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In other news… Actors go on strike, experts debate Airbnb’s viability, and Taylor Swift serenades the Fed.
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ENTERTAINMENT
SAG-AFTRA to hit the pickets in historic strike
The Future. Today, actors are joining writers on the picket line after talks with the studios on a new working contract fell apart. The last time SAG and WGA were on strike simultaneously was back in 1960, which resulted in the unions getting pension and health benefits for the first time — so yeah, there’s major power in a double strike. The gains made this time may radically transform Hollywood for its creative class… especially if studios’ next quarterly earnings reports are bad enough to send Wall Street into a panic.
Actors, assemble!
Actors are ready to put on the performance of a lifetime.
At the recommendation of SAG’s negotiating committee, led by union president Fran Drescher, SAG’s board unanimously voted to call a strike.
The strike not only bars actors from performing in filmed productions worldwide, but it also forbids them to “attend premieres, do interviews for completed work, go to awards shows, attend film festivals, or even promote projects on social media” or at conventions.
Compensation, exclusivity, taped auditions, and AI were key sticking points for the union, which felt the AMPTP’s proposals were… uhhh… pretty out there.
While SAG has typically avoided whipping up its roughly 160,000 members for a strike in fear of alienating its 1% (the Meryl Streeps of the world), an open letter signed by some of the A-list (including Meryl Streep herself), may have given the negotiating committee extra confidence to pull the trigger.
Case in point: when the strike was called, the cast of Oppenheimer walked out of the film’s London premiere. They must’ve all been spooked by the “Joan Is Awful” episode of Black Mirror — everyone, top to bottom, knows the stakes are high.
TRAVEL
Teetering // Illustration by Kate Walker
Airbnb’s foundation may be crumbling
The Future. As vacationing preferences change, where Airbnb makes money shifts as well. That may frustrate all the new hosts who bought the company’s story of consistent income, but it could also demonstrate Airbnb’s fortunes are tied to having rental properties everywhere in order to capitalize on cultural trends.
Re-appraisal
There’s a debate raging about whether Airbnb is doing well.
The company itself is on good footing, with bookings up 19% from last year and its stock up 3%.
But where people are going is shifting. During the pandemic, travelers were flocking to lakes, beaches, and mountains to take advantage of remote work creating an economic boom in those regions.
Now, people are returning to cities as COVID has mostly subsided from mainstream concerns.
That means the folks who bought properties to rent out (especially the professional hosts with multiple listings) are facing a major revenue drop-off.
Since Airbnb aggressively signed up homeowners to become hosts in these once-desirable areas, the company may face a community backlash for having joined under false pretenses. But it’s hard to make a case against supply and demand.
No matter what, we’ll get more clarity on the situation during Airbnb’s next quarterly earnings report on August 1st.
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MUSIC
Courtesy of Jackie Vlogs via Wikimedia Commons
Even the Fed has its eyes on Taylor Swift
The Future. Taylor Swift is so popular the Federal Reserve is citing her as a de facto economic engine. According to Insider, the superstar, and her legion of fans, may actually be responsible for helping the country avoid a recession. Welcome to contemporary Beatlemania.
Eras economics
Just how much economic impact is T-Swift generating?
The Fed noted in its Beige Book that Swift’s Philadelphia concerts from May 12th to 14th were responsible for the city’s strongest month of hotel revenue since the start of the pandemic.
According to Booking.com, hotel prices tripled in cities like Minneapolis, Kansas City, and Pittsburgh (even hotel reservation platforms in these areas crashed because of the web traffic).
And Common Sense Institute says this weekend’s shows in Denver will generate $140 million in the state’s GDP thanks to the 75,000 Swifties attending.
Common Sense zooms out even further, noting “the totality of Swift’s US tour could generate $4.6 billion in total consumer spending, larger than the GDP of 35 countries.”
The whole country is going to want an encore.
Highlights
The best curated daily stories from around the web
Media, Music, & Entertainment
Bob Iger admits ramping up Marvel series and sending Pixar movies directly to Disney+ during the pandemic probably hurt both brands. Read more → variety
Lionsgate officially filed with the SEC its intention to split Lionsgate and Starz, which could boost the value of both companies and make them more attractive for acquisition. Read more → deadline
There may be a vibe shift going down in animation as 3D CGI animation is starting to take a backseat to hand-drawn 2D and other experimental forms. Read more → fastcompany
Fashion & E-Commerce
SHEIN has been served with a lawsuit alleging the company steals the intellectual property of designers and hides it behind a “confusing” corporate structure. Read more → complex
Kim Kardashian is on the funding circuit for her company SKIMS with a goal to raise enough money for an eye-popping $4 billion valuation. Read more → bof
Jason Momoa is riding with Harley-Davidson on an apparel line called “On the Roam.” Read more → complex
Tech, Web3, & AI
The FTC is investigating OpenAI to determine how the firm handles risks such as misinformation and copyright infringement. Read more → axios
Virgin Galactic is almost set for its first batch of civilian astronauts, staking out a tentative August 10th launch for its Galactic 02 private passenger flight. Read more → engadget
The founder and ex-CEO of crypto bank Celsius, Alex Mashinsky, was arrested for fraud while being sued by the SEC, the Commodity Futures Trading Commission, and the FTC. Read more → nyt
Creator Economy
Underscore Talent has hired former execs from TalentX, bringing in big names like Noah Beck and The Herbert Family to its roster. Read more → tubefilter
Social marketplace Pearpop is introducing “Boost Mode,” which allows brands to pay for creator content to become ads. Read more → techcrunch
TikTok is set to be the home for exclusive highlights and analysis on the upcoming FIFA Women’s World Cup. Read more → tubefilter
Future Forecast
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