Millennials are snacking more🍫
This Week in Review☕️: The Highest Price paid for a Sports Team | Mothers Day spending hits all-time high | Netflix cuts costs amid rising competition | Food companies double down on Packaged items |
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Quick Bites:
Sports🏈: NFL Commanders sold for $6.05 bn.
💡The sellers: Longtime co-owners Daniel and Tanya Snyder
💡The buyers: Private equity investor and Philadelphia 76ers owner Josh Harris, as well as NBA legend Magic Johnson.
This is the highest price ever paid for a professional sports team.
Magic Johnson's investments include:
💡LA Dodgers (Major League Baseball)
💡LA Sparks (Women’s National Basketball Association)
💡LAFC (Major League Soccer)
💡Washington Commanders (NFL)
Magic Johnson might be worth hundreds of millions today but whenever you feel bad about a poor investment decision.. remember that Magic Johnson signed with Converse instead of Nike:
💡Nike stock in 1979: $0.18
💡Nike stock today: $120
💡Opportunity missed: +$5 BILLION!!!
“Nike was just a year or two old. And so, Converse offered me the most money. So, you know, when you grow up broke, you take the money [..] "It kills me every single time I think about that."
"I would’ve been a trillionaire by now"
Personally, we wouldn't have been able to sleep till this day 🥵
Our Thoughts💡: We dk much about football but we know a thing or two about Magic Johnson.
If MJ is involved, the Commanders gonna win a Superbowl real soon. Washington fans, how y'all feeling right now?! 👏🏻
Entertainment📺: Netflix aims to cut $300 million in costs in 2023 but has ruled out additional layoffs or a hiring freeze, WSJ reports.
Unlike most of its competitors, Netflix is profitable, despite reporting its first subscriber loss in a decade.
With the rise of Amazon Prime, Apple TV, HBO, Disney+ and Hulu, it's clear that streaming platforms are in fierce competition to take on the trillion dollar entertainment system.
A disruptive shift from previous decades where a handful of TV Execs & Hollywood Studios maintained a strong hold on those dollars.
But now, even that guy whose an Uber driver and has 2 million followers on TikTok is coming to eat Hollywood's lunch.
And to think Blockbuster once passed on buying Netflix for $50 million.. 😭
Disney, especially, has emerged as a heavyweight contender. Disney+ added more than 73.7 million paid subscribers in 2022 since launching a year ago.
Guess they didn't have a global pandemic factored into their 5-year plan.
Time it took to hit 70 million subscribers:
💡Netflix: 8 years, 11 months
💡Disney: 11 months
Damn, we just realized more people got Disney than voted for Trump🙈
Netflix's goal to cut spending stems partly because its password-sharing crackdown was delayed, WSJ.
Netflix topped 200 million subscribers last year, hitting a significant milestone for the streaming gorilla.
+200million subscribers and like, 90 million free loaders.. right? Bout time they crackdown on password-sharing
PS. We just shut our account because The Office and Gossip Girl no longer on the platform.. make that 199,999,999 paid subscribers
Food🍭: Cheerios, Cinnamon Toast Crunch, Haagen Dazs and Chex- what do they all have in common?
General Mills- the American Multinational for Consumer Food Brands (aka all the junk we love) makes them.
The company has seen a significant rise in sales of it's "snack-able" foods.
Millennials are binging on snacks, as a result of remote work coupled with high inflation.
US snack revenue rose to $181bn last year, WSJ.
Hmm.. guess it's not just us obsessed with Honey Nut cheerios (fun fact: also, America's best-selling cereal every year) for those midnight cravings
Key Highlights, according to The Wall Street Journal:
💡“Nearly half of US consumers are eating 3 or more snacks a day"
💡Consumers opted for items like Oreos, SkinnyPop and Pringles
💡Sales of companies like Hersheys, Mondelez and Kellogg rose by up to 30% between 2019 and 2022
💡Campbell Soup reported snacks made up 46% of sales in 2022
Let's have a look at America's favorite snacks, according to Food news platform Tasting Table:
💡Lay’s potato chips
💡Hostess cupcakes
💡Snickers chocolate bars
💡Goldfish crackers
💡Oreo cookies
💡Cheetos
💡Chips Ahoy cookies
💡Sour Patch Kids
💡Starbursts
💡Chex Mix
Food companies are doubling down on packaged foods for everything from salads to pasta to grab a slice of the pie.
”We live in a 24/7 food culture now.”
-a senior dietitian at UCLA Medical Center
Our Thoughts💡: Get ready to suddenly be bombarded with images of gooey Chocolate-Chip Cookie Dough on your feed. All with the premise of GUILT-FREE snacking, which makes those midnight sugar cravings so much more satisfying!
PS. Not to take away from the subject but speaking of snacking.. we just added Ben & Jerrys Mousse Pie to our McFlurry.. umm kinda GENIUS🙌🏻
Culture🎁: Mother's Day spending increases by $4bn.
Flowers and greeting cards were tied as the most popular gifts, followed by restaurant outings.
Spending for that is at $5.6bn up by 6% from last year, according to the National Retail Federation (NRF).
In addition, consumers were estimated to spend a total of $7.8bn on jewellery and another $4bn on electronics, according to NRF.
The NRF found consumers spent $274.02 per person, the highest in the survey's 20-year history.
The top spenders were found to be those aged between 35-44.
However, not everyone shelled out more money. Latest data showed that 33% of adult children are spending less on Mother’s Day- as well as Father's Day- because of inflation.
Quicker Bites:
Crypto crackdown coming, says DOJ.
Vice Media files for bankruptcy and is planning to sell its business.
Elon Musk appoints new Twitter CEO.
A new law in George will prohibit physicians who can call themselves a "Dr".
Russia suffers new setbacks as Ukraine takes the offensive on the battlefield.