Pink's Bottom Line on Media, Money and Sports
Short video services and apps, the cost of a July 4 barbecue and the best story at Wimbledon this year
In today’s newsletter, I discuss short video services and apps, the cost of a July 4 barbecue and the best story at Wimbledon this year.
MEDIA: Short Video Services and Apps
Instagram’s CEO Adam Mosseri said last week that his company will focus more on video in the coming months, which is fascinating as Instagram really is known as a photo sharing app.
Notably, he also said that the number one reason that people use Instagram is to be entertained.
Pink's Bottom LineThe moves by Instagram and TikTok underscore the enormous importance of videos for the platforms, their users and their creators.
Currently, YouTube and TikTok are the leaders in video sharing but competition to these services is emerging seemingly every day both from nascent apps and from more established places like Instagram.
Look for competition among services to heat up even more in the video sharing space the rest of the year — that also indicates that the space probably is also ripe for consolidation.
MONEY: Cost of a July 4 Barbecue
Despite consumer prices climbing most of the year, the cost of a barbecue on July 4 this year is about the same as a year ago, according to the Farm Bureau.
According to the Farm Bureau, the cost of a barbecue this year is $59.50 for ten people or $5.95 per person — that’s down slightly from 2020, but up a bit from 2019.
The Farm Bureau estimates a basket of goods —including hamburger buns, ground beef, strawberries, potato salad and more — for a cookout of ten people to determine the cost of a barbecue.
Pink's Bottom LineAmong the items in that basket of goods, strawberries and chocolate chip cookies showed the steepest price increases year over year while the price of pork and beans fell the most, according to the Farm Bureau.
It is encouraging that the Farm Bureau’s estimate costs of a barbecue this year is roughly the same as it was a year ago.
However, if food costs begin to move noticeably higher for the rest of the year, that will significantly impact the average consumer in the United States who is already suffering from sharply higher prices at the gasoline pump.
SPORTS: Best Story at Wimbledon This Year
The best storyline of Wimbledon so far this year is the amazing and unlikely performance of Britain’s Emma Raducanu.
Raducanu, who is just 18 years old and ranks 338 in the world, won her first three matches of the tournament without dropping a set, and she plays in the round of 16 tomorrow.
Pink's Bottom LineShe plays her matches with poise and confidence, and she has a strong all around game.
Raducanu also has earned the enthusiastic support of the home crowd at Wimbledon, and she currently is only a very slight underdog in her fourth round match tomorrow, according to FanDuel Sportsbook.
That said, the best teenager remaining in the tournament is Coco Gauff, 17, of the United States who I think will ultimately win Wimbledon this year.
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)