Back in the day, a group of young men showcased their incredible trick shots on a backyard basketball hoop in a YouTube video. Fast forward 15 years, and these friends, now known as Dude Perfect with over 60 million subscribers, have secured a substantial investment ranging from $100 million to $300 million from a top venture capital firm in the country.
Highland Capital announced on Tuesday that they are injecting "9 figures" into Dude Perfect, a content creator established in 2009 by five buddies who crossed paths at Texas A&M. Since its inception, the Frisco, Texas-based startup, led by twins Cory and Coby Cotton, Garrett Hilbert, Cody Jones, and Tyler Toney, has evolved into a social media and brand giant with a team of over two dozen employees.
Dude Perfect is described as a "media powerhouse blending sports and humor" whose videos have garnered billions of views, as stated by Highland Capital CEO Jason Illian in a post. While specific financial terms of the investment were not disclosed by the firm, Illian mentioned that the funds will be utilized, in part, to enhance Dude Perfect's management team.
"Dude Perfect has become a sought-after brand for top athletes, celebrities, and sponsors due to their wide appeal and dedication to family-friendly values," stated Illian. "The Dudes have created something truly unique, and we believe their potential is limitless."
When reached for comment, Dude Perfect did not immediately respond. The group has been steadily increasing its YouTube following with a mix of entertaining and elaborate videos. Recent uploads feature activities such as throwing a rocket-propelled football, achieving the longest putt in the world, and humorously depicting office life.
Additionally, Dude Perfect currently holds over 20 Guinness World Records, including feats like the longest basketball shot, the longest barefoot walk on Legos, and the most Ping Pong balls attached to a person's head with shaving cream. As their popularity has soared, guest appearances in their content have featured personalities like actor Zac Efron, NBA player Luka Dončić, and footballers from the English Premier League.
The "creator economy," which comprises individuals with successful personal brands on platforms like YouTube and TikTok, is currently valued at $250 billion and is forecasted to reach $480 billion by 2027, as per a 2023 report from Goldman Sachs. Analysts at the investment firm estimate that there are around 50 million online content creators globally, with only about 4% of them operating professionally and earning over $100,000 annually.
According to 2022 data from Oxford Economics, content uploaded and monetized on YouTube contributed $35 billion to the U.S. economy and supported nearly 400,000 full-time jobs.
