Wanted: Exterminators

Hi, today we explore: (1) ByteDance's record breaking growth, (2) The booming pest industry and (3) Subtitles on, or off? TOGETHER WITH Today's Topics Hello! We hope you enjoyed yesterday's deep dive into ChatGPT and the burgeoning world of AI. If you missed it, read the full thing — or at least copy and paste it and have a bot summarize the key points [here](. Today we're exploring: - Lightning speed: ByteDance's growth is slowing down, but it's all relative. - Pests: Exterminators are in high demand. - Subtext: Younger generations are increasingly turning on subtitles. Have feedback for us? Just hit reply — we'd love to hear from you! [Read this on the web instead]( ByteDance, the Chinese tech giant behind social media platform TikTok, has begun to see its growth slow — per a new report from [The Information](. Your slow is my fast Although best known in the western world for TikTok, more than 80% of ByteDance’s revenue comes from its domestic operations in China, thanks in part to its flagship video-sharing app Douyin. That revenue “only” grew 25% in the last year, according to people familiar with the company’s results. In tech-land, everything is relative, and ByteDance’s growth rate remains remarkable, with total revenue for the group reaching a staggering $85bn in 2022. For a company in its 10th year of operations, that number is unprecedented. At a similar stage, Facebook (now Meta) had racked up just one-tenth of that amount, in fact it took the world’s largest social media company ~17 years to reach revenues of $85bn. Ladders and snakes Clearly it’s easier to grow quickly when following in the footsteps of giants, rather than forging the path for yourself. Convincing advertisers to part with their fiercely protected marketing budgets to buy ads on a social networking site was probably a lot more difficult in 2007 than it is in 2023. Furthermore, TikTok has — somewhat ironically — been able to advertise itself on the other platforms. Spending at least hundreds of millions on Facebook, Twitter, Snapchat and other social apps, ByteDance's total sales and marketing bill came to a whopping $19.2bn last year. Bugging out Do you like to make things clean, don’t mind bugs or creepy crawlies and are looking for a career change? If so, you might want to consider joining America's booming pest control industry. Data from the Bureau of Labor Statistics reveals that, since the end of 2019, total employment for extermination and pest control services has risen more than 18%. That’s ~6x the growth of the wider economy, where US employment has ticked up just under 3%. That means there are now 152,000 “exterminators” across the nation. Those jobs are likely to be fairly recession-resistant as well — the rationale being that pest control is likely one of the last areas people would consider skimping on. Longer term trends look favorable too. When evening temperatures go over 60-70 degrees, pests thrive. That’s why global warming, as well as net migration towards warmer southern states like Texas and Florida, will likely keep exterminators in business for a long time to come — and increasingly “pest-conscious” consumers won’t hurt either. Rat czar One high-profile star in the field is New York City's first "rat czar" — [Kathleen Corradi](. A former elementary school teacher, Corradi is the city's leading force against the rodent population, a tough position sweetened by a $155k salary to take on the ~2 million rats in the city. [Sponsored by Percent]( The alternative asset you probably haven't considered yet Why are billionaire business execs like Blackstone’s Jonathan Gray talking about private credit? 40/30/30 portfolios that include [private credit]( are offering higher annualized returns — and lower volatility — when compared to the traditional 60/40 split: For years, private credit has only been available to the financial elite — but that’s changing thanks to [Percent]( the frontrunner in private credit investments. With [Percent]( any accredited investor can access: - Attractive yields. As of July 31 2023, Percent’s weighted average APY is 18.32%. - Liquidity. Deals can mature in months, with some offering liquidity after just one month. - Low minimums. Invest as little as $500 to get started. - Recurring income. Generate passive income during the lifetime of the deal. Plus, Chartr readers can receive up to a [$500 bonus with their first investment](. [Harness the power of private credit with Percent]( Whatenheimer? Despite grossing nearly $650 million at the [global box office]( receiving stellar reviews from a [variety]( of outlets, and becoming the highest-grossing World War II movie [of all time]( Christopher Nolan’s Oppenheimer has been somewhat dogged by audiences complaining about inaudible dialogue. While Nolan explained away the quieter moments in the film as an “[artistic choice]( some muffled speaking scenes may have had moviegoers wishing they could switch subtitles on for the big screen in the same way many do on their own TV. Subs split At-home audiences have increasingly toggled subtitles “on” in recent years, though some demographics are more inclined to add the descriptors than others. While traditionally seen as a tool to assist the hard of hearing, a factor that could lead one to assume that older generations are behind the boom, it’s actually Gen Z reportedly driving the subtitle surge, owing to the “[starkly different]( viewing habits of the younger generation. A [new survey]( from YouGov supports that theory, revealing that 51% of US adults aged 18-29 are watching TV with subtitles “always” or “most of the time”. That figure becomes even more striking when compared to just 18% and 20% of those aged 45-64 and over 65s, respectively, who said the same. Subtitle users reported a variety of factors behind their preference, though enhanced comprehension and the ability to better understand accents lead the way, with 40% of respondents equally citing each reason. More Data • The basket of the top US streaming services will cost you $87 from this autumn, up from $73 a [year ago]( — want more on streaming? Check out our deep dive on the [industry](. • Newly branded X is selling over 600 items of Twitter merch, following the successful $100,000 sale of a 3-foot bird [statue](. • 40/30/30 investment portfolios yield 4.3% annualized returns, compared to 1.5% for traditional 60/40 portfolios. The difference? Private credit. [Percent]( is the frontrunner in private credit investments — [start now and get a $500 bonus]( as a Chartr reader.** • Cheerios, including its 15 different varieties, is America’s best selling cereal, with annual sales over $435 million it's estimated that 1 in every 9 bowls of cereal in the US is [Cheerios](. **This is sponsored content. Hi-Viz • Stunning photos from the [year's best meteor shower](. • How long does each team [spend celebrating a goal]( in the English Premier League? Off the charts: Which toy has seen [sales surge 40%]( in July... after they were looking sluggish last year? [Yes, this question is quite easy. Answer below]. [Answer here](. Thanks for reading. See you on Wednesday! Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi%2C%0A%0AI%20like%20the%20newsletters%2C%20but%20I%20had%20a%20thought%20for%20you...) or want to [sponsor]( this newsletter? Not a subscriber? Sign up for free below. [Subscribe]( Copyright © 2023 CHARTR LIMITED, All rights reserved. You are receiving this email because you opted in via our website. Our mailing address is: CHARTR LIMITED Kemp House 152 - 160 City RoadLondon, EC1V 2NX United Kingdom [Add us to your address book]( Don't want charts in your inbox anymore? Break our hearts and [unsubscribe](.