Crumbl Cookie Making $1B/ Year, AI In Sports, and Underutilized Assets Create Businesses

**Sam Parr** (0:00)
And again, remember, percentage of their readers are ultra wealthy people who are like, yeah, great, I wanna have a home on the East Coast that I can park my private plane in, and that'll be one of my hubs.
And I'm pretty sure, okay, I don't know the exact numbers on this, but I can triangulate a little bit. I think they've done at least 25 million in pre-sales on this thing.

**Shaan Puri** (0:19)
That is crazy.

**Sam Parr** (0:19)
And it could be, it could easily be double that. But that is a really awesome and impressive way to take this niche hobby, find a media publication that works and go content to commerce.

**Shaan Puri** (0:43)
I have some stuff for today. You have something that I know about that I've kind of mentioned, but I mentioned it without saying their name, Craig Fuller. Now we can mention it.
Did you get permission about this?

**Sam Parr** (0:57)
Yeah, I think so. So we got, some of this is public, but let's talk a little bit about this. Okay, so there's this business called Flying Magazine or Flying Mag. And so when you look at it, you're like, okay, well, what is this? And so basically the story is there's a guy who bought this magazine called Flying Mag, and Flying Mag produces this beautiful magazine, amazing photos, and if you're a flying or aviation enthusiast, you will love this magazine.
He bought it for like, I think, like not quite 10 million, but a little under that. So maybe somewhere between, let's call it five to $10 million.

**Shaan Puri** (1:35)
My guess is a fraction of that.
I think it was closer to one. Do you have any evidence?

**Sam Parr** (1:40)
Yeah, we've got a little source here saying high seven figures. So let's assume the source is correct. Okay, so, but then I was like, well, where did this person get high seven figures to go drop on a magazine? That seems like a pretty indulgent purchase for somebody, unless they have a lot of money. So he started a company before that called Freight Waves, which basically is like a data company for the freight shipping industry. So they're like a price reporting company. So they provide data that shippers and freight companies use to inform themselves on what's going on in the market. They also have a SaaS tool. So they kind of have like a media side, which is the contents that they're producing that's pricing information.
And then they have a SaaS business called Sonar that's in it.
And they've released a public press release so you can kind of see some of their numbers.

**Shaan Puri** (2:27)
I saw they did that. That's very weird that they did that.

**Sam Parr** (2:29)
Yeah, they're not a public company, but they sort of like did a public report. And I'm not sure what the agenda was. Like, I think I'm just sort of naive here. I don't know.
Normally this is, we want somebody to buy us or we want to raise money or we're prepping to go public, but it's, I don't think it's either any of those three because of what they said. So they basically reported 13 million in revenue for a quarter. So let's call it, let's just extrapolate that out in a straight line. So roughly 50 million a year in revenue.
It wasn't a lot in profit. So it was like, you know, one or 2 million in EBITDA in the quarter or something like that. So let's say that this business is making, I don't know, four to eight million of profit a year.

**Shaan Puri** (3:07)
But it's growing 70% a year. It's growing quickly, almost double.

**Sam Parr** (3:10)
And it's been around, I think, for a little while.
So, you know, it's done well. They had 28 million in cash just like on the books, on the balance sheet. So, you know, the business was in a healthy spot. So I think Craig starts FreightWaves. He then separately buys FlyingMag. One of the interesting things about FlyingMag is that if you think about who are the readers of a niche magazine like this, you have two categories, Uber nerds and Uber nerds who are rich. Because, you know, you gotta be kind of nerdy about this hobby if you're gonna be like reading about this. Like we had a guy once who we hired as an engineer that used to had an app on his phone where he would listen to the, what's called air traffic control. He would just tune into the frequency of air traffic control and listen to it at lunch. And like, I gotta tell you, never had a worst lunch with anybody in my life.