Brainstorming +$1M Weird Business Ideas With Morning Brew’s CEO Austin Rief (#543)

TL;DR

Austin Rief, CEO of Morning Brew, discusses unconventional physical “post-COVID” business models that use a game or activity (like bingo or eating contests) as a hook to keep customers onsite buying drinks. He pitches a food challenge/gambling bar concept and reveals he is exploring building a Traeger competitor in the meat smoking niche by partnering with influencer creators.

Key insights

• Bingo raves (e.g., Bingo Loco, Bongo Bingo) generate ~$20M/year pre-COVID by renting venues on off-nights, selling $53 tickets, and making money on alcohol sales with a seven-hour stay time.
• The business model is a “distraction” – the game (bingo) is the hook; the real revenue is drinks, similar to shuffleboard bars in Brooklyn.
• Meat smoking is a high-margin, high-pain-point niche: consumers spend $1,500 on a smoker and then $50–$100/month on pellets, but no influencer has built a Traeger competitor yet.