How hip-hop grew into a major business...
August 10, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( Good morning. Many of you wrote in to âcorrectâ our war movie trivia yesterday. You claimed that Forrest Gump was the highest-grossing movie set during the Vietnam Warânot Platoon. And you know what? We will accept that answer. As Mama always said, youâve got to put the past behind you before you can move on. âCassandra Cassidy, Molly Liebergall, Matty Merritt, Sam Klebanov, Abby Rubenstein Neal Freyman [CLICK]( THIS TO REMAIN A SUBSCRIBER Clicking on newsletter links is the only way for us to know you are reading (and enjoying) Morning Brew. If you don't click by next month, you will stop receiving this newsletter. [Click here]( to let us know that youâre still an active subscriber. Thanks! MARKETS Nasdaq 13,722.02 -1.17% S&P 4,467.71 -0.70% Dow 35,123.36 -0.54% 10-Year 4.019% +1.5 bps Bitcoin $29,590.18 -0.80% Roblox $29.46 -21.94% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Markets: Investors got antsy waiting for todayâs major inflation data to drop, sending stocks [down]( yesterday. Roblox plunged after its earnings for last quarter fell short of expectations, though its games remain a big time suckâusers spent 14 billion hours engaged on the platform during the quarter. Â FROM THE CREW [DTC brands keep customers coming back](
[The Crew]( Despite what the internet may tell you, building a successful DTC empire doesnât happen overnight. Once youâve established a customer base, success can often boil down to two things: [customer engagement and loyalty]( two of the hardest things to earn as a new brand. Retail Brew connected with top retailersâMejuri, Casper, and Pelotonâto talk about the marketing strategies they use to keep customers coming back and spreading the word. If you work in retail, this guide is for you. [Download it now](. MUSIC [Hip-hop turns 50](
[Gif of Jay-Z within a dollar sign]( Illustration: Francis Scialabba, Photo: Giphy The music genre thatâs said to have begun at a back-to-school party in the Bronx is celebrating its 50th birthday this weekend. Hip-hop has grown from a style of musical expression for young people living amidst poverty and crime to the most popular music genre in the US and a worldwide phenomenon whose influence can be seen in everything from a house party playlist to the courtside seats at a Brooklyn Nets game. How it grew into an economic force Music history experts say hip-hopâs impact on the $16 billion music industry is so extensive that itâs not easily quantifiable. But even Run-DMCâone of the most influential hip-hop groups in historyâstruggled in the genreâs early days. âNobody involved in Bronx hip-hop made big money,â Fordham University history professor Mark Naison told the Associated Press. But in 1986, Run-DMC (who hailed from Queens) released âMy Adidas.â An endorsement deal from the brand followedâ¦and everything changed. Since then, Dr. Dre, Jay-Z, and Sean Combs are a few of the savvy hip-hop players whoâve leveraged their celebrity status to start companies, build brands, and amass fortunes: - Dr. Dre and a partner sold Beats Electronics to Apple in 2014 for $3 billion. Itâs Appleâs largest acquisition to date.
- Some of Jay-Zâs most valuable assets are Armand de Brignac, a luxury champagne line, and his entertainment agency, Roc Nation.
- Combs, up until June, had a partnership with liquor company Diageo. He also founded Bad Boy Records, which was worth $100 million at its height, according to Insider.
- Puma, Nike, and Reebok have partnerships with hip-hop stars Rihanna, Travis Scott, and Cardi B, respectively.
- Late fashion designer Virgil Abloh, who snagged a Grammy nomination for art directing a Jay-Z and Kanye West album, found fame with his line Off-White, which gained popularity with hip-hop icons. Luxury conglomerate LVMH acquired 60% of Off-White in 2021. Looking aheadâ¦industry experts predict that the genreâs economic impact will only increase in the future as brands continue to explore relationships with hip-hop artists.âCC   WORLD [Tour de headlines](#)
[An illustration of a TV with Disney+ on it ]Francis Scialabba Disneyâs streaming services are about to cost you more. The prices of ad-free versions are going up on October 12: Disney+ by 27% and Hulu by 20%, though in good news for cheapskates, the lowest-tier plans will stay the same price. The House of Mouse revealed the price hikes after reporting [mixed results]( for the second quarterâincluding that itâs still losing subscribers (though most of those were from Disney+ Hotstar, which took a beating after losing cricket broadcast rights in India). Disneyâs losses from streaming lessened last quarter, and the company is trying to make it profitable by September 2024. Economic trouble alert from China. While most of the world is worried about inflation, China has the opposite issue: Consumer prices there fell 0.3% last month compared to 2022. Economists attribute the deflation to weak demand caused by record youth unemployment, an embattled housing market, and fewer exports. Chinese factories churned out an oversupply of products, making producer prices fall as well. That could help ease inflation in the US and Europe, but a prolonged slowdown in the worldâs second-largest economy would spell trouble for global economic health. In another economic blow to China, President Biden [signed]( an executive order yesterday restricting US investment in some Chinese technology. Special Counsel Jack Smith has been reading Trumpâs Twitter. Court documents released yesterday showed that Smith obtained a [search warrant]( earlier this year for records and data from former President Donald Trumpâs Twitter accountâand that the Elon-Musk-owned app was fined $350,000 for failing to immediately comply with it. Twitter was a major platform for Trump until he was kicked off the app in the aftermath of the Jan. 6, 2021, attack on the Capitol. Musk, a self-proclaimed âfree speech absolutist,â restored Trumpâs account after he bought Twitter (now called X), but Trump has not tweeted since. ENVIRONMENT [At least 36 dead in Hawaii wildfires](
[Wildfires burn in Hawaii]( Senator Tim Richards/Facebook Fires tearing through Maui this week have killed at least 36 people, stranded thousands, and reduced much of a historic town to ash. The Maui town of LÄhainÄâa tourist destination and nationally recognized historical landmarkâhas been largely destroyed. Hundreds of families were displaced, and the US Coast Guard rescued at least 12 people who jumped into the ocean to escape the fire. Meanwhile, Maui hospitals were inundated with injuries but not equipped for âextensive burn treatment,â according to Hawaiiâs lieutenant governor, so some people have been airlifted to Oahu. Sixty-mile-per-hour gusts, partially due to a passing Category 4 hurricane, fanned the [blazes]( blocked roads, and grounded firefighting helicopters. Downed cell towers also left authorities reliant on satellite phones to communicate with people in scorched areas. Hawaii is forecast to be at an above-average risk of wildfires through November, but fires were rare in the region before humans arrivedâmaking them especially damaging when they do hit. Zoom out: Extreme weather events in 2023 have already cost insurers $50 billion. This is the biggest billion-dollar natural disaster year since at least 1980, when the National Oceanic and Atmospheric Administration started tracking such events.âML Â Â TOGETHER WITH SMARTASSET
[SmartAsset]( The balance you seek. Life should be filled with adventure and relaxationânot financial stress. And choosing the wrong financial advisor could potentially wreak havoc on your investments. Avoid these [7 common mistakes people make]( when hiring one so you can work toward a more comfortable retirement. [See the list](. TRAVEL [Space: The ultimate mother-daughter road trip](
[Anastatia Mayers, Jon Goodwin, Keisha Schahaff]( Virgin Galactic Now that space tourism is a thing, itâs not just pals like Neil and Buzz who go barreling out into the atmosphere togetherâyou can be accompanied by the relative whoâll nag you about whether you packed enough clean socks for the journey. Today, Virgin Galactic is sending the first mother-daughter pair into space together on its second commercial flight. The Galactic 02 missionâwhich will last about 70 minutes (just shy of a full viewing of March of the Penguins) and includes a few minutes of zero gravityâis set to leave the New Mexico desert around 11am ET. And one lucky contest winner, Keisha Schahaff, is taking her daughter Anastatia Mayers as her plus-one. They will also be the first people from the Caribbean to go to space. Eighty-year-old Olympic canoeist Jon Goodwin will also be on the flight. He will be the first Olympian and the second person with Parkinsonâs disease to go to space. Space is a vast business: For most of us, a contest is probably the most likely way to visit the stars. Tickets on a Virgin Galactic flight have reached as much as $450,000, which is pretty cheap compared to SpaceXâs $55 million and Blue Originâs purported $28 million ticket prices.âMM   GRAB BAG [Key performance indicators](#)
[UPS truck]Robert Alexander/Getty Images Stat: Everybody wants to wear brown. In the week after the Teamsters negotiated a sweet new contract that will pay full-time drivers ~$170k a year, searches for jobs with âUPSâ or âUnited Parcel Serviceâ in the title [spiked]( more than 50% on Indeed (while searches for plain old âdelivery driverâ didnât increase), according to Bloomberg. Google also experienced a rise in people looking up âUPS driver jobs near meâ since news of the deal broke. Itâs almost like people prioritize pay and benefits when looking for jobs. Quote: âYouâve already starved me out.â Emmy winner and best-dressed man at every award show Billy Porter said in a recent interview that he has to [sell his house]( because of the actors strike (the writers strike, which reached its 100th day yesterday, has also helped shut down Hollywood). Though heâs unquestionably a star, Porter said he hasnât made âfâ you moneyâ yet, and that both a new movie and a new television show he was set to be in were not happening because of the ongoing labor struggle. Referring to the anonymous studio exec who said the plan was to starve the strikers out, Porter made it clear that heâs plenty hungry. Read: How social media apps could be fueling homicides among young Americans. ([ProPublica]( NEWS [What else is brewing](#) - [Ecuador presidential candidate Fernando Villavicencio]( was assassinated at a campaign rally 10 days before the first election vote was scheduled to take place.
- [Apple]( is adding a whole new dimension to your âno, you hang upâ conversation by moving the location of the big red button that ends calls in its next iOS update.
- [Sen. Dianne Feinstein]( the 90-year-old Democrat from California who has suffered from recent health issues, was briefly hospitalized after a fall.
- [American nurse Alix Dorsainvil]( and her daughter were released after being kidnapped two weeks ago in Haiti.
- [A Florida man]( (or woman) won the $1.58 billion Mega Millions jackpot.
- [Lil Tay,]( who achieved viral internet fame as a preteen rapper (and whose real name is Claire Hope), has died at age 14. RECS
[To do list Thursday] Logo decoder: Check out this guide to the [hidden messages]( in famous company logos. Order of operations: Use this sequential [nine-step plan]( the next time youâve got a room to decorate. In case you missed Saulâs tutorial at the nail salon: This is how money laundering works ([YouTube](. When Oppenheimer isnât enough: Hereâs [a list]( of the centuryâs best biopics. The first disruption to smartphones in 15 years. Mode Mobileâs EarnPhone saw [150x revenue growth]( from 2019â2022, making them one of Americaâs fastest-growing companies. Join the 10k+ investor pre-IPO with an [exclusive 50% bonus: $0.08/share]( .* *This is sponsored advertising content. GAMES [The puzzle section](#) Brew Mini: Congrats to the many readers who beat Nealâs time on Tuesday and then roasted him on social media about it. That was heartwarming to see. Your time to beat today is 1:23. [Play todayâs Mini here](. Three Headlines and a Lie Three of these headlines are real and one is faker than a birthday text from your primary care physician. Can you spot the odd one out? - Italian man [crushed]( to death by falling wheels of cheese
- A dog [hit]( the pedal on a golf cart and ran over a 4-year-old, who was uninjured
- Driver injured after car [crashed]( into second floor of Pennsylvania home
- Meteorologists say fog can â[anger]( migrating birds and cause midflight fights SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. Weâre saying weâll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others:
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