The popular YouTube channel Dude Perfect announced Tuesday it landed an investment of more than $100 million from private investment firm Highmount Capital as the group looks to expand into a larger media company.
Dude Perfect began in April 2009 as a YouTube channel started by five roommates at Texas A&M University that featured them performing trick basketball shots.
Dude Perfect has entered into marketing partnerships with clients such as Walmart, Nike, the U.S. Olympic Team, Southwest Airlines and more, according to the group’s website.
It’s also gone on nationwide tours and is planning to add a retail store at its third headquarters that will complement an online store.
“While it wasn’t obvious at first, Dude Perfect is transforming from YouTubers to a media powerhouse.
As we dug in, we had to shed some preconceived notions and peel back layers of traditional thinking to get to the truth.”
We are here to serve and help them steward their growing platform in ways that transform culture,” Illian added.
GET FOX BUSINESS ON THE GO BY CLICKING HERE The Journal’s report noted that the group is planning a theme park, which has a working name of Dude Perfect World, which is expected to cost at least $100 million and take over two years to build.
With the aim of growing into a larger media company, the well-known YouTube channel Dude Perfect announced on Tuesday that it had secured an investment of over $100 million from the private investment firm Highmount Capital.
Five roommates at Texas A&M University launched the YouTube channel Dude Perfect in April 2009, posting videos of themselves making impressive basketball shots. Over the years, Coby and Cory Cotton, Tyler Toney, Cody Jones, and Garrett Hilbert have grown Dude Perfect into one of the most watched channels on YouTube. Their main channel, which features comedy and sports stunts, has over 60 million subscribers.
Dude Perfect has partnered with brands like Nike, Walmart, and the U.S. S. The group’s website lists the Olympic Team, Southwest Airlines, and other organizations. Together with adding a retail location at its third headquarters to supplement an online store, it has also undertaken national tours.
Co-founder and general partner of Highmount, Jason Illian, stated in a post announcing the investment, “Our mission at Highmount is to invest in transformational companies with great founders who are building scalable and influential platforms.”. “Dude Perfect is evolving from YouTubers to a media powerhouse, even though it wasn’t immediately apparent. In order to uncover the truth, we had to dig deeper and remove some of our preconceived assumptions and layers of conventional wisdom. “.
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The creator economy’s total addressable market, according to Illian, is estimated to be close to $250 billion, and Goldman Sachs projects it will nearly double to $480 billion over the next two to three years. This information was gathered from Highmount’s investigation into Dude Perfect’s business model.
He continued by pointing out an Oxford Economics study that found YouTube’s creative ecosystem contributes $35 billion to U.S. economy annually, and that roughly half of Gen Z and millennials, as well as one-third of all adults, base their purchasing decisions on influencers. s. GDP and sustains more than 400,000 full-time equivalent jobs in the United States. S.
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“We are partners with the Dudes, not just investors in them. Highmount is lending the Dudes nine figures in order to help them connect with their fans in new and exciting ways, develop a top-tier management team, and take advantage of present and future opportunities. Our purpose is to assist them in managing their expanding platform in a way that changes society, said Illian.
In February 2023, The Wall Street Journal revealed that Dude Perfect’s revenue increased to approximately $25 million in 2022 from $20 million in 2021. The group’s revenue was primarily derived from their non-YouTube endeavors, including live performances and merchandise sales.
According to a Journal story, the group is developing a theme park called Dude Perfect World. Its construction is anticipated to take more than two years and cost at least $100 million.
