5HT #122: IRL health experiences, luxury water, and 3 more

Maybe the next great health business isn’t a product, but an experience.

I started thinking more about this after reading Josh Kushner and Bob Iger (a hero of mine) agreed to buy the Lakers for $12.5B. ​

Going deeper (because, duh), I learned that the deal is being pursued through Thrive Eternal, Kushner’s new permanent-capital holding company—and not Thrive Capital, his best-in-class (imo) venture capital fund. His thesis (a counter of sorts to typical VC investments) is to invest in cultural institutions rooted in tradition, identity, and shared experience that can’t be replicated by technology.

I think he’s right, there’s a massive opportunity here. AI can generate infinite content, but it can’t recreate the value of being somewhere, with other people, experiencing something together. And people are hungrier than ever for exactly that. 😋 

People are getting out and showing up, including for experiences they used to do solo, like birdwatching 🐦 and reading 📚. 

Puzzle competitions increased 151% from August 2024 to July 2025 📈. Mahjong events—one of this season's hottest trends 🔥—grew by 94%. Run clubs are reaching record highs. Pickleball is growing so quickly that the U.S. is reportedly short 25,000 (!) courts. Dinner parties with strangers, supper clubs, and even communal tables are on the rise.

And this is especially true in the (strictly) health space, too!​

Consumers reported purchasing more in-person services (spanning boutique fitness, wellness retreats, and IV treatments) in 2025 compared to 2024, according to McKinsey.

Let’s follow the health money 💸:

Even Soho House is repositioning around wellness. And Life Time just launched Life Time Social, an events-driven community organized around invite-only weekends.

The takeaway isn’t merely that people want more saunas (though, who doesn’t?). It’s that IRL shared experience is increasingly a health product that can’t be commoditized.

Of course, it’s worth saying these businesses can be brutally hard to build. I invested in and joined the board of 305 Fitness, betting they’d be the next Zumba—and then COVID hit. 

Soho House has never turned a profit (in fact, they reported a $163M net loss in 2024). NeueHouse, a cool creative-class members’ club, shut down 😞, as did the women's club The Wing. Demand alone wasn’t enough. Real estate, debt, and fixed costs can—and do—make these businesses hard.

Plus, traditional investors (maybe excepting visionary ones like Josh Kushner & Thrive Capital) have historically struggled with these businesses because they don’t look like software. But the model is evolving, and I genuinely believe this is one of the most underpriced opportunities in consumer health right now.

Plus, I’d encourage builders to create the gathering without owning the building. Think events, retreats, races, cohorts, and programming layered on top of someone else’s square footage. See: HYROX as a killer example of this.

Another is Eudēmonia, a killer health summit just entering its third year and already a must-attend (I’ll be there!). They don’t own the Palm Beach County Convention Center where they host its annual event, and that’s on purpose. Dinner clubs use existing restaurants. Run clubs use public streets and parks. (And yes, there’s an app for this. It’s called SweatPals, and it helps people organize wellness events, raised $12M last year, and some of its top hosts reportedly earn as much as $2M a year.)

Bottom line: There’s a massive opportunity to connect people through memorable health experiences. For founders, I’d bet big on the gathering (though maybe not the building) and be ruthless about the costs. If you’ve got an idea for the next big health event or must-go-to fun run, I want to hear it. The more creative, the better!

Water is super duper unbelievably important, and you're probably not drinking enough of it. But does it matter which water you’re drinking?

Short answer: no, not really.

Pop into most grocery stores, and you’ll find glacial water 🧊, volcanic water 🌋, mountain spring water ⛰️, alkaline water 💧, you name it. . But experts say there’s no established evidence that luxury water hydrates you any better.

So why are people paying a premium for the same hydration—in some cases, more than $100 per bottle?

For some, it’s the taste. Mineral content changes the flavor profile, and some people have strong preferences. My wife, Sara, swears by Smartwater. Buuut on a recent family trip to South Carolina, we bought the cheapest option at the grocery store—Deer Park—and all agreed it was delicious. 🤷

That’s why I think the real premium is branding. Premium water isn’t selling better hydration. It’s selling a story about where the water comes from and what drinking it says about you. For example, I’m drawn to Icelandic water because it makes me feel more like Thor and, yes, I spend a lot of my time wanting to feel more like Thor. 

Like the car you drive, the wearables you wear, and the phone you have, the water you drink can signal an identity—and that’s often what you’re buying. I’ve written about Liquid Death before, and they crush this. The water isn’t healthier, but the can gives “I’m not drinking at this rock concert but I’m still rock ‘n roll 🤘” vibes.

Yes, some brands are probably not worth trusting. And packaging should maybe be a larger consideration, especially if you’re worried about plastic use or microplastic exposure. (But even that isn’t so straightforward since microplastics have also been found in glass packaging.)

Ultimately, it doesn’t matter whether you drink Deer Park or $$$ Arctic water as long as your water comes from a trusted source, it’ll hydrate you the same. (And you should definitely drink more of it.)

If your brand hasn’t inspired an “-ification” of something by now, what are you even doing? 😆

Last week, I shared how Radial (a co I lead growth at) announced a pretty exciting acquisition.

The coverage was awesome, but it wasn’t really about the acquisition (though that’s exciting) or new financing (though that’s meaningful). It was about the launch of a new category of medicine we’re calling brain medicine. 🧠

Getting to tell that story—that narrative—is WAY more valuable than a fundraising or acquisition announcement. If you’ve got news to share, I always recommend thinking hard about how best to leverage it to tell a broader story that will propel your company forward.

That’s why my favorite coverage (so far) was this one in Forbes: Radial’s Acquisition Reshapes The Brain Medicine Market. It puts “brain medicine” front and center, making the announcement a launchpad for a much larger narrative.

And yes, this means it can help competitors and others in your space by legitimizing them, too. Who cares? If you’re in a big space, a rising tide almost always tends to lift all boats. 🌊⛴️

At Radial, we’re passionate about helping people struggling with depression and their mental health know that there are options beyond antidepressants and talk therapy—like TMS and Spravato—that can be many times more effective. And brain medicine uses the latest, greatest science, tech, and clinical perspectives to figure out which options are right for them.

It’s not always easy to get the story you want, it’s true. Often it requires working with best-in-class PR & comms people. But done right, a big announcement does more than generate a news clip. It begins—or advances—the story your brand wants to tell. Anything else is a wasted opportunity.

The takeaway for builders: A major announcement—whether that’s an investment, acquisition, or new service line—can get you a little attention. Or it can help define the narrative around your company or category.

Hands down one of my favorite things about writing this newsletter over the last 2+ years has been hearing directly from 5HT readers like you. 

Frankly, a lot of what exists in my protocols has come directly from recommendations from healthyish friends. But it’s more than product recos. Much more than that.

I’ve had readers challenge me and genuinely change my mind (even enough to issue a counterpoint). I’ve had readers educate me (shouts to the wonderful Melissa Urban, who always hits my inbox with a fresh, scientific take). I’ve also had readers tell me stories that put consumer health insights into a new light, like this one from a reader after I shared my thoughts on gummies last week:

Lollll. All that to say, I couldn’t write this newsletter without you. And I genuinely want to hear from you. So this is basically my way of saying write me 📥! Tell me what you’re working on. What you disagree with me on. What you’re looking forward to. I read and respond to every email, yes, even if there is 85K+ of you. 

So, go ahead and hit reply, annnd if you’re feeling super generous, write a friend and tell them to subscribe to 5HT.  😄

3 other healthyish things I’m into right now: 

Most clicked last week: Farm-to-table Doritos. If you’re looking for healthyish snacks, might I suggest LesserEvil Popcorn, my fave fiber-full solution?

👋 Who are you again? I’m Derek Flanzraich, and I’m in the business of healthyish. I founded two venture-backed startups–Greatist (👍) and Ness (👎)—and helped dozens of brands you know grow including Ro, GoodRx, Midi, BetterHelp, and LMNT. I now run Healthyish Content, plus a few other healthyish things (like Fixie Dust, launching this fall).

Every Thursday, I share what’s hot, what’s not, and what’s next in consumer health. (Disclosure: I invest in and advise companies in this space—when I cover one, I'll say so.) I sometimes add affiliate links, but they influence my picks zero.

See something smart, strange, or seriously overhyped? Hit reply, I respond to every email.