Pink's Bottom Line on Media, Money and Sports
Box office revenues, gas prices and the NBA Playoffs
In today’s newsletter, I discuss box office revenues at the nation’s theaters and cinemas, gas prices and the NBA Playoffs.
MEDIA: Box Office Revenues
Box office revenues at the nation’s theaters and cinemas were very strong this weekend, according to data from Box Office Mojo.
Theaters and cinemas grossed about $98 million this past weekend, essentially on par with box office revenue from Memorial Day weekend, according to Box Office Mojo.
This past weekend and Memorial Day weekend were the two highest grossing weekends at the box office since the pandemic began.
Pink's Bottom Line
F9: The Fast Saga — a typical summer blockbuster movie — opened this weekend, which acted as a catalyst to attract a large number of moviegoers.
As such, the traditional movie business looks like it is bouncing back strongly, and that rebound, not surprisingly, is being led by big, blockbuster releases.
MONEY: Gas Prices
A record number of travelers — 43.6 million, according to AAA — will be driving this July 4 holiday weekend, and they’ll be paying more at the pump during those road trips.
For some context, the average price of a gallon of unleaded gas last July 4 holiday weekend stood at $2.17, according to AAA.
Pink's Bottom Line
The relentless climb of gas prices looks set to continue for much of the year, which will clearly impact the nation’s consumers.
Consumers will pay more at the pump, which, in turn, means it will limit their spending power elsewhere.
As consumers account for roughly two-thirds of all economic activity in the country, higher gas prices could slow down the pace of the overall economic recovery.
SPORTS: NBA Playoffs
In the Eastern Conference Finals in the NBA last night, the Milwaukee Bucks beat the Atlanta Hawks to take a 2-1 lead in their best-of-seven series.
More importantly, though, Atlanta superstar guard Trae Young suffered an injury in last night’s game, and the team says that Young is now questionable for Game 4 tomorrow night in Atlanta.
Pink's Bottom Line
Young’s injury is just the latest in a host of injuries that has both plagued and shaped the NBA title chase this season.
In the Western Conference Finals, for example, the Los Angeles Clippers trail the Phoenix Suns 3-1 in their best of seven match-up, and the Clippers have played the entire series without their superstar, Kawhi Leonard, due to injury.
As such, look for the NBA to review both its regular and postseason schedules as soon as this year’s Playoffs conclude to find ways to limit the chance of injuries to its marquee players.
Jeremy Pink is currently COO of Geniecast, a leading virtual content and experience company. He is the former CEO of private-equity backed Broadcast Sports International where he helped lead the company to a successful sale and exit during his tenure there. He is also a former CNBC television executive in New York, London and Singapore.
The information contained in this communication is strictly for general informational and entertainment purposes and is not meant to be construed as financial, investment, tax, or legal advice. This communication is not a solicitation to buy or sell any securities. I am not a financial advisor or offering professional advice of any kind. Users should not act upon the content or information found within this communication without first seeking professional advice appropriate for their individual situation. Decisions based on information contained in this communication are the sole responsibility of the user, and use of this communication and its contents constitutes an explicit understanding and acceptance of the foregoing disclaimers.
(Newsletter Editor: Karina Pink)