PARTNERSHIPS | COMMUNITY | PODCAST | FRIENDS
Happy Monday Future Party. This month has felt like a true baton-passing moment in Hollywood. Curry Barker’s Obsession climbed in ticket sales for a third consecutive week, raking in nearly $105 million. Kane Parsons has also become the youngest filmmaker ever to top the box office, with Backrooms debuting to $118 million worldwide. Meanwhile, Markiplier (real name Mark Fischbach) self-funded and self-distributed his $3 million horror film, Iron Lung, which went on to earn $51.2 million theatrically. The YouTube generation has officially arrived.
DAILY TOP TRENDS
YouTube – Spa Weekend
X
(Twitter)– Lucas Museum of Narrative ArtGoogle – Callum Turner
Reddit – Emily Blunt
Letterboxd – Backrooms
Spotify – “Love And Mercy”
Who Controls The Backrooms?
Backrooms, which has evolved from a viral creepypasta into a major motion picture, is sparking a debate about ownership — or at least the sense of ownership — in the internet age.
The Big Picture: Creepypastas derive their followings from communities that continually expand their lore and narratives, with each new contribution enriching the legend as it spreads across the internet. The more people who meaningfully contribute, the merrier. But when a Hollywood studio partners with one of those contributors to formalize it as IP, it raises questions about the creepypasta’s future as a communal story.
Behind The Scenes: Backrooms just delivered A24’s biggest box-office debut ever — and, according to Bloomberg, that has parts of the Backrooms community worried.
The Context: Backrooms began as an anonymous 4chan post in 2019 depicting a terrifying liminal space. Over time, contributors across forums and social media platforms expanded the concept with new images, stories, and narrative twists.
The Turning Point: In 2022, Kane Parsons transformed the concept into a YouTube series using an analog-film aesthetic, Unreal Engine, and the 3D creation software Blender. The series quickly went viral, amassing 224 million views across 22 videos.
The Deal: That virality led Parsons to a deal with A24 and Chernin Entertainment to adapt Backrooms into a feature film, effectively making him the public face of the concept.
The Reaction: While audiences are clearly stoked about the movie, some contributors and fans are questioning what elements they can still build on, whether creators will remain motivated to expand the lore, and whether A24 might pursue legal action against future contributions.
Final Deliberation: The Backrooms debate is ultimately about remix culture: Is something genuinely new and original created when artists build on existing ideas? Legally, A24 and Parsons are well within their rights to make the film, but for many people, the vibe is more important than the law. As Parsons put it on a recent podcast: “I would be an advocate for someone else going down the road of making their own Backrooms series and interpretation, and they get a film.”
Still, the reality may be more complicated. Scott Manson, CEO of North Road Company and one of the film’s producers, said the company is “not focused on lawyering up.” At the same time, he noted that they are not “inviting the world to take these specific characters in this movie.”
Coming Soon: While the future of Backrooms as a creepypasta may be uncertain, expect an explosion of new internet-first horror universes hoping to receive the same Backrooms treatment.
Together with SafeBets
Minnesota Just Made Prediction Markets A Felony
Last week, Governor Walz signed the first law in the country criminalizing the operation of a prediction market. Seven more states are lining up. The largest platforms in the category face criminal exposure. And this is just the beginning.
SafeBets is a prediction market without the legal gray area.
Users never place a wager. Never risk a stake.
The prize pool is funded entirely by public-market inefficiencies captured by affiliated trading companies — not by what other users lose.
Thanks to that unique architecture, SafeBets offers all the upside of calling market outcomes correctly, with none of the exposure that’s now catching up to the rest of the category.
Minnesota’s law doesn’t touch SafeBets. No state gambling statute does.
Different design. Perfect timing.
Kalshi And Polymarket Bet On A Complex Future
Both Kalshi and Polymarket are introducing new offerings that expand beyond their typical multiple-choice trades.
Why It Hits: In a few short years, the industry has come a long way from simply being able to bet on sports games through an app. Now, markets that were once accessible only to accredited trading firms are ending up in everyone’s hands — for better or worse.
Behind The Trades: The big bet moving forward is that whenever either Polymarket or Kalshi announces a new offering, the other won’t be far behind.
Case in point:
Kalshi announced that it will begin offering perpetual futures contracts, or “perps,” which “allow investors to effectively bet on whether the price of an existing asset will go up or down,” according to Axios. The offering will include cryptocurrencies.
Meanwhile, Polymarket announced that it will allow users to trade on “private company performance and milestones.” Axios specifically reported that the platform will let users bet on startup valuations.
Final Wager: Kalshi and Polymarket are locked in a heated battle for prediction-market users, so expanding the number of ways people can make money is the name of the game. But that’s easier said than done, as each new feature falls under a different regulatory framework.
Kalshi said it is “the first company in American history to offer perpetuals,” which will be regulated by the Commodity Futures Trading Commission. Meanwhile, Polymarket’s new feature will not be available to US users because it would need to fall under SEC oversight. The company has not disclosed whether it is currently seeking that approval.
Prediction: The prediction market that offers the broadest range of opportunities to US-based users could ultimately be the real winner.
Together with The Average Joe
Better Investing, Right In Your Inbox
Want to become a better investor in just 5 minutes? Then subscribe to The Average Joe.
Come for the market trends and insights anyone can understand… stick around for the humor and memes.
DEEP DIVES
Listen: The Town chats with Chernin Entertainment founder Peter Chernin about producing Backrooms and the changing investment landscape in Hollywood.
Read: The NYT sits down with the legendary Paul McCartney to discuss his new album, The Boys of Dungeon Lane.
Explore: Spotify lists the singles it predicts could be the songs of the summer.
How interested are you in film franchises?
37.5% of you voted Within a week in Friday’s poll: How far in advance do you typically make restaurant reservations?
“If it takes more than a week to get a reservation, there is too much hype with the place. It also means they are probably overpriced by at least 50%.”
“Never lived anyplace that truly required reservations — for which, incidentally, you could still have to wait. If there is more than a 10- to 15-minute wait, we leave and eat somewhere else.”
“It depends. For special occasions, like birthdays and anniversaries, I reserve at least two weeks ahead. Otherwise, just to go someplace nice for dinner, I reserve as little as 1-2 days ahead.”
Let’s keep the conversation going. Join Poll Of The Day, so your opinions can shine. Discover how your views line up with your peers’, check out cool insights, and have some fun. It’s data with personality.
QUICK HITS
→ Entertainment / Media
🎸 UMG officially turned down Bill Ackman’s $64 billion acquisition offer.
🍿 Ketchup Entertainment has partnered with Legion M to give fans the opportunity to invest in its upcoming film, Coyote vs. Acme.
🎥 A new independent film magazine, Ritual, has launched in LA with contributions from director Edgar Wright and actor Patton Oswalt.
→ Technology
🤖 Meta is developing an AI pendant based on a device created by Limitless, the company it acquired last year.
🚀 Blue Origin’s crewless New Glenn rocket exploded on the launchpad, potentially delaying its role in the Artemis missions.
🪧 Hundreds of editors who help keep Wikipedia running may go on strike.
→ Fashion / E-commerce
👕 BTS is collabing with Nike on official merch for the K-pop group’s ARIRANG world tour.
👗 Diane von Furstenberg has named Henry Zankov its new artistic director.
🚗 You can now go drifting with Uber — at least in Tokyo.
Let us know how we are doing...
PARTNERSHIPS | COMMUNITY | PODCAST | FRIENDS
Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.


