miss your chance to turn just looking into just bought it. Make it easy for your customers to say yes on the spot. PayPal Checkout is a trusted conversion engine fueled by 400 million active PayPal and Venmo accounts. And when you add pay later, you can turn holiday shoppers into regulars. 96 % of pay later shoppers are repeat users. So if you give them pay later flexibility now, it could help earn their loyalty all year long. PayPal is built for all business. Get started at paypal.com slash business.

26:33PayPal data, eight markets, March, 2025 to February, 2026. Repeat users defined as more than one pay later purchase in the past year.