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☆ Elon Musk's X sues Twitch in lawsuit alleging advertisers conspired to boycott the platform
▼ + stars: | 2024-11-19 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +6 min

AdvertisementX has added Twitch as a defendant in a suit accusing advertisers of colluding to withhold ad spend. Ad revenue on X has plummeted since Elon Musk acquired the platform in 2022. Elon Musk's X is suing Twitch, alleging that the Amazon-owned video streaming platform and other companies illegally conspired to boycott advertising on the platform formerly known as Twitter. Twitch, X, and the WFA didn't immediately respond to requests for comment made by Business Insider outside normal US business hours. Musk's own behavior on and off the platform — including famously telling advertisers who boycotted X to "go fuck yourself" — hasn't encouraged advertisers to place their budgets there, either.

Persons: Elon Musk, Elon Musk's, Twitch, Stephan Loerke, it's, Ørsted, Twitch —, X's, hasn't, Jim Jordan, Donald Trump's, Abraham Yousef, Yousef Organizations: Global Alliance of Responsible Media, Elon, Twitter, Federation, WFA, Business, Unilever, CVS Health, Twitch, Google, Committee, WPP, Diageo, Tower Locations: Texas, Ohio

☆ A Singaporean AI startup is trying to disrupt the 100-year-old market research industry
▼ + stars: | 2024-11-14 | by ( Shafi Musaddique | ) www.cnbc.com time to read: +5 min

Finding ways to attract consumers to buy packaged goods stretches back to the 1920s when American psychologist Daniel Starch created the world's first market research study. Founded in Singapore in 2018, the startup provides AI-powered market research with real-time predictive analytics. Rival firms include ZoomInfo Sales, Trajaan and Brandwatch Consumer Intelligence, all of which deploy a variety of technology to comb through consumer data and marketing trends. Somsubhra Gan Choudhuri, co-founder and CEO Ai Palette, said AI can take up much of the brain power usually done by people. Along with VC investors, Ai Palette has had the backing of the Singapore government, which is committing more than three quarters of a billion Singaporean dollars ($7,500,000) to AI development to strengthen its AI ecosystem.

Persons: Daniel, Ai, Gan Choudhuri, CNBC's, Choudhuri, Kellogg, Conor Delahunty, Vishal Harnal Organizations: ZoomInfo, Brandwatch Consumer Intelligence, CNBC Tech, Diageo, Nestlé, Pepsico, Symrise, Global, Venture Locations: Singapore, Thailand, Indonesia, Malaysia, Philippines

Sean "Diddy" Combs' private aircraft appears to be available to charter. The Gulfstream G550, known as LoveAir, is also listed for sale, Combs' attorneys said. AdvertisementSean "Diddy" Combs' luxe private jet is seemingly available to charter while the disgraced music mogul sits in jail. The Gulfstream G550, known as LoveAir, appears to be available to rent through Silver Air, a private jet charter company based in Southern California. An aircraft of the same model and tail number is listed on the private jet marketplace Victor, with Silver Air noted as the operator.

Persons: Sean, Diddy, Combs, —, Victor Organizations: Gulfstream G550, Service, luxe, Silver Air, Southern California . Federal Aviation Administration, LoveAir LLC, Victor, Silver, Liberty Jet, Diageo, Star Locations: Brooklyn, Southern California, Polynesia, New Zealand, San Francisco , Los Angeles, Baja, Mexico, Los Angeles

☆ A Trump win could have a 'negative impact' on these 3 stocks due to tariff risks, says TD Cowen analysts
▼ + stars: | 2024-11-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Three global alcoholic beverage makers are likely to see a "negative impact" from a Republican victory in the U.S. election due to the potential for trade tariffs, according to TD Cowen analysts. Guinness maker Diageo would be one of the companies to be impacted by a "smaller degree," according to the bank's analysts. These tariff measures were relaxed by the EU in early 2022, but are expected to be reinstated and doubled to 50% in 2025. STZ 5Y line Diageo Tariffs could "hit multiple areas of the business" at Diageo, TD Cowen analysts said. The company, which makes the Don Julio tequilas in Mexico, has nearly a quarter of its total sales in the U.S. reliant on tariff free trade at the southern border.

Persons: Cowen, Jack Daniel's, Brown, Forman, Donald Trump, Cowen's Robert Moskow, BF.B, Don Julio tequilas, DEO Organizations: Republican, Canada's, Dominion Bank, Constellation Brands, Guinness, Diageo, European Union, EU, Constellation, Corona, Trump Locations: U.S, Canada's Toronto, Corona, Mexico

☆ The big Trump losers: These stocks could have an overhang for a while
▼ + stars: | 2024-11-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Stocks may be in rally mode after former President Donald Trump's election victory, but not every sector is poised to get a lift. Clean energy One potential big loser is solar and clean energy stocks that benefited from tax credits instituted under President Joe Biden 's Inflation Reduction Act. Retailers Along with changes to clean energy, Trump has hinted at tariffs to buoy U.S. producers. The firm also highlighted companies with greater than 20% China exposure, including Crocs and American Eagle Outfitters , as being among potential tariff losers. STZ 1D mountain Constellation Brands falls amid Trump tariff concerns "With a 50% American whiskey tariff, we would expect BFB to pass some cost along to the consumer, which would put additional pressure on volumes," he wrote.

Persons: Donald Trump's, Kamala Harris, Joe Biden, Trump, Goldman Sachs, Brian Lee, Lee, Melanie Nuñez, Cowen's Robert Moskow, Brown, Forman, Bank of America's Joanna Gajuk, Gajuk, bode, Andrew Mok Organizations: NBC News, Dow Jones, Nasdaq, Technologies, Enphase Energy, Bank of America, American Eagle Outfitters, Constellation Brands, Diageo, EU, Consumer, . Hospital, Republican, Bank of America's, Ardent Health Partners, Universal Health Services, HCA Holdings, Barclays Locations: financials, U.S, China, Scotch, Mexico

☆ From Michelle Obama to Bella Hadid, celebrities are piling into the soda business
▼ + stars: | 2024-10-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

AdvertisementFrom former first lady Michelle Obama to supermodel Bella Hadid, celebrities are piling into the soda business. Poppi and Olipop, two of the most popular prebiotic soda brands, have exploded in popularity since 2020. Just as social media helped celebrity makeup lines sell, Falorni said their drink brands have the same potential. When it comes to celebrity beauty and wellness brands, Contois said people usually hope there's a "magical elixir" that will elevate their own life. Famous booze-free beverage founders could also follow the well-trodden path of celebs creating alcoholic drink brands and then selling them for a lot of cash.

Persons: —, Michelle Obama, Bella Hadid, Emily Contois, Contois, Poppi, influencers, Filippo Falorni, Falorni, Blake Lively, Betty Buzz, Katy Perry, Obama, Citi's Falorni, George Clooney's, Ryan Reynolds Organizations: Service, Pepsi, Citi, Tulsa University, YouTube, Obama, Cola, PepsiCo, Diageo

☆ Sean Combs' once-lucrative business empire is drying up. Here's where it stands.
▼ + stars: | 2024-10-09 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

Sean Combs was once one of the world's top-earning entertainers and had diverse income streams. AdvertisementNot too long ago, Sean Combs was one of the top-earning people in the music industry. The business empire of Combs, which was once valued as high as $820 million, per Forbes, has crumbled. Advertisement"There are so many lost opportunities," Clayton Durant, adjunct music business professor at Long Island University's Roc Nation School of Music, Sports & Entertainment, told Business Insider. Here's where Combs' business stands now.

Persons: Sean Combs, —, who's, Diddy, Sean John, Cassandra Ventura, Combs, He's, Clayton Durant, Anthony Martini, Here's Organizations: Diddy, Service, Diageo, Bad, Forbes, Nation School of Music, Sports & Entertainment, Miami's, LA Locations: Long, Los Angeles

☆ Advertisers are scrutinizing the value of AI tools as some early efforts fall flat
▼ + stars: | 2024-10-09 | by ( Lucia Moses | Lara O'Reilly | ) www.businessinsider.com time to read: +7 min

AdvertisementTwo years after OpenAI's ChatGPT and other chatbots launched, the advertising community's excitement over generative AI has come down to earth. The shift was evident at New York's Advertising Week, a four-day gathering this week that organizers expected 17,000 to attend. Last year, a Salesforce survey showed about three-quarters of marketers were or planned to use generative AI. Though enthusiasm about AI was tempered in the industry at this year's Advertising Week, there wasn't a widespread abandonment of the tech. Adtech company LiveRamp announced a pair of AI partnerships to help marketers find the right AI company for a given problem.

Persons: —, OpenAI's ChatGPT, Ashwin Navin, there's, Andrew Lipsman, I'm, Zaid Al, Qassab, He's, Let's, Samba's Navin, That's, NBCU, DoubleVerify, Nick Fairbairn, Joshua Nafman, it's, Nafman, Fairbairn, LiveRamp, Scott Howe, Howe Organizations: Publicis, WPP, Service, New, Samba, WPP —, Saatchi, Business, Google, Advertising, Media, Diageo

☆ Ryan Reynolds credits his business success to 1 skill: It's a 'precious commodity' in any job, expert says
▼ + stars: | 2024-09-20 | by ( Megan Sauer | ) www.cnbc.com time to read: +2 min

Ryan Reynolds' storytelling abilities aren't just a quirky element of his public persona — they're the bedrock foundation of his success across multiple industries, he says. The movie's budget didn't leave much room for marketing, so Reynolds shouldered some of the load himself, filming and posting comedic advertisements on social media. Multiple of Reynolds' posts went viral, and "Deadpool" grossed $782.6 million in box office sales against a $58 million budget, according to IMDB-owned Box Office Mojo. Mint Mobile's parent company, Ka'ena Corporation, was similarly purchased for up to $1.35 billion by T-Mobile last year. "Reynolds will continue in his creative role on behalf of Mint," T-Mobile said at the time.

Persons: Ryan Reynolds, aren't, —, Reynolds, Kraft, Mint Organizations: Fast, Mojo, Mint Mobile, Aviation, Diageo, Kraft Heinz, Ka'ena Corporation, Mobile, Mint

Read previewNew details about Sean "Diddy" Combs' Miami mansion were uncovered as part of his bond hearing this week. The legal team also noted that Combs satisfied the $18.8 million mortgage on the Star Island home in August, anticipating criminal charges. AdvertisementOther homes on the island go for even more than the $48.5 million Combs' home was appraised at. Comparable sales listed in the appraisal report for Combs' Miami mansion. Besides the Star Island home, he owns a mansion in Los Angeles that he recently put on the market for $61.5 million.

Persons: —, Sean, Diddy, Combs, Marc Agnifilo, Agnifilo, David LEFRANC, Ken Griffin, Griffin, Alex Rodriguez, Gloria, Emilio Estefan, Forbes, Sean John, Andy Warhol, Jean, Michel Basquiat Organizations: Service, feds, Business, Miami, singer's, Research, Miami -, Star, Advanced Research, Bad Boy Records, Cîroc, Diageo, Combs Enterprise, Combs Locations: Miami, Miami - Dade, cabanas, Biscayne Bay, Miami Beach, Los Angeles

The bank raised its price target on MercadoLibre Thursday to $2,500 from $2,225, suggesting 22% upside from Wednesday's close. The bank increased its price target to $230 from $200, implying nearly 16% upside from Wednesday's close. Supino also lifted the firm's price target to $93 a share, reflecting about 33% upside from Wednesday's close. Analyst Adam Berlin lowered his 12-month price target to $29 from $34, implying 6% downside. The investment firm's price target of $159 implies more than 2% downside from Wednesday's close.

Persons: Robert Ford Aguilar, — Michelle Fox, Wells, Wells Fargo, Eric Luebchow, Luebchow, Lisa Kailai Han, Sean Conlon, Wolfe, Peter Supino, Supino, Samantha Subin, BofA, George Staphos, a.m, Adam Berlin, Berlin, IPG, — Sean Conlon, Bernstein, Mark Moerdler, — Lisa Kailai Han, Stifel, Simon Yarmak, Andrea Pistacchi, Brandt Montour, it's, Montour, Fred Imbert Organizations: CNBC, Barclays, Bank of America, Diageo, Mercado, Mobile, Sprint, Wolfe Research, UBS downgrades, UBS, billings, GM, Pfizer, Oracle, Simon Property, Property Group, SPG, U.S, New York Stock Exchange Locations: Brazil, Mercado Pago, Wells Fargo, Wells, Roku, Berlin, America, U.S

☆ Stocks making the biggest moves premarket: Moderna, Alaska Air, Oxford Industries and more
▼ + stars: | 2024-09-12 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Check out the companies making headlines before the bell: Alaska Air Group — Shares gained 5% after Alaska Air Group raised its third-quarter outlook, citing strong summer demand. The airline guided for per-share earnings in the range of $2.15 and $2.25, greater than prior guidance of $1.40 to $1.60 earnings per share. Moderna — Shares shed more than 6% after the drugmaker announced plans to slash expenses by $1.1 billion by 2027. Oxford Industries — Shares dropped 10% after the clothing company behind Tommy Bahama posted second-quarter figures that missed expectations. Oxford Industries posted adjusted earnings of $2.77 per share, lower than the FactSet consensus estimate of $3 earnings per share.

Persons: Moderna, Tommy Bahama, Kroger —, —, Alex Harring, Hakyung Kim, Jesse Pound, Samantha Subin Organizations: Alaska Air Group —, Alaska Air Group, Oxford Industries, Interpublic, Companies, UBS, U.S, Bancorp, U.S . Bancorp, Kroger, Diageo, Bank of America Locations: U.S

☆ Here are Thursday's biggest analyst calls: Apple, Nvidia, Roku, Meta, Oracle, Broadcom, Micron & more
▼ + stars: | 2024-09-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +4 min

Wells Fargo initiates Blackrock as overweight Wells Fargo said the asset manager is well positioned. " Bernstein reiterates Nvidia & Broadcom as top ideas Bernstein said both stocks remain top picks at the firm and that margin fears are overdone. Bernstein reiterates Oracle as a top idea Bernstein said it sees "increasing revenue growth" for Oracle. " Morgan Stanley reiterates Amazon, Alphabet and Meta as overweight Morgan Stanley said the three internet giant's are well positioned in the ad market. Morgan Stanley reiterates Apple as overweight Morgan Stanley named Apple to its Vintage Values list as a stock to own for the next 12 months.

Persons: Wells, Wells Fargo, Stephens, Bernstein, Blackwell, Morgan Stanley, Goldman Sachs, Goldman, Jefferies, McDonald's, it's, Wolfe, Apple, Raymond James Organizations: Simon Property Group, SPG, Blackstone, Apollo, TPG, SF, APO, Blackrock, Nvidia, Broadcom, Oracle, Bank of America, Diageo, of America, Barclays, TAM, CTV, FedEx, UBS, Costco, " Bank of America, Apple, Micron

☆ Stocks making the biggest moves midday: Kroger, Petco, Moderna, Roku and more
▼ + stars: | 2024-09-12 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

That builds on Wednesday's post-earnings rally of nearly 33%, which marked the stock's best day on record. Moderna — The stock plummeted nearly 16% after the drugmaker said it will cut $1.1 billion in expenses by 2027. Interpublic Group of Companies — The advertising stock was trading 2% lower following a downgrade from UBS to sell from neutral. U.S. Bancorp — The bank stock slipped nearly 2% despite announcing a dividend hike and a $5 billion share buyback plan. Oracle – Shares of the software company rose nearly 2% after Bernstein named it a top investment idea .

Persons: Kroger –, Kroger, Moderna, Adam Berlin, Bernstein, Yun Li, Michelle Fox, Sean Conlon, Samantha Subin, Lisa Kailai Han, Sarah Min Organizations: Kroger, Moderna, Gilead Sciences, Alaska Air Group, Interpublic, Companies, UBS, Amazon, Pfizer, Bancorp, Diageo, Bank of America, Wolfe Research, Oracle – Locations: Gilead, Alaska, U.S

☆ Cramer points out current economic issues some companies are ignoring
▼ + stars: | 2024-08-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Monday said a variety of companies, to their detriment, won't admit they're hurting due to certain ongoing economic trends. "If they'd just own up, I think they'd earn a lot of credibility for themselves, leading to higher stock prices down the line. Cramer pointed to Jack Daniels maker Brown-Forman , which missed estimates during its most recent quarter and is down about 23% year to date. Cramer also mentioned peer spirit company Diageo , which saw sales decline in its most recent quarter and is down more than 14% year to date. According to Cramer, few companies have lowered prices since they raised them during the Covid-19 pandemic.

Persons: CNBC's Jim Cramer, Cramer, Jack Daniels, Brown, Forman, they'll Organizations: Diageo, Costco, Walmart, Enterprise

☆ Get ready for nasty layoffs and say goodbye to the 4-day workweek
▼ + stars: | 2024-08-06 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

It's a troubling thought, to be sure, but a longer workweek is already a reality for some workers. AdvertisementIt's the kind of thing that could make an employer less inclined to try something new — like a four-day workweek. Yet even without lackluster sales, Cappelli said, the four-day workweek was already unlikely to be widely adopted in the US. But, at the same time, Cappelli also doesn't think companies will push workers to come in on a sixth day. If companies use economic worries to reverse course on efforts like flexible work arrangements or to conduct layoffs, they put their own well-being at risk.

Persons: —, Peter Cappelli, Cappelli, Laxman Narasimhan, workweek, Brigid Schulte, Schulte, " Schulte Organizations: Service, Samsung, Business, Intel, Wharton Business School, Workers, Liquor, Diageo, New America Locations: Greece

☆ Why Americans are snubbing McDonald’s and Starbucks
▼ + stars: | 2024-07-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —On the surface, it looks like Americans are laying off the Big Macs, booze and even — gasp! On Monday, McDonald’s reported sales fell 0.7% in the US from the same period in 2023. The once reliably cheap McDonald’s pushed its prices up, while sit-down restaurants leaned into value and convenience. Applebee’s, for one, made a direct pitch to the hordes of ticked-off McDonald’s customers who felt the chain had abused its pricing power. Now, McDonald’s is trying to win back poorer customers while appealing to more affluent customers who want something new.

Persons: CNN Business ’, McDonald’s, Johnny Walker, It’s, it’s, they’re, ”, RJ Hottovy, Jonathan Maze, I’m, —, Chili’s, “, Taylor Swift Organizations: CNN Business, New York CNN, Starbucks, Diageo, Restaurant Business, Dine Brands, CNN Locations: New York, United States, North America, Texas, Paris

☆ Diageo sales slump as consumers ditch Johnnie Walker whisky and Casamigos tequila
▼ + stars: | 2024-07-30 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Diageo, one of the world’s biggest drinks makers, has reported its first drop in sales since the pandemic, as cash-strapped consumers cut back on spending. The maker of Johnnie Walker whisky, Casamigos tequila and Guinness beer is the latest consumer business to report a hit to sales as inflation and high interest rates take a bite out of household budgets. On Monday, McDonald’s (MCD) said global sales fell for the first time since 2020 as fewer customers visited the fast-food chain’s restaurants. Sales of Johnnie Walker fell by 2% globally, and by 10% in North America, the company’s largest region. That demand has since declined, while higher inflation and interest rates have left consumers with less to spend on luxuries.

Persons: Johnnie Walker, Burger, Debra Crew, George Clooney, Aarin, Hargreaves Lansdown, ”, Smirnoff, “ That’s, Pernod Ricard, Jameson, Tequila — Organizations: London CNN, Diageo, Starbucks, DEO, “, International Organisation of Vine Locations: America, Caribbean, North America, London

☆ Johnnie Walker-maker Diageo plunges 10% on full-year sales decline, but Guinness a bright spot
▼ + stars: | 2024-07-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

John Morrissey serves pints of Guinness at a traditional Irish pub in Dublin on May 21, 2024, in Dublin, Ireland. Shares of spirits giant Diageo tumbled more than 10% on Tuesday morning, after the Johnnie Walker-maker posted its first sales decline since the start of the pandemic. The London-based company said organic net sales dropped 0.6% in the full-year to June 30, largely due to weakness in the Latin America and Caribbean region. Reported net sales were down 1.4%. "The situation in Latin America is concerning as it was the primary reason for the profit warning earlier in the year.

Persons: John Morrissey, Johnnie Walker, Smirnoff, Captain Morgan, Don Julio, Tanqueray, Chris Beckett, Cheviot Organizations: Diageo, Guinness, Revenue Locations: Dublin, Ireland, London, America, Caribbean, North America, Europe

☆ Pernod Ricard is ditching wine brands as the world drinks less
▼ + stars: | 2024-07-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Pernod Ricard is selling most of its wine brands, as wine consumption is falling globally, and will instead focus on growing its champagne and premium spirits labels, including in the United States. The deal comes after wine consumption globally hit a 27-year low last year, according to an estimate by the International Organisation of Vine and Wine (OIV), an industry group. “The divestment (by Pernod Ricard) makes sense as the segment has been underperforming for a while now and the global wine market is still challenging,” Sarah Barrett, the executive editor of Wine & Spirits Daily, a US-based trade publication, told CNN. Pernod Ricard is also doubling down on American whiskey. Falling wine consumption globally has collided with severe pressures on wine production, forcing many vineyards in Europe to close their doors.

Persons: London CNN — Pernod Ricard, Jameson, Gin —, Pernod Ricard, St Hugo, Stoneleigh, ” Sarah Barrett, Barrett, ” Richard Black, Jordan Valinsky Organizations: London CNN, Wine Holdco, International Organisation of Vine, Campo Viejo, Consumers, Wine, Daily, CNN, distillers, Wine Estates, North American Distillers Locations: United States, Australia, New Zealand, Spain, Orlando, Brancott Estate, Campo Viejo, Ysios, Tarsus, India, Campo, China, US, Europe, New York

☆ Athletic Brewing raises $50 million as non-alcoholic wave sweeps brewing
▼ + stars: | 2024-07-09 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

The brewer plans to use the latest investment to increase production capacity and expand its offerings at global retailers to meet rising consumer demand for non-alcoholic beer. Leading non-alcoholic brewer Athletic Brewing Company announced Tuesday it's raised an additional $50 million in equity financing in a round led by General Atlantic. Athletic Brewing launched its non-alcoholic craft brewing facilities in 2018 and has since grown to become the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company, despite only offering non-alcoholic options, according to rankings by the Brewers Association. Athletic holds over 19% market share within non-alcoholic beer and is driving 32% of total non-alcoholic beer category growth, according to NielsenIQ data. Established beer companies like Heineken , Constellation Brands -owned Corona, Anheuser-Busch's Budweiser and even Diageo's Guinness have also hopped on the trend, introducing non-alcoholic beer offerings of their own.

Persons: Bill Shufelt, John Walker, We're, CNBC's, it's, Shufelt, Diageo's Guinness, We've Organizations: Athletic Brewing’s, Athletic, General, Athletic Brewing Company, General Atlantic, Athletic Brewing, Brewers Association . Athletic, Revenue, CNBC, Street, NCSolutions, Heineken, Constellation Brands, Corona, Anheuser, Budweiser Locations: Stratford , Connecticut, U.S, Milford , Connecticut, San Diego

☆ How the pandemic taught Diageo's CMO, Cristina Diezhandino, always to be agile
▼ + stars: | 2024-06-25 | by ( Julia Hood | ) www.businessinsider.com time to read: 1 min

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☆ An intensifying Republican-led legal campaign alleging big advertisers colluded to defund conservative media is rankling the ad industry
▼ + stars: | 2024-05-29 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +8 min

The Judiciary Committee's probe has sought documents related to discussions about advertising on "The Joe Rogan Experience" podcast. GARM and its members developed a "brand safety floor and suitability framework" for the industry to adopt. Jordan and the House Judiciary Committee issued wide-ranging subpoenas to both GARM and the WFA last year as part of the probe. The CEOs were also told to preserve all existing and future records related to their companies' work with GARM. Advertisement"GARM's members and board members are senior advertisers," a marketing executive close to GARM said.

Persons: —, Jim Jordan, GARM, Sherman, Jordan, Ørsted, Joe Rogan, Elon, Vivian Zink, Ørsted didn't, Rob Rakowitz, Unilever —, Breitbart, Joe Rogan's, Ben Shapiro, Michael Brochstein, Jim Jordan's, Lou Paskalis, Ad Fontes Media's Paskalis, Paskalis Organizations: Service, Global Alliance, Responsible Media, Business, Spotify, Syfy, NBCU, Getty, World Federation, YouTube, WFA, Diageo, GroupM, Procter, Gamble, Unilever, Steer Team, Fox News, Daily, Republican, Federalist, US Department of State, Ad Fontes Media Locations: Ohio, GARM, Jordan, Texas

☆ Daily marijuana use surpasses alcohol consumption, new study finds. Here's what it means for the industry
▼ + stars: | 2024-05-23 | by ( Brandon Gomez | ) www.cnbc.com time to read: +3 min

Although alcohol overall remains more widely used, 2022 was the first-time daily marijuana use overtook drinking at the same frequency, with roughly 17.7 million cannabis users and 14.7 million drinkers, respectively. That is a 15-fold increase for cannabis since 1992 when only 900,000 Americans disclosed using the drug daily compared with 8.9 million daily drinkers. The spirits and alcohol industry, however, has been working to defend its market share despite shifting trends among younger consumers. However, some analysts on Wall Street expect greater impact to the alcohol industry from cannabis adoption. "We estimate that legal cannabis could be negatively impacting beer volume [compound annual growth rate] by up to 230 bps in Canada and 75 bps in the U.S. where legal," said Bernstein analyst Nadine Sarwat.

Persons: Roth, Scott Fortune, Bill Kirk, Kirk, Fortune, Bernstein, Nadine Sarwat, Sarwat Organizations: The U.S . Drug Enforcement Administration, Carnegie Mellon University, Administration, Wall, distillers, Constellation Brands, Diageo, AB InBev, Molson Coors Locations: San Anselmo , California, The U.S, U.S, Canada

☆ Rich Chinese millennials are creating new status symbols. Here are 11 ways they are redefining luxury.
▼ + stars: | 2024-05-19 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +12 min

Rich millennials in the US have been known to splash out on their pets, new laundry rooms, and expensive coffee machines. And over in China, rich millennials have their own ideas of what counts as a luxury status symbol. AdvertisementExpect to see these rich millennials mixing luxury casual wear like T-shirts and sneakers with traditional luxury brands, Banta told BI. And getting regular aesthetic treatments has become a top priority for affluent millennials, Banta told BI. Independent luxury brands that offer more authentic products and those that draw on cultural heritage are also highly in demand, she said.

Persons: —, they've, Rich millennials, They've, Claudio Lavenia, Louis Vuitton, Daniel Langer, Amrita Banta, Budrul Chukrut, Elisa Harca, Ant Asia, Mary, Kate, Ashley Olsen, prioritizes, Harca, Banta, JUAN BARRETO, Olivia Plotnick, Port Ellen, Alexandra Bacon, Ewan Andrew, Langer, Black Pearl, JOHANNES EISELE, Olivier Morin, Plotnick, Tom Dixon, Potnick, Gen, Gabriella Tegen, Gen Z Organizations: Service, Business, Pepperdine University, Research, Getty, JUAN BARRETO Travel, Wai, Social, Diageo, Michelin, China Morning, Meituan, Clover, Bloomberg, Clover Suites, China News Service, McKinsey, Brands, Independent Locations: China, Antarctica, Iceland, Shanghai, Port, Scotland, That's, Harca, Singapore, Banta, millennials

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