Pink's Bottom Line on Media, Money and Sports
Box office revenue, cryptocurrency adoption and the hot start to the season of baseball's Mike Trout
In today’s newsletter, I discuss box office revenues at the nation’s theaters and cinemas, the growing adoption of cryptocurrencies among consumers and the hot start to the season of baseball’s Mike Trout.
MEDIA: Box Office Revenue
Box office revenue from theaters and cinemas around the country totaled more than $24 million this past weekend, down from a 2021 high of $57 million from the prior weekend, according to data from Box Office Mojo.
While these weekend revenue numbers pale in comparison to pre-pandemic levels, they nonetheless show that the US box office is making somewhat of a comeback.
Pink's Bottom Line
Notably, in the weekend before last when box office revenue totaled $57 million, two movies made their theater debuts — Mortal Kombat and Demon Slayer: Mugen Train.
It appears that moviegoers will begin returning to theaters, particularly if new, popular titles are released.
AMC Entertainment Holdings, the biggest movie theater company in the United States, reports earnings on Thursday, and that report should indicate just how optimistic the company is about the crucial summer box office season.
MONEY: Cryptocurrency Adoption
Cryptocurrencies look poised to become even more mainstream, according to a new survey.
According to the Mastercard New Payments Index, roughly 40% of consumers from around the world said they could use some form of cryptocurrency in the next year.
Millennials appear particularly interested in cryptocurrencies, with 67% saying they would consider using crypto, according to that survey.
Pink's Bottom Line
Cryptocurrencies, many of which have delivered outsized returns for investors in 2021, have emerged as a significant alternative asset class despite their volatility.
If consumers can accept this volatility — even if key cryptocurrencies like Bitcoin or Ethereum decline periodically — that could lead to an even speedier mainstream adoption of this new asset class both as an investment and as a form of payment.
SPORTS: Mike Trout’s Strong Start
Los Angeles Angels outfielder Mike Trout, arguably the best player in baseball, might just be off to the best start of a season in his amazing career.
For those unfamiliar with Trout, he is in his 11th season with the Angels, sports a career batting average of .306, has 309 career home runs and he’s been named the American League Most Valuable Player three times. Oh, and he is only 29 years old.
Pink's Bottom Line
In his first 24 games this season, Trout is hitting .410 with an OPS — a statistic than combines on base and slugging percentage — of a staggering 1.274.
OPS is a broad measure of hitting, and for some perspective on Trout’s 1.274 OPS, usually fewer than ten hitters per year across all of major league baseball finish the season with an OPS above 1.000.
If Trout continues at this pace — and even if he cools off a bit — he could put some of the best single season hitting numbers in history.
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)