Is Mr Beast a Billionaire?

This article is a summary of the YouTube video ‘Could MrBeast Be the First YouTuber Billionaire? | Forbes’ by Forbes

Written by: Recapz Bot

Written by: Recapz Bot

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The speaker is obsessed with building his business, faced challenges, focuses on quality content, appreciates YouTube’s algorithm, prioritizes audience satisfaction, reinvests in his business, launched Beesburger during COVID-19, promotes alternative foods, sells products to fans, creates healthier snacks, emphasizes the influence of YouTubers, and prioritizes business over material possessions.

Key Insights

  • The speaker is obsessed with building his business and describes it as a drug to him.
  • During his teenage years, he spent a lot of time studying and watching YouTube, even though it wasn't popular at the time.
  • He faced challenges in terms of equipment and knowledge but eventually gained success on YouTube.
  • He emphasizes the importance of investing in quality equipment and improving the content to meet audience expectations.
  • The speaker finds it easier to talk to a camera than to people, as he couldn't find people who shared his interests.
  • He appreciates the accuracy of YouTube's algorithm in recommending content to its viewers.
  • He focuses on creating content that a large number of people would want to watch, rather than trying to manipulate the algorithm.
  • The process of creating a video takes around five months, from generating ideas to filming and editing.
  • The speaker mentions the significant increase in the budget for video production, from $100,000 to $1.5 million per video.
  • He prioritizes audience satisfaction over monetary gain and only uploads videos he believes the audience will enjoy.
  • He doesn't prioritize material possessions and prefers to reinvest in his business.
  • The speaker launched Beesburger during the COVID-19 pandemic to help restaurants generate extra revenue through delivery services.
  • He is interested in promoting alternative foods like impossible meat or lab-grown meat, but wants to ensure there is sufficient demand before making the switch.
  • The speaker noticed that his fans not only ask for photos but also purchase products when they are available in retail stores.
  • He aims to create healthier snack options at a more affordable price range.
  • The speaker highlights the influence of YouTubers and creators, with millions of unique people watching their videos for extended periods.
  • Their revenue has consistently increased over the last decade.
  • Rather than accumulating material possessions, the speaker wants to focus on building his business and helping people, viewing that as more meaningful in life.

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Transcript

I just obsess over it and I obsess over it until I fall asleep and I dream about it. Then I wake up and I do it again. Building this business is like cocaine to me. I just don’t know how to stop. I basically spent five years of my life when I was a teenager just obsessively studying YouTube, watching YouTube ten hours a day, obsessing over it. If a video got 40 million views, figuring out why, doing that tens of thousands or hundreds of thousands of times. I was basically just kind of a YouTube loser, and this is back when YouTube wasn’t cool. No one in my entire school wanted to make content. I had no equipment. My brother had a really old hand-me-down laptop that I would just kind of steal at night. I didn’t have a microphone. I didn’t have anything, and I had no one to teach me.

So it was a long, brutal process from like 11 to basically when I was 19 years old. Things started to take off a little bit, but every comment was like, “get better quality, get better audio.” I had to slowly just build up money to buy the equipment. I had to slowly train myself how to edit, to do the camera, be entertaining, make videos people like. I basically got a hundred thousand subscribers filming on, like, a hand-me-down iPhone. I don’t mind talking to a camera. I find that fun. It’s actually more difficult for me to talk to people. There were actual points in my life where my family thought I was mute, which later on in life, I learned it’s because I couldn’t find people I related to, and no one around me was obsessed over business and content and the things I was obsessed over. I just didn’t know how to speak normal teenager language when I was a teenager. I just couldn’t figure it out. It was just crippling, boring, and my brain would just be like, “This is mind-numbing. I want to figure out how we become successful and build a business and stuff like that.” I thought I was just like a fucking loser that would never be able to talk to anyone and never know how to speak to anyone, but really I just learned that there are just certain people that I get along well with, and it’s just a very small section of the human population. When I’m around those people, life is amazing.

The beauty of YouTube, which I think does it better than anyone else, is the algorithm is so refined where your YouTube account is just what YouTube thinks you’ll watch, which is very accurate. You don’t even really study the algorithm anymore. You just kind of study what do people want to watch. If you want to get a hundred million views on a video, you don’t go, “How can I trick YouTube to serving this to 200 million people?” It’s just not gonna happen. You just think, “How do I make something that a hundred million people will want to watch?” And then YouTube will give it to them with the data tells them that a hundred million people won’t watch it. If I see an idea, I can just tell, like, “Yes, a hundred million people would want to watch that,” or “No, that’s more like something that’s a little more niche, but it would kill that niche.” And then, but that’s probably like 10 million views or 20, you know what I mean?

We work on videos probably three or four months in advance. So from the start to when they get uploaded, it’s probably like one to two months coming up with the idea, three to four months working on the idea, and then a couple of weeks filming, and then like three weeks editing. So probably five months from start to finish. Two years ago, we were spending a hundred grand on a video. Now we’re spending probably 1.5 million on a video. For me, it comes pretty easily. I just don’t think the video is great. I just don’t upload it. I mean, the beauty of not really doing things for money is that if I don’t think the audience will like it, it’s gone. I just don’t need a mansion to be happy. I don’t need a supercar to be happy. I really don’t need anything outside of this. As long as I have a bed and a bathroom, I’m fine because I don’t have any liabilities outside of the company. So I can just reinvest it all. It’s like I don’t have to have the fear, “Well, if things don’t work out, I can’t maintain my crazy lifestyle or my down payment at each month’s like 50 grand on my five supercars and $100,000 on this giant mansion and insurance and all this other stuff, and I have to maintain 30 maids or whatever it is.” You know, the crazy stuff people end up getting into. So to me, money is just fuel to grow the business and help people and not much else.

We launched Beesburger during COVID when restaurants were shutting down left and right, with lockdowns and everyone switching over to delivery. The big driver was we really wanted to just help a lot of restaurants generate extra revenue because, you know, by the time they take home their pay and the delivery apps take their fee and everything, it’s not like the profit margins are that great on it. It’s more to help other people. Like I haven’t taken a single dollar out of it. We just reinvested all over there. With Beesburger, that’s why I’m really trying to figure out how we can get more people eating something like Impossible meat. Right now, we’re looking at the into lab-grown meat and stuff like that. I would personally love to switch over to one of these soon, but I don’t want to just switch over and then we don’t sell any and then it does no good. It’s gonna be like feastables where people are actually buying it, so it actually makes a change.

One thing I noticed is that I could go stand in any Walmart in America and random people would come up and ask for a photo, or I could go stand in Target or a gas station anywhere. It just kind of clicked once we started putting these in retail. Those same people that if I stand there will ask for a photo, they’ll also buy our product. I wanted to just make a better-for-you snack break because I think a lot of the stuff out there is just terrible for you. Like the first cereal, one of the products I’m going to do next, right? Like, you have the Lucky Charms that are like $2.50 a box, and I mean, God knows how many ingredients are in a Lucky Charms box, but then you have stuff like Magic Spoon, which is infinitely better for you and good, and it’s not gonna kill you to eat. But it’s also really, really expensive. You know, this is like a perfect example where I want to live in the middle and help bring that high-quality, low-ingredient, good-for-you down to more like a four-dollar or five-dollar price range and put my brand behind it. So people eat it, and if they do that, then I can sleep well at night because it’s a net positive.

A lot of people still see YouTubers as kind of like a subclass of influencers, or they just don’t truly understand the influence a lot of creators have. In the last 90 days, we’ve had 300 million unique people watch our videos. That’s a lot, and on average for like 40 minutes each, and that’s just on YouTube. If you factor in TikTok and everything else, it’s probably closer to 400-450 million unique people. Our revenue has gone up every single year for the last 10 years. My investment is the content here, and any money I take out is usually just to free up time so I can make more content. I’m not at the point yet, but I literally kind of want to just sell everything I own, minus like a bed, and just put everything on the bed that I own and just live off of that. I think so many people are just so materialistic, and they just chase that, and I really don’t want that lifestyle. When you die, why does it matter? All this materialistic stuff, I really just want to focus on building the business and helping people because I feel like that’s more of what matters in life, you know what I mean?

This article is a summary of the YouTube video ‘Could MrBeast Be the First YouTuber Billionaire? | Forbes’ by Forbes