Reviewing the subscription bills like [YinYang/E+ via Getty Images]
[Anadolu Agency / Contributor via Getty Images]
Cobb salad, NFT on the side: The world’s first NFT restaurant only accepts nonfungible tokens to enter its exclusive dining room. Its $7.9K tokens sold out in hours — and are reselling for $300K. Leave the server a nonfungible tip.
Stocks fell across the board and the Nasdaq closed in correction territory, down 10% from its November record. The crypto market briefly slipped below $2T, a drop of nearly 50% from its high of nearly $3T in November. US mortgage interest rates climbed for the fourth straight week.
Candy, crushed… Yesterday Microsoft announced plans to buy Activision Blizzard, which makes hits like World of Warcraft and Candy Crush, for about $70B — the largest all-cash acquisition in corporate history. For reference: Previously Microsoft’s biggest deal was its $26B LinkedIn purchase. Shares of Activision spiked 26% yesterday, after slipping 27% since California regulators sued the company over employee harassment in July.
When it games, it pours… Sales across the gaming industry boomed 27% during lockdown in 2020 and continued growing last year. Gaming revenues are forecast to jump from $180B in 2021 to $220B by 2024. And as gaming companies reach new sales levels, there’s been a flurry of consolidation: There were $117B worth of gaming acquisitions last year, and Grand Theft Auto maker Take-Two agreed to buy FarmVille creator Zynga last week for $12.7B.
Games could be key to monetizing the metaverse(s)... As Microsoft races rivals like Meta (fka: Facebook) and Nvidia to build the first widely used metaverse, blockbuster games could help attract skeptics. Platforms like Fortnite and Roblox have already built massive followings and in-game virtual economies. CEO Satya Nadella said Activision “will play a key role” in building metaverse platforms for 3B global gamers.
Don't look up... at your streaming bill. Netflix is raising prices for its 74M subscribers in the US and Canada across plans. The standard plan (aka: the most popular) is rising by $1.50/month to $15.50. The hike comes less than a year and a half after the Flix's last US increase.
The real "Single's Inferno"... no one to share a Netflix password with. US-Canada subscribers make up more than a third of Netflix’s 214M subs. But in the second quarter Netflix lost US-Canada subscribers. The price hikes could add $1B+ in annual revenue to compensate for sluggish growth in the Flix’d-out market. As streaming competition #intensifies, Netflix is exploring other growth opportunities:
Saturated customers pay for unsaturated growth… Netflix has become a cultural staple in the US. It’s betting you’ll shell out the extra $1.50/month to not feel left out while your coworkers talk “Cobra Kai.” While saturated markets give Netflix price power, unsaturated markets like India can give it growth power. Of India’s 1.4B people, only 5M are Netflix subscribers. Netflix is looking to India for its “next 100 million” — and it can afford to slash prices abroad by hiking prices at home.
Authors of this Snacks own shares of: Microsoft, Netflix, Amazon, Disney, Zynga, AT&T, and Pfizer