Pink's Bottom Line on Media, Money and Sports
Local news, retail sales and the NBA MVP
In today’s newsletter, I discuss local news, retail sales and the NBA Most Valuable Player award.
MEDIA: Local News
A group called the Tiny News Collective said Tuesday that it is looking to develop local news entrepreneurs around the country.
In the next three years, the Tiny News Collective hopes to create as many as 500 local news organizations with the majority of those organizations in either unserved or underserved areas.
New Catalyst, a group that helps news businesses go digital, and LION Publishers, an association of independent local news organizations, are two of the groups behind the Tiny News Collective.
Pink's Bottom LineAcross the United States, local news has enjoyed a relatively strong 2020 after many years of declines and cutbacks in the local news industry.
According to Northwestern University Medill’s Local News Initiative, digital subscriptions to local news publications have jumped, up about 50% this year.
Strong local news reporting is crucial to most communities around the country, so it is encouraging to see this initiative from the Tiny News Collective and to see strong performances in 2020 from existing local news publishers.
MONEY: Retail Sales
Retail sales, a top measure of consumer spending, slumped 1.1% in November compared to October, according to data released today by the government, though sales were 4.1% higher last month compared to November 2019.
Retail sales are crucial to the overall health of the US economy as consumer spending accounts for roughly 70% of overall economic activity in this country.
Pink's Bottom LineNotably, online retailers — called nonstore retailers in this report — saw sales jump 29.2% last month compared to November 2019.
Restaurants and bars, on the other hand, saw their sales decline by 17.2% year-over-year in November, according to this report.
It is yet the latest indication that e-commerce is a consistent beneficiary of the coronavirus pandemic while sales at establishments like bars and restaurants continue to suffer.
SPORTS: NBA MVP
With the NBA beginning its new season a week from today, Luka Doncic of the Dallas Mavericks is the slight favorite to win the league’s Most Valuable Player award this year, according to the FanDuel Sportsbook.
Doncic, who will be entering his third season, has put up historic numbers in his first two years in Dallas — he averaged 28.8 points, 9.4 rebounds and 8.8. assists per game last season.
According to FanDuel Sportsbook, Doncic is +410 to win the MVP award followed by Milwaukee’s Giannis Antetokounmpo at +480. Antetokounmpo has won the award the past two seasons and he just signed a huge, new deal with the Bucks worth $228 million over five years.
Pink's Bottom LineInterestingly, LeBron James of the Los Angeles Lakers is the seventh favorite to win the MVP at +1500.
James led the Lakers to the NBA title earlier this year, and most consider him to be the best player in the entire league.
James might not win the actual MVP award this season, but I believe he will clearly be the most valuable player in the league this season whether he wins the award or not.
(Note: For those unfamiliar with sports betting, Doncic at +410 means that if a bettor wagers $100 on Doncic to win MVP and Doncic does indeed win the award, that bettor would win $410.)
Jeremy Pink is COO of Geniecast, a leading virtual content and experience company. He is also currently an advisor to companies in media and financial tech. Jeremy 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. Jeremy 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)