Pink's Bottom Line on Media, Money and Sports
Movies and Memorial Day weekend, cryptocurrency and stock trading apps and the NBA's Memphis Grizzlies
In today’s newsletter, I discuss movies and Memorial Day weekend, cryptocurrency and stock trading apps and the NBA’s Memphis Grizzlies.
MEDIA: Movies and Memorial Day Weekend
This past weekend’s box office revenue totaled $19.2 million, down 26.6% from the prior weekend, according to data from Box Office Mojo.
Those are the lowest weekend box office revenue numbers in more than a month — that’s notable as we are heading into the crucial Memorial Day weekend for the nation’s theaters and cinemas.
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For some context, before the pandemic, box office revenue totaled $220 million on Memorial Day weekend in 2019 and $230 million on that same weekend in 2018, according to Box office Mojo.
As such, with many theaters and cinemas around the country now open and with the release of potential blockbusters The Quiet Place II and Cruella this Memorial Day weekend, we should have a good gauge of the strength of the recovery in the movie business very soon.
MONEY: Cryptocurrency and Stock Trading Apps
With a recent steep decline in the value of some cryptocurrencies and with the recent weak performance of many heavily traded stocks, I checked App Annie today to look at the current popularity of cryptocurrency and stock trading apps.
Until just a few weeks ago, both crypto and stock trading apps had been among the most popular of all apps in both Apple’s App Store and on Google Play.
However, according to App Annie today, no crypto or stock trading app ranks among the top 50 in the Apple App Store, and only Crypto.com, ranked third, is among the top 50 most popular on Google Play.
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That suggests that the unrelenting interest in both crypto and stock trading among retail investors might finally be waning.
That potential decline in interest likely is a reflection of the recent volatility in cryptocurrencies and the recent weak performance of many heavily traded stocks.
It could also suggest that investors who began trading during the lockdowns in the past year might be losing interest in favor of other activities as the country reopens.
SPORTS: Memphis Grizzlies
The NBA’s Memphis Grizzlies, one of the the younger teams in the league, is maturing in front of our eyes.
The Grizzlies beat the Golden State Warriors Friday in the NBA’s play-in tournament to earn a spot in the playoffs as the eighth seed.
Then, last night, Memphis promptly dispatched top seeded Utah in the first game of the first round of their best of seven series.
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The Grizzlies are led by Ja Morant, the second pick in the NBA draft in 2019 and the rookie of the year last season.
He is joined in the backcourt by unheralded Dillon Brooks, a second round pick in the 2017 draft, who is a relentless defender and solid scorer.
While the Grizzlies are not likely to win a playoff series this year — Utah should come back and win this first round series — Memphis should be a force in the league for many years as Morant and Brooks develop and as team assembles more complementary players to support them.
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)