Hey Snackers,
May the 4th be with you: A Vegas chapel is celebrating Star Wars Day with themed-wedding packages (dubbed “Yoda One For Me” and “I Chewse You”). The intergalactic nuptials feature a Princess Leia officiant and space-inspired bouquets.
Stocks rose for the second day in a row on the back of positive earnings results from names like Airbnb and Exxon. Putting a damper on the markets: the Fed's next rate hike is happening today.
15-inch AUX cord... 17-min ETA. America's #2 ride-hailer just rolled up with earnings. Lyft is known for its transportation focus (think: no food delivery) and cars with fuzzy pink mustaches (see: this Prius). We're checking in on its #s from a quarter of pricey gas, supercharged fares, and disappearing mask mandates:
Uber Black, Lyft Pink… not a K-pop girl band. Lyft's bigger rival reports today. Lyft says it’s "singularly driven" by its mission to improve lives with transportation (cars, bikes, etc.). Meanwhile, Uber’s driving into everything, from food to ecomm deliveries. It’s no longer a ride-hail company.
The OG isn't always the growth key… Uber's core biz was ride hail. Now delivery is bringing in nearly half of sales, and freight is its fastest-growing biz. While Lyft is also enjoying the ride rebound, it doesn't have those diversified growth avenues. That could be why Uber's annual revenue is 5X as big as Lyft's. But they have this in common: Uber and Lyft lost hundreds of millions of dollars last year, and both stocks are down ~30% this year.
Two-minute bathroom break… TV commercials are back in style. This week, ad-supported streaming platform Tubi said it had doubled its active viewers since 2020, and planned to launch 100 original shows and movies this year. Meanwhile, Netflix, the world’s most popular subscription streamer, is struggling with its slowest growth in years.
Streaming is changing FAST… Blame #subscripturation. As viewers get sick of paying $38/month to watch “Euphoria,” “Bridgerton,” “Severance,” and “Loki” on four different platforms, some cord-cutters are now becoming subscription-slashers: last quarter, Netflix reported its first loss of subs since 2011. Meanwhile, free ad-supported streaming TV (FAST) options are growing:
Ad streaming has something for everyone… Consumers love the price, advertisers love the targetability, and OG media companies like Fox love the back door into the streaming race. Subscripturation could drive viewers from pricey subscriptions to ad-filled alternatives. That may mean more competition for the Tubis of the world: Disney+ plans to launch an ad-supported tier this year and Netflix is considering doing the same.
Authors of this Snacks own shares of Uber, Moderna, NYT, Apple, Amazon, Netflix, Starbucks, Match, Pfizer, and Disney
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