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| Hello Insiders, Thanks for joining us for another edition of Inside Business. Today we will look at Thread, Meta’s new microblogging app, and some analysis of the demand for “Made in America” brand apparel. Plus, the 2023 box office performance. Want to learn more about a certain topic? Let us know! Shriram
p/Shriram | |
| 1 | | Meta Platforms is launching a microblogging app called Threads, expected to capitalize on its Instagram user base as an alternative to Twitter. The latter has seen falling revenue and has been challenged since Elon Musk took over with changes restricting the number of posts they can see on Twitter. More: - Startups like Mastodon, Truth Social, and Bluesky have seen user growth but have yet to establish themselves as Twitter's actual competitors.
- The benefit of Meta is that it has more than two billion active Instagram users each month, which can aid in the launch of the new app.
- Meta has a history of stealing functionality from rival apps and has built a profitable social media empire thanks to features like Instagram Stories.
- Users' acceptance of a text-based format on Instagram and user migration will determine the success of Meta's microblogging app.
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What the numbers say: In 2023, 65% of American adults have consciously decided to purchase "Made in America" goods. This rate is consistent with the prior year, demonstrating enduring customer interest in goods created in the U.S. Gen Z adults are among the least enthusiastic about the product category compared to earlier generations. Republican support for "Made in America" is slightly higher than Democratic support. Relevance: Consumers are becoming more knowledgeable about global supply chains, reshoring, trade agreements, and fashion sustainability. Customers respond favorably to highlighting "Made in America" products because they value the openness and dedication to domestic production. More Info: The "American Made" T-shirts from American Giant, a company that only sells clothing made in the U.S., have been in high demand and have sold out in many batches. According to a trade body called the National Retail Federation, one-third of Americans want to buy Fourth of July decorations this year, with 87% planning to celebrate the holiday. | | | |
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| 3 | | Ticket sales at the box office in 2023 have totaled $4.46B, a 20% increase in the first half of the year compared to 2022, but still 21% lower than in 2019. Strong releases could bring the year's total box office closer to $10B, according to industry insiders, who are cautiously bullish about the year's second half. More: - Only 45 wide releases were made in the first half of 2023, down from 57 in the same period in 2019.
- According to industry experts, the box office relies on various films to draw in a varied audience, including blockbusters and low- to mid-budget productions.
- Movies like "Shazam!" and "The Flash" underperformed, while "Vol. 3" and horror titles fared better; forthcoming titles such as "Barbie," "Oppenheimer," "Believer," and "Dune: Part Two" promise considerable viewer interest.
- With no significant runaway blockbusters yet, the summer box office for 2023 has been 1.7% lower than 2022 levels.
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| 4 | | Airbus is investing heavily in the Wing of Tomorrow program, which involves testing new wing technology for a potential A320 successor. This technology includes building longer, lighter, and more sustainable composite wings with folding wingtips to reduce costs. More: - Airbus is negotiating with three potential suppliers to reduce expenditures and increase efficiency in producing composite parts for their single-aisle jet planes utilizing carbon wings.
- Airbus' opening of research at Filton, where it tests folding wingtips similar to Boeing's 777X for their Transonic Truss-Braced Wings ultra-light concept, signals a new era for aeronautical engineering.
- The head of the company's Wing of Tomorrow program, Sue Partridge, said, "It is part of our effort to get the technology ready for whatever the next generation of Airbus aircraft will be."
- Although Airbus has not provided a precise timetable for choosing technologies, it must start a new program by 2027-2028 to prepare for a potential 2035 model.
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| 5 | | To end a regulatory investigation into disclosures concerning its initial public offering and the proposed merger with Trump Media & Technology Group, Digital World Acquisition Corporation (DWAC) has agreed to pay $18M. Completing the merger deal and approving the settlement are pending approval from the U.S. Securities and Exchange Commission (SEC). More: - In September 2021, DWAC announced its merger with TMTG and eventually became a publicly traded corporation.
- The SEC investigated whether DWAC violated securities laws by speaking with TMTG before becoming public.
- The situation has become more difficult due to recent insider trading allegations and the SEC's civil lawsuit against three people connected to DWAC.
- To complete the purchase, DWAC has requested a one-year extension from shareholders; however, TMTG has said it is only constrained by the current deadline.
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| 6 | | Julio DePietro and Bruce Popko have been appointed as CEO and COO of Major League Pickleball (MLP) to increase sponsorships and media rights and set up an effective merchandising and licensing plan to further the success of pickleball. MLP faces the challenge of converting casual pickleball fans into committed followers, positioning its players as household names, and expanding its advertising and subscription opportunities. More: - During his ownership of MLP, Julio DePietro, formerly a partner at Citadel, witnessed a 100-fold increase in team valuations, with teams now selling for as high as $10M.
- With more than 30 years of experience in the sports sector, Bruce Popko specializes in expanding sponsorships, broadcast rights, licensing, and merchandising strategies.
- LeBron James, Kevin Durant, Tom Brady, Drew Brees, and Anheuser-Busch are well-known athlete owners and investors who have shown interest in MLP.
- MLP revealed that on June 19, its Premier Level Super Final drew in 975,000 viewers on ESPN 2, and its YouTube livestream channel experienced a massive viewership surge of 500% compared to the previous year.
Zoom Out: - In January, MLB Pickleball announced its premier level tournament semifinals and finals held in Mesa, Arizona, will be broadcasted on the Tennis Channel and streamed online.
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- Tesla lowered its Model 3 and Model Y electric vehicle prices by low single-digit percentages of 3% and 4%, respectively, in Japan from the beginning of July.
- In a first, Kentucky has required that Tesla's "North American Charging Standard" (NACS) and the Combined Charging System (CCS) be installed by all electric car charging businesses that wish to apply for federal subsidies under the state's program for electrifying highways.
- Russia and Saudi Arabia continue to collaborate on oil production as part of OPEC+, which is ready to take action to ensure market stability, according to Saudi Energy Minister Prince Abdulaziz bin Salman.
- In the face of a lack of licenses in the Netherlands, Belgium, and Germany and a current investigation in France, Binance's share of euro-denominated crypto trading has dropped from 30% to 15%, according to research firm Kaiko.
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 | 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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