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| Hello Insiders! Today's business newsletter covers: - Disney CEO Bob Iger summons former executives to help with ESPN.
- Nintendo reports a 50% increase in revenue compared to 2022.
- Saudi Arabia extends unilateral oil production cut until September.
Also, tell us how businesses can adapt to changing consumer behaviors and preferences here! If you find this newsletter helpful, please share it with your friends and colleagues. Arbër
p/Arber | |
| 1 | | Disney CEO Bob Iger is reportedly paying former executives Kevin Mayer and Tom Staggs a consultancy fee to help him manage ESPN. The decision reflects the large number of U.S. households that are canceling their cable subscriptions. More: - ESPN currently offers most of its premier content to linear TV cable channels.
- As consumers are cord-cutting faster than ever, Disney, the majority shareholder of ESPN, wants to find new partners to improve the company's content and distribution.
- Disney CEO held talks with officials from the NBA, NHL, NFL, and MLB to discuss a potential partnership.
- If the leagues were to invest in the company, it would likely create a one-stop-shop for all major sports in the U.S., making it easier for consumers to buy but also hurting the chances that these leagues earn more media rights.
- While the company does not offer a direct-to-consumer product yet, it is likely to launch one in the next two to three years.
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| 2 | | What the numbers say: Nintendo has posted a 50% YoY revenue increase and a 52% net profit increase as the Super Mario Movie, and Zelda helped boost sales. The company is on track to reach at least $10B in revenue by the end of the fiscal year in Mar. 2024. Relevance: Investors had concerns over supply chain issues, inflation, and fears over consumers growing tired of the Nintendo Switch. The fact that Nintendo increased its revenue by 52% YoY and its net profit by 50% shows the company is resilient to market changes. More data: According to the Japanese company, the success of the Super Mario movie and the release of The Legend of Zelda: Tears of the Kingdom were the two main factors behind the significant increase in profit. The Super Mario movie grossed $1.3B globally, while Tears of the Kingdom became the fastest-selling Zelda title ever. As for console sales, Nintendo sold 3.91 million Switch devices, a 13.9% increase compared to last year. The gaming giant had $1.2B in net profit, surpassing the $771M figure analysts expected. The company estimates it will have $2.8B in profit by the end of the fiscal year, Mar. 2024. 
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| 3 | | Saudi Arabia has announced that it has extended its oil production cut until September, while a further prolongation is possible. The OPEC leader has cut oil production by 1 million barrels a day. More: - Saudi Arabian officials have stated that the decision aims to help stabilize and balance the international oil market.
- Oil prices, which dropped to historic lows during the COVID-19 pandemic, have largely recovered, reaching $85 earlier this week.
- In Apr. 2021, oil barrel prices dropped to -$36.98, a historic low. In 2022, however, prices jumped to as high as $100.
- Industry experts claim that the decision made by Saudi Arabia could be a way of helping fund its ambitious infrastructure projects, which are estimated to cost over $500B.
- The decision to cut oil production was made unilaterally by Saudi Arabia, with other OPEC+ countries refusing to commit to production cuts.
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| 4 | | Rolls Royce has reported $854M in H1 profit, representing a 5x year-over-year increase. Company CEO Tufan Erginbilgic stated that the growth represents the company's improved productivity and efficiency rate. More: - Erginbilgic said the company's 12.4% civil aerospace margin is the highest in the last 15 years, even though flying hours are only 83% of pre-pandemic levels.
- He added that the company has managed its costs and has raised prices in certain segments, such as shop visits.
- The company's defense division, which manufactures engines for British nuclear submarines, grew by a third.
- After the earnings report, the company's share price reached a three-year peak.
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| 5 | | U.S. labor productivity in Q2 recorded the biggest increase in almost three years, according to the Bureau of Labor Statistics. The 3.7% growth rate beat the 2.2% estimate from economists. More: - Hourly compensation jumped 5.5%, or 2.7% adjusted for inflation. This is the first time that hourly compensation has gone up in almost a year.
- The rise in productivity was paired with a drop in working hours, the first since 2020. The drop was specifically recorded in the manufacturing industry.
- Economists have stated that a rise in productivity will help reduce inflation, which grew to 8.3% in 2022.
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| 6 | | Cloud computing startup Coreweave has raised $2.3B in debt to expand the number of its data centers. The company aims to have 14 data centers by the end of 2023. More: - Corewave is a cloud computing company specializing in providing GPU power that enables companies to train multiple AI models simultaneously.
- Due to the recent AI boom, demand for GPU cloud service providers has increased, creating an opportunity for companies such as Coreweave.
- Corewave reportedly signed a multi-billion agreement with Microsoft earlier in Jun. 2023.
- Blackstone and Magnetar Capital were the main lenders, with Coatue and DigitalBridge Credit also participating in the round.
- The company raised a $420M Series B round earlier this year.
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| 7 | | Quick Hits: - The AWS Cookbook — packed with practical insights and hands-on examples — is a must-have for your cloud toolkit.*
- Car manufacturer Infineon has announced it will invest $5.4B to boost its manufacturing in Malaysia.
- Decarbonization technology company Newlight Technologies has raised a $125M funding round.
- U.K. companies expect inflation to lower over the next three years, reaching a 3.3% rate. This rate represents the lowest estimate in the last 15 months.
- Popeyes has raised $63M from a private equity firm based in the U.K.
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INSIDE BUSINESS LEADERBOARD (7 DAYS) |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Vibha Chapparike | |
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