A British music tech startup has struck a surprise $70m (£53m) deal to buy Napster, one of the pioneers of the music streaming revolution. The company set up safe studios in London and Los Angeles to enable artists to perform gigs, with fans paying to watch via its app. It has had 100 artists perform virtual reality gigs to date.
-- Mark Sweney, The Guardian
This spike partly reflects a shift in the denominator: digital increased while sales at most physical retail declined, except for groceries. This effect was much stronger in the UK, where lockdown was much deeper. Even so, absolute US ecommerce sales rose 32% in Q2.
-- Benedict Evans
Bad news for restaurants and city centers (and municipal governments beholden to business taxes).
Nvidia ended up with more data center revenue than gaming revenue for the first time, at $1.75 billion. The unit’s revenue was up 167% and higher than the FactSet consensus estimate of $1.71 billion.
-- Jordan Novet, CNBC
NPC International, which filed for Chapter 11 in July, announced an agreement Monday with Pizza Hut's owner Yum! Brands to close roughly a quarter of its restaurants and sell the remaining locations. Specific restaurants and timing have not yet been determined, but NPC said a "substantial majority" of affected locations have dining rooms.
-- KITV-4 Honolulu
While some industries have heralded the third quarter as the beginning of a rebound from the financial devastation wraught by the coronavirus pandemic, the outlook is still dire for U.S. movie theater operators.
-- Sarah Whitten, CNBC
The appeals court found that Amazon played a pivotal role in every step of plaintiff Angela Bolger’s purchase of a replacement laptop battery from Amazon third-party seller Lenoge Technology HK Ltd, which was operating under the fictitious name "E-Life." Bolger alleged that the battery burst into flames while she balanced the laptop on her thighs, resulting in severe burns to her arms, legs and feet.
-- Lisa Baertlein, Reuters
"No matter if it’s India, Southeast Asia or the Americas, there will be a manufacturing ecosystem in each," Liu told investors on a conference call, adding that while China will still play a key role in Foxconn's manufacturing empire, the country's "days as the world's factory are done."
-- Debby Wu, Bloomberg
Insurers spent 15 percent on loss adjustment costs and administrative costs and another 15 percent on marketing costs and commissions to agents. The insurer was left with a 5 percent margin to invest, save, pay other bills, or return to consumers in the form of lower premiums.
-- John Huetter, RDN
The appetizing array of new menu items, like the Breakfast Baconator and Frosty-ccino, have been a hit and have bolstered Wendy's bottom line during a second quarter that was gloomy for its competitors. Breakfast now accounts for 8% of Wendy's total sales...
-- Jordan Valinsky, CNN Business
Breakfast is a bummer
However, the "Nintendo is Disney" thesis is deeply flawed. It feels more like a desire to apply a pattern than to find a real analogue. Elements of Nintendo certainly represent Disney, but they represent Disney insofar as both companies are best in class creators of four-quadrant, multi-generational content. Otherwise the businesses are fundamentally different, their management styles fundamentally different, and their approaches to content itself are fundamentally different, too.
-- Matthew Ball