Vizio ($VZIO) is expanding into streaming as the company celebrates its public debut on the New York Stock Exchange.
Founded in 2002, the company has become one of the country's leading television makers, and, according to CFO Adam Townsend, its SmartCast expansion will help drive new advertising and content revenue opportunities.
"We're now moving more into a dual revenue structure where not only do we make money when someone buys the TV but we're making revenue when they use the TV," Townsend told Cheddar.
He said Vizio's "integrated experience" separates the company from others in the industry, particularly because all of its expanded features are in one central hub.
For consumers, the SmartCast streaming platform offers simplicity. According to the CFO, the new model TVs make cord-cutting a breeze and come loaded with several streaming options and free channels.
The company will be able to track engagement through embedded software that can both curate more personalized content for the viewer as it learns what the person likes to watch as well as produce data for advertisers to narrow promotions for their target audiences.
"Addressable advertising, targeted advertising is really the future of where this is going," Townsend noted. "It's really transformative not only for us but the ecosystem at large."
Though the tech industry has been bogged down by the global chip shortage, Townsend said his company's close ties with manufacturers have kept the supply chain up and running.
Vizio closed its first day of trading at $19.10, down 9 percent from its $21 pricing.
President Biden's push for electric vehicles is doing more than trying to hold off climate change as it also hopes to revive American manufacturing jobs. The latest company to open an EV charging production plant in the U.S. is Australia-based Tritium, looking to open its new Lebanon, Tennessee, facility in the fall of 2022. It's expected to create at least 500 jobs in the region and reach a production capacity of 10,000 charging units per year. Jane Hunter, CEO and executive director of Tritium, joined Closing Bell to discuss the plant, production capacity, and working with the Biden administration. "The policies that they put in place have directly driven demand for our fast charging products," she said. "Discussions that we have are just incredibly positive because this administration wants to have an electric superhighway that runs all across the country so that it's open equitably for all people to drive electric vehicles."
Samsung unveiled its latest product lineup, including a new family of Galaxy S22 smartphones featuring the S22 Ultra with a larger screen, more powerful camera, and the Samsung S Pen stylus. The company also revealed its latest tablet, the Tab S8 Ultra, featuring a 14.6" screen, expanded storage, and 4K video capability. Cheddar News was able to showcase each device as Allison Johnson, reviews writer at The Verge, joined Closing Bell to discuss the new releases, the standout features, and more.
Shares of Canadian cannabis giant Canopy Growth surged after the company reported Q3 earnings Wednesday morning, with shares up more than 15 percent at the close of the day's trading session. Despite net revenue declining year-over-year, Canopy beat analyst expectations and has ramped up efforts to develop a "THC ecosystem' in the U.S. Canopy Growth's CEO, David Klein, joined Cheddar News' Closing Bell to discuss the report. He noted that its brands Storz & Bickel vaporizers and BioSteel beverages showed record growth.
Commercial property ownership platform withco recently raised $32 million across a seed and Series A funding round. The company purchases properties and then rents them back to small business owners and works to transition them into full ownership. Founder and CEO Kevin Song says withco was inspired by his family's experience of operating a Brooklyn grocery store for two decades and being forced to shutter the business due to a doubling in rent by a new landlord. Now, Song says his mission is to help small business owners become commercial property owners, in a way that's simple and affordable. Song joined Cheddar News' Closing Bell to discuss.
David Nelson, Chief Strategist at Belpointe, joins Cheddar News' Closing Bell, where he says that Wednesday's market movement shows a rotation back into the industries that were hit hard in January, but says his eyes are firmly fixed on the January CPI data set to be released Thursday.
Earlier this week, Peloton announced a change in its C-suite, with new chief executive Barry McCarthy telling the company's remaining staff in an email that he’s, 'here for the comeback story.' Greg Martin, Co-Founder of Rainmaker Securities, joins Cheddar's Closing Bell where he discusses how difficult are Peloton's challenges will be to overcome, especially after the company recently laid off approximately 20% of its staff.
Ben McMillan, Founder and CIO at IDX Digital Assets, joins Cheddar News' Closing Bell, where he discusses the significance of CFTC Chairman Rostin Behnam testifying at Wednesday's Senate Agriculture Committee hearing, and when we could expect to see more regulation in place following the second straight day of congressional hearings on the crypto industry.
