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What is the value of a meme? Probably more than you want to think.
Doing Things Media, an Atlanta-based company that owns many popular Instagram meme accounts. Sheetheadstive, @ Four twenty And DoggosDoingThings, Has received a $ 21.5 million Series A. The round was led by Volsion Capital, a Boston-based VC firm that has supported companies such as Chewy.com, pet supplier E-Taylor.
Doing Things Media made more than $ 10 million last year from a combination of profitable and sponsored advertising and e-commerce, mostly clothing and other items from the meme account brand. The five-year-old company did not want to take any outside capital but thought that Volsion’s experience would benefit Chevy.com’s decision to expand its own e-commerce operations by supporting it. “When they hit us, we were like, ‘Yeah, okay, let’s listen to them,'” Hailey said. “Our goal is to sustain growth that is sustainable.”
Memes are everywhere online: commenting on pop culture is nothing but silly, viral content, often reusable jokes. But it is difficult to estimate how well a company can monetize them — or how valuable such a company would be. In 2020, Warner Music reportedly spent $ 85 million on IMGN Media, which owns things like the Instagram account @ Daquan. Given the amount of money Warner has paid for IMGN and the new flow of Series A cash, it is reasonable to assume that Doing Things has received an appraisal that is close to $ 100 million in this latest round of funding.
By paving the way for advertisers like Doing Things Bud Light, T-Mobile and Netflix to reach young, loyal viewers, the marketing dollar has tackled the epidemic recession. It has 25 social media meme accounts, a collection of brands with over 65 million followers across Instagram and other platforms.
“Companies like Doing Things have already done the hardest thing: they’ve created unique content, they’ve gathered a huge audience, and their audience is very engaged,” said Larry Cheng, a founding partner at Volition. “We think there’s a lot of room for creating new brands and expanding into new segments and expanding across different distribution channels.”
This complex language means that Doing Things will do things like upload its web series, TV-show-type videos mostly to YouTube. YouTube offers a lucrative ad-revenue sharing program, where a clip with 20 million views could earn $ 100,000 in advertising dollars. Snap hosts such series, although the economy is less attractive. It is also possible to place a series of bonus content on the back of the subscription wall as Patrion offers.
It’s harder to stop these series than to publish funny dog videos. Doing Things has already made a huge hit with its web show All gas no break, But the ridiculously disastrous test of America’s unfamiliar Cone-Proud Boys, Burning Man, Porn Star, ended last spring in a deal dispute with its host, 23-year-old Andrew Callaghan.
Recently came a breakthrough Vacation therapy, A show featuring open interviews with kids about whether there is magic and whether the Komodo dragon eats humans. A new series will be called Business breakdown. In it, host Graeme Barrett will try to describe how a company works, saying, “Strange businesses are happening, like, ‘How do you make money?'” “Probably a waste disposal plant, where he’ll see if there’s any money.” For an extra special episode, Barrett might try some self-examination and review the meme business.
