How Powerful Billionaires Do Summer Camp
It’s sleepaway camp season, and no one is feeling the pressure of helping campers get to their destination more than air traffic control at Friedman Memorial Airport in Sun Valley, Idaho.
That’s where CEOs, entrepreneurs, kingmakers (and some governors) are descending on Allen & Company’s Sun Valley Conference, an annual “summer camp for billionaires.” The guest list for the private conference is notorious for being confirmed only as people arrive.
Unlike conferences like Davos, where corporate and political interests play out for media and investor audiences, Sun Valley is infamous for being a totally-not-secret “secret gathering of unelected billionaire kings,” where major acquisitions, like Jeff Bezos’s of the Washington Post and Disney’s of ABC, have historically been announced.
Last year, the conference drew plenty of parallels to HBO’s “Succession.” But this year, it’s anyone’s guess what will be on the billionaires’ minds other than the upcoming US election; there’s a possibility “the current regulatory environment and high interest rates have thrown cold water on dealmaking.” Two companies that could be in the spotlight are OpenAI, given its continued dominance in GenAI developments, and Paramount, which may experience additional changes following its merger with Skydance.
Why it matters: The Who’s Who of events like Sun Valley can almost read as a referendum on who’s sitting at the popular table in the cafeteria and could serve as a location for precision targeting for corporate communications and messages around technological innovation (much like considering CES or SXSW as tentpole activations for the brand). But of course, not everyone is a CEO, and maintaining a clear focus on demonstrating how innovative product stories meet the needs of connected consumers with resonance and relevance can be equally important.
Other news and trends
Gaga for the Galaxy Ring. Even before Samsung revealed eight new products at Galaxy Unpacked in Paris, there was plenty of excited attention, particularly regarding the Galaxy Ring, which will allow people to have a more connected understanding of their personal health. Publishers are editorializing that the Galaxy Ring—a first-of-its-kind product for Samsung— will compel other big tech companies to release copycat wearables. (The CEO of Oura Ring, Tom Hale, told CNET he is hoping Samsung will “educate the market about what’s unique about smart rings.”) Meanwhile, Tom’s Guide is already speculating about the possibility of Galaxy Ring 2.
Related: Athletic Brewing’s valuation. Connected consumers’ engagement with their health is helping non-alcoholic beer brands stand out. One study found that 75% of Gen Z and Millennial consumers want non-alcoholic options. The trend is boosting the market valuation of companies like Athletic Brewing Company, which controls about 20% of the nonalcoholic beer market, and whose valuation recently increased to approximately $800M through a $50M funding round.
Hurricane Beryl. The second-named hurricane of the season made deadly landfall in Texas and Louisiana Monday. The temperature of ocean waters added additional severity to the storm than originally forecast. Although it’s since downgraded to a tropical depression, resulting power outages left about 2.25M Texans without power.
Now streaming: "The Bachelorette." In the show’s season 21 premiere last night, Jenn Tran became the latest candidate looking for love among 25 potential paramours. Tran, who was a contestant in Joey Graziedei’s season of “The Bachelor,” is also the first Asian American lead for the show, and a topic of conversation in her interviews has been an “unfortunate” lack of representation; only one of her suitors is Asian American. (On TikTok, chatter about the the show is already taking over the platform; #bachelornation – 53.7k posts; #thebachelorette – 41k posts.) Related: Similar reality TV series like “Love Is Blind” are under fire for “toxic” exploitation of cast members.
Still trending: Spicy BookTok. Speaking of finding love, BookTok (34.6M posts)—which has created widespread changes to the publishing landscape for years—is also breathing new life into romance titles, as well as physical bookstores dedicated to the genre (#spicybooktok – 1.2M posts). Walmart is tapping into the trend, celebrating mild-to-wild BookTok with a collaboration with Melinda’s hot sauces (originally announced in late June).
Contributors: Head of Social Content and Engagement Strategy Cristina Lawrence, Senior Vice President Jerry Lawrence, Group Vice President Andrew McKernan, and Senior Vice President Tammy Pepito. At Razorfish, we help brands define their higher purpose—the emotional reason why they belong in people’s lives. Ready to find your purpose? Learn more here.