Pink's Bottom Line on Media, Money and Sports

Box office strength, global economic growth and why Naomi Osaka today withdrew from the French Open

In today’s newsletter, I discuss box office strength, global economic growth and why Naomi Osaka today withdrew from the French Open.

MEDIA: Box Office Strength

Moviegoers returned to theaters and cinemas this holiday weekend as box office revenue hit its highest level since the pandemic began, according to data from BoxOfficeMojo.

Box office revenue in the United States totaled more than $98 million this holiday weekend including the release of A Quiet Place Part II debuting with a box office take alone of more than $58 million, according to Box Office Mojo.

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That overall strong performance at the box office this weekend is a good sign for the movie business as we enter a traditionally strong summer season.

Despite lingering concerns about the pandemic, moviegoers appear willing return to the nation’s theaters and cinemas, particularly if there is a blockbuster new release like A Quiet Place Part II.

MONEY: Global Economic Growth

The Organization for Economic Co-operation and Development (OECD) said today that it expects the global economy to grow 5.8% this year, up from its 4.2% growth estimate that it made at the end of last year.

The OECD cites vaccinations for the coronavirus and government stimulus packages like the one in the United States as reasons for its higher projection.

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Notably, the OECD forecasts uneven economies growth around the world with emerging market economies particularly vulnerable to downturns or setbacks as many of those countries lack access to vaccines.

As such, if many countries with emerging market economies do gain greater access to vaccines, the world’s overall economy should show even stronger growth.

SPORTS: Osaka Withdraws from French Open

Naomi Osaka, the second ranked women’s tennis player in the world, shockingly withdrew from the French Open today.

Osaka last week said that she would skip mandatory news conferences as those events negatively impacted her mental health.

That sparked a fine from the tournament when she didn’t attend a news conference after her first round match Sunday, and tennis officials also said that harsher sanctions — including default — might occur if she didn’t attend subsequent news conferences.

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Osaka today said that she withdrew because she “never wanted to be a distraction” during the tournament.

She also revealed that she has “suffered long bouts of depression since the US Open in 2018.”

Osaka’s statement and actions shine a spotlight on mental health issues in sports, which can often be overlooked by many.

Her withdrawal from the French Open now could usher in a new era in sports where mental health issues are acknowledged openly and without stigmas.

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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)