Pink's Bottom Line on Media, Money and Sports
Nonprofit news organizations, weekly jobless claims and Rafael Nadal
In today’s newsletter, I discuss the nonprofit news organizations, weekly jobless claims and Rafael Nadal.
MEDIA: Nonprofit News
Nonprofit news organizations had bigger audiences in 2020 than they did in 2019, according to a recently released report from the Institute for Nonprofit News (INN) called The State of Nonprofit News.
According to that INN report, traffic to nonprofit web properties increased 43% year-over-year in 2020, and newsletter distribution lists to those properties grew by 36%.
Revenue to nonprofit news organizations also increased year-over-year, according to that report, as more than 60% of these sites reported increased donations from foundations and increased giving from individuals.
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In fact, more than 80% of all revenue for nonprofit news organizations came from foundations (47%) and contributions from individuals (36%), according to that report.
Nonprofit news organizations serve a very useful purpose for consumers, as they often cover local issues or other matters that might not be covered by traditional commercial media.
As such, it indeed encouraging that both viewership and revenue increased in 2020, though the reach of these nonprofit news sites still is a fraction of the reach of most commercial news sites.
MONEY: Jobless Claims Move Higher
The number of first time jobless claims grew last week, bucking a consistent downward trend of new weekly claims, according to a government report released earlier today.
The number of weekly jobless claims rose to 412,000 in the latest week, up from a revised 375,000 from a week earlier, according to that report.
For some context, for the same week a year ago during the height of the pandemic, weekly claims totaled 1.472 million.
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Although weekly jobless claims numbers can be notoriously volatile, it is still worth noting last week’s uptick in claims.
If jobless claims resume a persistent upward trend in the coming weeks, that suggests that the job market might not be as robust as many have thought.
It will be worth watching jobless claims numbers very closely for the next few weeks, particularly ahead of the government’s next monthly unemployment report, which will be released on July 2.
SPORTS: Nadal Out of Olympics, Wimbledon
Rafael Nadal, the second ranked men’s tennis player in the world, said today that he won’t play in the Olympics or at Wimbledon this year.
Via his Twitter account, Nadal said, “It’s never an easy decision to take but after listening to my body and discuss it with my team I understand that it is the right decision.”
Nadal’s decision to not play at Wimbledon opens the door a bit wider for world number one Novak Djokovic to win his third major of the year, following his victory last week at the French Open.
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Importantly, Djokovic also is now set up to have perhaps the best year in the history of men’s tennis.
If Djokovic does win Wimbledon, he would capture the 20th major title of his career, which would match Nadal and Roger Federer for the most major titles of all time.
If he then wins the US Open later this summer, he would become only the third men’s tennis player in history to win all four grand slam events — Australian Open, French Open, Wimbledon, US Open — in a calendar year.
Additionally, a win at the US Open — assuming he has already won at Wimbledon — would give him 21 major titles, the most of any men’s player in history, and would solidify his claim as the greatest men’s player of all time.
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)