April 27, 2024

Archives for June 2022

Why Coupons Are Harder to Find Than Ever

If coupons had been slowly dying for years, the pandemic delivered a sharp blow.

Seemingly overnight, roiling supply chains and the lurch from office to home left consumers desperate to buy anything they could get their hands on; brand preferences went out the window. When inflation started to spike last year, not only did retailers have trouble keeping shelves stocked, they weren’t even sure they could maintain stable prices until the coupons expired.

“The last thing those manufacturers want to do is put more incentives on those because it’s going to spike demand up even more,” said Spencer Baird, Inmar’s interim chief executive. “This is what we very consistently hear: ‘We’ve got a budget, we’re ready to go, but until we get my fill rate where it needs to be, I don’t want to mess up my supply chain.’”

Use of even digital coupons sank in 2020, for the first time, before rebounding. While most of those are tethered to a specific retailer, the coupon industry is working on a universal standard that will allow shoppers to redeem digital coupons at any retailer that signs up.

But there’s no guarantee that retailers will stick with coupons, when other incentives are gaining in popularity.

Lisa Thompson works for Quotient, a company formerly known as Coupons.com, which started in 1998 as a website where you could print coupons rather than clipping them. The company is scaling back printable coupons, and the Coupons.com app already mostly offers cash-back promotions instead.

“Honestly, it’s a dying form of savings, and we know that,” Ms. Thompson said of paper coupons. “A lot of my work has been working with the marketing team to make ‘coupon’ sound sexy.”

Article source: https://www.nytimes.com/2022/06/29/business/economy/grocery-coupons-inflation.html

Netflix Says It’s Business as Usual. Is That Good Enough?

This can be seen in, for instance, the company’s marketing budgets. In 2019 — when Disney+ and Apple TV+ were just getting started and HBO Max did not exist — Netflix spent $2.6 billion on marketing. In 2021, when competition greatly increased, it spent $2.5 billion.

Most shows on Netflix still appear on the service with relatively little outside promotion. And the streamer’s movies still receive only nominal theatrical releases. For instance, “The Gray Man,” an expensive, summer blockbuster-style film starring Ryan Gosling and Chris Evans, will debut in select theaters on July 15 before becoming available on Netflix a week later.

And, according to two people familiar with the talks between Netflix and exhibitors, there are no active negotiations regarding other potential theatrically exclusive releases. The much anticipated “Knives Out” sequel, scheduled to be released this year, will appear on Netflix after its debut at the Toronto International Film Festival. An exclusive extensive theatrical launch appears unlikely. Netflix declined to comment on its theatrical strategy.

But company executives have become much more sensitive to bad reviews, which have lately been appearing in high frequency as Netflix struggles to find a new hit on a par with “Stranger Things” or “The Crown.” (Newer content like the film “Spiderhead” and the series “God’s Favorite Idiot” have been critically derided.) A producer who works with Netflix said the word “quality” was being bandied about much more often in development meetings.

Emily Feingold, a Netflix spokeswoman, disputed the idea that focusing on a show’s quality was somehow a change in strategy, referring to such disparate content as “Squid Game,” the reality television show “Too Hot to Handle,” and movies like “Red Notice” and “The Adam Project.”

Article source: https://www.nytimes.com/2022/06/30/business/media/netflix-streaming-business.html

On NBC’s ‘Dancing With Myself,’ TikTok-Like Dances Meet Network TV

You’ll never hear the name TikTok on “Dancing With Myself.” (“We didn’t want to be ‘the TikTok show,’ because we thought this movement was larger than that,” Irwin said.) But TikTok culture, shined up for television, shapes many aspects of its format.

The 12 contestants on each episode learn a series of routines that resemble social media dance challenges in their brevity and relative simplicity. They perform in square “pods” that suggest the boxed seclusion of phone screens, unable to see each other for most of the challenges. Like many TikTok dance creators, Jonas, Koshy, Kostek and Shakira are not experienced choreographers, but all demonstrate and help teach the show’s routines. Though judges have opportunities to save favorite dancers, “likes” are the currency of the competition, with winners determined by audience votes that are animated onscreen as showers of hearts.

The “Dancing With Myself” approach to casting is perhaps most in line with TikTok’s ethos. “On the app, what leads to success is not necessarily good dancing, but, really, the personality of the performer,” Boffone said.

Though some “Dancing With Myself” contestants are gifted and highly trained dancers, the show makes a point of including charismatic competitors of all skill levels. Many are already TikTok standouts: the dancing flight attendant, the dancing police officer, the dancing dentist. (And the dancing TikTok scholar. Boffone, who posts routines with his students on Instagram and TikTok, was cast as an alternate for the show’s fifth episode.)

Article source: https://www.nytimes.com/2022/06/30/arts/dance/dancing-with-myself-nbc.html

Where an Army Paycheck Is an Easy Target

That makes it tempting to head away from the post for extra money.

A few miles south of Fort Campbell’s gates, Nicole Allen was working the front desk at Grifols Biomat USA Plasma Center, which had a “Welcome Home Troops” sign over the entry. About 20 percent of the people who come in to sell that part of their blood are enlisted men and women, she said. New donors can earn up to $1,100 in their first month.

A donor referral program can yield even more. “That’s how we see the military,” Ms. Allen said. “They tell the whole company.”

But what if you need more than that?

The founding mythos of Omni Military Loans begins with Staff Sgt. Fred Nives. After World War II, he wanted a car but couldn’t get a loan.

The firm that he started decades ago has a branch near Fort Campbell, a prime corner spot in a well-kept strip mall. Accolades cover the walls, including a years-old Better Business Bureau “torch” award: Omni had been a local semifinalist for ethics.

The company offers a simple product — installment loans of $500 to $10,000 that last up to 36 months. The term length is no accident. Most people stay in the Army for at least that long but often go delinquent on consumer debts when they leave the service.

Omni makes it very easy to pay, with a set-it-and-forget-it system that other lenders can only dream of. Decades before automatic payments from checking accounts were common, the Department of Defense gave soldiers the ability to pay bills through its allotment system. Soldiers divvy up their paychecks before they hit their bank accounts, sending some back home or, in the case of Omni, to pay off a loan.

Article source: https://www.nytimes.com/2022/06/30/your-money/fort-campbell-military-installations.html

Highest Mortgage Rates Since 2008 Housing Crisis Cool Sales

Larisa Kiryukhin and her family were long ago priced out of the San Francisco Bay Area, where they had lived for decades. Ms. Kiryukhin, 44, is a medical assistant who was tied to her hospital, but the pandemic gave her husband, who works in information technology, the flexibility to move to a more affordable city. So Ms. Kiryukhin switched jobs, and this year the couple and their two children moved to Tampa, Fla., in hopes of buying a home.

In April, the family went into contract on a $425,000 house and was quoted an interest rate of 4 percent. Then the closing date was extended because the seller wanted time to find a new home. Then interest rates jumped, adding about $700 to the monthly payment, and the family backed out.

“I moved here just to buy a house, and here we go: The prices got so high we can’t afford it,” Ms. Kiryukhin said.

The typical home buyer makes about $70,000 a year, according to Moody’s Analytics. A $600-a-month increase in housing costs — about how much rising interest rates have added to the typical mortgage payment — is more than most people can shoulder.

Steve Silbar, a real estate agent in Spokane, Wash., said he had seen a sharp deterioration in interest among buyers looking for homes under $500,000. Those buyers typically have less cash, so rising mortgage rates “have moved them out of the market,” he said.

Article source: https://www.nytimes.com/2022/06/29/business/economy/mortgage-rates-housing-market.html

How Inflation Is Altering People’s Behavior

Tobias Pratt, a 31-year-old mortgage underwriter in Atlanta, decided to look for his first home in the spring of 2021. He had a well-paying job and a solid down payment, and his rent was ticking higher. Getting preapproved for a mortgage seemed like a wise move.

“I finally felt like I was in a good space to do it,” Mr. Pratt said.

But with housing prices so inflated, Mr. Pratt was quickly squeezed out of the market. He decided to try again in March because his lease was about to expire and the rent on his one-bedroom was about to rise by another $200, to $1,900. This time, high mortgage rates, which began climbing earlier this year, have narrowed his prospects even further. Instead of looking solely at single-family homes, he started considering condos — but those are expensive now as well.

“I can afford maybe two-thirds of what I could afford last year,” Mr. Pratt said, adding that the monthly mortgage payment could be as much as $700 higher, depending on the size of the loan. “But with housing prices still soaring, the inventory is limited.”

He also noticed that his grocery bill, which reliably cost about $225 for an online order placed every two weeks, had jumped to $300 in mid-March. “I was like, ‘Whoa, back up a minute,’” he said. “I looked at my last bill and I ordered pretty much the same groceries.”

That was when he decided to start tracking his spending more closely, noting expenses in a journal, looking for places to trim. He eliminated several recurring subscriptions, including Spotify and Experian’s credit tracking service; negotiated a lower-priced plan with his cellphone company; and started ordering less takeout from Uber Eats. To reduce his grocery bill, he swapped name brands for generic products, eliminated bottled water and cut back on extras.

Article source: https://www.nytimes.com/2022/06/28/your-money/inflation-consumer-behavior.html

The Pandemic Flight of Wealthy New Yorkers Was a Once-in-a-Century Shock

The outlook for this year has become much less certain as the stock market has plummeted in recent months and certain forms of federal aid, like stimulus checks and expanded unemployment benefits, have ended.

The city’s Independent Budget Office said it was not possible to calculate the tax revenue lost from the people who had moved because some of them could be working remotely for New York-based companies and paying city income tax. In the long term, the office said, their tax status could become a major policy issue as states fight for their share of taxes from remote workers.

Sophia and Charlie Blackett relocated last year to Rowayton, Conn., from Brooklyn, partly because both of their jobs in tech allowed them to permanently work from home. Ms. Blackett, 27, had previously considered raising children in the city, but the confinement of the pandemic shifted her thinking.

“I used to thrive on the hustle and bustle,” she said. Now, she said, “I think about waking up in my bed in an apartment, and I just feel a little bit anxious.”

The issue has become a talking point in the governor’s race. Gov. Kathy Hochul, a moderate Democrat, said earlier this year that the steep population drop in New York State, driven by the city losses, was “an alarm bell that cannot be ignored.” Representative Tom Suozzi of Long Island, a centrist challenging her in this month’s primary, has blamed the exodus on crime, high taxes and an unaffordable cost of living.

Gergana Ivanova, 28, a clothing designer and social media influencer, said her decision to move to Miami was less about taxes. The pandemic made the downsides of living in New York City more noticeable, she said, including the lack of space in her tiny Queens apartment and the trash piling up on the sidewalks. She felt less safe walking around when the streets were emptier.

Article source: https://www.nytimes.com/2022/06/28/nyregion/wealthy-pandemic-nyc.html

Beyoncé’s ‘Break My Soul’ and the Long Tail of ‘Show Me Love’

“Champion were obsessed with sweet and sour, they called it,” StoneBridge, now 60, recalled via phone from his studio in Stockholm. He dialed his Korg M1 synthesizer to the next preset, landing on Organ 2, and replayed his bass line. That was the bouncy, sweet part. The sour was the grinding sound that opens the song, a product of his DX100 Yamaha synth, which he played in the red to distort it. He dusted it all, as well as Robin S.’s vocal, with some delay. The result was minimal like early house music out of Chicago, but shimmering with novel sounds. StoneBridge was not sure about his concoction, but deadline compelled him to turn it in.

When Robin S. heard it, it blew her away, she said in an interview last week. Finally her song was complete.

She had recorded her vocal years before in one take (not counting the ad-libs) while suffering from the flu, she recalled over the phone from her home in Atlanta. She was initially unimpressed by the song; and then, years later with StoneBridge’s revision, its popularity exploded on a global scale. “Show Me Love” was not the first house song to feature the M1 Organ 2 sound, but it hit bigger than any that came before it.

Earlier last week, Robin S. got a call from her son informing her that she was trending on social media as a result of the apparent “Show Me Love” reference in Beyoncé’s song, which replicates that M1 Organ 2 sound (in a different rhythm). She and StoneBridge both said they had no idea what was coming. StoneBridge discovered the connection while searching for his name on Twitter.

“I didn’t know whether to laugh, to cry,” Robin S., 60, said. “Out of all the songs she has access to, out of all the songs her team has access to, she chose mine.” The singer said she was particularly touched because she’s felt that dance artists like her “don’t get their props” despite their hard work.

Article source: https://www.nytimes.com/2022/06/27/arts/music/beyonce-break-my-soul-robin-s-show-me-love.html

Drake’s ‘Honestly, Nevermind’ Is His 11th No. 1 Album

A little over a week ago, Drake announced a surprise new album, “Honestly, Nevermind,” and released it online a few hours later. Just like clockwork, it has now gone to No. 1, becoming Drake’s 11th album to top the Billboard 200 chart.

“Honestly, Nevermind,” Drake’s seventh studio LP — and his 17th full-length release overall, counting compilations and mixtapes — opened with the equivalent of 204,000 sales in the United States, including 250 million streams, according to the tracking service Luminate. Those figures were enough to send the dance-heavy “Honestly” to No. 1 by a comfortable margin. But they were low by the standards of Drake, who for more than a decade has routinely posted gigantic numbers for new work.

The album’s 204,000 equivalent sales — a measurement that reconciles streams with downloads and any traditional album purchases — are a fraction of the 613,000 that Drake posted for the opening of his last studio album, “Certified Lover Boy” (2021). And they are Drake’s lowest since “Care Package,” a compilation of previously released tracks, which opened (at No. 1, naturally) with 109,000 in 2019. Apart from “Care Package,” no Drake album has begun with fewer than half a million equivalents since “What a Time to Be Alive,” a mixtape with the rapper Future from 2015, when streaming represented a minority of overall music consumption. (As of last year, streaming makes up 83 percent of recorded music sales revenue in the United States.)

Article source: https://www.nytimes.com/2022/06/27/arts/music/drake-honestly-nevermind-billboard-chart.html

The Former Electrical Engineer Leading Disney’s Streaming Strategy

Ms. Dakhil, however, decided to investigate for herself. “I made a concerted effort to get to know Kareem and have been pleasantly surprised,” she said. “He is brimming over with high levels of EQ” — emotional intelligence — “and yet he doesn’t pretend to know everything. He’s curious and listens. And most of all, I am convinced that he really does love movies.”

Movies have been a passion for Mr. Daniel since childhood. He grew up on the South Side of Chicago, where his mother was a nurse and father a professor. He spent most Saturdays at the Evergreen Plaza multiplex, once taking in back-to-back screenings of “The Empire Strikes Back.” When it came to picking a career, however, his parents insisted on practicality — hence his dutiful decision to study electrical engineering at Stanford University.

At Disney, he is known for peppering conversations with movie lines, sometimes playfully testing subordinates to guess their origin. He collects original movie posters. Over dinner with a reporter, he discussed the plot intricacies of Paul Thomas Anderson’s “Phantom Thread,” about a couturier in 1950s London, and recited lines from “The Breakfast Club” and “The Color of Money.”

He has attended the Sundance Film Festival 21 times. “He sees more movies at Sundance than almost anyone, and he does it because he loves it,” said Sean Bailey, president of Walt Disney Studios Motion Picture Production.

Much has been made, both inside and outside of Disney, about the ways in which Mr. Chapek’s 2020 restructuring took away power from some (the people running the company’s moviemaking and television production divisions) and gave it to others (Mr. Daniel). Not helping has been confusion in the broader industry about how it all works.

Under the new setup, Mr. Daniel’s group sets a spending budget for Disney’s content factories. Using data and research, his teams also determine what type of content is needed (genre, length, targeted demographics) to drive growth on the company’s various platforms. “We share that with them so that they can go create against those needs,” Mr. Daniel said. “We don’t go to a hyper sense of specificity, of course, because we want to inform the creative process but not try to algorithmically program.”

Article source: https://www.nytimes.com/2022/06/27/business/media/kareem-daniel-disney.html