While consumers like the convenience of digital streaming, all it took to get them back in movie theaters were two superheroes with attitudes.
\nEven though PYMNTS Intelligence\u2019s \u201cHow the World Does Digital\u201d report, which examines the digital behaviors of more than 817 million consumers across 11 countries, along with recent industry trends and Netflix\u2019s earnings, paint a clear picture of streaming\u2019s growing supremacy, \u00a0a plot twist emerged over the weekend from AMC Entertainment and Cinemark Holdings: Moviegoing is staging an unexpected and impressive comeback.
\nAMC Entertainment set new records for both attendance and admissions revenue during the weekend of July 26-28, 2024, reporting an influx of more than 6 million moviegoers across its AMC Theatres in the U.S. and Odeon Cinemas worldwide.
\nThe standout performer was Disney and Marvel\u2019s \u201cDeadpool & Wolverine,\u201d which not only set industry records for an opening weekend for an R-rated film, but also established new AMC benchmarks for attendance and revenue in this category. The film earned a reported $205 million domestically.
\nIn addition to box office success, AMC reported its highest food and beverage revenue weekend since 2019, driven by record sales at its MacGuffins bars. Merchandise for \u201cDeadpool & Wolverine\u201d\u00a0also sold out, becoming AMC\u2019s top merchandise program of the year and second highest in the company\u2019s history, behind only the \u201cTaylor Swift: The Eras Tour\u201d \u00a0concert film.
\nAMC Chairman and CEO Adam Aron noted the significance of these records, saying, \u201cThe weekend\u2019s achievements underscore the strong return of cinema and our successful collaborations with studios and filmmakers.\u201d
\nMeanwhile, Cinemark Holdings achieved its highest-ever domestic box office for a summer opening weekend with the release of \u201cDeadpool & Wolverine.\u201d The film set records for both Cinemark XD and D-BOX motion seats, reflecting strong demand for immersive cinema experiences. It also led to the highest concessions revenue Cinemark has seen since the pandemic, driven by robust sales of snacks and merchandise.
\nCinemark President and CEO Sean Gamble praised the film\u2019s impact, noting its role in elevating the moviegoing experience and demonstrating the cinema industry\u2019s resilience.
\n\u201cBuilding upon strong box office momentum over the past two months, Disney and Marvel\u2019s highly anticipated superhero adventure,\u00a0\u201cDeadpool & Wolverine,\u201d just took theatrical moviegoing to a new stratosphere,\u201d Gamble stated. \u201cWe are thrilled to share that \u2018Deadpool & Wolverine\u2019 drove Cinemark\u2019s biggest summer opening weekend of all time, generated record-breaking results in premium formats, and delivered our highest weekend of concession revenues since the pandemic.\u201d
\nLooking ahead, Cinemark anticipates continued success with upcoming releases including \u201cIt Ends with Us,\u201d \u201cBorderlands,\u201d and \u201cJoker: Folie \u00e0 Deux.\u201d
\nThe \u201cHow the World Does Digital\u201d report offers a comprehensive analysis of digital engagement across 11 countries, providing a snapshot of a rapidly evolving global digital landscape. Drawing on insights from nearly 60,000 consumers, the report delves into how digital infrastructure, generational shifts, and economic factors influence digital behaviors worldwide.
\nCovering a range of regions including the U.S., U.K., and five major EU countries\u2014France, Germany, Italy, the Netherlands\u00a0and Spain \u2014 as well as Brazil, Japan, and Singapore, the report encompasses a population statistically representative of about 800 million people. It evaluates digital activities across 40 categories, including work, lifestyle, payments, shopping, dining, health, entertainment, communication, travel and banking.
\nVideo streaming was the No. 1 digital activity in seven of the 11 countries surveyed; Singapore\u2019s was music streaming; Italy\u2019s was messaging; the Netherlands was mobile banking; and messaging earned the top spot in Japan. Of the four countries that didn\u2019t list video streaming No. 1, it was No. 2 for three of them, with watching a livestream No. 2 in Japan.\u00a0\u00a0
\n\n
The post Digital Dominance Challenged as Moviegoers Return to Theaters appeared first on PYMNTS.com.
\n", "content_text": "While consumers like the convenience of digital streaming, all it took to get them back in movie theaters were two superheroes with attitudes. \nEven though PYMNTS Intelligence\u2019s \u201cHow the World Does Digital\u201d report, which examines the digital behaviors of more than 817 million consumers across 11 countries, along with recent industry trends and Netflix\u2019s earnings, paint a clear picture of streaming\u2019s growing supremacy, \u00a0a plot twist emerged over the weekend from AMC Entertainment and Cinemark Holdings: Moviegoing is staging an unexpected and impressive comeback.\nAMC Entertainment set new records for both attendance and admissions revenue during the weekend of July 26-28, 2024, reporting an influx of more than 6 million moviegoers across its AMC Theatres in the U.S. and Odeon Cinemas worldwide.\nThe standout performer was Disney and Marvel\u2019s \u201cDeadpool & Wolverine,\u201d which not only set industry records for an opening weekend for an R-rated film, but also established new AMC benchmarks for attendance and revenue in this category. The film earned a reported $205 million domestically.\nIn addition to box office success, AMC reported its highest food and beverage revenue weekend since 2019, driven by record sales at its MacGuffins bars. Merchandise for \u201cDeadpool & Wolverine\u201d\u00a0also sold out, becoming AMC\u2019s top merchandise program of the year and second highest in the company\u2019s history, behind only the \u201cTaylor Swift: The Eras Tour\u201d \u00a0concert film.\nAMC Chairman and CEO Adam Aron noted the significance of these records, saying, \u201cThe weekend\u2019s achievements underscore the strong return of cinema and our successful collaborations with studios and filmmakers.\u201d \nMeanwhile, Cinemark Holdings achieved its highest-ever domestic box office for a summer opening weekend with the release of \u201cDeadpool & Wolverine.\u201d The film set records for both Cinemark XD and D-BOX motion seats, reflecting strong demand for immersive cinema experiences. It also led to the highest concessions revenue Cinemark has seen since the pandemic, driven by robust sales of snacks and merchandise.\nCinemark President and CEO Sean Gamble praised the film\u2019s impact, noting its role in elevating the moviegoing experience and demonstrating the cinema industry\u2019s resilience. \n\u201cBuilding upon strong box office momentum over the past two months, Disney and Marvel\u2019s highly anticipated superhero adventure,\u00a0\u201cDeadpool & Wolverine,\u201d just took theatrical moviegoing to a new stratosphere,\u201d Gamble stated. \u201cWe are thrilled to share that \u2018Deadpool & Wolverine\u2019 drove Cinemark\u2019s biggest summer opening weekend of all time, generated record-breaking results in premium formats, and delivered our highest weekend of concession revenues since the pandemic.\u201d\nLooking ahead, Cinemark anticipates continued success with upcoming releases including \u201cIt Ends with Us,\u201d \u201cBorderlands,\u201d and \u201cJoker: Folie \u00e0 Deux.\u201d\nThe \u201cHow the World Does Digital\u201d report offers a comprehensive analysis of digital engagement across 11 countries, providing a snapshot of a rapidly evolving global digital landscape. Drawing on insights from nearly 60,000 consumers, the report delves into how digital infrastructure, generational shifts, and economic factors influence digital behaviors worldwide.\nCovering a range of regions including the U.S., U.K., and five major EU countries\u2014France, Germany, Italy, the Netherlands\u00a0and Spain \u2014 as well as Brazil, Japan, and Singapore, the report encompasses a population statistically representative of about 800 million people. It evaluates digital activities across 40 categories, including work, lifestyle, payments, shopping, dining, health, entertainment, communication, travel and banking.\nVideo streaming was the No. 1 digital activity in seven of the 11 countries surveyed; Singapore\u2019s was music streaming; Italy\u2019s was messaging; the Netherlands was mobile banking; and messaging earned the top spot in Japan. Of the four countries that didn\u2019t list video streaming No. 1, it was No. 2 for three of them, with watching a livestream No. 2 in Japan.\u00a0\u00a0\n \nThe post Digital Dominance Challenged as Moviegoers Return to Theaters appeared first on PYMNTS.com.", "date_published": "2024-07-29T22:04:10-04:00", "date_modified": "2024-07-29T22:30:41-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Deadpool-and-Wolverine-AMC.jpg", "tags": [ "Adam Aron", "AMC Entertainment", "AMC Theatres", "Cinemark Holdings", "Deadpool & Wolverine", "digital transformation", "How the World Does Digital", "movie theaters", "News", "Odeon Cinemas", "PYMNTS Intelligence", "PYMNTS News", "Sean Gamble", "Streaming" ] }, { "id": "https://www.pymnts.com/?p=2013426", "url": "https://www.pymnts.com/streaming/2024/netflix-adds-8-million-subscribers-touts-advertising-revenue/", "title": "Netflix Adds 8 Million Subscribers, Touts Advertising Revenue\u00a0", "content_html": "Netflix released its second-quarter earnings on Thursday (July 18), emphasizing its ongoing foray into the advertising realm initiated in late 2022.
\nThe streaming giant posted a 17% surge in revenue to $9.56 billion, buoyed by a 16% year-over-year uptick in average paid memberships, with an operating margin of 27%, up from 22% in Q2 2023.
\nAs the leading premium streaming service, Netflix expanded its global subscriber base to 277.65 million in Q2, adding 8.05 million net paid customers. The company reported a net income of $2.15 billion, up from $1.49 billion a year ago.
\nNetflix introduced a new, user-friendly TV homepage in June to enhance content discovery. Progress in scaling the ad business includes a 34% growth in ad tier memberships. The company is developing an in-house ad tech platform scheduled for testing in Canada in 2024 and a broader launch in 2025.
\n\u201cWe\u2019re pleased with our performance in Q2, there was a strong performance across the board, good momentum across the business, strong revenue growth, member growth, and profit growth,\u201d Netflix CFO Spencer Neumann said during the earnings call. \u201cWe\u2019re targeting 26% full-year income margin, up five percentage points year over year. We\u2019re committed to growing margins each year.\u201d
\nKey initiatives include enhancing user experience and content offerings to better serve members. Q2 featured popular series like \u201cBridgerton S3,\u201d \u201cBaby Reindeer,\u201d \u201cQueen of Tears,\u201d and \u201cThe Great Indian Kapil Show,\u201d alongside hit films such as \u201cUnder Paris,\u201d \u201cAtlas and Hit Man,\u201d and \u201cThe Roast of Tom Brady,\u201d attracting record live audiences.
\nNetflix introduced its ad-supported tier in late 2022 and has incrementally revealed its performance metrics. Advertising now plays a pivotal role in enhancing streaming profitability, bolstering Netflix\u2019s stock amid initiatives to grow its ad-supported subscriber base and mitigate password sharing.
\nThe inclusion of live sports events, such as NFL games on Christmas Day, is designed to further increase ad revenue. Despite reaching about 270 million global subscribers by Q1, Netflix is pivoting its focus from growth metrics to emphasize revenue and operating margin, signaling a strategic shift toward greater profitability.
\n\u201cWe\u2019re very pleased with how we\u2019re scaling our ads business,\u201d Neumann said. \u201cThe revenue portion of ads is growing nicely.\u201d
\nNeumann said it will take time to scale the ads business, but it should be more of a prominent revenue driver by 2026, adding, \u201cWe\u2019re scaling well through reach, through engagement, through growing inventory and that represents opportunity for us over a multiyear trajectory to have a big and increasing revenue and profit impact on the business.\u201d
\nLooking ahead, Netflix officials anticipate a 14% year-over-year increase in revenue for Q3, and for the full year 2024, they forecast a range of 14% to 15%, up from previous estimates of 13% to 15%.
\n\u201cThis adjustment reflects strong membership growth trends and positive business momentum, partially offset by the U.S. dollar\u2019s strength relative to other currencies,\u201d according to the shareholder letter.
\nCo-CEO Greg Peters noted that improving the overall member experience is an ongoing process at Netflix.
\n\u201cSo, we\u2019re constantly prioritizing all those opportunities based on what we think is the expected value,\u201d he said. \u201cTo give you a sense of how wide that is, even things that we\u2019ve been working on for over a decade, like our signup flows, the user experience that a consumer has when they want to sign up for Netflix, we have found multiple improvements just over the last couple of quarters in those flows which have delivered material incremental revenue wins.\u201d
\nThe post Netflix Adds 8 Million Subscribers, Touts Advertising Revenue\u00a0 appeared first on PYMNTS.com.
\n", "content_text": "Netflix released its second-quarter earnings on Thursday (July 18), emphasizing its ongoing foray into the advertising realm initiated in late 2022. \nThe streaming giant posted a 17% surge in revenue to $9.56 billion, buoyed by a 16% year-over-year uptick in average paid memberships, with an operating margin of 27%, up from 22% in Q2 2023. \nAs the leading premium streaming service, Netflix expanded its global subscriber base to 277.65 million in Q2, adding 8.05 million net paid customers. The company reported a net income of $2.15 billion, up from $1.49 billion a year ago.\nNetflix introduced a new, user-friendly TV homepage in June to enhance content discovery. Progress in scaling the ad business includes a 34% growth in ad tier memberships. The company is developing an in-house ad tech platform scheduled for testing in Canada in 2024 and a broader launch in 2025.\n\u201cWe\u2019re pleased with our performance in Q2, there was a strong performance across the board, good momentum across the business, strong revenue growth, member growth, and profit growth,\u201d Netflix CFO Spencer Neumann said during the earnings call. \u201cWe\u2019re targeting 26% full-year income margin, up five percentage points year over year. We\u2019re committed to growing margins each year.\u201d\nKey initiatives include enhancing user experience and content offerings to better serve members. Q2 featured popular series like \u201cBridgerton S3,\u201d \u201cBaby Reindeer,\u201d \u201cQueen of Tears,\u201d and \u201cThe Great Indian Kapil Show,\u201d alongside hit films such as \u201cUnder Paris,\u201d \u201cAtlas and Hit Man,\u201d and \u201cThe Roast of Tom Brady,\u201d attracting record live audiences.\nNetflix introduced its ad-supported tier in late 2022 and has incrementally revealed its performance metrics. Advertising now plays a pivotal role in enhancing streaming profitability, bolstering Netflix\u2019s stock amid initiatives to grow its ad-supported subscriber base and mitigate password sharing.\nThe inclusion of live sports events, such as NFL games on Christmas Day, is designed to further increase ad revenue. Despite reaching about 270 million global subscribers by Q1, Netflix is pivoting its focus from growth metrics to emphasize revenue and operating margin, signaling a strategic shift toward greater profitability. \n\u201cWe\u2019re very pleased with how we\u2019re scaling our ads business,\u201d Neumann said. \u201cThe revenue portion of ads is growing nicely.\u201d\nNeumann said it will take time to scale the ads business, but it should be more of a prominent revenue driver by 2026, adding, \u201cWe\u2019re scaling well through reach, through engagement, through growing inventory and that represents opportunity for us over a multiyear trajectory to have a big and increasing revenue and profit impact on the business.\u201d\nLooking ahead, Netflix officials anticipate a 14% year-over-year increase in revenue for Q3, and for the full year 2024, they forecast a range of 14% to 15%, up from previous estimates of 13% to 15%. \n\u201cThis adjustment reflects strong membership growth trends and positive business momentum, partially offset by the U.S. dollar\u2019s strength relative to other currencies,\u201d according to the shareholder letter.\nCo-CEO Greg Peters noted that improving the overall member experience is an ongoing process at Netflix.\n\u201cSo, we\u2019re constantly prioritizing all those opportunities based on what we think is the expected value,\u201d he said. \u201cTo give you a sense of how wide that is, even things that we\u2019ve been working on for over a decade, like our signup flows, the user experience that a consumer has when they want to sign up for Netflix, we have found multiple improvements just over the last couple of quarters in those flows which have delivered material incremental revenue wins.\u201d\nThe post Netflix Adds 8 Million Subscribers, Touts Advertising Revenue\u00a0 appeared first on PYMNTS.com.", "date_published": "2024-07-18T20:21:38-04:00", "date_modified": "2024-07-18T20:21:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Netflix-earnings.jpg", "tags": [ "ad tier", "advertising", "digital transformation", "Earnings", "Greg Peters", "Netflix", "News", "PYMNTS News", "Spencer Neumann", "Streaming", "subscriptions" ] }, { "id": "https://www.pymnts.com/?p=1975326", "url": "https://www.pymnts.com/streaming/2024/audible-says-new-royalty-model-monetizes-more-content/", "title": "Audible Says New Royalty Model Monetizes More Content", "content_html": "Amazon-owned online audiobook and podcast service\u00a0Audible\u00a0is rolling out a new royalty model that will enable creators to monetize more types of content.
\nThe model will also allow listeners to access more storytelling, the company said in a Thursday (July 11)\u00a0blog post on its website.
\nIn the new model, titles in all Audible\u2019s membership offerings can earn royalties, according to the post. That means small publishers and independent authors will be able to earn across all membership listening activity; titles in the company\u2019s all-you-can-listen offering, Audible Plus, can generate royalty payments; and publishers and creators can monetize and promote content in new ways.
\nIn addition, the new business model will provide additional insights to publishers and creators, the post said. Providers who sign up for the new model will get monthly statements and royalty payments that support timely decision-making, as well as additional insights about the impact of listening on their earnings.
\nTo calculate the new royalty model, Audible takes a member\u2019s plan value, adds the value of any additional credits used, and then divides that value among the titles the member listened to during the month, per the post. That figure is then multiplied by the contractual royalty rate to determine the creator\u2019s royalty payment, per the post.
\n\u201cAudible is a home for creators, and we are focused on both existing and emerging voices \u2014 working hand in hand with them to make sure their content is reaching the right audiences,\u201d\u00a0Rachel Ghiazza, chief content officer at Audible, said in the release.
\nThis new royalty model arrives at a time when competitive offerings from companies like\u00a0Spotify and\u00a0Everand\u00a0are directly challenging established leaders like Audible, which has long dominated the\u00a0audiobook market with its subscription-based service.
\nBoth Spotify and Everand present compelling alternatives with their extensive libraries and integrated platform experiences, PYMNTS reported in March.
\nIn November, Spotify announced the addition of more than 200,000 audiobooks for its Premium subscribers, with 15 hours of listening included in the subscription per month before consumers have to start paying extra for the content.
\nSpotify said at the time that it found that 72% of Generation Z and millennial consumers listen to audiobooks.
\nThe post Audible Says New Royalty Model Monetizes More Content appeared first on PYMNTS.com.
\n", "content_text": "Amazon-owned online audiobook and podcast service\u00a0Audible\u00a0is rolling out a new royalty model that will enable creators to monetize more types of content.\nThe model will also allow listeners to access more storytelling, the company said in a Thursday (July 11)\u00a0blog post on its website.\nIn the new model, titles in all Audible\u2019s membership offerings can earn royalties, according to the post. That means small publishers and independent authors will be able to earn across all membership listening activity; titles in the company\u2019s all-you-can-listen offering, Audible Plus, can generate royalty payments; and publishers and creators can monetize and promote content in new ways.\nIn addition, the new business model will provide additional insights to publishers and creators, the post said. Providers who sign up for the new model will get monthly statements and royalty payments that support timely decision-making, as well as additional insights about the impact of listening on their earnings.\nTo calculate the new royalty model, Audible takes a member\u2019s plan value, adds the value of any additional credits used, and then divides that value among the titles the member listened to during the month, per the post. That figure is then multiplied by the contractual royalty rate to determine the creator\u2019s royalty payment, per the post.\n\u201cAudible is a home for creators, and we are focused on both existing and emerging voices \u2014 working hand in hand with them to make sure their content is reaching the right audiences,\u201d\u00a0Rachel Ghiazza, chief content officer at Audible, said in the release.\nThis new royalty model arrives at a time when competitive offerings from companies like\u00a0Spotify and\u00a0Everand\u00a0are directly challenging established leaders like Audible, which has long dominated the\u00a0audiobook market with its subscription-based service.\nBoth Spotify and Everand present compelling alternatives with their extensive libraries and integrated platform experiences, PYMNTS reported in March.\nIn November, Spotify announced the addition of more than 200,000 audiobooks for its Premium subscribers, with 15 hours of listening included in the subscription per month before consumers have to start paying extra for the content.\nSpotify said at the time that it found that 72% of Generation Z and millennial consumers listen to audiobooks.\nThe post Audible Says New Royalty Model Monetizes More Content appeared first on PYMNTS.com.", "date_published": "2024-07-11T20:06:13-04:00", "date_modified": "2024-07-11T20:06:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Audible-streaming-royalties.png", "tags": [ "Audible", "audiobooks", "entertainment", "Everand", "News", "podcasts", "PYMNTS News", "royalties", "Spotify", "Streaming", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1975083", "url": "https://www.pymnts.com/streaming/2024/amazon-wondery-adds-armchair-expert-podcast-80-million-dollar-deal/", "title": "Amazon\u2019s Wondery Adds \u2018Armchair Expert\u2019 Podcast in $80 Million Deal", "content_html": "Amazon entered into an $80 million deal that will bring comedian Dax Shepard\u2019s podcast \u201cArmchair Expert\u201d to the Wondery platform.
\nWondery will exclusively distribute and sell ads for the podcast, co-produce two new podcasts, offer a livestream of the show each year, and get a first-look option for any new podcasts Shepard creates, The Wall Street Journal (WSJ) reported Thursday (July 11).
\nIn addition, Amazon will launch new video episodes of \u201cArmchair Expert,\u201d distribute translated versions of the podcast globally, and distribute and sell ads for the podcast\u2019s 600-episode back catalog, according to the report.
\nMembers of the Wondery+ subscription service will be able to access new episodes of the podcast a week before they are distributed to other platforms, the report said. They will also receive the podcast ad-free.
\nThe podcast will move to the Wondery platform from Spotify, per the report.
\nWondery CEO Jen Sargent told Variety in a report posted Thursday: \u201c\u2018Armchair Expert\u2019 consistently delivers relatable, thought-provoking and entertaining social commentary based on shared human experiences and interests from the most recognizable entertainment and cultural figures in the world. This incredible show is a natural fit for the Wondery roster built to entertain, engage and delight podcast fans globally.\u201d
\nThe podcast\u2019s guests have included Barack Obama, Prince Harry, Hillary Clinton, Trevor Noah, Stacey Abrams, Bill Gates, Dr. Sanjay Gupta, Jason Bateman and Kristen Bell (who is married to Shepard), according to the Variety report.
\nShepard told Variety: \u201cThe Wondery logo actually means something. They are the HBO of the podcast space. We are extremely excited to join forces and bring fresh new content to listeners around the world.\u201d
\nAmazon purchased Wondery in December 2020, saying that in partnership with Amazon Music, Wondery would \u201cbe able to provide even more high-quality, innovative content and continue their mission of bringing a world of entertainment and knowledge to their audiences, wherever they listen.\u201d
\nThe eCommerce giant\u2019s music streaming service had begun offering podcasts about two months earlier. The idea behind the acquisition of Wondery was to expand what Amazon Music offers to include more podcasts as that format was continuing to gain in popularity.
\nThe post Amazon\u2019s Wondery Adds \u2018Armchair Expert\u2019 Podcast in $80 Million Deal appeared first on PYMNTS.com.
\n", "content_text": "Amazon entered into an $80 million deal that will bring comedian Dax Shepard\u2019s podcast \u201cArmchair Expert\u201d to the Wondery platform.\nWondery will exclusively distribute and sell ads for the podcast, co-produce two new podcasts, offer a livestream of the show each year, and get a first-look option for any new podcasts Shepard creates, The Wall Street Journal (WSJ) reported Thursday (July 11).\nIn addition, Amazon will launch new video episodes of \u201cArmchair Expert,\u201d distribute translated versions of the podcast globally, and distribute and sell ads for the podcast\u2019s 600-episode back catalog, according to the report.\nMembers of the Wondery+ subscription service will be able to access new episodes of the podcast a week before they are distributed to other platforms, the report said. They will also receive the podcast ad-free.\nThe podcast will move to the Wondery platform from Spotify, per the report.\nWondery CEO Jen Sargent told Variety in a report posted Thursday: \u201c\u2018Armchair Expert\u2019 consistently delivers relatable, thought-provoking and entertaining social commentary based on shared human experiences and interests from the most recognizable entertainment and cultural figures in the world. This incredible show is a natural fit for the Wondery roster built to entertain, engage and delight podcast fans globally.\u201d\nThe podcast\u2019s guests have included Barack Obama, Prince Harry, Hillary Clinton, Trevor Noah, Stacey Abrams, Bill Gates, Dr. Sanjay Gupta, Jason Bateman and Kristen Bell (who is married to Shepard), according to the Variety report.\nShepard told Variety: \u201cThe Wondery logo actually means something. They are the HBO of the podcast space. We are extremely excited to join forces and bring fresh new content to listeners around the world.\u201d\nAmazon purchased Wondery in December 2020, saying that in partnership with Amazon Music, Wondery would \u201cbe able to provide even more high-quality, innovative content and continue their mission of bringing a world of entertainment and knowledge to their audiences, wherever they listen.\u201d\nThe eCommerce giant\u2019s music streaming service had begun offering podcasts about two months earlier. The idea behind the acquisition of Wondery was to expand what Amazon Music offers to include more podcasts as that format was continuing to gain in popularity.\nThe post Amazon\u2019s Wondery Adds \u2018Armchair Expert\u2019 Podcast in $80 Million Deal appeared first on PYMNTS.com.", "date_published": "2024-07-11T15:36:24-04:00", "date_modified": "2024-07-11T15:36:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Dax-Shepard-Amazon-Wondery-podcast.jpg", "tags": [ "Amazon", "Armchair Expert", "News", "PYMNTS News", "Streaming", "subscriptions", "What's Hot", "Wondery" ] }, { "id": "https://www.pymnts.com/?p=1974118", "url": "https://www.pymnts.com/streaming/2024/report-cnn-cutting-100-jobs-as-it-prepares-subscription-product/", "title": "Report: CNN Cutting 100 Jobs as It Prepares Subscription Product", "content_html": "CNN\u00a0is reportedly cutting about 100 jobs as it prepares its new CNN.com subscription product.
\nThat\u2019s according to a Wednesday (July 10)\u00a0report\u00a0by The Wall Street Journal (WSJ), which notes the move comes as the company is looking to become less reliant on its TV channel.
\nThe report cites a memo from CEO Mark Thompson to employees which says CNN\u2019s television newsgathering and digital-news divisions would be combined as the company places a greater emphasis on its digital expansion.
\n\u201cWe recognize its potentially enormous impact on the individuals affected,\u201d Thompson said in an interview with the WSJ.
\nCNN, which has more than 3,500 employees, said the cuts would take place throughout the company. Thompson\u2019s memo said the network was creating a billion-dollar-plus digital business. He declined to offer the WSJ specifics about the coming digital-subscription service but said it would \u201cbe significantly built out of CNN.com.\u201d
\nReports of the planned subscription service first emerged in January, when Thompson outlined plans to combine the network\u2019s TV, streaming and digital presence.
\nAs PYMNTS wrote at the time, these changes are happening as\u00a0consumers\u2019 media diets\u00a0are moving away from traditional cable, with consumers canceling their cable and pay TV subscriptions by the millions every year.
\n\u201cCord cutting\u00a0started in 2008 \u2014 right around the time of the Great Recession \u2014 and slowly gained a head of steam as millennials, mostly, gravitated to the streaming content that they could access on their laptops or connected TVs \u2014 and soon thereafter, their smartphones,\u201d PYMNTS\u2019 Karen Webster wrote last fall.
\n\u00a0\u201cNetflix and specialty websites filled the news and entertainment content gap with better content delivered via new and cheaper business models. The ranks of the cord cutters rose.\u201d
\nAs that report also noted, CNN does have a somewhat spotty track record with subscription models. In 2022, the short-lived CNN+ shut down\u00a0one month after launching\u00a0in the wake of WarnerMedia and Discovery\u2019s merger.
\nAnd in times of economic distress, consumers aren\u2019t keen on adding more digital media subscriptions. The report\u00a0\u201cThe One-Stop Bill Pay Playbook: Drivers of Consumers\u2019 Bill Payment Priorities,\u201d a PYMNTS Intelligence and Mastercard collaboration, found that only 22% would prioritize paying their digital media subscription bills in full above others. Meanwhile, 20% would skip payment on their digital media bills until they could afford it, 20% would pay just a portion of the bill and 38% would cancel the service.
\nThe post Report: CNN Cutting 100 Jobs as It Prepares Subscription Product appeared first on PYMNTS.com.
\n", "content_text": "CNN\u00a0is reportedly cutting about 100 jobs as it prepares its new CNN.com subscription product.\nThat\u2019s according to a Wednesday (July 10)\u00a0report\u00a0by The Wall Street Journal (WSJ), which notes the move comes as the company is looking to become less reliant on its TV channel.\nThe report cites a memo from CEO Mark Thompson to employees which says CNN\u2019s television newsgathering and digital-news divisions would be combined as the company places a greater emphasis on its digital expansion.\n\u201cWe recognize its potentially enormous impact on the individuals affected,\u201d Thompson said in an interview with the WSJ.\nCNN, which has more than 3,500 employees, said the cuts would take place throughout the company. Thompson\u2019s memo said the network was creating a billion-dollar-plus digital business. He declined to offer the WSJ specifics about the coming digital-subscription service but said it would \u201cbe significantly built out of CNN.com.\u201d\nReports of the planned subscription service first emerged in January, when Thompson outlined plans to combine the network\u2019s TV, streaming and digital presence.\nAs PYMNTS wrote at the time, these changes are happening as\u00a0consumers\u2019 media diets\u00a0are moving away from traditional cable, with consumers canceling their cable and pay TV subscriptions by the millions every year.\n\u201cCord cutting\u00a0started in 2008 \u2014 right around the time of the Great Recession \u2014 and slowly gained a head of steam as millennials, mostly, gravitated to the streaming content that they could access on their laptops or connected TVs \u2014 and soon thereafter, their smartphones,\u201d PYMNTS\u2019 Karen Webster wrote last fall.\n\u00a0\u201cNetflix and specialty websites filled the news and entertainment content gap with better content delivered via new and cheaper business models. The ranks of the cord cutters rose.\u201d\nAs that report also noted, CNN does have a somewhat spotty track record with subscription models. In 2022, the short-lived CNN+ shut down\u00a0one month after launching\u00a0in the wake of WarnerMedia and Discovery\u2019s merger.\nAnd in times of economic distress, consumers aren\u2019t keen on adding more digital media subscriptions. The report\u00a0\u201cThe One-Stop Bill Pay Playbook: Drivers of Consumers\u2019 Bill Payment Priorities,\u201d a PYMNTS Intelligence and Mastercard collaboration, found that only 22% would prioritize paying their digital media subscription bills in full above others. Meanwhile, 20% would skip payment on their digital media bills until they could afford it, 20% would pay just a portion of the bill and 38% would cancel the service.\nThe post Report: CNN Cutting 100 Jobs as It Prepares Subscription Product appeared first on PYMNTS.com.", "date_published": "2024-07-10T13:43:47-04:00", "date_modified": "2024-07-10T13:43:47-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/CNN-streaming.jpg", "tags": [ "CNN", "jobs", "Layoffs", "media", "News", "PYMNTS News", "Streaming", "subscriptions", "television", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1970671", "url": "https://www.pymnts.com/streaming/2024/netflix-begins-previously-announced-phaseout-cheapest-ad-free-tier/", "title": "Netflix Begins Previously Announced Phaseout of Cheapest Ad-Free Tier", "content_html": "Netflix reportedly began phasing out its cheapest ad-free tier for existing subscribers after saying in January that it planned to do so.
\nSocial media users in Canada and the United Kingdom have been posting that they received notifications from Netflix that the company\u2019s Basic plan has been discontinued, and they must choose an ad-supported tier or a more expensive ad-free one, The Verge reported Tuesday (July 2).
\nAsked about the notifications by The Verge, Netflix pointed to a statement made during the streaming provider\u2019s January earnings call: \u201cThe ads plan now accounts for 40% of all Netflix sign-ups in our ads markets, and we\u2019re looking to retire our Basic plan in some of our ads countries, starting with Canada and the U.K. in Q2 and taking it from there.\u201d
\nNetflix discontinued its Basic plan for new or returning members in the United States, Canada and the U.K. in 2023, according to the report.
\nThe company has not said when it will phase out the plan for existing subscribers in the U.S., the report said.
\nNetflix said in April that subscriber fees and its burgeoning ad business had boosted its operating income by 54% to hit $2.6 billion in the first quarter. The firm also added 9.3 million paid subscribers during the quarter, bringing its total number to nearly 270 million globally.
\nThe streaming provider launched its foray into ad-support plans in 2022 and has since seen advertisers invest in campaigns designed to resonate with the platform\u2019s viewers.
\n\u201cOur two priorities in ads are to scale our member base and to build out our capabilities for advertisers,\u201d Netflix said at the time in a shareholder letter. \u201cWe made progress on both fronts in Q1.\u201d
\nNetflix is not alone in making changes like these. Streaming services providers are looking to drive revenue per user with advertiser opportunities and increased prices, PYMNTS reported in January.
\nAmazon Prime Video implemented a new $2.99/month charge for ad-free viewing, otherwise integrating advertisement breaks into its content. In addition, key players, including Disney+, Warner Bros. Discovery\u2019s Max and YouTube TV Premium, increased their prices.
\nThe post Netflix Begins Previously Announced Phaseout of Cheapest Ad-Free Tier appeared first on PYMNTS.com.
\n", "content_text": "Netflix reportedly began phasing out its cheapest ad-free tier for existing subscribers after saying in January that it planned to do so.\nSocial media users in Canada and the United Kingdom have been posting that they received notifications from Netflix that the company\u2019s Basic plan has been discontinued, and they must choose an ad-supported tier or a more expensive ad-free one, The Verge reported Tuesday (July 2).\nAsked about the notifications by The Verge, Netflix pointed to a statement made during the streaming provider\u2019s January earnings call: \u201cThe ads plan now accounts for 40% of all Netflix sign-ups in our ads markets, and we\u2019re looking to retire our Basic plan in some of our ads countries, starting with Canada and the U.K. in Q2 and taking it from there.\u201d\nNetflix discontinued its Basic plan for new or returning members in the United States, Canada and the U.K. in 2023, according to the report.\nThe company has not said when it will phase out the plan for existing subscribers in the U.S., the report said.\nNetflix said in April that subscriber fees and its burgeoning ad business had boosted its operating income by 54% to hit $2.6 billion in the first quarter. The firm also added 9.3 million paid subscribers during the quarter, bringing its total number to nearly 270 million globally.\nThe streaming provider launched its foray into ad-support plans in 2022 and has since seen advertisers invest in campaigns designed to resonate with the platform\u2019s viewers.\n\u201cOur two priorities in ads are to scale our member base and to build out our capabilities for advertisers,\u201d Netflix said at the time in a shareholder letter. \u201cWe made progress on both fronts in Q1.\u201d\nNetflix is not alone in making changes like these. Streaming services providers are looking to drive revenue per user with advertiser opportunities and increased prices, PYMNTS reported in January.\nAmazon Prime Video implemented a new $2.99/month charge for ad-free viewing, otherwise integrating advertisement breaks into its content. In addition, key players, including Disney+, Warner Bros. Discovery\u2019s Max and YouTube TV Premium, increased their prices.\nThe post Netflix Begins Previously Announced Phaseout of Cheapest Ad-Free Tier appeared first on PYMNTS.com.", "date_published": "2024-07-02T18:00:32-04:00", "date_modified": "2024-07-02T18:00:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/Netflix.jpg", "tags": [ "Netflix", "News", "PYMNTS News", "Streaming", "subscriptions", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1969284", "url": "https://www.pymnts.com/streaming/2024/redbox-goes-bankrupt-as-streaming-video-kills-the-rental-kiosk/", "title": "Redbox Goes Bankrupt as Streaming Video Kills the Rental Kiosk", "content_html": "Redbox\u2019s parent has reportedly filed for bankruptcy protection after defaulting on loans and missing payroll.
\nChicken Soup for the Soul Entertainment, which acquired the DVD rental kiosk company in 2022, told employees of its bankruptcy plans late Friday, The Verge reported Saturday (June 29), citing an internal email.
\nThe company says it has filed for a debtor-in-possession loan, which would let it secure additional working capital to meet payroll as it reorganizes. Employees have been waiting to get paid since June 21, the report said, while their health insurance lapsed in May.
\nBut the report noted that it\u2019s not clear whether Chicken Soup will be able to obtain the loan, as its bankruptcy filing shows it owing money to retailers such as Walmart and Walgreens, major Hollywood studios like Sony and Warner Brothers, plus various smaller studios, streaming platforms and smart TV companies.
\nAccording to the report, Chicken Soup took on $325 million in debt with the Redbox acquisition, and listed nearly three times that amount in debt in its bankruptcy filing. The company reportedly also struggled when Hollywood writers and actors went on strike in 2023, leading to a decline in physical DVD/BluRay rentals.
\nThe company\u2019s troubles come as Americans continue to demonstrate their love of streaming media. Findings from PYMNTS Intelligence\u2019s new report \u201cHow the World Does Digital\u201d show that almost 35.6% of people in the countries surveyed stream video every day. For the U.S., that figure jumps to nearly 70%.
\nBut as noted here earlier this month \u2014 in a report on consumers enjoying \u201cdigital-first staycations\u201d\u00a0\u2014 home entertainments are becoming more difficult to afford as they become increasingly subscription-based.\u00a0
\nFor example, movie and TV services have been raising their prices in the last year, while Spotify is reportedly hiking the price of its Premium subscription by as much as an additional $5 per month.
\nResearch from the September installment of the PYMNTS Intelligence series \u201cNew Reality Check: The Paycheck-to-Paycheck Report, The Nonessential Spending Deep Dive Edition,\u201d found that 25% of consumers reported that they spend indulgently on streaming services. In addition, financially struggling consumers were the most likely to say that their spending in the category has been indulgent.
\n\u201cAs such, the cost of consumers\u2019 at-home movie marathons, for instance, or their ad-free poolside playlist is becoming increasingly burdensome, even as these staycation experiences continue to be a more budget-friendly break than, say, the cost of an Airbnb and the airfare required for a physical getaway,\u201d PYMNTS wrote.
\nThe post Redbox Goes Bankrupt as Streaming Video Kills the Rental Kiosk appeared first on PYMNTS.com.
\n", "content_text": "Redbox\u2019s parent has reportedly filed for bankruptcy protection after defaulting on loans and missing payroll.\nChicken Soup for the Soul Entertainment, which acquired the DVD rental kiosk company in 2022, told employees of its bankruptcy plans late Friday, The Verge reported Saturday (June 29), citing an internal email.\nThe company says it has filed for a debtor-in-possession loan, which would let it secure additional working capital to meet payroll as it reorganizes. Employees have been waiting to get paid since June 21, the report said, while their health insurance lapsed in May.\nBut the report noted that it\u2019s not clear whether Chicken Soup will be able to obtain the loan, as its bankruptcy filing shows it owing money to retailers such as Walmart and Walgreens, major Hollywood studios like Sony and Warner Brothers, plus various smaller studios, streaming platforms and smart TV companies.\nAccording to the report, Chicken Soup took on $325 million in debt with the Redbox acquisition, and listed nearly three times that amount in debt in its bankruptcy filing. The company reportedly also struggled when Hollywood writers and actors went on strike in 2023, leading to a decline in physical DVD/BluRay rentals.\nThe company\u2019s troubles come as Americans continue to demonstrate their love of streaming media. Findings from PYMNTS Intelligence\u2019s new report \u201cHow the World Does Digital\u201d show that almost 35.6% of people in the countries surveyed stream video every day. For the U.S., that figure jumps to nearly 70%.\nBut as noted here earlier this month \u2014 in a report on consumers enjoying \u201cdigital-first staycations\u201d\u00a0\u2014 home entertainments are becoming more difficult to afford as they become increasingly subscription-based.\u00a0\nFor example, movie and TV services have been raising their prices in the last year, while Spotify is reportedly hiking the price of its Premium subscription by as much as an additional $5 per month.\nResearch from the September installment of the PYMNTS Intelligence series \u201cNew Reality Check: The Paycheck-to-Paycheck Report, The Nonessential Spending Deep Dive Edition,\u201d found that 25% of consumers reported that they spend indulgently on streaming services. In addition, financially struggling consumers were the most likely to say that their spending in the category has been indulgent.\n\u201cAs such, the cost of consumers\u2019 at-home movie marathons, for instance, or their ad-free poolside playlist is becoming increasingly burdensome, even as these staycation experiences continue to be a more budget-friendly break than, say, the cost of an Airbnb and the airfare required for a physical getaway,\u201d PYMNTS wrote.\nThe post Redbox Goes Bankrupt as Streaming Video Kills the Rental Kiosk appeared first on PYMNTS.com.", "date_published": "2024-06-30T19:38:34-04:00", "date_modified": "2024-06-30T19:40:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/Redbox.jpg", "tags": [ "Chicken Soup for the Soul Entertainment", "DVD rental kiosk", "entertainment", "News", "PYMNTS News", "Redbox", "Streaming", "streaming video", "video streaming", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1968885", "url": "https://www.pymnts.com/streaming/2024/streaming-services-face-proposed-new-tax-philippines/", "title": "Streaming Services Face Proposed New Tax in Philippines", "content_html": "Philippine lawmakers reportedly approved a bill that would tax foreign digital services, including streaming services like Netflix, HBO and Disney+.
\nHaving passed both the Senate and the House of Representatives, the bill will become law if signed by President Ferdinand Marcos Jr., Bloomberg reported Friday (June 28).
\nThe bill would impose a 12% value-added tax on foreign digital service providers and is expected to generate about 18 billion pesos (about $308 million) in its first year, according to the report.
\nThe proposed tax aims to nurture Philippines-based streaming platforms, support the development of creative industries, and create a new source of revenue to help pay for the country\u2019s growing budget, the report said.
\nThe bill has been under consideration by lawmakers for four years, since the time of the pandemic, but it has gained momentum as the Philippines faces growing pressure to control its budget deficit, per the report.
\nThe move comes at a time when Netflix and other streaming platforms are working to expand in the Philippines and other Southeast Asian countries, according to the report.
\nNetflix said in 2022 that it was working to localize payment methods in the Asia-Pacific region to make subscriptions easier for people who want to pay using Unified Payments Interface (UPI), digital wallet and direct carrier billing.
\n\u201cWe accelerated this journey of diversifying payment methods nine months ago and the results have been impressive,\u201d the company said at the time on its website, adding that it had added 16 new payment methods and seen the number of new subscribers signing up with an alternative payment method more than triple between 2020 and 2021.
\nIn April, when reporting its first-quarter earnings, Netflix said it has nearly 270 million paying customers globally and had seen a 15% year-over-year surge in revenue.
\nThe growth not only reaffirmed Netflix\u2019s dominance in the streaming industry but also reflected a broader global shift away from traditional broadcast television toward on-demand content consumption, PYMNTS reported at the time. The company\u2019s addition of 9.3 million paid subscribers in the first quarter alone underscored the increasing demand for premium, personalized entertainment offerings.
\nThe post Streaming Services Face Proposed New Tax in Philippines appeared first on PYMNTS.com.
\n", "content_text": "Philippine lawmakers reportedly approved a bill that would tax foreign digital services, including streaming services like Netflix, HBO and Disney+.\nHaving passed both the Senate and the House of Representatives, the bill will become law if signed by President Ferdinand Marcos Jr., Bloomberg reported Friday (June 28).\nThe bill would impose a 12% value-added tax on foreign digital service providers and is expected to generate about 18 billion pesos (about $308 million) in its first year, according to the report.\nThe proposed tax aims to nurture Philippines-based streaming platforms, support the development of creative industries, and create a new source of revenue to help pay for the country\u2019s growing budget, the report said.\nThe bill has been under consideration by lawmakers for four years, since the time of the pandemic, but it has gained momentum as the Philippines faces growing pressure to control its budget deficit, per the report.\nThe move comes at a time when Netflix and other streaming platforms are working to expand in the Philippines and other Southeast Asian countries, according to the report.\nNetflix said in 2022 that it was working to localize payment methods in the Asia-Pacific region to make subscriptions easier for people who want to pay using Unified Payments Interface (UPI), digital wallet and direct carrier billing.\n\u201cWe accelerated this journey of diversifying payment methods nine months ago and the results have been impressive,\u201d the company said at the time on its website, adding that it had added 16 new payment methods and seen the number of new subscribers signing up with an alternative payment method more than triple between 2020 and 2021.\nIn April, when reporting its first-quarter earnings, Netflix said it has nearly 270 million paying customers globally and had seen a 15% year-over-year surge in revenue.\nThe growth not only reaffirmed Netflix\u2019s dominance in the streaming industry but also reflected a broader global shift away from traditional broadcast television toward on-demand content consumption, PYMNTS reported at the time. The company\u2019s addition of 9.3 million paid subscribers in the first quarter alone underscored the increasing demand for premium, personalized entertainment offerings.\nThe post Streaming Services Face Proposed New Tax in Philippines appeared first on PYMNTS.com.", "date_published": "2024-06-28T13:10:50-04:00", "date_modified": "2024-06-28T13:10:50-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/11/Disney-Netflix-streaming-subscriptions.jpg", "tags": [ "APAC", "Government", "international", "News", "Philippines", "PYMNTS News", "Streaming", "subscriptions", "taxes", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1960138", "url": "https://www.pymnts.com/streaming/2024/spotify-faces-ftc-complaint-from-music-publishers/", "title": "Spotify Faces FTC Complaint From Music Publishers", "content_html": "Spotify\u00a0is facing an\u00a0FTC\u00a0complaint from music publishers and songwriters over royalties.
\nAs Bloomberg News reported, the\u00a0National Music Publishers\u2019 Association\u00a0(NMPA) filed the complaint with the Federal Trade Commission (FTC) Wednesday (June 13), alleging that the streaming audio platform’s decision to offer audiobooks to subscribers meant\u00a0fewer royalty payments\u00a0to songwriters.
\nThe reason?\u00a0Adding audiobooks\u00a0allowed Spotify to reclassify its premium subscription offering as a \u201cbundle.\u201d Under the complex rules of the U.S. Copyright Royalty Board, that qualifies Spotify to pay a reduced rate to songwriters since it was now paying license of books and music under the same subscription price.
\nThe NMPA argues that the bundle is illegal, as subscribers were never given the option to stay on a music-only tier, something not yet offered in the U.S. The trade group says Spotify\u2019s decision could mean a $150 million drop in payments to songwriters over the next year.
\n\u201cThis bait-and-switch subscription scheme is \u2018saddling\u2019 shoppers with recurring payments for products and services they did not intend to purchase or did not want to continue to purchase,\u201d the NMPA said in a letter to FTC Chair\u00a0Lina Khan, per the Bloomberg report.
\n\u201cIf allowed to continue, Spotify\u2019s conduct will cost consumers millions of dollars, undermine the music royalty system, and harm competition.\u201d
\nA spokesperson for Spotify told PYMNTS the NMPA\u2019s claims were \u201cbaseless,\u201d and that the company\u2019s approach to pricing is typical of the industry.
\n\u201cWe notify users a month in advance of any price increases and offer easy cancellations as well as multiple plans for users to consider,\u201d the spokesperson said.
\nAs PYMNTS noted when Spotify\u00a0expanded its audiobooks\u00a0offering earlier this year, these efforts come \u201cas many consumers are streamlining their entertainment subscription commitments due to financial challenges.\u201d
\nJoint research by PYMNTS Intelligence and\u00a0Mastercard\u00a0found that more than half of consumers said they would\u00a0reduce their streaming subscriptions\u00a0if they weren\u2019t able to cover their monthly bills, exceeding any other service in terms of potential cuts.
\nIn addition, findings from another study,\u00a0\u201cSubscription Commerce Readiness Report: Bridging the Gap Between Subscription Conversion and Retention,\u201d a collaboration between PYMNTS Intelligence and\u00a0sticky.io, found that cost is the key driver behind subscription cancellations, with nearly 60% of consumers saying it led them to discontinue a subscription in the prior year.
\nThe post Spotify Faces FTC Complaint From Music Publishers appeared first on PYMNTS.com.
\n", "content_text": "Spotify\u00a0is facing an\u00a0FTC\u00a0complaint from music publishers and songwriters over royalties.\nAs Bloomberg News reported, the\u00a0National Music Publishers\u2019 Association\u00a0(NMPA) filed the complaint with the Federal Trade Commission (FTC) Wednesday (June 13), alleging that the streaming audio platform’s decision to offer audiobooks to subscribers meant\u00a0fewer royalty payments\u00a0to songwriters.\nThe reason?\u00a0Adding audiobooks\u00a0allowed Spotify to reclassify its premium subscription offering as a \u201cbundle.\u201d Under the complex rules of the U.S. Copyright Royalty Board, that qualifies Spotify to pay a reduced rate to songwriters since it was now paying license of books and music under the same subscription price.\nThe NMPA argues that the bundle is illegal, as subscribers were never given the option to stay on a music-only tier, something not yet offered in the U.S. The trade group says Spotify\u2019s decision could mean a $150 million drop in payments to songwriters over the next year.\n\u201cThis bait-and-switch subscription scheme is \u2018saddling\u2019 shoppers with recurring payments for products and services they did not intend to purchase or did not want to continue to purchase,\u201d the NMPA said in a letter to FTC Chair\u00a0Lina Khan, per the Bloomberg report.\n\u201cIf allowed to continue, Spotify\u2019s conduct will cost consumers millions of dollars, undermine the music royalty system, and harm competition.\u201d\nA spokesperson for Spotify told PYMNTS the NMPA\u2019s claims were \u201cbaseless,\u201d and that the company\u2019s approach to pricing is typical of the industry.\n\u201cWe notify users a month in advance of any price increases and offer easy cancellations as well as multiple plans for users to consider,\u201d the spokesperson said.\nAs PYMNTS noted when Spotify\u00a0expanded its audiobooks\u00a0offering earlier this year, these efforts come \u201cas many consumers are streamlining their entertainment subscription commitments due to financial challenges.\u201d\nJoint research by PYMNTS Intelligence and\u00a0Mastercard\u00a0found that more than half of consumers said they would\u00a0reduce their streaming subscriptions\u00a0if they weren\u2019t able to cover their monthly bills, exceeding any other service in terms of potential cuts.\nIn addition, findings from another study,\u00a0\u201cSubscription Commerce Readiness Report: Bridging the Gap Between Subscription Conversion and Retention,\u201d a collaboration between PYMNTS Intelligence and\u00a0sticky.io, found that cost is the key driver behind subscription cancellations, with nearly 60% of consumers saying it led them to discontinue a subscription in the prior year.\nThe post Spotify Faces FTC Complaint From Music Publishers appeared first on PYMNTS.com.", "date_published": "2024-06-13T11:42:13-04:00", "date_modified": "2024-06-13T11:42:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/Spotify.jpg", "tags": [ "Federal Trade Commission", "FTC", "legal", "music streaming", "News", "PYMNTS News", "royalty payments", "Spotify", "Streaming", "subscriptions", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1952500", "url": "https://www.pymnts.com/streaming/2024/spotify-raises-prices-for-second-time-in-12-months/", "title": "Spotify Raises Prices for Second Time in 12 Months", "content_html": "Spotify is raising the prices of its premium plans in the United States, saying it aims to invest in its product features.
\nBeginning immediately for new subscribers and on the July billing date of existing subscribers, the new prices for the plans are $11.99 for Individual, $16.99 for Duo, $19.99 for Family and $5.99 for Student, the streaming service said in a Monday (June 3) blog post.
\nThe first three prices are up from $10.99, $14.99 and $16.99 respectively. The price of the Student plan is unchanged, CNBC reported Monday.
\nSpotify last raised its prices in July 2023, when it increased the prices of all four plans, the report said.
\n\u201cSo that we can continue to invest in and innovate on our product features and bring users the best experience, we occasionally update our prices,\u201d Spotify said in its Monday blog post.
\nThis announcement comes about six weeks after Spotify said during an earnings call that 2024 will be a \u201cyear of monetization\u201d after making gains in revenue growth, margin expansion and enhanced efficiency.
\nDuring the first quarter, the streaming service saw year-over-year gains of 19% in monthly active users, 14% in subscribers and 20% in total revenue, Spotify reported on April 23.
\nThe company also reported that it had made value enhancements across its music, video and podcasting platforms. For example, it expanded its library of over 100 million music tracks.
\n\u201cAnd that\u2019s also why you saw us having a healthy guidance on the subs [subscriber] number too, because we think consumers like what they\u2019re seeing from Spotify,\u201d Daniel Ek, founder and CEO of Spotify, said during the call. \u201cThey love the offering and they feel that the value that they\u2019re getting is more than fair.\u201d
\nIn October 2023, following the prices hikes for its subscription plans made in July, which resulted in monthly bills increasing by $1 to $2, depending on the specific plan, Spotify reported that \u201cthe early effects of price increases\u201d played a significant role in the company\u2019s 11% year-over-year revenue growth.
\nIt also reported that it had raised prices without significant loss of subscribers, indicating that users value the platform.
\nThe post Spotify Raises Prices for Second Time in 12 Months appeared first on PYMNTS.com.
\n", "content_text": "Spotify is raising the prices of its premium plans in the United States, saying it aims to invest in its product features.\nBeginning immediately for new subscribers and on the July billing date of existing subscribers, the new prices for the plans are $11.99 for Individual, $16.99 for Duo, $19.99 for Family and $5.99 for Student, the streaming service said in a Monday (June 3) blog post.\nThe first three prices are up from $10.99, $14.99 and $16.99 respectively. The price of the Student plan is unchanged, CNBC reported Monday.\nSpotify last raised its prices in July 2023, when it increased the prices of all four plans, the report said.\n\u201cSo that we can continue to invest in and innovate on our product features and bring users the best experience, we occasionally update our prices,\u201d Spotify said in its Monday blog post.\nThis announcement comes about six weeks after Spotify said during an earnings call that 2024 will be a \u201cyear of monetization\u201d after making gains in revenue growth, margin expansion and enhanced efficiency.\nDuring the first quarter, the streaming service saw year-over-year gains of 19% in monthly active users, 14% in subscribers and 20% in total revenue, Spotify reported on April 23.\nThe company also reported that it had made value enhancements across its music, video and podcasting platforms. For example, it expanded its library of over 100 million music tracks.\n\u201cAnd that\u2019s also why you saw us having a healthy guidance on the subs [subscriber] number too, because we think consumers like what they\u2019re seeing from Spotify,\u201d Daniel Ek, founder and CEO of Spotify, said during the call. \u201cThey love the offering and they feel that the value that they\u2019re getting is more than fair.\u201d\nIn October 2023, following the prices hikes for its subscription plans made in July, which resulted in monthly bills increasing by $1 to $2, depending on the specific plan, Spotify reported that \u201cthe early effects of price increases\u201d played a significant role in the company\u2019s 11% year-over-year revenue growth.\nIt also reported that it had raised prices without significant loss of subscribers, indicating that users value the platform.\nThe post Spotify Raises Prices for Second Time in 12 Months appeared first on PYMNTS.com.", "date_published": "2024-06-03T11:06:13-04:00", "date_modified": "2024-06-03T11:06:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/Spotify.jpg", "tags": [ "News", "pricing", "PYMNTS News", "Spotify", "Streaming", "subscriptions", "What's Hot" ] } ] }