Pink's Bottom Line on Media, Money and Sports
AMC Networks, streaming, inflation, retail sales, triple-doubles and Wizards
In today’s newsletter, I discuss AMC Networks earnings, key economic data and a historic triple-double posted by Russell Westbrook of the NBA’s Washington Wizards.
MEDIA: AMC Networks Earnings
AMC Networks, the media company that owns entertainment networks including AMC, IFC and Sundance as well as some streaming properties, Friday reported higher earnings but lower revenue in the first quarter of this year compared to the same quarter a year ago. (Click here to read AMC’s earnings news release.)
Notably, ad revenue at the company declined 7% in the first quarter of this year compared to the same quarter a year ago.
Pink's Bottom LineAMC said in that news release, “The transition of the company to be the worldwide leader in targeted streaming on the strength of our focused, strong content continues on track.”
AMC has smaller streaming services like Acorn TV, Shudder and ALLBLK that target specific niches.
As such, AMC, although it boasts some powerful entertainment cable television networks, is moving in the direction of many of its rivals and of media in general as it looks to streaming as a core growth strategy.
MONEY: Economic Data This Week
There’s a host of economic data in the latter part of this week that should shed more light on both inflation and on the strength of the US economic recovery.
These two reports will indicate just how prevalent inflation has become at both the consumer and wholesale levels.
Pink's Bottom LineAdditionally, on Friday, the government releases its April report on monthly retail sales, which are expected to show considerable strength.
The monthly retail sales will be key to help understand the strength of the overall economic recovery as retail sales account for roughly two-thirds of overall economic activity in the United States.
By the end of this week, then, we should have a better indication on both inflation and on the health of the US economy.
SPORTS: Triple-Doubles and Wizards
Russell Westbrook, point guard for the Washington Wizards, tied an NBA record by posting his 181st career triple-double last night in his team’s overtime victory against the India Pacers.
A triple-double occurs when a individual player has ten or more of each points, rebounds and assists in a game — last night, Westbrook scored 33 points, pulled down 19 rebounds and dished out 15 assists.
Pink's Bottom LineWhile Westbrook’s triple-double last night grabbed the headlines — and rightfully so — his backcourt teammate Bradley Beal, the NBA’s leading scorer, poured in 50 points in the victory.
It also led to Washington’s 13th win in the team’s last 16 games, making the club one of the hottest teams in the NBA right now.
In fact, the Wizards now are in ninth place in the Eastern Conference, and Washington appears to be peaking just in time for the playoffs where the team could make an improbable run.
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)