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Planet Money

PM does a pop culture draft: 1999 edition

54 min episode · 2 min read
·
Pm Does,Waylon Wong,Viet Le

Episode

54 min

Read time

2 min

Topics

Relationships, Investing, Leadership

AI-Generated Summary

Key Takeaways

  • Comparative Advantage in Boy Bands: Backstreet Boys' I Want It That Way demonstrates economic theory where AJ dances center stage despite being the best singer because Brian sings better than he dances, optimizing each member's relative strengths within the group's production constraints.
  • Low-Budget Film Returns: Blair Witch Project cost between $30,000-$70,000 to produce and grossed $248 million, achieving a 250x return on investment. This model directly influenced Jason Blum's Blumhouse strategy of placing multiple small bets on horror films expecting occasional massive hits.
  • Marriage Economics and Gender Roles: TLC's No Scrubs reflects documented trends where marriage rates decline down the income ladder as working-class women face smaller pools of employed men due to industrial job losses and mass incarceration, choosing independence over partnerships with insufficient economic contributions.
  • Digital Currency Precursor: Flooz.com launched in 1999 converting real money into internet-only currency accepted by retailers like Tower Records, paying spokesperson Whoopi Goldberg in company shares. The venture collapsed after $300,000 in stolen credit card fraud, foreshadowing modern cryptocurrency marketing tactics.

What It Covers

Planet Money hosts draft 1999 pop culture artifacts through an economic lens, competing to assemble the best team of movies, songs, and wildcards that illustrate business principles, from Pokemon's franchise model to Napster's industry disruption.

Key Questions Answered

  • Comparative Advantage in Boy Bands: Backstreet Boys' I Want It That Way demonstrates economic theory where AJ dances center stage despite being the best singer because Brian sings better than he dances, optimizing each member's relative strengths within the group's production constraints.
  • Low-Budget Film Returns: Blair Witch Project cost between $30,000-$70,000 to produce and grossed $248 million, achieving a 250x return on investment. This model directly influenced Jason Blum's Blumhouse strategy of placing multiple small bets on horror films expecting occasional massive hits.
  • Marriage Economics and Gender Roles: TLC's No Scrubs reflects documented trends where marriage rates decline down the income ladder as working-class women face smaller pools of employed men due to industrial job losses and mass incarceration, choosing independence over partnerships with insufficient economic contributions.
  • Digital Currency Precursor: Flooz.com launched in 1999 converting real money into internet-only currency accepted by retailers like Tower Records, paying spokesperson Whoopi Goldberg in company shares. The venture collapsed after $300,000 in stolen credit card fraud, foreshadowing modern cryptocurrency marketing tactics.

Notable Moment

Destiny's Child released Bills Bills Bills at age 18, explicitly warning about partners who damage FICO credit scores by making unauthorized purchases. The financial literacy focus was unusual for teenagers and reflected the 1990s democratization of credit card access across demographics.

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Episode Transcript

This message comes from the International Rescue Committee. Cofounded with help from Albert Einstein, the IRC provides emergency aid and support to people affected by conflict and disaster. Donate today by visiting rescue.org/rebuild. This is Planet Money from NPR. Hey. Kenny Malone here interrupting, to some degree, your regularly scheduled Planet Money programming because what we have today is a special episode. It's a a sample of one of our recent bonus episodes. You can think of this as a fun little holiday treat made up of some economic insights, sprinkles of pop culture nostalgia, and everyone's favorite holiday time competition, a little good natured elbowing between Planet Money hosts. But look, this is the kind of bonus content that you can get when you join Planet Money Plus. If you're already signed up, thank you, truly. But if you haven't joined, here is how you can get more content like this. Just check out the link below in the episode notes. And with that, here you go. Enjoy. Here, dear listener, Planet Money Plus listener, is a short list of movies that came out in the year 1999, all kinds of movies that people still talk about today. We're talking The Matrix. The Matrix is everywhere. It is all around us. The Sixth Sense. I wanna tell you my secret now. The Blair Witch Project, Fight Club. You do not talk about Fight Club. The fame thing isn't really real. Notting Hill, Star Wars The Phantom Menace. Now this is pod racing. Being John Malkovich. Malkovich? Malkovich. 1999 is widely considered to be one of the best, possibly the best year ever for movies. But but was 1999 also the greatest year in economic movies and pop culture? That's what we're here to settle today. Hello, and welcome, Planet Money Plus listeners, to the first inaugural Planet Money pop culture draft. Joining me today on draft day are my colleagues, Jeff Guo and Waylon Wong. Are you ready for this, Waylon and Jeff? Oh my gosh. I've been training. Absolutely not. Cue the training the training montage. We just did a movie montage. We don't have time for another montage. Okay. Waylon's ready. You can just picture it then. It happened off screen. Alright. Now we are trying something new for us, in today's bonus episode. We're gonna go back to the year 1999, and each of us is going to draft a team of pop culture, like, you know, how an NBA team drafts players. We're gonna be doing this with a a Planet Money lens though. Who can draft the most Planet Money team of pop culture artifacts from the year 1999. Now, what does it mean to draft the Planet Money team? Well, well, that is kind of for each of us to argue in our case. Like, have we drafted a movie that is obviously about economics, or or maybe we've drafted a song that is emblematic of a of a much bigger business trend. …

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Products

  • by Nintendo/Game Freak

    competing to assemble the best team of movies, songs, and wildcards that illustrate business principles, from Pokemon's franchise model to Napster's industry disruption
  • by TLC

    TLC's No Scrubs reflects documented trends where marriage rates decline down the income ladder as working-class women face smaller pools of employed men
  • by Destiny's Child

    Destiny's Child released Bills Bills Bills at age 18, explicitly warning about partners who damage FICO credit scores by making unauthorized purchases
  • Blair Witch Project cost between $30,000-$70,000 to produce and grossed $248 million, achieving a 250x return on investment
  • competing to assemble the best team of movies, songs, and wildcards that illustrate business principles, from Pokemon's franchise model to Napster's industry disruption
  • by Backstreet Boys

    Backstreet Boys' I Want It That Way demonstrates economic theory where AJ dances center stage despite being the best singer because Brian sings better than he dances
  • Flooz.com launched in 1999 converting real money into internet-only currency accepted by retailers like Tower Records, paying spokesperson Whoopi Goldberg in company shares

company

  • by Jason Blum

    This model directly influenced Jason Blum's Blumhouse strategy of placing multiple small bets on horror films expecting occasional massive hits

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