The direct-to-consumer boom is coming to an end.

A once bustling group of companies, backed by billions in venture capital funding, saw a record year for IPOs in 2021. Now, three years later, most of those direct-to-consumer companies still don't have a clear path to profitability.

Many of these so-called DTC darlings are being forced to reevaluate their business model to survive a shifting consumer landscape.

Watch the video above to find out what happened to the DTC darlings of the 2010s and how the direct-to-consumer cohort is pivoting in the new decade.

Chapters:
0:00-2:24 Intro
2:24-7:48 Misadventure Capitalism
7:49-11:23 The ad squeeze
11:23-14:59 A vision for the future
14:58 An exit strategy

Producer: Devan Burris
Editor: Kevin Heinz
Animation: Christina Locopo and Jason Reginato
Supervising Producer: Jeff Morganteen
Camera: Gerry Miller and Mark Aster
Additional footage: Getty

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Why Direct-To-Consumer Companies Like Casper, Allbirds And Peloton Are All Struggling