🍋 MoviePass Back From Dead

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"If you can get your work life to where you enjoy half of it, that is amazing. Very few people ever achieve that." — Jeff Bezos

Good morning! US stocks are feeling the effects of the Russian war. Dow (-2.4%) entered correction territory and Nasdaq (-3.6%) finished in bear-market territory as investors fear the impacts of a US ban on oil imports out of Russia. YouTube is offering investment banking salaries to get podcasters to create video versions of their shows. It's extending offers of $50k to individual shows and $200k-$300k to podcast networks. Apple's event tomorrow is expected to showcase a budget version of the iPhone, but you'll still be able to read this newsletter on it. Uber looks to be finally bouncing back from 2 years of Covid disruptions and raised Q1 guidance. (can someone rent control Manhattan Uber prices & bring back Uber Pool tho?)

Today's sponsor M1, a Finance Super App, allows hassle-free, distraction-free, and management fee-free way to easily invest, borrow, and spend your money. All you have to do is decide on a strategy, then go on livin’ your life while M1 takes care of the day-to-day. 

1. Story of the Day: MoviePass Back From Dead

As often is the case with movies, some of the most anticipated ones end up being the biggest flops. Such was the case with MoviePass, a company that got you access to multiple movies a month for a fee that cost less than the price of one ticket. After that box office bust, and being ousted from his own company, co-founder Stacy Spikes is planning a comeback.

Even though the pandemic sent the reel industry reeling, Spikes believes that there is still opportunity for the business. Theater companies were some of the hardest hit during the pandemic. Not only were they forced to close for a long time, but even after reopening, people didn't want to be in an enclosed space for three hours wearing a mask. On top of that, studios adapted to the straight to streaming model with success.

The new MoviePass 2.0 has apparently adapted to the times and will be a Web3 (oh lawd) and token-based system allowing customers to earn credits they can use to watch their favorite flicks at participating theaters. Spikes shared a presentation about his vision and apparently it was well received. "Immediately afterwards, I think we had a desired effect that people started reaching out," he said.

The service will have multiple pricing tiers and you can earn more credits by watching ads. Just in case you stare at your phone during the trailers though, these ads will have embedded eyeball-tracking software from Spikes' PreShow technology.

The planned rollout is very ambitious, particularly for a concept whose first iteration failed horribly. Spikes believes MoviePass can account for 30% of US sales by 2030, despite only being responsible for 4% at its peak in 2018. He hopes to have the first wave of partner theaters on board in the next 30-45 days. It doesn't seem as though major chains will be a part of it though, since a lot of them started their own subscription based offerings after MoviePass 1.0 crashed and burned.

Short Squeez Takeaway: Spikes is currently looking for investors and will allow users to buy equity into the company. He is looking to follow companies like REI and Patagonia that are "using their audience as a buying group." It's hard to tell if there are that many die-hard theater fans out there to make the revamp a success. Is it me or does MoviePass 2.0 have major Elizabeth Holmes and Adam Neumann vibes?

Source: Axios

2. Markets Rundown

Markets were lower once again as the global ramifications of the Russia and Ukraine crisis become more concrete. Oil prices are inflating inflation concerns, and cease fire talks are making little headway.

Movers & Shakers

  • (+) Bed Bath & Beyond ($BBBY) +34% because billionaire Chewy co-founder Ryan Cohen bought a large stake in the company, and wrote a letter to the board on how to turn it around.

  • (+) Mandiant ($MNDT) +16% on news that Google is in talks to acquire the cybersecurity firm.

  • (–) Peabody Energy ($BTU) -17% after the company announced they've had to post $531 million since December 31 to satisfy margin requirements. They also announced a $150 million credit facility with Goldman to help with near-term liquidity requirements.

3. Top Reads

  • New "fast and furious," this time it's more about the gas prices than the cars (MW)

  • Bankers are abandoning Hong Kong (BBG)

  • The other crisis in Europe: Turkey (Verdad)

  • How do index providers deal with Russia's stock market being shut down? (MS)

  • Booms and busts in the commodity market (AWOCS)

  • NFL suspends Atlanta Falcons receiver Calvin Ridley for betting (CNBC)

  • Sanctions on Russia could just be the tip of the iceberg (WP)

  • Companies are canceling Russia, even though they may not have to (Stratechery)

  • Commodity markets have begun their own world war (DSGM)

  • Used-car prices are still sky-high — but they may be easing (CNBC)

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4. Book of the Day: Bet on Yourself: Recognize, Own, and Implement Breakthrough Opportunities

Whether you’re stuck in your current job, starting your first job and wondering how you can use it as a steppingstone towards your dream career, or mid-career and wanting to finally be recognized for promotion or a leadership role, this book is for you.

For the first time, Ann Hiatt shares both the daily habits and long-game strategies she learned working side-by-side for decades with the giants of technology at Amazon and Google.

Through clear guidance and incredible stories, Bet on Yourself will teach you:

How to define your abilities and speak up so that you can be recognized for the work that you do and the unique capabilities you bring to the table. How to create opportunities for yourself when options appear limited and build a purposeful career regardless of your seniority or industry.

What it takes to build the confidence you need to build your dream career. How to exchange your frustration over not getting the recognition you deserve for an empowered, actionable plan for taking control of your professional identity and get promoted. These tried-and-true methods to take ordinary opportunities and create something extraordinary, and the leadership principles that guide the work of these celebrity CEOs, are directly applicable to your goals.

With a few consistent, daily habits you can build a future that exceeds your wildest expectations. No matter the opportunities available to you in your particular community or career stage, there is a path for you.

“The secret to happiness is to find joy in the process of doing hard things.”

5. Short Squeez Picks

6. Daily Visual: Batman: Forever

Top movie franchises over time, by global box office sales (not adjusted for inflation)

Source: Axios

7. Daily Acumen: Persuasion Paradox

"Have you noticed that the most argumentative people rarely persuade anyone?

The most persuasive people don’t argue—they observe, listen, and ask questions.

Argue less, persuade more.

Persuasion is an art that requires a paintbrush, not a sledgehammer."

Source: Sahil Bloom

8. Crypto Corner

  • Crypto exchange FTX is making moves into Europe

  • "More efficient" for Ukraine to raise donations through crypto

  • Total exchange inflows for Bitcoin have been negative for months

  • Binance will focus on crypto payments through new subsidiary, Bifinity

  • Should crypto be regulated just like any other asset?

  • Stanford researchers raise $32 million for privacy-focused blockchain

9. Memes of the Day

 

 

 

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