MrBeast's CEO hints at IPO, wants fans to be 'owners'
What's the story
MrBeast, the YouTube sensation with a whopping 450 million subscribers, could be heading for an Initial Public Offering (IPO). Jeff Housenbold, CEO of Beast Industries, the company behind MrBeast, hinted at this possibility during a conversation at the DealBook Summit. He said they want to give the "1.4 billion unique people around the world who have watched Jimmy's content in last 90 days" an opportunity to own a piece of their company.
Business expansion
Business extends beyond YouTube ad revenue
MrBeast's business model goes beyond YouTube ad revenue and includes Beast Industries. The company's biggest money-maker is Feastables chocolate, which is more profitable than both the MrBeast YouTube channel and the Prime Video show "Beast Games." Housenbold also revealed plans for a two-sided marketplace for creators and marketers to collaborate, as well as ventures into the phone industry, financial services, and a theme park in Saudi Arabia.
Legal issues
Beast Industries faces legal challenges
Despite its success, Beast Industries has faced some legal troubles. The company is embroiled in a lawsuit with Virtual Dining Concepts over claims of damaging MrBeast's brand by selling "inedible" food from MrBeast Burger. After the first season of "Beast Games," five contestants sued Jimmy Donaldson and Amazon for alleged mistreatment and sexual harassment on set.
Future plans
Housenbold addresses past mistakes, looks to future
Addressing these issues at the DealBook Summit, Housenbold said they are always learning and getting better. He emphasized that mistakes are part of success and assured that Season 2 of "Beast Games" will be much better. Despite these hurdles, Beast Industries's potential IPO remains on track as long as it can handle public scrutiny effectively.
Unique opportunity
MrBeast's IPO could be a 1st for creator-led businesses
If it goes ahead, MrBeast's IPO would be the first successful public offering by a creator-led business. FaZe Clan went public in a $725 million SPAC but was acquired a year later for just $17 million. In November, Pinkfong, the company behind the most-watched YouTube video "Baby Shark," also went public in Korea.