The money is in the footnotes*
Every week we take one ordinary business and open the books on how it actually makes money. No conspiracies — just the arithmetic the industry already publishes and hopes you will never read.
How this works
Every figure is sourced
If a number appears in an episode, it appears on this site with a link to the filing, the survey or the paper it came from — including the year it was measured and how.
Nothing here is a scandal
These mechanics are legal, disclosed and audited. That is the uncomfortable part. We explain the machine, we don't allege a crime.
Corrections stay visible
When we get something wrong, the correction is published on the episode page and the original wording stays next to it. Quietly editing the record defeats the point.
Episodes
The industry built on things you already paid for
Gym contracts, gift cards, free trials and loyalty points share one accounting term — and a business can quietly celebrate when you don't show up.
Publishing soonNot theft. Not a scam. Perfectly legal, disclosed in the footnotes, audited, reported to shareholders.
Where to watch
New episode three times a week. The full transcript and the sources for each one land here the same day.