Hey honeys and hustlers,
When Sean Evans and Mythical Entertainment acquired Hot Ones from Complex for a reported $82.5 million in late 2024, they sold it for significantly more than BuzzFeed's $70 million asking price. The sale wasn't just about a popular interview show—it was about a brand with a thriving hot sauce line and merchandise empire. Hot Ones has made history before, becoming the first YouTube show to be eligible for an Emmy, a feat Rhett and Link of Mythical Entertainment had previously attempted. Because revenue was generated that wasn’t explicitly tied to Sean Evan’s name, image, and likeness, the show has also reduced key man risk, a common feature of many creator-led projects. But what about Complex's other flagship property, 360 with Speedy Morman? Without an obvious product extension like Hot Ones' sauces, how would the market value this celebrity interview franchise?
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Hot Ones commanded its premium valuation for several key reasons:
Diversified revenue streams: Beyond advertising, the show generated significant income through its First We Feast hot sauce line, which became a retail phenomenon
Cultural cachet: The show became a meme-worthy cultural touchstone, with celebrity reactions driving viral moments
Consistent viewership: Episodes regularly garnered millions of views, with top episodes exceeding 20-30 million views
Brand IP: The format itself—celebrities answering questions while eating progressively hotter wings—became instantly recognizable
The $82.5 million price tag reflected not just the show's advertising potential, but its proven ability to drive product sales and cultural conversation. At first, I thought this number was kind of high. Now, I tend to think it's more on target. Interview shows without product lines typically command valuations based on annual revenue (typically 3-5x multiple for profitable media properties), audience size and engagement metrics, growth trajectory, talent contracts, and retention risk. Alex Cooper’s Call Her Daddy move from Barstool Sports to Spotify is a good example of this.
Speedy Morman
360 with Speedy Morman has been a cornerstone of Complex's content strategy since its inception. The show features intimate, casual conversations with athletes, musicians, and cultural icons in a 360-degree camera setup. Speedy's friendly but snarky hosting style and ability to get guests to open up have made it must-watch content for hip-hop and sports fans. Speedy has also appeared across Complex's ecosystem—from Overtime Hustle to ComplexCon—building personal brand equity that both adds value and creates risk. Speedy, unlike Sean, does consider himself a journalist. I would venture to say he’s likely the top model for creator video journalism that many traditional media outlets are trying to get their in-house journalists to strive for today.
Strengths of the 360 brand:
Celebrity access: Speedy has interviewed everyone from Kanye West to LeBron James, demonstrating exceptional booking power
Consistent performance: Episodes regularly perform well, though viewership varies significantly based on the guest (ranging from hundreds of thousands to several million views)
Format recognition: The 360-degree setup is visually distinctive and associated with the brand
Host equity: Speedy Morman himself is the show's primary asset, with crossover appeal to other Complex verticals
Challenges in valuation:
No product line: Unlike Hot Ones, there's no obvious physical product tied to the show's format or brand
Host-dependent: The show is intrinsically tied to Speedy, making it less of a "format" asset and more of a "talent + format" package
Advertising-only revenue: Without merchandise or product sales, the show's value is primarily based on advertising and sponsorship potential
Platform distribution: The show lives primarily on Complex's YouTube channel and social platforms, with no significant off-platform syndication
Based on industry standards and comparable sales, a realistic valuation range for 360 with Speedy is likely in the $8-15 million range. This assumes that advertising revenue will be $2-3 million annually and Speedy's continued involvement. A more optimistic estimate would assume that the buyer (which could include Speedy) sees potential for product line development (merchandise, events, etc.) Unlike Hot Ones, where the format itself became the star and driver of hot sauce sales, 360 with Speedy is inextricably linked to its host. The lack of a signature product is 360's biggest valuation challenge, but it's not insurmountable. Potential product extensions could include:
Merchandise line: Branded apparel playing off memorable show moments or catchphrases. Speedy currently wears the comf brand pretty regularly in interviews. There could be an opportunity to join the ownership team of that brand and share in the revenue, a la Ryan Reynolds.
Live events: 360 with Speedy live tapings or festival presence outside of ComplexCon
Premium content: Extended interviews or behind-the-scenes content behind a paywall
Brand partnerships: Co-branded products with guests (athlete collaborations, musician merch, etc.)
If a buyer, Speedy included, could successfully launch even one of these revenue streams, the valuation could increase substantially—potentially into the $40-50 million range. Hot Ones proved that a digital interview show could become a consumer brand. 360 with Speedy would need to prove it can do the same, or accept a valuation based purely on its advertising potential and Speedy's star power. For Complex, the question becomes: is it worth selling a flagship show that drives traffic and cultural relevance, even if the price tag doesn't match Hot Ones' blockbuster exit?
The answer may depend on whether Speedy himself is interested in ownership—and whether he can find his own Rhett and Link to help make it happen. I think Lebron’s The Shop would actually be a good funding partner and long-term fit for his show. What do you think?
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