Two years ago, I co-wrote a piece called “Shift Happens” with GSV Founder & CEO Michael Moe. It was a deep dive into 10 themes defining Gen Z and remains one of the strongest pieces from my nearly 100 research-driven essays at GSV.
Today, I’m revisiting five of those themes to see how they’ve held up. I’ve selected the ones most relevant to Under the Number’s focus, each offering insights for Sports Economy leaders trying to crack the code on engaging the next generation of consumers and fans.
You can find the link to the original piece at the bottom of this one.
Here we go:
Degenerate Economy / Hooked On Everything
Much of Gen Z has never known a world where they didn’t have all of the world’s information at their fingertips. Glass half full, this allows people to dive deep into niches, quickly become incredibly knowledgeable on specific topics, and collaborate with others across the world who have shared passions. Glass half empty, it has never been easier to access self-destructive content and supercharge self-destructive behavior.
Take pornography, for instance. 30 years ago, in order to access pornography people would have to get in their car, drive to the seedy adult-video store, risk running into people they knew, and look the cashier in the eye while purchasing adult magazines or XXX VHS tapes.
Contrast that with today, when you can access all of the pornography in the world on your iPhone, in 4K, in a matter of seconds.
Howard Lindzon talked about this precarious positioning in a 2023 podcast:
“30 years ago if you were scared or you didn’t want anything bad to happen you could just sit on your couch in your room and nothing bad could happen. Today you that same couch you could blow the whole world up. . . you can wreck yourself, you can wreck your family, and wreck your credit. . . that’s the degenerate economy . . . we could hide from it [but] now we’re all in it.”
Today, people can lose their life savings trading options (Robinhood), crypto (Coinbase), or gambling on sports (DraftKings) - all on mobile. If TikTok does become illegal, the lines start to blur on what’s good and what’s bad - but that’s a whole different can of worms.
The same story of how things “used to be” with porn applies to gambling. Gamblers were forced to physically go to a casino or call their illegal bookie to place picks, now they can gamble on whatever they want on their phone, often 100% legally. This is not all bad - there is an opportunity for community to be built around this existing infrastructure.
Companies like DraftKings, Prizepicks, and Fanduel could be turning sports bars into sports books by hosting in-person gatherings for big games and encouraging members to go to these meetups. For all of its downsides, anyone who has set foot in a Vegas sports book during March Madness can’t deny that there is lots of male bonding taking place.
However, one problem is that these businesses know that Gen Z teens, particularly males, are easy targets as customers. They’ve grown up gaming, in lots of cases wagering or playing for virtual money, so the concept is not foreign. They are digitally native and have zero skepticism about placing bets over the internet.
On top of that, they have been exposed to media influences that have pushed gambling for years (see: Barstool Sports as just one example).
(also: TheScore launched in 2005 as a sports coverage media company, but launched TheScore Bet in 2018 when the US legalized sports gambling. They sold to Penn Entertainment in 2021 for $2 billion.)
The problem is, these “degenerate” businesses are luring young people in and targeting them when they are most vulnerable. This is a free country and everyone should be able to make their own choices, but it seems like there will be consequences for this one. Don’t be surprised when this generation (again, primarily the males) is known for its significant gambling problem.
Do these ads look like they are targeting anyone over the age of even 25? We don’t think so. They remind us of Juul’s old ad campaign which brought the company tons of heat a few years back.
“A 2023 prevalence report of gambling in New Jersey from Rutgers University found that a third of bettors 18 to 24 exclusively wagered online rather than being inside a casino or in-person facility. That statistic is five times higher than a prior 2017 report for the school and more than any other age group.” - NY Post
Calling a 1-800 number to quit gambling is like going to the DMV for help. There is lots of green space for great companies to be built with the purpose of helping people take control of their gambling (or pornography use). Whether it’s an app like Noom, or an in-person support network like AA, we’ll be keeping our eyes peeled.
2026 Reflection: I have to say, feels like we nailed it with this one. That said, it’s also a wild reminder of how quickly new frontiers can emerge. Prediction markets exploded faster than anyone anticipated. Back in March of 2024, we felt like we had a decent read on the ecosystem…yet made no mention of Kalshi or Polymarket.
As for support networks, Birches Health raised a $20 million Series A (with participation from Will Ventures) four months ago. Expect to see more funding around companies that are the ‘seatbelts’ for the degenerate economy, as there will be real consequences. 46% of Americans have no savings in retirement accounts…pair that with the ability to “bet on anything” and we quickly realize that perhaps the complete gamification of vices isn’t the best thing.
Speaking of Barstool, it felt the ripple effect firsthand when Bussin’ With The Boys left the company to take a $30 million offer from FanDuel — a deal Portnoy simply couldn’t afford to match.
I still don’t believe in overregulation. Adults should have agency to gamble if they choose. But pretending this wave won’t have serious downstream effects, specifically for young men, is a joke.
Booze Break
Gen Z is looking to live healthier and wealthier lives, and drinking less alcohol is a part of that. A report from Berenberg Research found that Gen Z respondents were drinking over 20% less per capita than Millennials did at the same age.
Nearly 70% of Gen Z prefer cannabis to alcohol, and while some people abuse it like alcohol, many consider it a wellness product (we have a different view, and the skyrocketing rise in cannabis treatment centers for males is evidence of that). 54% of people who buy cannabis take it to sleep. Gen Z men have gone crazy for Zyn, a tobacco-free nicotine pouch product that sold 350 million cans in 2023, up 62% from the previous year.
While Zyn is the dominant player, there are fast-growing competitors in the space like Black Buffalo led by our friends the Hanson Brothers – which notably includes a nicotine-free version (for people who don’t want the tobacco or the nicotine, but want the fixation element that a flavored pouch provides).
Non-alcoholic beer has gone from the least cool drink at the bar to the most hip. Athletic Brewing is now the #1 selling beer at both Whole Foods and Trader Joe’s. Gen Z favorite Liquid Death is rumored to be raising a pre-IPO round at a $1.4 billion valuation. Probiotic soda company Olipop is having its moment in the sun, too.
The winner of this emerging category may end up being Celsius Holdings, which has compounded its stock price and revenue at a remarkable 125% and 90% over the past 5 years. Celsius has dramatically expanded the market for energy drinks by catering to a wellness-focused customer and female-friendly audience.
2026 Reflection: Maybe I’m only noticing because I’m trying it myself for the first time — but wow, this feels like the driest January of all time. Leading non-alc brand Athletic Brewing has leaned all the way in, rebranding the month as “Athletic January.”
Meanwhile, the alcohol industry is swimming in excess inventory. There’s buffer stock…and then there’s whatever you’d call this:
“Five of the biggest listed alcohol producers — Diageo, Pernod Ricard, Campari, Brown Forman and Rémy Cointreau — are sitting on $22bn worth of ageing spirits, the highest level of inventory in more than a decade . . . French cognac maker Rémy’s €1.8bn of maturing inventory is now almost double its annual revenues and close to its entire market capitalization.” (FT)
Twenty-dollar mocktails abound. Thrive Market ditched booze entirely. In 2025, Poppi was acquired for $2 billion and Olipop raised at a $1.9 billion valuation. Tom Holland’s 0.0 beer brand, Bero, received PE-backing yesterday.
Momofuku founder David Chang explained on TBPN that it’s a real existential threat to the restaurant industry that “kids just don’t drink anymore.” Less alcohol spend means higher food prices, which leads to customers complaining about the cost of dining out.
Nicotine (and now non-nicotine) pouches are everywhere — and watching their evolution has been entertaining if nothing else. The archetype has shifted from Natty Light‑drinking frat guy to high‑performing exec who can’t maximize shareholder value without his lock‑in lip pillow. Sesh, the self‑described premium pouch, even raised a $40 million round from 8VC. Wild times.
As for weed, it continues its steady march toward cultural normalization. But Cannabis Use Disorder is rising, and awareness around moderation is growing — especially given how potent modern strains have become.
Community As An Asset Class
“Communities went from local and physical to infinite and digital” - Slow Ventures GP Sam Lessin
The intersecting trends of work no longer being a place and the rise of the “digital self” has created an entirely new meaning of what community looks like. Traditional community involvement has decreased dramatically over the past 25 years.
The reality is that despite this decline, humans are wired to be social creatures and we’d bet that people are in more communities than ever before…they’re just digital and haven’t been fully integrated into the “real world.”
We think there’s a massive opportunity to leverage digital communities and networks to facilitate IRL experiences…and friendships. The Internet has effectively connected the world around shared interests that people never knew existed…the next evolution of that is bringing people together.
Like most technology trends, the first movers are in the enterprise, with coding meetups, networking groups, and hacker houses all leading indicators of bringing people together around a common mission. Eventually, this will flow beyond the enterprise to consumers…just look at sports to see how big the power of shared connection can be.
2026 Reflection: I wrote a full essay last month (“In Real Life”) about the massive appetite for community-driven, in-person experiences for affinity groups.
It’s remarkably easy to find your tribe via online communities. However, we’ve seen growing levels of digital exhaustion and people are now prioritizing intimacy over scale, moving the focus from infinite digital connections to exclusive physical ones.
An example of a great business that builds community digitally and facilitates in-person interaction is Strava, and the company filed for IPO less than two weeks ago.
Our ‘Future of Sports & Media’ event in Dallas last week was a great reminder of the value of a well-curated meet-up.
Longevity
Longevity is a massive market where nearly everyone is a customer. It’s easy to scoff at Bryan Johnson’s efforts to live longer, but like most innovations, what the wealthiest and craziest are doing today, the rest of us will be doing in the coming decades.
The data backs this up. 33% of US consumers, given the choice, say they’d like to live forever…and the rest, on average, say until 103 years old. 30% of consumers would spend all their wages/income, savings, and/or take debt to extend their life.
The rise of GLP-1s such as Ozempic, Mounjaro, and Wegovy is the tip of the iceberg for both the tremendous demand and product-market fit for products that will help people live healthier and longer lives. Expect an avalanche of innovation in this area as more companies develop products that people need…and love.
2026 Reflection: I first wrote about longevity in summer of 2023, and it feels like the space has exploded since then. GLP-1s have proven to be a borderline miracle drug, with use cases far beyond weight loss. They’re showing signs of helping with addiction, fertility, and even neurodegenerative conditions like Alzheimer’s and Parkinson’s.
And, they no longer have to be injected—Novo Nordisk now has a widely available oral pill for Wegovy. There’s now an entire market for “GLP-1 Support Stacks” that augment the GLP-1 lifestyle. This era has already reframed how society thinks about intervention—the idea of medicating toward better performance now feels less sci‑fi and more standard practice.
As for Bryan Johnson, he raised $60 million for Blueprint in November 2025 — a validation of what was once treated as a wild-sounding thought experiment. Fringe no more.
People continue to crave prevention over prescription, and in turn, companies like Function Health, Superpower, and Mito are experiencing significant growth.
The Healthspan economy now influences everything from grocery store layouts to corporate wellness mandates. What began on the fringes of Silicon Valley (remember when Zuck and Bezos suddenly got swole?) has clearly gone mainstream — and the trajectory shows no sign of slowing.
Wellness
If longevity is the end goal of Gen Z living healthier and wealthier lives, then wellness is how they think they’ll get there. Part of this shift is that Gen Z exercises more than prior generations, with 87% exercising at least 3X a week.
More Americans would rather feel 25% healthier than 25% wealthier, and that increases as income scales (67% of people making $150k+ choose health over wealth).
There’s been a seed oil revolution over the past two years…canola oil is out, beef tallow is in. Gen Z prefers natural to toxic…organic online supplement store Cymbotika has seen 440% two-year growth.
COVID made everyone the CEO of their own health, and one key trend that has continued is the concept of “food as medicine.” Podcasts such as Huberman Lab have become the most trusted authority people have for their health. 36% of podcast listeners have changed a lifestyle practice after listening to a podcast.
2026 Reflection: I knew it was a good move to have called out beef tallow when I saw a billboard in Dallas that read “Beef Fat On Your Face Makes You Hotter” a few months after we published it.
This stems from the MAHA movement, which has disavowed seed oils, artificial additives and otherwise industrial ingredients. True Food Kitchen and Steak ‘n Shake followed Sweetgreen’s lead and announced their moves away from seed oils in 2025. Under RFK Jr.’s leadership at HHS, the government even inverted the original food pyramid earlier this month.
That same skepticism runs deeper than food. I recently listened to a episode with Jason Fiedler of Left Lane Capital, who pointed out how distrust of incumbents — in everything from beauty to supplements to snacks — has fueled an insurgent CPG boom.
Many emerging brands have ridden this trend to success, with probiotic cottage cheese company Good Culture recently selling for $500 million, Grüns surpassing $300 million ARR within 24 months of launch, and Cymbiotika raising $25 million after successfully bootstrapping to $150 million in revenue.
Collagen is no longer only for middle aged women looking for youthful skin. Creatine is no longer only for muscleheads at Gold’s Gym. Protein is…well, everywhere.
Worth noting – Brian Kopp (Ryan Sports Ventures) pointed out that Ladder was an App Store “App of the Year” finalist in 2025—not in the fitness category, but across all apps. Another sign that performance culture is niche no longer.
Conclusion:
In a world built for instant dopamine, Gen Z’s obsession with optimization leaves them addicted to extremes. Moderation is starting to look like rebellion.
Apologies for the radical centrism here, but if you want to get ahead as a fellow member of Gen Z, here’s my unsolicited advice. Learn to drink casually in the right setting, don’t turn fringe diets into neuroses, go out and talk to other people, and try not to gamble a month’s wages on whether or not Mr. Beast says the word “billion” in his next video.
You can read the full original piece here.
I’ll be publishing this newsletter every other Wednesday.
Stay tuned and share this with someone who should be paying attention to where the Sports Economy is headed.
If you’re building, investing, or advising within the Sports Economy — please reach out!
Email: [email protected]
– Brent
