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| 1 | | Netflix has begun warning U.S. customers that it is taking steps to curb password sharing. Shared accounts by more than 100 million households, or around 43% of Netflix's overall user base, limit the company's capacity to spend money on original content. More: - Customers are urged to designate a "primary location" for their accounts. For people using accounts outside the primary location, they can transfer existing profiles to new accounts to pay for themselves, or the primary account holder can pay an extra $7.99 per person per month to keep them on their account.
- Netflix has imposed similar password-sharing rules in other countries.
- Even though the company attracted 1.75 million new customers during the quarter, introducing these measures impacted subscriber growth abroad.
- In reaction to its first subscriber drop in nearly a decade, in early 2022, Netflix rolled out a more affordable, ad-supported tier and tightened password-sharing policies.
Zoom Out: - Disney is adding Hulu material to Disney+, and other media firms, including Warner Bros. Discovery, Paramount Global, and others, are also modifying their streaming services to increase income and draw in more users.
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What the numbers say: Midsize pickup truck sales in the U.S. have exceeded 600,000 vehicles in the past two years. The average price for these vehicles has increased by 53% over the past decade, hitting over $42,000. Toyota is the leader in this segment, holding over 40% of the market, followed by GM, Jeep, and Nissan. Ford's market share has decreased to 9.4%. The price increase is three percentage points higher than the industry average. Relevance: Midsize pickup trucks have become more upscale, appealing to customers willing to pay for higher-end amenities and features. Competitors in the segment have increased due to more sophisticated vehicle designs and newer models. Midsize pickup sales are expected to keep rising in the upcoming years, reaching a peak as a part of the U.S. market at 4.6% in 2026, according to S&P Global Mobility. Brands that should care: Nearly every competitor in this segment has focused significant attention on the segment recently. Toyota has announced a newly redesigned 2024 Tacoma, while Ford showed off a redesigned 2024 Ranger with a Raptor high-performance off-road variant. The GM twins (Chevrolet Colorado and GMC Canyon) were redesigned for 2023 and are on sale at dealers now, while Nissan redesigned the Frontier for 2022. The Jeep Gladiator (2020) and Honda Ridgeline (2017) are now the elder statesmen in the segment. | | | |
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| 3 | | By 2025, Citigroup intends to pursue an IPO for Banamex, its Mexican subsidiary. According to CEO Jane Fraser, this decision aims to streamline the company and increase shareholder value. More: - Despite initial interest, sales negotiations with possible buyers, including Grupo Mexico, failed.
- Citigroup purchased Banamex for $12.5B in 2001, but regional rivals gained market share over time.
- In addition to serving approximately 12 million retail customers and 10 million pension subscribers, Banamex has 38,000 staff and 1,300 branches.
- The bank will keep its institutional and private banking activities in Mexico, and Citigroup will continue to report Banamex's performance until ownership falls below 50%.
- Shares of Citigroup decreased by 3% after the news.
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| 4 | | Richard Branson's satellite launch company, Virgin Orbit, has closed its doors following a $36.4M asset sale to Rocket Lab USA Inc. The bankruptcy court must approve the sale, which includes tools and equipment involved in producing launcher one rockets. More: - The company laid off 85% of its workers in March, and in April, it applied for Chapter 11 bankruptcy protection.
- Most of the remaining workers will be let go within the upcoming week.
- Virgin Orbit intends to sell Launcher Inc., its main launch facility, and Stratolaunch its aircraft assets, including the modified Boeing 747 carrier aircraft.
Zoom Out: - Last week, Virgin Orbit announced that it had agreed to sell its aircraft assets, including the "Cosmic Girl" carrier aircraft, to Stratolaunch for $17M.
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| A message from our sponsor, Placer.ai. |  | | Data-driven report: Who is visiting malls in 2023?
Over the past couple of years, many analysts have asserted that shopping centers have lost their relevance. But visits have not dropped as dramatically as predicted, and in 2022, despite the various economic headwinds, shopping centers throughout the country still attracted hundreds of millions of visits.
This white paper looks at recent location intelligence data to better understand the current state of malls and shopping centers. Read Navigating a Changing Mall: Analyzing Consumer Behavior to find out: - How do high inflation and gas price hikes impact mall traffic?
- Do different mall formats exhibit different daily, weekly, and seasonal visitation patterns?
- Which type of anchor provides a traffic boost to shopping centers?
Read More | |
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| 5 | | The mobile app development startup Builder.ai has raised more than $450M overall after being led by the Qatar Investment Authority in a Series D fundraising round totaling more than $250M. Builder.ai offers a platform enabling companies to build unique apps with little coding. More: - In March 2022, Insight Partners led a $100M Series C fundraising deal for the business.
- As part of a strategic alliance, Microsoft is also investing in Builder.ai.
- The British Broadcasting Corporation (BBC), NBCUniversal, and Thai retailer Siam Makro Pcl are some of Builder.ai's customers.
- Qatar Investment Authority has invested globally in tech startups and healthcare firms, which oversees over $475B.
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| 6 | | Giphy was purchased by Shutterstock from Meta Platforms for $53M, making it the first significant transaction to be quashed by a global authority. Giphy was previously purchased by Meta in 2020 for $315M. More: - Concerns over Meta's expanding user control prompted the U.K.'s Competition and Markets Authority to request the reversal.
- A digital sticker collection with millions of animated pictures and videos is called Giphy.
- Giphy's collection of GIFs and stickers, which receives more than 1.3 billion daily search requests, will be made available to Shutterstock.
- According to Shutterstock, the cash on hand and an active revolving credit facility will be used to pay for the acquisition.
- Shutterstock's stock increased around 5% in premarket trade, and the transaction is anticipated to completion by the end of June.
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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