• George Brett Olson is one of a set of comedians who've called out AI accounts for ripping off their work.
• Olson said he was upset with Meta for allowing the situation to persist on its platforms.
• Instagram's top exec said the platform is invested in promoting original content and would look into the issue.

This as-told-to essay is based on an interview with George Brett Olson, one of several comedians who have lately called out AI accounts for ripping off their jokes. It's been edited for length and clarity. Instagram head Adam Mosseri said he would look into what could be done about the issue and that the platform was invested in driving traffic to original content.

I started doing stand-up in 2021 after getting burned out from being a winemaker. I'd been doing live shows, and this joke I made about, ironically, AI stealing jobs went viral. The whole joke was about AI stealing jobs and people still blaming immigrants, which is very silly when the most powerful people were saying, "We're literally coming to take all your jobs."

Then a friend sent me the video of this lady doing the joke. He's like, "AI is for real, for real, stealing your jokes." It was basically me, in my clothes, but it's a 42-inch butt. It's just the pornification of women online. It was very strange.

I'd been doing that joke for a year. I thought of it after working out with my buddy, and we were talking, walking. It takes a lot of work to get a joke stage-ready. It's a lot of repetition, tweaking, driving from place to place to perform. Comedy's not easy. So it's pretty sad to see it happen, especially when the AI comedians who are stealing jokes have more followers than the people they're stealing from.

I asked the account behind the joke if she was real. She said yes. Then I asked, "Did someone help you do this?" And she just left me on read. She also left a comment saying, "Sorry, won't happen again," and removed a bunch of videos.

I've had a bunch of followers try to report it. Adam Mosseri, the head of Instagram, replied and basically said, "Not all AI's bad. We don't know how we're going to stop it, but people shouldn't be able to steal. Seems like we should do something about that."

[This was Mosseri's exact comment: "I don't think it's practical for us to try and ban AI content from the platform. It's gonna be harder and harder to identify, and it's not all bad content (though yes, there is plenty of slop). But we are very invested in trying to drive more traffic to original content creators, and if an AI creator is ripping off content wholesale, it would be good for us to work out what we can do about that. I'm not sure what it would be, but I'll make sure to talk to the team and look into it."]

I blame Meta, not the AI

I don't blame someone for stealing. That's just someone trying to make a buck with the tools they have available. We want to hold people responsible that do not have the mechanisms of power because we can't hold an institution accountable.

I feel demoralized more by Meta's response. The language that's coming from all of them is that we're powerless, and this is inevitable, and there's nothing we can do. 
And it's just not true. And you just have to sit, be powerless, which is demoralizing.

As a comedian, you just want to sell tickets to your shows, engage with live people. That's why most of us post on social media — so people see that you're funny so they come to your live shows. I do live shows every week.

If we flood the internet with agents, and we don't know the difference anymore between what's real and what's not, this could be the death of the internet. Hopefully more people come to live shows. Because the one thing about AI comedians is: You can't see them live.

• James Dumoulin has turned street interviews with moguls into a business on track for $37 million in revenue this year.
• School of Hard Knocks uses staged drama to hook viewers and sells consulting services and memberships.
• Dumoulin and his partners aim to expand and become the "Barstool Sports of business content."

As James Dumoulin approaches a private equity investor in Lagos, Nigeria, there's an ominous moment when a bodyguard holding a rifle puts his hand up and demands the content creator stop.

"I have a channel with 24 million followers," the School of Hard Knocks cofounder responds, and then asks if he can interview the investor, Adesuwa Rhodes, for one minute about how she got rich.

Rhodes steps forward, dressed in a vibrantly patterned suit, and begins answering Dumoulin's questions, explaining how she broke into the business, the importance of persistence, and her faith in God.

The video's formula — mixing a high-drama street interview with advice from the wealthy and successful — has been distilled down to a science by 24-year-old Dumoulin, and helped him create a company that's on track to do $37 million in revenue this year, profitably, according to copies of financial documents he provided to Business Insider. The initial set-up is also, as Dumoulin readily explains, partly scripted.

"They're screaming at me, and it looks like a war is about to break out, and then I get her to calm them down," he said of how he blocked out the Rhodes scene. "And she gave some incredible sound bites and advice."

Street interviews, which have their predecessors on radio and TV, have been reborn as one of social media's hottest formats. Standout stars of the genre include Kareem Rahma of "Subway Takes," who gets opinions on hot topics from strangers, and TikToker Caleb Simpson, who asks people what they pay in rent and tours their apartments. As the format has grown increasingly lucrative, it's also become more orchestrated. Rahma and Simpson have both leaned into celebrity appearances, for example.

In Dumoulin's case, the upfront drama of the street encounter is contrived, a way to draw the viewer in and hook them so they'll listen to the interview, which is where he says the valuable information actually resides. He asks his subjects how they made their money, what their leadership principles are, and for advice for future entrepreneurs. The conceit is that they're lessons not taught in school.

"People love tension," Dumoulin said. "They want to see that conflict, they want to see what's going to happen, and then the payoff is a great interview on the back half. That's why I think our videos do really, really well."

Dumoulin's success in the creator economy — where the term "authenticity" is employed like a sacred totem — raises a host of questions about what it means to be "real," and how much it truly matters if you're entertaining and informing your audience. Any questions of authenticity haven't seemed to hamper the growth of School of Hard Knocks, though, which has nearly 11 million Instagram followers and over 7 million on TikTok, plus several million more on YouTube and other platforms.

Dumoulin said he'd consider a video a failure if it got under a million views.

The 'Barstool Sports of business content'

The videos serve as the center of an operation — run by Dumoulin, his brother Jack, 26, and their childhood friend Josh Smith, 28 — that contains a slew of businesses. The partners say they expect their media revenue to double over the next six months.

"One of the long-term visions of the School of Hard Knocks is to create the Barstool Sports of business content," James Dumoulin said.

The brand has done long-term sponsorships with companies including Shopify, ZipRecruiter, and Alibaba, but advertising isn't the most lucrative part of the business. The core moneymaker is School of Content, which provides social media consulting to small businesses.

The other two contributors are Hard Knocks Agency, a short-form video production and social media management agency for business owners, and School of Mentors, a membership community for aspiring entrepreneurs. Members pay $19 or $49 a month for live calls, workshops, and training with founders and operators.

Jack Dumoulin said the subscribers to its Mentors community are people who want to connect with successful entrepreneurs and learn from them, while the agency's clients are established businesspeople who want to build their personal or company brands.

"Founder-led brands are becoming a really, really big thing, where we're seeing more and more founders become the face of brands, their product, their service, or their company," Jack Dumoulin said.

Monica Khan, CEO of Creator Revolution, which helps creators build businesses and advises companies on influencer strategy, said she sees strong demand from execs and founders for help building personal brands, and business-to-business (B2B) creators are stepping up.

School of Hard Knocks took a smart approach by building a media brand first by interviewing entrepreneurs, then turning that credibility into a service, Khan said.

"We're going to see a lot more of that," she added.

The School of Hard Knocks cofounders have also invested in real estate, including a portion of an apartment complex in San Antonio and commercial properties.

The founders went through several pivots

The Dumoulin brothers grew up in a military family in Northern Virginia and became friends with Smith while serving in the same Boy Scouts troop. All went on to become Eagle Scouts.

James Dumoulin attributes some of their success to the mentoring they got from the military dads who ran the troop. He recalled the especially long conferences they'd have with scout leaders evaluating them for advancement to the next rank, and the scoutmaster who used to say, "There's never enough time to do it right, but there's always enough time to do it again."

"That resonated with us," he said.

The three reconnected in Austin in 2020. Josh Smith had gotten into digital marketing, and Jack Dumoulin, who had won a trophy in a worldwide Microsoft Excel competition, had become a junior analyst at Buc-ee's. James Dumoulin was in college, making TikTok videos. They combined their skills to make online content.

School of Hard Knocks was by no means an overnight success. They experimented with several approaches, including giving their own business advice. People didn't care about a 20-year-old kid's perspective on business, James Dumoulin said.

"Ultimately, we were like, 'What if we tried doing interviews?'" he said. "'What if we were the ones that were able to go seek advice from the most successful people?'"

They started approaching people cold on the street, asking them for interviews, and more often than not, getting blown off.

"It was just constant rejection after rejection," James Dumoulin said. "You'd probably have to go to 100 people before you get anybody to even look at you in the eye."

Their big break came in 2022 when they intercepted Mark Cuban outside the South by Southwest festival and asked for an interview. The gregarious entrepreneur obliged.

"That one interview was so powerful for us, because I leveraged it in so many other interviews," James Dumoulin said.

Eventually, PR agents were calling them to have their clients be featured on the channel.

The videos are carefully planned

School of Hard Knocks videos have a spontaneous feel that belies the meticulous planning behind them.

They start with a cold open, often creating tension by involving a security guard or other bystanders. For an interview with Ring founder Jamie Siminoff, James Dumoulin roped in a few employees from a store on Rodeo Drive where he met Siminoff and asked them to stand in a group, chatting. Dumoulin asked the group who the richest of them was. As briefed, they pointed to Siminoff, who said he was an inventor who made "something on your front door."

James Dumoulin reshoots the opening several times until he's satisfied with the result. The rest of the interview is shot in one take. He approaches his subjects with hearty enthusiasm and said he does minimal research on them, to preserve a certain amount of natural surprise in his reactions. All told, he takes five to seven hours to edit videos that are between a minute and a half and two minutes long.

"He's got unbelievable guests," said Josh Suggs, founder of StreetTalk, an ad agency built around impromptu street interviews. "He has real A-list celebrities. So I think people naturally want to hear what an A-list celebrity is going to say. At the same time, he asks a question people want to hear: How much money do you make? It's very scroll-stopping questions."

Some subjects — like Shaq and Tom Cruise — are household names. Most are not. James Dumoulin said the best-performing videos are unknown moguls because they create a curiosity gap.

He doesn't press his guests on controversial topics. Convicted felon "Wolf of Wall Street" Jordan Belfort and streamer Adin Ross, who has hosted far-right creator Nick Fuentes and self-described misogynist influencer Andrew Tate on his stream, get the same treatment as everyone else.

A platform reality check

The cofounders said that when their content started to take off, around 2022, they got a reality check about dependence on platforms.

They said their content was making about $30,000 a month, mostly from Facebook, when they were unexpectedly demonetized by the platform for what James Dumoulin said was an "unoriginal content violation." (They've since been reinstated.) Their monthly revenue dropped to $5,000. They said it was a wake-up call that they had to find other, more predictable sources of income. They started their first offshoot, the Hard Knocks Agency, in 2023.

"Sometimes you're not in control, because you don't own the platform," James Dumoulin said. "It made us realize, 'We've got to create a media company.'"

The School of Hard Knocks founders are also aware of the risk they run of being dependent on a single person. That's why they're adding new brands like Hard Knocks Business and Hard Knocks Women, with Hard Knocks Sports to come. The goal is to get to eight channels by the end of the year.

"If it is all really relying on one person, if something happens to that person, the whole company's kind of screwed," James Dumoulin said. "And so I think that's why it is very, very important to have that distribution beyond just one channel."

• Fox-owned Red Seat Ventures is going after Substack's turf with a new newsletter option.
• CEO Chris Balfe said the company has had an early success with Tony Hinchcliffe's paid offering.
• The home of Tucker Carlson and Nancy Grace is also on the hunt for more big creators.

Fox's Red Seat Ventures is coming for Substack.

Led by Chris Balfe, Red Seat made its name running sales and production services for podcasters including Tucker Carlson, Megyn Kelly, and Nancy Grace.

Now, as the lines between creators, podcasters, and writers continue to blur, it's adding newsletter functionality to its stack. The newsletter feature will live under Supercast, a company Red Seat bought this year that offers a menu of subscription options like livestreaming for creators. They can now build free and paid newsletters and track their performance on a dashboard. The newsletter feature is included in Supercast's base pricing of $0.59 per subscriber per month, with custom pricing available for big networks and media companies.

"We want to be a one-stop shop for creators," Balfe told Business Insider. "Whereas Substack has done a really good job going after written-first creators, and then adding podcasting capability on top of that, we're going at it from the other direction and saying, for most of the creators that we work with, their audio and video is their main business. So, let's add other features like email and livestreaming."

Balfe pointed to comedian Tony Hinchcliffe of "Kill Tony" as an early example of Red Seat's success in using a multifaceted approach. Since launching a subscription, Kill Tony+, Hinchcliffe has signed up thousands of people who get his uncensored, ad-free show and bonus content.

Hinchcliffe plans to create another, super-expensive tier where people would pay to get roasted by him, Balfe said.

"It would be like $10,000 or something like that to roast you," Balfe said. "We will sell out of these so bad."

He also pointed to an early pilot of Supercast's livestreaming with "This American Life," which drew more than 1,700 paying audience members.

Red Seat is aiming for 10 big deals

Balfe wants to make Red Seat a creator-economy juggernaut, with some 200 shows. The company has around 30 shows now and is looking to do a lot more deals quickly, especially in sports, lifestyle, entertainment, and tech. Red Seat's top creator deals generally pay a minimum guarantee against projected sales.

"We really want to accelerate our rate of dealmaking," Balfe said. "I think if we did 10 big deals in the next 12 months, that would be big."

Balfe disagrees with industry insiders like iHeartMedia CEO Bob Pittman, who say podcast distribution deals are getting too expensive. He said there was strong advertiser demand and that hosts have the ability to branch out into other areas. Balfe said he's doing deals where the show itself accounts for as little as 60% of the revenue, with the rest coming from other projects.

Balfe also sees the potential for creators to make longer deals. YouTubers are often used to getting short-term ad deals, while Red Seat is pushing for 12-month partnerships for its clients, he said.

"We're trying to do annual deals," he said. "YouTubers are attracted to that sort of consistency that the podcast business model has allowed."

Podcasts are TV now

Podcasting has become more of a video-first medium as it has evolved from its audio roots.

Forty-four percent of US podcast consumers watched a video podcast in the past week, up from 40% in 2025, according to a report from trade group Sounds Profitable released this month. YouTube is the top podcast platform, used by 63% in the past 12 months, ahead of Spotify (33%), Netflix (21%), and Apple Podcasts (15%).

Balfe thinks video will continue to grow its share of the pie. People are watching more podcasts on YouTube, especially on TV screens. Spotify is making the case that video consumption outperforms audio on its platform.

Major streamers are also hungry for podcasts, and linear TV players like Versant's MS NOW are looking for lower-cost programming to fill their schedules. Red Seat's shows aren't running on Fox's linear networks today, but Balfe said it's only a matter of time before that happens.

"I look at the next phase of video opportunities, and we have every streamer that wants our content now: Hulu, Peacock, and Amazon Prime, and Paramount Plus," Balfe said. "We also have the linear guys that are starting to come to us and say, 'Actually, what you're producing looks kind of like a talk show. Maybe we should just put it in late night or daytime.'"

• Visa is rolling out a new "V" to pop on mobile screens as people move to contactless payments.
• It's the company's first refresh of this size since 2021.
• Other brands have increasingly leaned on symbols and pared-down names for better mobile visibility.

Visa is betting that less is more when it comes to how it shows up to customers.

Starting Wednesday, the letter "V" will replace "Visa" in the center of its credit cards and on its digital properties, the company exclusively told Business Insider.

Visa's move signals that after 50 years of using the name, it feels it has enough brand recognition to be represented by a single letter. The change is also meant to pop more on small screens as people conduct more of their lives on their mobile devices.

In addition to the "V," Visa is introducing a new font, called Visa Sans, lopping off the serif in the first letter of "Visa."

The changes were developed by Visa's in-house creative studio and Base Design. It's Visa's first significant refresh since 2021, when it introduced a blue, white, and yellow flag-like brand symbol and a new font. With the new "V," that brand symbol will go away.

"There was an opportunity for us to modernize that and make it feel fresh, particularly for the next generation of consumers," Frank Cooper III, CMO of Visa, told CMO Insider. "We think it marries well with the evolution of the brand overall."

Cooper said the process took about a year.

"We do not have an awareness issue. We have deep trust. Playing around with the brand positioning is no light matter," he said.

Other big brands have increasingly leaned on symbols and pared-down names for better visibility on smaller screens.

Mastercard dropped its name from its logo in 2019. Google introduced a sans-serif logo and a new, four-color "G" icon in 2015.

Dan Nicholas, design director at creative studio Super Okay, said the move to a singular V aligns with a mobile-first approach that tech and media brands like Verizon and The New York Times have taken, in which they adopt a single letter as an icon.

He said the move simplifies Visa's appearance but could undermine brand recognition.

"What remains to be seen in the rollout is how Visa manages this new equity," he said. "If thoughtfully and strategically executed and invested in over the next few years, we can see it becoming a strong way for the brand to express itself."

Visa sees its visual changes as a companion to an effort to associate itself with culture and aspiration. It enlisted celebrities like Pharrell Williams for its "Power of Small Steps" campaign and has a partnership with the FIFA World Cup that extends through 2030. This year's World Cup campaign promoted its contactless payment option to emphasize that Visa's long-running slogan, "everywhere you want to be," was more than just a physical destination.

"We see that phrase now as representing both a physical destination and a personal aspiration," Cooper said.

• The Wall Street Journal has been planning a big streaming TV push with an ambitious slate of shows.
• It's explored shows around editor in chief Emma Tucker and creators like Feed Me's Emily Sundberg.
• Sundberg dropped out of talks a few weeks ago, Business Insider has learned.

The Wall Street Journal has been ramping up its push into video and had plans for an ambitious slate of streaming TV shows.

Internal documents viewed by Business Insider described an initial six-series offering that would include a flagship live morning program and an interview show hosted by the Journal's editor in chief, Emma Tucker. The docs are from the summer, and a person familiar with the Journal's strategy said that its plans, including dates and partners, are in flux.

The docs said the Journal had been "in negotiations" with creators such as Feed Me Substacker Emily Sundberg, as well as with the restaurant discovery platform The Infatuation. Sundberg dropped out of the talks a few weeks ago, Business Insider has learned.

The plans called for the shows to launch on the Journal's own channels, YouTube, and social media.

Journal parent company Dow Jones is also hiring a head of programming and content, who would be tasked with building "something ambitious in video." The live job description says the role will pay up to $330,000 in base salary, and involve developing talent that includes employees and external creators, translating the company's journalism into streaming formats, and creating live and on-demand shows.

The Journal and Dow Jones's effort shows how news outlets traditionally known for the written word — including The New York Times — are racing to beef up their video offerings in a media landscape that's seeing both the rise of social video and the decline of cable TV news. It also demonstrates that Tucker is taking a flexible approach to the market by looking to both build shows around in-house talent, including herself, and partner with creators and other media companies.

"Expanding our video presence across Dow Jones and The Wall Street Journal is a major strategic priority, as we have widely communicated," a Dow Jones spokesperson said. "We are actively hiring leadership to shape and execute our go-to-market strategy for video across Dow Jones, and we look forward to sharing our updated plans when ready."

The Journal name-checked familiar figures

The internal docs viewed by Business Insider described the live morning show as a 60-minute-long anchor of the initial slate. The docs said the Journal enlisted some familiar names in morning news and video to help execute the show. They said the Journal has been working with the production company EverWonder, which was cofounded by the former Time Studios executive Ian Orefice with backing from Jeff Zucker's RedBird IMI.

Another show in the proposed slate in the docs was "The Exchange with Emma Tucker," which was billed as a "prestige interview franchise" that would put viewers "in the room with the people running the global economy." The documents name-checked top CEOs, including Microsoft's Satya Nadella, JPMorgan Chase's Jamie Dimon, and BlackRock's Larry Fink, as potential guests.

The person familiar with the Journal's strategy said the documents represented one of a number of different avenues the outlet was exploring and didn't reflect the current status and form of its efforts. The person said the company is in active conversations with a number of external people for potential partnerships.

The documents said the Journal had been "in negotiations" with Sundberg — which have since ended — for a show called "Feed Me, On Camera" that would introduce her "highly engaged, younger creator audience to WSJ while bringing WSJ's scale, authority, and affluent professional audience to her world." The docs envisioned each episode beginning with a "tip, obsession, or question from the Feed Me universe," and following Sundberg to its conclusion while integrating business context and reporting from the Journal.

Other shows the docs said the Journal had explored included one called "Market Price with The Infatuation" that would tackle the "business behind taste, literally." It would combine the cultural authority and young audience of The Infatuation, now owned by JPMorgan Chase, with the Journal's business reporting chops.

Another was "Inside Sports" ("title to change"), a "next generation reboot of 'Real Sports' for the sports-as-an-asset class era," potentially helmed by Emmy-winning TV journalist Armen Keteyian.

The documents said the Journal had been "in negotiations" with The Infatuation and "in discussions" with Keteyian. Business Insider could not confirm the status of those discussions.

The last series listed in the docs was an AI show that aimed to get a big-name host.

The Journal compared its plans to 'The Daily'

In the docs, the Journal expressed big ambitions for a live morning news show, and said there had been "nothing new" in the category for a professional audience "in a decade." The last entry on a timeline included in the planning docs was The New York Times' "The Daily" in 2017, which has become a reliable top show on the podcast charts and one of the paper's most successful launches.

"We see an opportunity to reinvent the category," the documents said. The Journal also has its own daily news podcast, called "The Journal."

Like the Times, the Journal is in a rare position in a challenged media environment to make a transformative investment. The Journal, part of Rupert Murdoch's News Corp., is profitable, helped by an early move to paywall its journalism.

The documents said that in its video push, the Journal aimed to produce 20 hours of video a week, expand to a free, ad-supported streaming (FAST) channel, and add subscription options and other formats as demand warranted. Between WSJ TV, existing video shows, licensed shows, and co-productions with creators, the Journal aspired to be an "always-on streaming channel." The person familiar with the Journal's strategy said those goals didn't represent its current plans.

Tucker took the helm at the Journal in 2023, moving from the Murdoch-owned UK Sunday Times with a plan to increase engagement with the Journal's digital products. Digital subscriptions rose 8% to 4.5 million in the three months ended June 30 versus the year-ago period. She has called for more lively writing and enterprise reporting. The Journal had already begun to reorient its video strategy under its former head of video Maral Usefi. Under Usefi, the video team had grown by a third, to 65 people, as of April. She was succeeded by Samantha Henig, who was hired in July to lead a new multimedia team.

The docs said that with the Journal's new effort, it aimed to combine its authority and scale with the personality of creator-led media and modern distribution. In terms of audience, it intended to reach a younger viewership than the traditional business TV audience and more decision-makers than creator-led media.

It projected reaching about 75 million viewers through Dow Jones' social reach, upward of 5.6 million monthly watch hours by its 2028 fiscal year, and ad rates that were three to five times what business content on YouTube commands. The person familiar with the Journal's strategy didn't say if those figures represented its current ambitions.

The Journal made a big push into original video more than a decade ago, including the launch of video app WSJ Live in 2011 and expanding to episodic video doc series. Publishers overall have newly reprioritized video amid the rise of short-form content, YouTube's increasing popularity on TV screens, and the success of new live shows like TBPN.

While embracing creator talent — and getting its own staff involved in video content — could help the Journal reach a younger audience, it comes with risks. Journalists who become on-camera talent can often command higher paydays, or defect to start their own ventures, like The New York Times' "Hard Fork" hosts Kevin Roose and Casey Newton did recently. Creators often have their own audiences, which give them leverage over a news organization that staff reporters might not have.

Flagship video shows are also expensive to produce, which makes high ad rates crucial to the Journal's success with this slate. The internal docs explored pitching a variety of ways for advertisers to get involved, including as launch partners, with category-exclusive partnerships, and as "moment partners" tied to major news events like elections, earnings, and WSJ specials.

• Netflix's film chief Dan Lin is out after two years.
• He's the latest top exec to exit following a 6% cut at the streamer, its biggest since 2022.
• New content chief Peter Rice will oversee film until a successor to Lin is announced.

Film head Dan Lin is out at Netflix, the latest exec to be ousted in the wake of the streamer's biggest layoff since 2022.

Lin was hired as film chair in 2024 with a mandate to bring greater cost discipline and variety to Netflix's films, which had focused on big-budget output under his predecessor, Scott Stuber. Lin cut big upfront paychecks to actors, reduced staff, and reorganized his department. He oversaw a slate that included Oscar-winning "KPop Demon Hunters," "Happy Gilmore 2," and "Frankenstein."

Lin's exit is the latest big shocker at Netflix. Also out in recent days was chief content officer Bela Bajaria, who was replaced by Hollywood veteran Peter Rice, a former exec at Disney and Fox.

Rice will oversee film until a new head is announced, Netflix said in a statement confirming Lin's departure.

Last week, Netflix laid off 1,000 employees, or about 6% of global head count. That was the streamer's largest cull since 2022, when the company lost subscribers for the first time in more than a decade.

The streaming giant has been hampered by slowing engagement growth and a stock price that has declined more than 40% over the past year. The streamer is contending with the rise of free, ad-supported streaming led by YouTube and the popularity of social video. In recent months, Netflix has turned to podcasters and creators to bulk up its library.

Netflix is set to report third-quarter earnings after the bell on Tuesday.

• Khaby Lame's splashy $975 million deal is still on ice nine months after it was announced.
• Lame's plan to merge his business with a publicly traded firm was celebrated by creator economy insiders.
• The public company's stock price has fallen 99% since its January high.

A new financial filing provides fresh details — and more questions — about a mysterious $975 million deal struck by TikTok's top star, Khaby Lame.

On January 9, Lame — who has over 160 million followers — entered into an agreement that would theoretically net him a major payday and take his company public. The mechanism: a merger with the publicly traded Rich Sparkle Holdings, a financial printing firm based in Hong Kong.

Then, in late January, Lame went silent on the merger. Now, we have an update: the deal is still on ice. A Rich Sparkle financial filing on September 30, its first since March, described the deal as conditional on a due diligence process, a minimum valuation of Lame's company, and stock exchange approval. That's the same language that has appeared in previous filings.

While the deal has been in limbo, Rich Sparkle's stock has plummeted 99% from its peak. In the wake of the announcement of the deal with Lame's company in January, the stock shot up to a high of about $180. On Thursday, it closed at $1.93. Several prominent brokerages had restricted or blocked trading in the stock, Business Insider exclusively reported in April.

The original deal announcement was celebrated throughout the creator economy, since such rich valuations are rare among influencer-founded companies, and it would give everyday investors an unusual opportunity to directly bet on a creator. The high profile of Lame, a Senegalese-Italian creator who rose to fame from dialogue-free comedy videos, means the outcome of the deal could impact how investors assess the viability of backing businesses centered on individual creators.

The January deal terms promised Lame's company 75 million shares, which would be worth about $145 million at Thursday's closing share price. The initial agreement had valued that stake at $975 million.

Rich Sparkle and Lame did not respond to multiple requests for comment.

At the time of the original announcement, Rich Sparkle said that it planned to create an AI avatar of Lame to do brand deals and sell products on social media. It projected this business could drive more than $4 billion in annual product sales.

An unusual stock detail

The new filing contains another intriguing detail: Rich Sparkle issued nearly $39 million in stock to its staff as part of their compensation during the six months ended March 31, resulting in an operating loss of almost $40 million. In the year-earlier period, it issued no share-based compensation.

This new share issuance means some employees could have benefited from the stock's massive spike following the Lame deal announcement. The filing doesn't indicate which staffers received shares or exactly when they got them within that six-month period.

Paul Nary, a management professor at Wharton, said the size of the share issuance was unusual relative to the company's valuation and revenue.

If the deal is in motion, we haven't heard a peep from Lame, who removed Rich Sparkle's stock ticker, ANPA, from his social-media bios in late January. The content creator continues to post for brands, recently making a cameo in the James Bond-inspired video game "007 First Light," signing on as a brand ambassador for travel eSIM company Holafly, and promoting the Dakar 2026 Youth Olympic Games.

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Creators ranging from Substackers to "SNL" stars are jumping off the screen to in-person events — and marketers can't get enough.

"IRL is the No. 1 brand equity builder of all the channels," said Justin Thomas-Copeland, CEO of the American Association of Advertising Agencies (4As).

As it becomes harder to reach customers online, in-person events offer a way for brands to connect with their biggest fans — and hopefully inspire a flurry of social content.

One night last month, Snapple turned a decommissioned Staten Island Ferry into a floating comedy club featuring Colin Jost and Pete Davidson.

Lindsay Burstein, a top marketer at Snapple parent Keurig Dr Pepper, said the night resulted in about 200 pieces of user-generated content.

"It is the buzziest thing that the brand has done in a very long time," she said.

Events aren't a new phenomenon, but interest from marketers is surging. In its annual survey of marketers, Linqia found that 53% said they planned to work with influencers on events in 2026, up from 34% in 2025.

"We've seen an uptick in both custom brand pop-up experiences and brand activation at large events," Linqia's chief strategy officer Keith Bendes said.

Influencer marketers are becoming event planners

IRL activations and events can also help brands gauge the depth of a creator's connection with their audience — and how valuable partnering with them might prove.

Substack creators, for instance, have "rabid fans and followers" who are hungry to connect in person, said Rothy's VP Anna Doré.

After Substacker Erika Veurink's article for New York Magazine featuring Rothy's shoes went viral, Rothy's struck a partnership with the writer that included a vintage pop-up experience at a Rothy's in New York City.

The Rothy's pop-up drew over 200 people and grew the store's foot traffic by 75% that day.

There can be category-specific reasons some brands are going all in on events. Flushable wipes maker Goodwipes, for one, leans on IRL experiences, said SVP of marketing Meredith Diehn, "partially because it's an intimate category, but there's a lot of questions around flushability and why should I leave toilet paper for Goodwipes."

Still, it can often be harder to measure success from an IRL event and prove it's an efficient use of marketing dollars.

"Live experiences is not an efficient business," Bilt CMO Zoe Oz said. "It's like the most inefficient, unscalable thing you can possibly do. But we found those to be 10 times more effective than the other ways we used to spend money."

Events also aren't a foolproof strategy, Copeland of 4As said.

There's a lot that goes into an experience, and if one part goes wrong or a creator is involved in an inauthentic way, criticism can spread quickly.

They present practical challenges as well, sometimes forcing marketers to wear yet another hat: event planning.

Burstein said that planning Snapple's comedy event — despite its eventual success — took her "blood, life, sweat, and tears."