Podcast Summary
Record-breaking online sales on Black Friday: Americans shifted to online shopping during Black Friday, resulting in $9.8 billion in sales, a 7.5% increase from the previous year. Preparation, organization, staying informed, and leveraging technology were also emphasized.
Americans' shopping habits continue to evolve, with Black Friday seeing record-breaking online sales of $9.8 billion, a 7.5% increase from the previous year. This shift to online shopping led to a slight increase in foot traffic at physical retailers as well. Another takeaway from the discussion is the importance of preparation and organization, as Neil shared his successful turkey cooking techniques and Toby's unexpected airport detour. Lastly, the importance of staying informed and leveraging technology, such as Brex's spend platform, was emphasized for business owners. Overall, the episode highlighted the significance of adaptation, whether it be in cooking, shopping, or business, and the importance of staying informed and prepared.
Record-breaking mobile sales and buy now, pay later during Black Friday: Mobile shopping hit a new high with 54% of transactions, and buy now, pay later orders surged by 72% during Black Friday. Consumers continued to spend despite pandemic savings depletion, and Cyber Monday is projected to bring in even more sales.
Americans' shopping habits continued to thrive during Black Friday, with record-breaking mobile sales and the increasing popularity of buy now, pay later methods. The holiday shopping season defied expectations, as consumers continued to spend despite pandemic savings depletion. Mobile buying, which accounted for 54% of Black Friday transactions, is expected to surpass desktop spending for the first time this holiday season. Additionally, buy now, pay later orders increased by 72% last week, accounting for $79 million in sales. Despite regulatory crackdowns and concerns, buy now, pay later has proven resilient. Looking ahead, Cyber Monday is predicted to bring in even more sales, with a projected $12 billion in sales. However, United Airlines' consideration of using passenger data for personalized in-flight ads raises privacy concerns, potentially benefiting the airline but causing unease for passengers.
Airlines exploring ad business with customer data: Airlines like United are entering the ad business due to valuable customer data, projected to make $1B by 2024. US is now world's largest oil producer, producing 3M more barrels daily than pre-COVID, challenging oil industry's demise narrative.
Companies like United Airlines, which don't typically sell ads, are now considering entering the advertising business due to their vast troves of customer data. This trend is inspired by companies such as Uber, which have seen significant success in targeted advertising. United is expected to make $1,000,000,000 from this new business by 2024. The data that airlines collect, coupled with their unique interactions with passengers, presents a lucrative opportunity. However, a careful rollout will be necessary to avoid backlash. Another surprising statistic is that the US is now the largest oil producer in the world, producing 3 million more barrels per day than its pre-COVID peak. This surge in production, which has nearly doubled in the last decade, has occurred despite criticism that the Biden administration is hindering the oil industry. These statistics challenge the narrative that the oil industry is dying and highlight the US's significant role in global production.
Power and Money in College Football and the Oil Industry: The oil industry's power is concentrating due to US oil abundance, while college football's hyper capitalistic nature prioritizes winning over ethics, and both face significant financial stakes.
The power in the oil industry is concentrating due to the richness and abundance of oil in the US. At the same time, college football has entered a hyper capitalistic end state where winning and the money that comes with it are the only things that matter. This was evident in the University of Michigan's victory over Ohio State despite their coach's suspension for stealing signs. Meanwhile, the Pac 12 conference is on the brink of extinction due to conference realignment, leaving only Washington State and Oregon State as potential members. Elsewhere, Elon Musk and Twitter are facing the consequences of his endorsement of an anti-Semitic tweet, with big blue chip advertisers pulling their spend from the platform, costing Twitter $75 million this year. These events highlight the intense competition and financial stakes in both industries.
Twitter's Advertising Revenue Takes a Hit: Under Elon Musk's leadership, approximately 50 top advertisers have left Twitter, resulting in a monthly revenue loss of around $11 million due to concerns over ads appearing next to offensive content.
Twitter, now X, is experiencing a significant decrease in advertising revenue under Elon Musk's leadership, with approximately 50 of the top advertisers from October 2022 having left the platform. This loss of revenue, estimated to be around $11 million per month, is concerning given that Twitter historically relied on advertising for up to 90% of its income. The exodus of advertisers was partly due to reports of their ads appearing next to Neo Nazi content, leading to a defamation lawsuit between X and Media Matters. Despite the financial impact, Musk is attempting to make amends with the Jewish community by meeting with Israeli President Isaac Herzog to address concerns about his perceived anti-Semitic actions. The fundamental issue for X is the lack of effectiveness of its ad product, making it an unattractive option for advertisers compared to other platforms like Instagram. To counteract this, X needs to improve its ad relevance and create more stickiness for advertisers to prevent further revenue loss.
Exceptional November for Stock Market with Tech-Focused Nasdaq Seeing Significant Inflows: The S&P 500 had one of its best monthly gains since 1928, the Nasdaq saw significant inflows, and the Fed's indication of ending interest rate hikes fueled investor optimism. However, not all sectors are performing well, and the question is when the Fed will cut rates.
The stock market has experienced an exceptional November, with the S&P 500 recording one of the best monthly gains since 1928, and the tech-focused Nasdaq also seeing significant inflows. This bullish trend is largely due to the Federal Reserve's indication that its historic interest rate hikes are coming to an end, and investors are reacting positively to this news. However, not all sectors are performing well – Disney's latest animated film, Wish, had a disappointing opening weekend, despite being intended as a self-referential homage to the company's 100-year anniversary. The stock market's strong performance may be disconnected from the general American psyche, which remains affected by economic concerns, but the question now is when the Fed will cut interest rates. The VIX, a measure of market volatility, has also seen a significant decline in recent weeks, further indicating a bullish environment for the stock market.
Disney's Box Office Underperforms Despite Increased Earnings: Disney's movie quality concerns and a 3-year cruise debacle have impacted box office performance, despite earnings growth
Disney's box office performance is underperforming compared to pre-COVID levels, despite a 22% increase in earnings this year. This trend is specific to Disney, as the overall box office has shown signs of recovery. The quality of Disney movies has been a concern for some critics, with reviews mentioning AI-generated songs and lackluster villains. Meanwhile, the 3-year cruise debacle left customers out thousands of dollars and stranded, highlighting the challenges of convincing people to commit to such a long-term investment and securing the necessary resources to make it a reality.
COP 28: Countries Assessing Climate Progress Amidst Fossil Fuel Industry Thrive: Despite global efforts to combat climate change, many countries are lagging in their emissions reduction targets, while oil production hits record highs, raising concerns about commitment to a sustainable future.
While the world grapples with climate change and countries work towards meeting their emissions targets, the fossil fuel industry continues to thrive. At the COP 28 summit in Dubai, countries will assess their progress, but the UN report shows most are falling short. Meanwhile, oil production reaches record highs, raising questions about commitment to reducing carbon emissions. In contrast, entertainment industry news sees Beyonce's upcoming film Renaissance set to compete with Taylor Swift's Eras tour concert film at the box office. Lastly, Tesla's Cybertruck deliveries begin, marking a shift towards electric vehicles, but the challenge of producing them remains.
