21 Hats Makes A Strategic Pivot Because of COVID

The coronavirus pandemic has forced entrepreneurs to think on their feet while quickly adapting to new realities and experimenting with new business models to address the “new world” we find ourselves living in. We report to you about it every morning. 21 Hats is an entrepreneurial venture too and no different. This morning we find ourselves reporting on, well, us.

Last fall we launched 21 Hats as a resource for entrepreneurs and business owners to get news, information, and education on running a business. Rather than focus on the next great tech startup or internet billionaire that is the rare exception (and not the rule), we’ve chosen to focus on “what it takes to run a business.” You’ve rewarded us with referrals, forward of the Morning Report, and raving comments. We focus on the tough decisions that business owners make and the grueling realities that come with growth, two items that are rarely discussed.

Like most media ventures, the 21 Hats business model was centered on building an audience and generating revenue through advertising and promotional partners. Additional revenue would come from subscriptions in late 2020.

As we’ve reported, COVID has caused great carnage in the media industry. The New York Times reports that 36,000 workers at media companies have been furloughed, laid off, or had their hours reduced. And some media companies that rely solely on advertising have shut down completely.

Meanwhile, in early 2020, we began developing a new product named BusinessAdvantage TV. Dubbed “Netflix for Entrepreneurs,” this video-on-demand platform would have hundreds of hours of how-to educational content for entrepreneurs. Every great crisis contains challenge AND opportunity. The unique opportunity from COVID was the extraordinary amount of unexpected “stay at home” time entrepreneurs now had. We hit the gas pedal on the development of BusinessAdvantage TV and launched on March 23, 2020. Since that time, hundreds of entrepreneurs from 42 countries have subscribed to learn and grow for less than $1 per day.

On Monday, June 1, the 21 Hats Morning Report will become the BusinessAdvantage TV Morning Report. With the exception of the name, nothing else will change. It will be the same team delivering the same great news and content to your inbox every morning. On Monday we will offer the Morning Report in audio format each morning for on-demand listening. The 21 Hats Podcast will become the BusinessAdvantage TV Podcast and The War Room will have a dedicated channel inside BusinessAdvantage TV.

Why pivot now? BusinessAdvantage TV is 100% subscriber-driven with no revenue from advertisers. This better model secures our future in allowing us to continue our mission of bringing great content, news, and education to entrepreneurs on what it takes to run a business.

Click Here to be our guest and take a 1-week test drive of BusinessAdvantage TV for just $5 and gain immediate access to hundreds of hours across 6 Game-Changing Channels.

Important Note: Beginning Monday, June 1, the sender email for The Morning Report will change from [email protected] to [email protected] Please update your email permissions accordingly to continue receiving the Morning Report without interruption.

We are honored to have the privilege of being with you each morning.

Sincerely,

Adam Witty
Chief Executive Officer

Loren Feldman
Chief Content Officer