In today’s newsletter, I discuss television news viewership, holiday spending and chess. Yes, chess.
MEDIA: Television News Viewership
In the late stages of a presidential election cycle and in the middle of a pandemic, it’s not surprising that many adults in America are consuming a steady diet of television news.
According to the Nielsen Local Watch Report, a hefty 35% of all television viewing in September by adults 18 and older in the United States was news programming.
That means the average adult watched seven hours and five minutes of news per week in September, according to the Nielsen report.
For the second quarter of 2020, the average adult watched eight hours and 34 minutes of television news every week, up from five hours and 47 minutes for the second quarter of 2019, according to the Nielsen report.
Interestingly, viewership among younger viewers — those aged 18 to 34 — rose a staggering 134% in the second quarter of 2020 compared to the second quarter of 2019.
Pink's Bottom LineWith the coronavirus pandemic entering a new wave and with the election likely to stay in the news cycle for many more weeks, Americans’ appetite for television news should only increase this quarter.
As such, expect weekly television news consumption in the fourth quarter of this year to get back to levels of the second quarter, and expect the trend of younger viewers watching more news to continue.
MONEY: Holiday Spending
American consumers appear likely to spend modestly less this holiday season compared to last year, according to a Annual 2020 Holiday Survey released last week from the National Retail Federation (NRF).
In this survey, the average consumer said that holiday planned spending will total $997 this year, down about $50 from their holiday spending last year.
Total planned spending on holiday gifts will decline nominally to $650 this year compared to $659 in 2019, according to the NRF survey.
Pink's Bottom LineConsidering the persistent negative economic impact of the coronavirus pandemic, that NRF survey actually appears somewhat encouraging — the decline in planned holiday spending could have been much greater.
If the consumer maintains resilience in the next few months, that could help keep the economic recovery, however fragile, on track as consumer spending accounts for upwards of 70% of all economic activity in the United States.
SPORTS: Chess in America
You might not know the name Hikaru Nakamura, one of America’s top chess players, but chances are you soon will thanks to his accomplishments and to his soaring popularity online.
Nakamaru, 32, currently ranks as the fourth best chess player in the United States. At age 15, he became the youngest US player ever to reach the grandmaster level. He also is a five-time US chess champion.
However, Nakamura’s popularity surged recently thanks to an increased consumer appetite for watching chess matches online during the pandemic.
Pink's Bottom LineNakamura now has 553,000 followers on Twitch, and 384,000 subscribe to his YouTube channel.
He also recently signed a deal to become a member of one of the leading Esports organizations in the United States.
Like almost everything else, the coronavirus pandemic seems to affect just about everything, including the American chess scene.
Jeremy Pink is former CEO of private-equity backed Broadcast Sports International where he led 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. Jeremy currently serves as an advisor, consultant or board member to companies in New York, London and Hong Kong in the media, technology, sports and financial tech sectors.
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)