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Instagram and the 'Experience Economy'

Instagram and the 'Experience Economy'
By Hipsternomics  • Issue #34 • View online

Tyson, which produces 1 of every 5 pounds of meat consumed in the U.S. processes about $31 billion of beef, chicken, and pork, combined. They sell billions in prepared foods under brands you already know that includes Hillshire Farm, Jimmy Dean, Ball Park Franks, Original Philly Cheesesteak, and Aidells Sausage, and distribute their products to McDonald’s, Burger King, Wendy’s, KFC, and other food-service outlets.
Under new CEO, Tom Hayes, who wants to revolutionize the global food system, the company removed antibiotics from all Tyson-branded chicken products in 2017, set out plans to slash its greenhouse gas emissions 30% by 2030 throughout its supply chain, expand its organic offerings and practice sustainable land management. Tyson Foods has also started its push towards “meatless” meats, with its recent investments in companies that produce lab grown meats out of cell cultures, like Future Meats Technologies, Beyond Meat Inc., and Memphis Meats Inc.
Tyson Foods, Cargill,
The Museum of Ice Cream, Candytopia, Rose Mansion, etc., if you haven’t heard of these names yet, you must’ve seen their photos scrolling down your Instagram feed. They are all pop-up attractions blurring the line between shopping and entertainment, with bright colors and playful stations to really feed your FOMO. The Museum of Ice Cream (MOIC) which started in 2016 has now surpassed 1 million visitors across its various locations, whose tickets run as much as $38, now boasts sponsorships from major corporations. Thanks to its Instagram viral success, MOIC has opened a pop-up grocery in New York called the Pint Shop, which also offers ticketed tastings, and a merchandising deal with Target to sell it’s ice cream pints.
Rose Mansion, another pop-up experience, gains 500 to 750 visitors every day, with tickets sold at $45, with a $35 “happy hour” special on weekday afternoons. It has also used the success of the pop-up to introduce a rosé wine club as well that delivers a package of three bottles once every three months for $54.  Among other pop-up experiences include The Color Factory, which made its debut in San Francisco in 2017 and charges $38 to visit intensely hued spaces filled with disco balls; A Museum of Pizza is set for October in NYC; and Dream Machine, which runs in Brooklyn, has sold $2 million in tickets since opening in April. A $28 matinee takes guests through a surrealist reverie, complete with Technicolor neon lights and a room built to make visitors feel as if they’re at the bottom of a giant swimming pool. 
Chart of the week
Interesting Quick Hits
  • Match Group helps America find love through its portfolio of 45 matchmaking apps including Tinder, Okcupid, Hinge, and of course Match.com. The company’s growth is mainly fueled by Tinder which boasts more than 3.7 million subscribers, an 81% increase since the Q2 2017. Tinder is expected to exceed $800 million in revenue for 2018.
  • Beware the cryptocurrency ‘pump-and-dump’ scheme, as traders hype up the price of an asset so that investors buy and load up on that asset driving the price up, before dumping it for a profit and leaving fooled investors with losses. The WSJ identified 175 “pump and dump” schemes involving 121 different digital coins, which show a sudden rise in price and an equally sudden fall minutes later.
  • Want to raise money for your birthday? Facebook revealed that it’s birthday fundraisers have pulled in more than $300 million in donations. The feature lets users mark their birthdays by creating a donation drive for an organization of their choice. About 750,000 non-profits currently have access to Facebook’s fundraising tools.
  • The first and only birth control app has been approved by the US FDA. Natural Cycles uses a woman’s basal body temperatures, or the lowest temperature the body reaches, which occurs first thing in the morning, to determine her fertility, the app gains data as to where she may be in her cycle. The study conducted by the FDA found that Natural Cycle’s failure rate was around 6.5%. For comparison, the birth control pill has a typical-use failure rate of 9%, and condoms are at 18%. You get a free thermometer with a $79.99 annual subscription to Natural Cycles.
  • Why is San Francisco covered in human feces? The city of technology where sightings of human feces on the sidewalks are now a regular occurrence; over the past 10 years, complaints about human waste have increased 400%, and there have been 14,597 calls to report sidewalk poop in 2018 alone. These incidents are part of a broader failure of the city to provide for the basic needs of its citizens, and show the catastrophic, socially destructive effects of unchecked inequality.
  • Nigerian teenage girls create Fake Drug Detector app to tackle problem of fake pharmaceutical drugs in Nigeria, as they win top Silicon Valley prize. As African countries have historically been the dumping ground for 40% of the world’s recorded counterfeit drugs, the girls plan to partner with NAFDAC to create a database of certified pharmaceutical products.
  • How Aretha Franklin gave voice to Black women, and transformed a nation. From her gospel roots, Aretha Franklin created the sound of the resistance, when it was most needed. Author Daphne A Brooks celebrates a spiritual and creative genius.
  • Remembering Kofi Annan, former UN secretary general and African leader who reshaped the United Nations. He established several key UN initiatives that pushed for human rights and sustainable development, reformed the UN’s peacekeeping, human rights protection, and counterterrorism efforts. He was its seventh secretary-general, the first black African in the position.
Resource of the Week
Podcasts: Two recent favorite podcasts I would recommend are:
  • Jesus & Jollof: This is just two hilarious Nigerian comedians- Yvonne Orji (from HBO’s Insecure) and Luvvie Ajayi, talking about what its like growing up in an Nigerian or immigrant household. Pure jokes!
  • Masters in Business: If you want to listen to great interviews with finance and business thinkers, this is one of the best podcasts out there. I’ve learned a lot from this.
This weekend’s brief was written at Cafe Forte, in Brooklyn as I vibed out to “South Africa Hip Hop Hits” a solid Spotify playlist I wish I created myself lol.
Thank you for reading through this weekend’s brief! Drop a note to share what articles did you find most interesting this week.
Valentine
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