Last year was a great year for Peloton, with Covid lockdowns inspiring consumers to invest in home fitness products and services like never before. That, in turn, led to a boom in music royalties paid out by the company. That story, though, has just hit something of a speed bump – with the news that Peloton’s YoY revenue growth slowed significantly in the three months to end of September (calendar Q3).
Source: Music’s rosy fitness story hits a speedbump, as Peloton reduces annual revenue forecast
Disney CEO Bob Chapek told investors Wednesday that the company is increasing its multibillion-dollar spending on content for Disney Plus as it adds more local and regional content for worldwide audiences. Last December, Disney projected it would spend between $8 billion-$9 billion on content for its premiere streaming service in its fiscal year 2024, and Chapek said that amount would now rise.
The bill, which passed Congress with a final vote of 228–206, signals a historic moment for crypto in the United States. In drafting the legislation, senators inserted a provision that changes the Internal Revenue Service’s definition of a “broker” to include organizations that trade crypto assets. Brokers will have to file 1099 forms disclosing the names and addresses of their customers.
The Department of Justice’s attempt to halt Penguin Random House’s acquisition of Simon & Schuster finds support within an industry already burned by bad trends. “Obviously every agent is thrilled that the wheels might be grinding to a halt on this,” one insider says.
The concern for publishers should be that at some point Amazon will simply shift all its markets to the unlimited subscription model, because at the end of the day Amazon makes its money by pleasing the consumer, not the supplier.