Even as businesses begin to open up again, the coronavirus pandemic is still fueling streaming viewership — and media companies see an opportunity to expand overseas.
Fox will launch Fox News International starting in Mexico on August 20, with plans to be in 20 countries by the end of 2020. ViacomCBS is planning streaming services in Australia and Latin America, among other countries, slated for next year. Disney will also launch an overseas version of their streaming content called Star.
Even streaming giant Netflix sees a chance to extend its reach, with its eyes set on Southeast Asia. The company told Reuters it will continue to expand its sub-$5 monthly mobile-only streaming plans there and increase local language content. It currently has more than a million subscribers in the region.
Streaming has been one of the only profitable segments of many media companies’ quarterly earnings during the pandemic with no signs of stopping. Video view times in July were up 28 percent year-over-year in the U.S., according to a new study from Adobe. The rate is about the same as it was this March, when the first stay-at-home orders were put in place.
The data falls in line with recent research from Conviva, which found that pandemic global viewership has only increased throughout the year. Domestically, streaming viewership now makes up 25 percent of total viewership in the U.S. compared to 19 percent last year, per Nielsen’s total audience report.
Some analysts point to a second wave of shutdowns to explain the consistently high viewership through the summer. Other analysts believe the return of live sports has drawn viewers back to their televisions. In either case, the pandemic has shown that consumers are willing to consider entertainment as part of their essential budgets, and media companies are hoping the global phenomenon is here to stay.
U.S. markets opened sharply lower on Friday on hotter-than-expected inflation data. The May CPI showed an 8.6% jump in consumer prices year-over-year, higher the expected 8.3%. Mark Howard, Senior Multi-Asset Specialist at BNP Paribas joined Cheddar's Opening Bell to discuss.
U.S. stocks closed Friday at session lows after May CPI data showed inflation in the U.S. has not peaked and is still rising rapidly. For the week, the S&P fell 5.06%, the Dow lost 4.58%, and the Nasdaq dropped 5.60%, marking the worst week since January for all three major indexes. Mike Zigmont, Head of Trading and Research at Harvest Volatility Management, joins Cheddar News' Closing Bell to discuss.
Residents often have to wait on federal assistance after a disaster, but one group has a solution: hiring community members to help clean up and improve their neighborhoods. Resilience Force tackles two problems at once by creating jobs in response to growing climate-related disasters. LaTanja Silvester, director of New Orleans programming for Resilience Force, joins Closing Bell to discuss how the organization creates jobs in communities that need help and higher employment, the importance of creating a "green" workforce, and more.
Benefits brokerage, Nava Benefits, raised $40 million in a Series B round. Nava says it's on a mission to fix healthcare, one benefits plan at a time. The startup is working to bring benefits to small business that are normally available to only Fortune 500 companies. Brandon Weber, Co-Founder and CEO of Nava Benefits, joined Cheddar News' Closing Bell to discuss.
Yung Lim, CEO and Fixed Income Strategist at FolioBeyond, joined Closing Bell to discuss the May CPI report, as inflation is still red-hot going into a key decision from the Federal Reserve about interest rates.
Auction house Christie's will be presenting "Legacy of the GOAT," which will include a rare Michael Jordan signed rookie card and sneakers. Caitlin Donovan, the vice president of Christie's handbags and accessories department. joined Cheddar News to discuss the special memorabilia selection for the NBA great. "He's been a global phenomenon, so he's really shaped '90s culture and streetwear culture," she said. "And we see bidders from every pocket in the world."
Fuel and oil prices have risen almost 17 percent since May, making the national gas prices reach nearly $5 a gallon. Andrew Lipow from consulting firm Lipow Oil Associates joined Cheddar News to discuss the future of gas prices. "The biggest issue on the oil market is really events that are beyond our control, which is what is happening over in Europe," he said, regarding the ongoing Russia Ukraine war. Lipow also said he predicted gas prices to hit $5.05 and that he's focused on the Biden administration's overtures in repairing a relationship with Saudi Arabia.
Target made some headlines this week as the retailer slashed its prices due to excess inventory. Cheddar News anchors Kristen Scholer and Ken Buffa break down Target as the Stock of the Week.
The electric vehicle maker filed a proposal for a three-for-one stock split, increasing the accessibility of shares for investors for a stock trading at around $700 a share. The move comes not long after tech giant Amazon announced a 20-for-one split. The number of authorized shares rises from two billion to six billion. It was also revealed that board member Larry Ellison does not intend to stand for reelection as it pertains to Tesla.
