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Crypto summer. Following BlackRock’s recent filing for a spot Bitcoin ETF, the move has generated a newfound wave of hype in the crypto space. Not only did the application help push BTC back to $30,000, but it also spurred similar filings from rival issuers this week. Considering BlackRock’s success in getting ETFs approved by the SEC (575-1), there’s reason to believe the investment firm may know something that we don’t.
In other news… Warner Bros. Discovery shops its HBO library, lab-grown chicken gets the US’ seal of approval, and APA merges with AGI.
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Reddit → James Cameron
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ENTERTAINMENT
Warner Bros. Discovery wants to share HBO
The Future. Warner Bros. Discovery is making the surprising move of licensing out its premium HBO shows to other streamers, likely heralding the end of keeping titles exclusive to woo subscribers. If anything, the move is more like the old ways of cable, licensing out older titles for hefty sums with the hope of finding a new audience — a decision that could benefit profit-searching streamers and creators who will get a fresh wave of residuals.
Homes box office
In the new world of streaming, squeezing revenue is more important than staying exclusive.
WBD is reportedly in talks to license HBO titles to Netflix (which is on a hunt to refill its library), starting with the Issa Rae comedy Insecure.
The deal hasn’t closed yet, but it would be non-exclusive, meaning that HBO shows will still be on Max even if they’re on other streamers.
The deal hasn’t been supported by HBO execs but was overruled by WBD execs looking to monetize library titles within an inch of its life (that debt isn’t going to pay down itself). It’s the same ethos that led the studio to move titles like Westworld off of Max and onto FAST platforms.
WBD has already tested the waters with Insecure, putting the show on its cable network, OWN. The company must’ve been pretty happy with its viewership there, prompting the move to search for new audiences on rival services.
FOOD & DRINK
US approves lab-grown chicken for dinner
The Future. Two firms have received approval from US regulators to sell “lab-grown” chicken — the first green light of its kind. The hope is that meat made from animal cells can cut down on the carbon footprint of the agricultural industry and bring less harm to the environment. The rollout could give customers who haven’t been won over by the plant-based tastes of Impossible Burger or Beyond Meat an alternative menu option that prioritizes sustainability.
Petri to plate
The US Agriculture Department is letting customers choose whether they want chicken raised on a farm or grown in a lab.
Both UPSIDE Foods and GOOD Meat were awarded approval to sell their lab-grown (aka “cell-cultivated” or “cultured”) chicken in the US.
The FDA has also already deemed their products — which “come from a living animal, a fertilized egg, or a special bank of stored cells,” per AP — safe to eat.
But it turns out that lab-grown chicken is super expensive, especially since it can’t be produced at scale… at least not quite yet. So, customers will first see it on the menu in high-end restaurants — UPSIDE will be available at San Francisco’s Bar Crenn, while GOOD Meat will be available at an eatery in Washington, DC operated by renowned chef, José Andrés.
And although over 150 companies are working on lab-grown meats, none are likely to come to the mass market (i.e., your grocery store) for at least seven years. And when they do, will people be ready to taste them? An Associated Press-NORC Center for Public Affairs Research poll found that about half of US adults would opt out because “it just sounds weird.”
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ENTERTAINMENT
Jim Osborne // Illustration by Kate Walker
APA wants to rebuild the Big Four with latest merger
The Future. Agency for the Performing Arts (APA) and Artist Group International (AGI) are joining forces to form Independent Artist Group (IAG), with the goal of claiming the fourth spot of the Big Four Hollywood talent agencies after CAA swallowed ICM. It’s a massive ambition, but the diversified and growing talent pool of IAG may create more competition at the top of the representation ecosystem.
The new Big Four
The newly-created IAG could have the scale to one day compete with WME, CAA, and UTA.
The merger brings together a recently-inflated APA (it recently hired 21 agents and signed 300 new clients) and several top touring acts from AGI, including Metallica, Rod Stewart, and Linkin Park.
The plan, per APA president Jim Osborne, is to help musicians crossover to new formats, as it has with clients like Mary J. Blige and Curtis “50 Cent” Jackson.
Additionally, Osborne says that APA is “really good at brand extension,” which is key to getting clients on every type of screen possible (a strategy similar to Range Media Partners).
Also, with music touring hitting record revenues, IAG can expect pretty consistent cash flow starting out.
With the merger, Osborne will be elevated to IAG CEO, while AGI CEO Dennis Arfa will be IAG’s music chairman. Meanwhile, APA CEO Jim Gosnell will move into a chairman role and focus on “vertical growth opportunities.”
We’ll see which new big clients they’ll be able to woo over now.
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Highlights
The best curated daily stories from around the web
Media, Music, & Entertainment
After Warner Bros. Discovery laid off the top executives at Turner Classic Movies (one of the last bastions of film history), Steven Spielberg, Martin Scorsese, and Paul Thomas Anderson convened an emergency call with WBD CEO David Zaslav. Read more → indiewire
According to John Wick franchise director Chad Stahelski, the Academy of Motion Pictures Arts and Sciences is close to introducing a Best Stunts category at the Oscars (heck yes!). Read more → variety
Automatik, the prolific production company behind films such as La La Land and Bad Education, is merging with blue-chip management firm Range Media Partners. Read more → deadline
Fashion & E-Commerce
Pharrell’s first runway show as the Men’s Creative Director of Louis Vuitton brought all the spectacle, with an 8-bit video game aesthetic and a guest list that would rival the Grammys. Read more → hypebeast
Amazon wants to turn Black Friday into a “new sports holiday for NFL fans,” as sports streaming will count 136 million fans by 2026. Read more → deadline
Patreon is introducing a new suite of e-commerce tools for creators, including the ability to sell one-off digital goods and offer free subscriptions. Read more → techcrunch
Tech, Web3, & AI
After losing billions of dollars on recent investments, SoftBank Group Chief Executive Masayoshi Son wiped away his tears after having a heart-to-heart with ChatGPT, which has convinced the business titan to focus on only investing in AI. Read more → wsj
Uh oh: Hackers discovered that Teslas have a secret “Elon Mode” hidden in their software, which gives drivers access to a hands-free full self-driving mode. Read more → theverge
A group of techy historians, organized as the Decrypt Project, have been cracking codes and ciphers left behind by imprisoned royals and mysterious serial killers. Read more → bloomberg
Creator Economy
Content-creator-focused newsletter The Tilt surveyed 1,440 creators and found that it takes an average of 18 months to build a sustainable business that lets you quit your day job. Read more → insider
Discord is becoming a creator platform, allowing server organizers to sell downloadable content called “Downloadables.” Read more → theverge
Jellysmack and Culture Genesis are collaborating on a $25 million fund to support diverse creators. Read more → tubefilter
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Editing by Nick Comney. Publishing by Darline Salazar.