Together with
Good morning, world. Apparently, Big Tech is freaking out over AI. Yesterday, over 1,000 tech leaders, including Elon Musk, Steve Wozniak, and Andrew Yang, signed an open letter urging a pause in developing some of the most advanced AI systems. You know it’s a problem when the very people accelerating innovation have said, “Hold up, wait a minute.” Skynet, here we come.
In other news… Logos are no longer fashionable, the metaverse is “meh,” and rewards programs deliver in a down economy.
Top Trends
YouTube → Asteroid City
Twitter → DnDMovie
Google → New emojis
Reddit → Melissa Joan Hart
TikTok → #loveisblind
Spotify → “DOGTOOTH” - Tyler, The Creator
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FASHION
A logo is a no-go // Illustration by Kate Walker
The era of the logo is coming to an end
The Future. Logos come and go often based on the economy. During boom times, consumers want to make their purchases count (and stand out) with highly visible icons. But amid economic uncertainty, they tend to focus on sustainability — which means buying more minimalist fashion that won’t look dated in 5 to 10 years. If luxury brands hope to keep up pandemic-era blockbuster sales, they might retire flashy logos and opt for subtler designs instead.
Understated luxury is inWhy is it suddenly passé to rock a Gucci belt or YSL crossbody bag?
Newly appointed designers at luxury fashion houses are eager to distinguish themselves from their predecessors. Logos were a staple of the old guard, so they’re choosing a fresh approach.
Consumers no longer need over-the-top logos to signal wealth. They can project status by owning expensive items with subtle branding like Bottega Veneta bags, which are known for their logo-free, braided-leather aesthetic.
Classic bags, whose aesthetic hasn’t changed much over the decades, tend to have the highest resale value and often sell for higher than retail prices, like Chanel's 2.55 bags and the Hermès Birkin and Kelly bags.
Millennials entering middle age are increasingly worried about climate change and responding to this crisis by buying less.
Fashion is cyclical So, what do consumers (who bought luxury for the first time with pandemic-era stimulus checks) do with their logo-emblazoned garb now?
Even if they decide not to resell, they’ll still be able to wear these clothes and accessories in 10 or 20 years when logomania becomes trendy again.
TECHNOLOGY
Take the metaverse as it is // Illustration by Kate Walker
The metaverse loses steam
The Future. Glitchy tech, expensive hardware, and consumer belt-tightening have killed any hope that the next iteration of the Internet will be profitable anytime soon. As more tech giants see a quicker return on AI investment, they'll continue to cut jobs and abandon projects deemed nonessential — especially those in the metaverse.
Not living in a simulationUnlike AI, which can be used and leveraged now, the metaverse isn’t expected to reach critical mass for a while, so companies are putting it on the back burner.
Meta’s Mark Zuckerberg talked more about AI on an earnings call in February than the actual metaverse. The company's flagship app, Horizon Worlds, struggled to attract and retain users within the first year after its rebranding. Sales of its Quest 2 VR headsets also fell in the last quarter.
Microsoft recently shuttered AltSpaceVR, a social VR platform it acquired in 2017. Its work on AR headsets has allegedly been plagued with issues, and the company has since restructured the HoloLens team and trimmed its budget.
Disney just eliminated the department that was developing its metaverse strategies under Bog Iger’s restructuring plan.
Expectation vs. realityHype around the metaverse has cooled, but it hasn’t disappeared.
Decentraland, which saw a 25% decline in active users from November 2022 to January 2023, is seeing an uptick this week from Metaverse Fashion Week, according to DCL Metrics.
And as Zuckerberg promised last month, “the two major technological waves driving our road map are AI today and, over the longer term, the metaverse.”
Right on.
TOGETHER WITH PUBLIC
Got T-Bills?
You might want them because T-Bills* can earn you a 4.7% yield.
Here’s how: with Public.com! They’re an investing platform for stocks, ETFs, crypto, and alternatives. And now, they’ve launched Treasury Accounts — so members can invest their cash in US Treasury bills.
Treasury Accounts on Public offers members similar flexibility to a high-yield savings account. But Treasury earnings are exempt from state and local taxes, which means you get to keep more of the bacon you take home:
Some cool Treasury Account benefits…
It’s backed by Uncle Sam. Treasury bills are considered pretty safe because they’re backed by the US government.
No maximums. You can deposit as much as you like. (So go berserk!)
Everything in one place. You can manage your Treasury Account on Public alongside your stocks, ETFs, crypto, and alt assets.
* Yield is an annualized 26-week T-Bill rate (as of 3/13/23) when held to maturity. Rate is gross of fees. T-Bills are purchased in increments of $100 par value at a discount; any remaining balance after purchase is held in cash.
All US Treasury investments and investment advisory services are provided by Jiko Securities, Inc., a registered broker-dealer and member of FINRA and SIPC. Securities in your account are protected up to $500,000. For details, please see www.sipc.org.
Investments in T-Bills: Not FDIC Insured - No Bank Guarantee - May Lose Value. Banking services are provided by Jiko Bank, a division of Mid-Central National Bank.
Jiko Group, Inc. and its affiliates do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. This material is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security or investment strategy. See FINRA BrokerCheck, Jiko US Treasuries Risk Disclosures, and Jiko Securities, Inc. Form CRS.
BUSINESS
Unsplash
Rewards programs deliver in a down economy
The Future. While inflation might be easing, a possible banking crisis and high food prices have still forced many people to dip into their savings to offset the cost of living. If brands want to attract and retain shoppers during difficult times, they can show up for their customers by offering rewards programs that support them at every stage of life.
A win-win situationRewards programs are a win for both customers and corporations.
63% of shoppers expect more from brands now when it comes to the value and meaning they bring to their lives, according to a recent study from Havas Media Group. And nine out of 10 people say they already own at least one loyalty card, per Kantar Worldpanel.
As brands try to solidify their customer relationships in a down economy, they’re adding to their own data goldmines in the process. Ulta Beauty, Target, and Kroger use the first-party data collected via their loyalty programs to drive their retail media networks and give onsite advertisers access to more nuanced audience segments.
Better value for your moneyRewarding customer loyalty isn’t one-size-fits-all, though. It looks different for every brand.
In 2022, Starbucks teamed up with Delta Airlines for “Reward Together,” which allows their combined 100 million members to earn one airline mile for every $1 spent with the coffee chain.
At the start of 2023, customers downloaded the McDonald’s App (host to its MyMcDonald’s Rewards program) more than 40 million times in the US. The initiative offers discounts on everything from Big Macs to McFlurries and allows customers to earn points on their purchases and then trade them in for menu items later on.
The details may vary across programs, but one thing remains consistent: a strong personal connection with a brand increases customer retention.
Martinis, marketing, and mentorship
When Jeremy Baka and Matt Molino met over martinis one evening, regaling each other with amusing stories from their combined 50+ years in marketing, something magical happened. They realized their wild anecdotes might be beneficial to young execs beginning their own journeys. And boy, were they right.
“When we realized how valuable these lessons could be to young marketers, we figured it was time to finish the martinis and begin the book.” - Matt Molino
Baka is the Chief Creative Catalyst worldwide for BCW, an international communications agency, while Molino leads strategy and communications at NVE Experience Agency. Their wisdom covers creative standout moments (like riding a camel down Rodeo Drive to promote a product), real and raw career advice, and unvarnished truths about career missteps and lessons learned.
The book is available now on Amazon, at Barnes & Noble, the iconic Book Soup, and most everywhere books are sold.
Get your copy ASAP. Cheers! 🍸
Highlights
The best curated daily stories from around the web
Vegas spending contradicts recession fears
Las Vegas Locally reported that casinos on the strip earned $713 million in February, a 19% year-on-year increase. “The recession that FinTwit is convinced is upon us may be delayed because it is still partying in Vegas…,” the short seller Jim Chanos Tweeted on Tuesday. Chanos noted in a follow-up Tweet that Vegas casino revenues fell during the dot-com crash and 2008 financial crisis, making them a useful gauge of consumer spending. We feel that.
Read More → insider
Amazon is rumored to take over AMC
Shares of AMC Entertainment Holdings surged over the past couple of days after The Intersect claimed that Amazon held talks about buying the movie theater chain (although no offer has been made yet). Amazon reportedly wants to use AMC’s hundreds of theaters as “local distribution hubs” and data collection points, where it can promote and cross-sell its products and services, including grocery delivery and Prime Video. The Intersect predicts that the retail giant may wait for AMC stock to drop — or for the theater chain to even go into bankruptcy — before buying it at a fraction of its current value. We’ll see…
Read More → fastcompany
Marvel undergoes a “strategic realignment”
As Disney seeks to eliminate 7,000 jobs in multiple rounds of layoffs this week, Isaac “Ike” Perlmutter, chairman of Marvel Entertainment, is out. Perlmutter, who long butted heads with Disney CEO Bob Iger, unsuccessfully tried to shake up the Mouse House board earlier this year by backing his longtime friend Nelson Peltz in a proxy fight. After Perlmutter’s departure, Marvel will be folded into the larger Disney business units.
Read More → thewrap
America’s biggest egg producer sees 718% profit increase
Cal-Maine Foods experienced a seven-fold year-over-year jump in quarterly profits in the three-month period ending February 25th, according to its latest earnings report. It scored $323 million — a more than 2,000% increase from the same period in 2021. Egg prices spiked in late 2022 and early this year amid a nationwide outbreak of avian flu. Remarkably, none of Cal-Maine’s hens have tested positive for the disease. Analysts predict that Cal-Maine’s sales will tumble back to earth as egg prices fall across the country, though.
Read More → forbes
“Bacterial syringes” could be used in crucial therapies
MIT researchers have developed a “bacterial syringe” that can inject proteins directly into cultured human and mouse cells, “such as in the specific killing of cancer cells or as mediators of genome editing.” They added that the syringes are a “versatile class of programmable protein delivery tools that are well-suited for use in a variety of applications ranging from biocontrol to human gene therapy.”
Read More → thedailybeast
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Today's email was brought to you by Kait Cunniff.Edited by Boye Fajinmi. Publishing by Sara Kitnick.