Morning Brew Daily – Episode Summary
Date: August 21, 2025
Hosts: Neal Freyman & Ann Barry
Main Topics: Target’s new CEO (a former intern), ESPN’s new streaming app, Labubu (Pop Mart’s viral toy), “Neil’s Numbers” stats roundup, and headline news
Episode Overview
This episode of Morning Brew Daily, co-hosted by Neal Freyman and guest Ann Barry, dives into some of the most buzzworthy developments in business and culture: the surprise elevation of a longtime Target insider to CEO, Disney’s major streaming push with ESPN going direct-to-consumer, a look at the viral Labubu collectible toy phenomenon, and a rapid-fire segment of stats (Neil’s Numbers) across various industries. The show blends sharp analysis with lively banter and memorable moments.
Key Discussion Points
1. Target's New CEO: The Former Intern’s Big Promotion
[02:24–07:41]
- Background: Michael Fidelke, who started as a Target intern in 2003, was promoted to CEO, replacing Brian Cornell (who will become executive chair of the board).
- Context: Target’s same-store sales declined 1.9% last quarter (better than expected, but still not growing) – stagnation for nearly three years.
- Market Reaction: Investors were not optimistic, sending shares down 6% after the announcement.
- Insider vs. Outsider:
- Some analysts and the hosts express skepticism that an internal promotion, rather than an outsider, can spur needed change.
- Ann Barry [03:53]:
“The very guy who is part of the issues we're trying to solve has actually been rewarded for all this. He's promoted to the big job. I found this baffling if I'm really honest.”
- Neal Freyman [05:50]:
“In one sense it's a great growth story. But maybe investors are thinking this is not the type of person that Target needs right now because its sales are falling. It hasn't grown in three years.”
- Challenges Ahead:
- Fidelke’s three priorities:
- Recapture Target’s “chic” merchandise reputation
- Improve customer experience
- Boost technology in stores and operations
- Ann Barry [06:38]:
“All three of those are really expensive ways to start revving up that growth engine again... If he turns around three months from now and he doesn't have a plan, if he gets into the seat... and he does not, pretty quickly afterwards say, 'I've got a fresh slate of talent,' I think Target share price is in for a rougher ride.”
- Fidelke’s three priorities:
2. ESPN Goes Direct-to-Consumer: Streaming Milestone
[07:41–11:23]
- Major Move: Disney launches the ESPN app for $29/month, allowing all sports fans to stream live events and shows without cable.
- Industry Impact:
- ESPN was once the "greatest business model in media history" [07:49] due to bundling in cable packages.
- Cord-cutting and declining cable subscribers forced this "nuclear option."
- Competition:
- Fox One's app also launched the same day, setting up a "messy" streaming war (Ann Barry [08:51]: “It’s going to get messy.”).
- ESPN spent $80 billion over seven years on sports broadcast rights, setting up for Super Bowl 2027, NBA Finals, College Football Playoff, and more.
- Interesting bundle: ESPN, Disney+, and Hulu together for $29.99/month—the same price as ESPN alone.
- Tech Upgrades & Engagement:
- New app features: vertical content, social engagement, and interactivity.
- Quote – Ann Barry [10:08]:
“It's pretty expensive. I also saw that the app's going to have a bit of a refresh ... there's going to be much more focus on interactivity, social media feeds, lots more engagement on the docket...”
3. Labubu Toy Craze: Pop Mart’s Explosive Growth
[11:23–15:26]
- Numbers: Pop Mart’s Labubu dolls’ sales up 200% (first half of year); net profit up nearly 400%. Americas revenue soared 1,100%.
- Consumer Craze:
- Labubu called the “biggest international toy fad since the Beanie Babies in the 90s.”
- Pop Mart expanding aggressively—three new stores a week, aiming for 60 in the US.
- Banter:
- Neal debates getting a Labubu, worrying he’d “mark peak craze” if he bought in.
- Neal Freyman [12:42]:
“Each time I try to spring for one, I think to myself, well, it's not cool anymore. Like if Neil Freyman buys one, that means it's past its peak.”
- Sustainability?
- Are Labubu and similar toy trends sustainable or just the latest blip?
- Ann draws parallels to Pandora jewelry, Swatch, Troll Dolls, and “kidult” collectibles—“massive, massive audience.”
- Analyst caution: Market preferences can change rapidly.
- Surprise/discovery element (“blind boxes”) is part of what drives demand.
- Ann Barry [15:09]:
"We've seen that it's this sort of 'kidult' phenomenon... people—they really want that collectibility of stuff right now.”
4. Neil’s Numbers: Three Stats Shaping the Week
[17:01–22:07]
a) Atlanta’s Film Industry Decline
- Stat: Georgia film spending down nearly 50% in three years as Marvel shifts production to the UK for tax/labor reasons.
- Movies/TV: Hunger Games, Marvel, Fast and the Furious, Stranger Things were filmed in Georgia.
- US films down 30% since 2022; Britain up 16%.
- Neal Freyman [17:01]:
“Production spending in Georgia has dropped by nearly half over the past three years... The main reason for the drop off is Marvel ... shifting more production to the UK.”
b) NYC Office Foot Traffic Hits Pre-Pandemic Highs
- Stat: NYC's office visits in July 2025 1.3% higher than July 2019 (first major city to surpass pre-pandemic levels); other US cities still lagging.
- JPMorgan’s aggressive return-to-office drives trend.
- Ann Barry [20:49]:
“Walking around midtown Manhattan ... it just felt like a ghost town. I'm just really excited to see people are back... that vibrancy, it's so important.”
- Fun moment: Ann wishes Neal had played “Jamie Dimon’s profanity-laden request” for employees to return in full (“It’s a kid show! You can’t quite.”).
c) Decline in Reading for Pleasure
- Stat: % of Americans reading for fun drops from 28% (2003) to 16% (2023) — more than 40% decline in 20 years.
- Cited reasons: phones, less leisure time, access to reading materials.
- Ann Barry [22:15]:
“One thing I saw ... is the number of parents reading to their kids is low, too. And the real irony here is I read about that on Instagram.”
5. Rapid Headlines (Sprint to the Finish)
[22:30–25:36]
- Trump ramps up efforts to change Fed composition, targeting Governor Lisa Cook for alleged mortgage fraud.
- Cook vows not to be “bullied” from position.
- Hurricane Erin creates dangerous surf up east coast; caution for swimmers.
- Radioactive shrimp shipped (but not distributed) to Walmart triggers FDA recall/outcry.
- Ann Barry [25:28]: “Are they telling us how to dispose of it? ... Or we just throw it out?”
- Focus Friend, a productivity app by Hank Green, tops App Store thanks to viral “focus bean” concept.
6. Memorable Moments & Notable Quotes
- Ann's "Fun Fact" (Icebreaker) [01:26]:
“When I was growing up, what did I want to be? I wanted to be Indiana Jones. I wanted to be an archaeologist.”
- Labubu Hype [11:23]:
“Just when you thought we’ve hit peak Labu, those fiendish little elf dolls are only getting stronger.” — Neal Freyman
- Office Resilience [20:49]:
“I think New York City is resilient.” — Ann Barry
- Meta Moment on Reading Trends [22:15]:
“The real irony here is I read about that on Instagram…” — Ann Barry
7. Birthday Surprise
- The team and co-host Toby (in an audio message) wish Neal a happy birthday [27:07].
- Toby: “Happy birthday. Thanks for being such a good friend, golf partner and co-host… We’ll have spaghetti when I’m back to celebrate.”
- Neal: “Should be a fun day.”
Timestamps of Key Segments
| Segment | Start Time | |-------------------------------------------|------------| | Target’s New CEO | 02:24 | | ESPN Goes DTC | 07:41 | | Labubu / Pop Mart Toy Craze | 11:23 | | Neil’s Numbers | 17:01 | | Atlanta Film Industry | 17:01 | | NYC Back to Office | 18:34 | | Reading for Pleasure | 21:05 | | Wrap-Up Headlines: Trump/Fed, Hurricane, Shrimp | 22:30 | | Focus Friend App | 25:36 | | Birthday Surprise | 27:01 |
Tone and Style
The hosts maintain their signature lively, witty, and conversational tone throughout—mixing business analysis with pop culture references, subtle humor, and moments of self-awareness. They provide clear business explanations while keeping the pace fun and engaging for listeners.
Takeaways
- Target’s leadership may be sending the “wrong signal” by promoting from within amidst prolonged stagnation.
- ESPN and Disney double down on streaming, betting on bundles and exclusive sports content to win the streaming wars.
- Labubu’s wild popularity marks another “kidult” collectible whirlwind, but such fads have a history of volatility.
- Big shifts: Atlanta’s film industry wanes, NYC’s office life rebounds, and reading for pleasure is alarmingly in decline.
A fun, info-rich episode blending breaking business news, cultural trends, and sharp analysis—with enough wit and memorable lines to keep you tuning in for more.