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Love, Money, and Mishaps Galore!
Tuesday, April 18th, 2023
1. Love’s Not Patient, Love’s Not Kind
Netflix's "Love Is Blind”, the ludicrous reality program where strangers get married after a few days of knowing each other, was set to premiere a highly anticipated live reunion show, yet crashed and burned due to technical difficulties. After releasing the content nearly 12 hours late, Netflix issued a tweet apology though the fiasco had already generated considerable discussion on social media, with competing streamers and networks poking fun at the drama. This screw-up harms Netflix's ability to attract the live-content partners it needs to stay competitive within the streaming and entertainment space.
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2. If You Can’t Beat ‘Em, Buy ‘Em
E-commerce aggregator Razor Group has acquired rival firm Stryze Group as part of a strategy to become “the consolidator of consolidators” - a slogan that really rolls off the tongue. The Berlin-based firm is also investing in Valoreo and Factory14, and has around 140 portfolio companies under its umbrella, netting revenues of $453 million in 2022 and yielding a total valuation of $1.2 billion. Razor Group's focus is to expand in product categories where it already has traction and to tackle more regional channels to complement its mainstay business on Amazon.
3. Sega Still Living in 2012 With Angry Birds Maker Rovio Acquisition
Sega acquires Angry Birds maker Rovio for whopping $775 million in cold hard cash. The Finnish mobile gaming company, which went public in 2017 with a valuation of $1 billion, hasn't exactly been soaring high lately, with shares dwindling to just half of their IPO value. Sega will take advantage of Rovio's live service mobile gaming to amp up its mobile presence while giving Rovio a chance to spread its wings beyond mobile platforms. Sega is thrilled with the prospect of expanding Rovio's current and new games into new markets, including Europe and North America… who knew Angry Birds could still be worth so much, even as their popularity dwindles faster than a pig fortification?
4. US-China Review Commission Unveils New Fashion Line: Mishandled Data and Intellectual Property Infringement!
The US-China Economic and Security Review Commission has accused Chinese e-commerce apps She-in and Temu of mishandling customer data and infringing on intellectual property. She-in's marketing strategy of exchanging user data for discounts gets the side-eye, as the report highlights their struggle to keep that data safe. Not to mention, the company allegedly failed to prove that clothes from Xinjiang weren't made through forced labor, putting them in some hot water. Temu, on the other hand, is accused of lacking affiliation with established brands, raising concerns of product quality and copyright infringement. Looks like the US-China relationship continues to go downhill, with even TikTok banned from use by US government employees. Are we really all that surprised, though?
5. Apple's Latest Fintech Venture With Goldman Sachs in the Red
Cupertino-based tech giant, Apple, continues its push into FinTech with the launch of a savings account for its Apple Card users in the US. Since Apple is not a bank, banking services are provided by Goldman Sachs, who in Q1 submitted a regulatory filing stating they have lost $1 billion on the Apple Card since 2020. Ignoring that minor detail, the account boasts an impressive 4.15% APY and requires no minimum deposit, monthly fees, or minimum balance requirements and a $250,000 deposit limit. With inflation soaring, we’re pretty sure the only way to make any real money is to become a professional bank robber. But hey, 4.15% APY from Apple is a nice consolation prize.