Together with
Fake smile. ICYMI, Tom Hanks recently took to Instagram to call out a phony AI using his likeness to push dental plans. Weird, right? While there are worse things the beloved actor’s likeness could be used for promoting, the alarming post seems to echo concerns shared by others in the industry — especially as the actors strike continues.
In other news… SAG-AFTRA revisits the negotiation table, Americans make it rain on new experiences, and Beyoncé hits the big screen.
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ENTERTAINMENT
High drama in negotiations // Illustration by Kate Walker
SAG-AFTRA sits back down with producers
The Future. Yesterday, SAG-AFTRA finally resumed negotiations with the AMPTP, breaking a months-long silence. Given the WGA’s recent agreement, there’s hope for a deal... but if the AMPTP doesn’t budge on some of SAG’s key requests, the silver screen may be dark for a long time.
In the spotlight
During the meeting, some of Hollywood’s biggest players are expected to clash on a few key issues.
Revenue sharing, the practice of giving a portion of a show’s streaming revenue to the cast, will likely be a major point of contention. SAG has asked for 2%, but the AMPTP has consistently dismissed the idea.
Protections against AI are also likely to receive attention, as actors are worried about the unauthorized use of their likeness. Here, the AMPTP may be more willing to cede ground, like they did in negotiations with the WGA.
Actors’ AI concerns recently led them to authorize a strike against the video game industry.
One size fits… one
While the WGA’s tentative deal with the AMPTP may be a good omen, there’s a danger that producers will pressure SAG to sign a nearly identical deal and thereby neglect concerns unique to actors. The WGA just released a statement warning against this exact outcome.
If actors don’t reach a deal with producers, LA may be headed for a very long dry season.
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CULTURE
Spending like there’s no tomorrow // Illustration by Kate Walker
The YOLO economy is booming
The Future. Despite every reason not to splurge (rising interest rates, high inflation, dwindling pandemic savings, and a cooling job market), Americans are shelling out for once-in-a-lifetime experiences before they fear it’s too late. While prioritizing short-term fun over long-term stability is nothing new, economists and financial advisors have marked the current moment as different. Whether or not they can afford to, people are jumping at every opportunity to check things off their bucket lists, which could explode the concept of “a rainy day fund” and shift the focus to “fun funds” instead.
No time like the present
After the pandemic tested the vulnerability of even the best-laid plans, consumers are saying, “YOLO,” and spending on what they want when they want... even if they don’t have the money.
Ibby Hussain (NYC) bought a $1,600 Taylor Swift concert ticket and dropped $3,500 on a bachelor party trip to Ibiza rather than save for a down payment on his Brooklyn apartment like he expected to after turning 30 and getting engaged.
Lindsey and Darrell Bradshaw (Seattle) went into credit card debt to fund a $10,000 trip to Maui with their son but have zero regrets because they got to see Lahaina before it was destroyed by wildfire.
Josh Richner (Columbus, OH) prioritized a cross-country trip that included a $7,000 Alaskan cruise over his retirement fund so his family could see the ice caps before they melt.
Living for today
It’s unusual for spending to hold up so well at a time of higher interest rates and inflation. But consumers are willing to risk the potential consequences of splurging on experiences so they don’t miss the chance to see places before they no longer can. Thanks, climate change.
If the current trend proves anything, it’s that today’s consumers are rewriting the rules around money and lifestyle.
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ENTERTAINMENT
A new era // Courtesy of Variety
Beyoncé turns the Renaissance Tour into a blockbuster
The Future. On the heels of Taylor Swift bringing The Eras Tour to cinemas, Beyoncé is also turning her Renaissance Tour into a moviegoing experience. AMC Entertainment shares jumped after the superstar announced her concert film, which bodes well for theaters struggling to fill calendars after dual strikes interrupted Hollywood this year. Regardless of which movie performs better at the box office, both films could pick up the theater industry’s recovery where Barbenheimer left off.
A slow road to healing
Renaissance: A Film by Beyoncé is coming to theaters across the US, Canada, and Mexico on December 1st — AMC, Cinemark, and Regal have already begun selling tickets.
It costs $25 to see the movie at a Regal theater in NYC (before ticket fees). Accounting firm PwC predicts that raised ticket prices will help box office revenue catch up to, but still fall short of, pre-pandemic levels in 2025.
The Eras Tour film broke preorder records (with a whopping $26 million in ticket sales in just one day) but couldn’t save AMC from its worst monthly decline since IPO-ing in 2013.
A rare pop culture moment
While Queen Bey’s movie is premiering after her tour’s finale, and TSwift is using her film to supplement her ongoing tour, both have enormous box office potential — especially for fans who couldn’t afford concert tickets.
Two music icons hitting the big screen in one season could be the double dose of star power that theater chains need to rebound after the pandemic finally.
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Highlights
The best curated daily stories from around the web
Media, Music, & Entertainment
The Golden Globes released the 300-member list of voters for the organization’s 81st annual awards show, for which nominations will be released on December 11th. Read More → deadline
Spotify is getting into the connected TV ad business, launching video ads on various platforms — starting with Roku. Read More → adage
Sphere, the Vegas-based entertainment venue that’s supposedly the largest spherical structure in the world, saw its shares jump 11% after hosting a U2 concert on its opening weekend. Read More → forbes
Fashion & E-Commerce
In-person retail shopping might be headed to the grave thanks to e-commerce, inflation, and (allegedly) shoplifting, which could seriously harm the nation’s malls. Read More → axios
TikTok is testing an ad-free subscription service for $4.99/month in one English-speaking market outside the US but don’t pull out your wallet yet. Read More → techcrunch
Birkenstock will finally go public with a $9.6 billion valuation, 32 million available shares, and initial share prices expected to range from $44 to $49. Read More → hypebeast
Tech, Web3, & AI
Mark Zuckerberg told Lex Fridman that Meta’s “highly realistic” avatars could one day serve as stand-ins for deceased loved ones, though he admitted that doing so might be, err, unhealthy. Read More → insider
Spotify is expanding its AI offerings — on the heels of its AI-based DJ — to include a feature that’ll generate playlists based on user prompts. Read More → techcrunch
Airbnb has confirmed that it’s using AI to analyze user data and determine which potential guests are likely to throw parties. Read More → insider
Creator Economy
Paris Hilton announced that her 11:11 Media company signed a deal with X in which the two will create video content programs built around live shopping features. Read More → variety
Reddit is rolling out a contributor program that gives users real financial rewards for their account’s Reddit gold and karma. Read More → techcrunch
FaZe Clan, the popular e-sports and digital content platform that went public earlier this year, may soon be delisted from the Nasdaq following a paltry post-IPO stock performance. Read More → fastcompany
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Today’s email was written by Kait Cunniff and Luke Perrotta.
Edited by Nick Comney.
Published by Darline Salazar.