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New year. New you. Welcome back, fam. Now that it’s officially 2024 (tbh, we’re still not used to writing that yet), how’s everyone feeling about the year ahead? If you’re like us, you’ve probably got some big plans in mind. Let us know what you’re looking to accomplish. We’d love to hear it.
In other news… MBAs aren’t what they used to be, American fast food doubles down in China, and TV insiders share predictions for 2024.
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BUSINESS
MBAs get kicked to the curb // Illustration by Kate Walker
Business degrees are losing their shine
The Future. Graduates of the country’s most prestigious business schools are having more trouble finding work than they used to. But those who do land jobs are getting paid more than ever — which suggests that the economy’s most profitable sectors may be getting even more unequal.
It’s just business
2023’s business school grads are getting fewer job offers than previous classes did.
Just 86% of Harvard MBAs got employment offers within 90 days of graduating this year, down from 95% in 2022 and 96% in 2021.
Stanford GSB mirrors that trajectory, with 89% of 2023 MBAs getting offers, down from 93% last year.
For UChicago MBAs, the drop was 95.6% from 96.8%.
This dropoff isn’t surprising given that tech and consulting have seen hiring slowdowns, and MBAs typically seek jobs in these sectors.
More for fewer
The grads who receive job offers are earning more than before. This year, Harvard Business School grads could expect an average starting salary of $175,000 (up from 2021’s $150,000), while Stanford GSB grads netted an average of $182,000 (up from $158,000 in 2021).
Even business is starting to look like a lottery.
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BUSINESS
The West heads East in fast food
US fast food won’t flee China
The Future. Many major global companies are shifting resources out of China due to concerns about privacy and its international relations. But US fast-food brands are doubling down on the country’s 1.4 billion customer base — demonstrating a potential shift for China from global exporter to importer.
Eating up
US fast-food chains have aggressive expansion plans for China.
McDonald’s intends to open 3,500 more stores there over the next four years. Almost half of the 150 million global participants in their customer loyalty program are in China.
KFC cut the ribbon on their 10,000th store in China this year and plans to open 1,200 more through 2026.
Starbucks sunk $220 million into a Chinese manufacturing facility, its largest foreign operation.
Popeyes Louisiana Kitchen launched in Shanghai this summer and hopes to follow up with 1,700 more restaurants through 2033.
Food for thought
China’s economy is suffering. Foreign investment will likely lag until other nations feel that they can trust the country’s government with tech. But unlike manufacturing plants, fast-food franchises are relatively easy to set up and break down and don’t have to worry about security or theft.
After all, you can’t steal IP from a burger.
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2024 is all about good skin (and New Year’s resolutions)
And we know the secret — at least about the skin part. (We’ve already given up on our resolutions.)
The skin secret? It’s Tiege Hanley — an easy-to-use skincare system created with men (and those who identify as men) in mind. Finally.
Tiege Hanley’s skincare system comes with all the basics:
A daily face wash
An exfoliating scrub
AM moisturizer with SPF 20
PM moisturizer
And RN, Tiege Hanley is offering TFP readers an exclusive 30% off their first box and a gift.
MEDIA
Black mirror? // Illustration by Kate Walker
Where is TV headed in 2024?
The Future. 30 years ago, Bruce Springsteen wrote the song “57 Channels (And Nothin’ On).” Today, there are just as many great TV shows, but viewers have no idea where to find them. As we enter 2024, we could see an improvement in the quality of streaming as TV execs meet audiences where they want to be and harness the power of AI to deliver better experiences.
The consumer is king
Adweek asked TV insiders to predict the trends that’ll break through the noise in 2024.
Engagement will continue to be a much-discussed metric, as ad-supported DTC brands rely on consistent viewership for profitability.
Balancing content pipelines will ensure that streamers aren’t producing too many (or too few) shows.
The lines between linear, digital, and streaming will blur, leading to new ways of bundling premium video.
Can’t-miss live cultural events (like the 2024 Olympics in Paris) will draw huge audiences.
AI will improve personalized ad experiences and tie those back to ad performance data on CTV.
Shoppable TV will expand as consumers become more comfortable buying products directly from social, mobile, and display ads.
The 2024 local and national elections will drive increased ad spending by political campaigns and a shift in audience behavior toward political news.
So many screens, so little time
All in all, things should become a lot easier for viewers across content discovery and consumption in 2024. And now, we want to hear from you...
YOUR DAILY POLL
We ask the hard-hitting questions.
42.8% of you voted No in Friday’s poll: Would you move down South?
“Too many issues around race and religion. As a woman, I feel the South is far more misogynistic.”
“Too hot and/or humid. And oppressive policies for women and minorities.”
“Not interested in living where it’s hot all of the time. Not everything about living down South is as great as people think it is. Cost of living is not really cheaper. Fees instead of taxes sounds better but in reality is not. Other things like health care and politics are a turn off.”
“I live there and am from there and it’s definitely not peaches and cream. Racism is rampant as is crime. I would prefer to go back out West if I can.”
“Left Texas for Seattle in 1987 and never looked back.”
“Lived there for 5 years back in 2000. That was enough.”
“Born in NYC, I’ve lived in ATL and BHM now for more than half my life. The South has its issues — lower pay, racism, and tornadoes — but I’ll never move back North again.”
“As I am aging, I cannot do Midwestern winters any more. Moving South is in our retirement plan.”
“In 5 or 10 years, the Southerners will be moving to the Great Lakes states, where the climate isn’t as broiling hot, there’s fresh water available, and the cost of living is much lower than the coasts.”
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Highlights
The best curated daily stories from around the web
Media, Music, & Entertainment
Video game adaptations could dethrone comics-based movies at the box office as “superhero fatigue” sets in and studios look elsewhere for blockbuster franchises. Read More → wired
The absence of a major December hit (like Avatar: The Way of Water) is taking its toll on the critical moviegoing period between Christmas and New Year’s Day. Read More → thewrap
SAG-AFTRA’s use of an AI image to promote its Labor Innovation & Technology Summit is facing criticism for taking jobs away from human graphic artists and union models. Read More → deadline
Fashion & E-Commerce
More and more retailers (including Abercrombie, H&M, J.Crew, and Macy’s) are now charging customers for returns to minimize the impact returns have on the brands’ bottom line. Read More → fastcompany
One of the biggest beauty trends of 2023 was using food-inspired names (like “latte makeup” and “blueberry milk nails”) to describe them. Read More → vogue
Fashion’s 2024 chapter is just beginning to write itself, with calls for more sustainable industry practices (authenticity, transparency, and necessity) ringing louder than ever. Read More → hypebeast
Tech, Web3, & AI
LinkedIn saw a 10% increase in US ad revenue from 2022 to 2023 as brands fled Twitter/X, helping the professional networking platform charge more. Read More → insider
YouTube is the most trusted social media platform among Gen Z users, according to a recent Business Insider and YouGov survey (sorry, TikTok). Read More → tubefilter
Cryonics companies are selling rich Americans (including billionaire Peter Thiel) the dream of being brought back to life after death — even though there’s currently no way to revive people. Read More → insider
Creator Economy
The United Arab Emirates is investing in comics for economic and workforce development, beginning with regional studio Sandstorm Comics’ inaugural event, “Storm the Block.” Read More → forbes
The top social media trends of 2023 were predictably chaotic, running the gamut from edible (Grimace Shake) to nuptial (Sofia Getting Married) to mostly delightful (Romy Mars’ nepo baby behavior). Read More → nyt
Kai Cenat was Twitch’s top streamer in 2023 with 109 million hours of watch time; his channel alone accounted for 2.5% of all global watch hours on Twitch in February. Read More → tubefilter
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Today’s email was written by Luke Perrotta and Kait Cunniff.
Edited by Nick Comney.
Published by Darline Salazar.