Weekly Recap: Pink's Bottom Line on Media, Money and Sports
Top items and takeaways from this week's newsletter
Here are the top items and takeaways from this week’s newsletter.
MEDIA
Instagram’s CEO Adam Mosseri said recently that his company will focus more on video in the coming months, which is fascinating as Instagram really is known as a photo sharing app. Notably, he also said that the number one reason that people use Instagram is to be entertained. Separately, TikTok, the wildly popular short video sharing service, said that it will expand the maximum length of a video that a creator is allowed to post to three minutes from one minute. The moves by Instagram and TikTok underscore the enormous importance of videos for the platforms, their users and their creators. Look for competition among services to heat up even more in the video sharing space the rest of the year.
A large majority of Americans say they trust their main news source for its political news coverage, according to a recent survey by the Pew Research Center. According to that survey, 83% say that they trust their main source of political news including 38% who trust that source “a great deal.” Those trust numbers differ, though, based on the political leanings of those surveyed. Here’s how Republicans and Democrats differ.
The top ten most downloaded non-gaming apps globally in June didn’t contain any surprises, according to SensorTower, an app data and analytics company. In fact, the top nine most downloaded apps in June were exactly the same as in May. TikTok again was the most downloaded non-gaming app last month, according to SensorTower. Meanwhile, CapCut, a video editing app from TikTok’s parent company ByteDance, finished as the eighth most downloaded non-gaming app globally. That data suggests that apps from ByteDance are becoming more and more influential globally.
MONEY
Despite consumer prices climbing most of the year, the cost of a barbecue on July 4 this year is about the same as a year ago, according to the Farm Bureau. According to the Farm Bureau, the cost of a barbecue this year is $59.50 for ten people or $5.95 per person — that’s down slightly from 2020, but up a bit from 2019. It is encouraging that the Farm Bureau’s estimate costs of a barbecue this year is roughly the same as it was a year ago. However, if food costs begin to move noticeably higher for the rest of the year, that will significantly impact the average consumer in the United States.
Exchange-traded funds (ETFs) inflows soared in the first half of the year, according to data from ETF.com. ETF inflows totaled $472.5 billion the first half of the year — for some context, inflows totaled $507.4 billion for all of 2020, according to ETF.com. However, it is unclear whether investors will still have an appetite for ETFs in the second half of the year or if they will pull money out of the market to take some profits.
Mortgage applications fell to their lowest level since the beginning of last year, according to a weekly survey conducted by the Mortgage Bankers Association (MBA). Applications for the week ending July 2 slipped 1.8% from the prior week, the second consecutive week-over-week decline, according to that MBA survey. If mortgage applications continue to decline, that will have negative implications for the housing market.
SPORTS
With NFL training camps opening later this month, the NFL preseason will soon be underway, and the Kansas City Chiefs look like the team to beat this year. According to FanDuel Sportsbook, the Chiefs are the favorites to win the Super Bowl followed by defending champion Tampa Bay. Interestingly, the Los Angeles Rams are also among the favorites to win it all in the NFL this year, according to FanDuel. Here’s why the Rams will be one of the most intriguing teams in the NFL this season.
The Tokyo Olympics, scheduled to begin in two weeks, won’t have spectators in person this year as Japan earlier this week declared a state of emergency due to the coronavirus. That means that this year’s Olympics, which already have been postponed by one year, will be unlike any other Olympics in recent memory as there will be no fans in attendance for any event. The lack of fans certainly is a major blow to Tokyo and to the organizers of the games, but the Olympics will still run on television — and other digital platforms — to viewers around the world. It also puts more emphasis on the television coverage — and the digital distribution — of the Games.
Bonus Item that didn’t appear in the newsletter this week: Baseball plays its annual All-Star Game on Tuesday, and look for Shohei Ohtani to attract the most attention of any player. Ohtani, a two-way player from the Los Angeles Angels, made the team both as a position player and as a pitcher. Additionally, Ohtani will participate in the Home Run Derby on Monday.
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)