Pink's Bottom Line on Media, Money and Sports
Global box office, home prices and a surprising NBA team
In today’s newsletter, I discuss the global box office, home prices in the United States and the NBA’s surging Utah Jazz.
MEDIA: Global Box Office
While the US movie box office struggles, China’s theaters and cinemas appear to be doing quite well.
According to data from an article in The Hollywood Reporter, the movie Detective Chinatown 3 grossed nearly $400 million this past Friday to Sunday, which was also a holiday weekend in China celebrating the Lunar New Year.
Contrast those numbers with the total US domestic box office gross of $11.2 million for the Friday to Sunday period, according to Box Office Mojo.
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China’s strong box office numbers appear to show that the country’s traditional movie business has rebounded from the impact that the coronavirus pandemic.
It also suggests that when the pandemic is more under control in the United States and when theaters can open safely here, it’s likely that we could see a similar rebound in the movie business in this country.
MONEY: Home Prices
Home prices rose across the board during the fourth quarter of last year, according to data from the National Association of Realtors (NAR).
The median price of an existing home jumped 14.9% to $315,900 in the fourth quarter of 2020 compared to the fourth quarter of 2019, according to the NAR.
Notably, the northeast region saw the median price climb 20.7% year-over-year, the biggest increase of any region in the country, according to the NAR.
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Low mortgage rates as well as lower than usual inventory likely contributed to the price increases, according to the NAR.
Additionally, housing markets within relatively close driving distance of bigger cities — particularly those in the northeast — showed solid price increases as some buyers looked to work from home but still remain close to large urban centers.
If mortgage rates and inventory levels stay low and if the work from home trend remains strong, look for home prices to remain resilient for at least the rest of the year.
SPORTS: Utah Jazz
The Utah Jazz, who currently are on a seven-game winning streak, right now sport the best record in the NBA.
In fact, the Jazz have lost only one time since January 6, and have won 18 of their last 19 games.
Incredibly, the margin of victory in those 18 wins has been at least ten points in all of those games but two.
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It’s a truly astonishing run for a team that really doesn’t have the duo or trio of superstars that most title contenders have these days.
In fact, the team has six players who average double figures in scoring led by Donavan Mitchell, its only true superstar, who scores 24 points a game.
The Jazz clearly are a strong regular season team, but it’s unclear whether they can also be a dominant team in the playoffs.
I suspect that they are actually the fourth best team in the Western Conference — behind the Lakers, the Los Angeles Clippers and the Denver Nuggets — and that the best the Jazz will do in the postseason is reach the Western Conference finals.
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)