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Last Friday, Ho took his company, NIP Group, public on the Nasdaq stock exchange. NIP Group makes money from live streams — both of esports and from third-party influencers — and event production and its esports arm. NIP Group plans to explore esports real estate, digital collectibles, and esports training camps, among other strategies, the company said in a filing. Before the duo cofounded NIP Group, Ho was the chief marketing officer of iDreamsky Games, one of the largest game publishers in China. Though billed as an esports company, NIP Group made the bulk of its revenue last year primarily from managing 36,000 online entertainers — with money coming largely from fees on their live streams.
Persons: , Mario Ho, Stanley Ho, Ho, NIP Organizations: Service, NIP Group, Nasdaq, SEC, Business, Group, iDreamsky, MIT Sloan School, Macau Esports Federation, MSI Finance Management Company, Bloomberg Locations: Sweden, China, Oslo, Hong Kong, Asia, Macau
The topic of Temu and Shein's growth will hover over tech earnings this week, as Amazon reports second-quarter results alongside Meta, eBay and Etsy. watch nowIn Amazon's report on Thursday, the company is expected to show revenue growth of about 11% to $148.6 billion, according to LSEG. That's where Temu and Shein come into play, as merchants now have new ways to get products to American consumers. Amazon has continued to highlight its delivery prowess and its focus on speed in the face of growing competition from Temu and Shein. However, while it's long touted itself as the "lowest-priced U.S. retailer," Amazon has shown that it's well aware of Temu and Shein's increasing popularity.
Persons: Stefani Reynolds, David Zapolsky, Zapolsky, it's, Shein, Andy Jassy, Jassy, It's, Angus Mordant, Temu, Meta, Susan Li, Jamie Iannone, Etsy, Amazon, Amazon's Zapolsky Organizations: Apple, CNBC, Afp, Getty, eBay, Meta, Etsy, Tech, YouTube, Microsoft, Intel, Qualcomm, Google, PDD Holdings, Amazon, European Union, Bloomberg, Barclays, Finance, EBay, Bank of America, Walmart Locations: U.S, China, Temu, New York, Asia, Pacific, San Francisco, Singapore
As the franchise owner of an Elmer’s family restaurant in southern Oregon featuring German pancakes “almost as big as Crater Lake” and omelets stuffed with local Tillamook Cheddar cheese, David R. Thomason has always tended to his customers, even before they walk through the front door. But these days, he is more worried about the ones who come in the side entrance, which leads to a bar lounge where customers can bet on slotlike machines operated by the Oregon Lottery until 2 a.m.Like many of the state’s 3,800 video lottery retailers who pump almost $1.7 billion into the state’s coffers, Mr. Thomason is waiting for the U.S. Department of Interior to decide whether two Oregon tribes will be allowed to claim a much bigger stake in state gambling revenues by opening casinos in urban areas, far from their reservations along the coast. “I’m adamantly opposed to the tribal expansion,” Mr. Thomason said on a recent weekday morning, when four of six gaming terminals were in use, and a few customers were nursing drinks. “My belief is that we would see as much as a 25 percent drop in volume.”
Persons: David R, Thomason, “ I’m, Mr Organizations: Oregon Lottery, U.S . Department of Interior Locations: Oregon
My sons, Taylor and Tyler, started playing video games when they were 5 and 6. I had never heard of esports — or competitive video gaming — but at an open house, Taylor introduced me to the coach. Because of that, video gaming can now open up opportunities for students the same way traditional sports can, he said. Courtesy of Sherry WilliamsI was convinced, but I still had the rule that the boys couldn't play video games during the week. I even use the streaming platform Twitch to watch games that Taylor has played as if they're real sporting events.
Persons: , Sherry Williams, Taylor, Tyler, Taylor couldn't, esports, I'm, Johnson, I've Organizations: Service, Business, Smith University
The youngest billionaires in 2024 owe their fortune to family inheritance, according to Forbes. This marks the first time in 15 years without self-made billionaires under 30. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But unlike previous entries on this list, which include disgraced FTX cofounder Sam Bankman-Fried and Meta CEO Mark Zuckerberg, all of the youngest billionaires in 2024 have family succession to thank for their fortunes. According to Forbes, it's the first time in 15 years that there aren't any self-made billionaires under 30.
Persons: , Sam Bankman, Mark Zuckerberg, Forbes, it's Organizations: Forbes, Service, Business
The investment bank says stocks like Apple are table-pounding buys ahead of quarterly results this week. CNBC Pro combed through Bank of America research to find buy-rated tech stocks with more room to run. Apple Bank of America recently raised its price target on the iPhone maker to $256 from $230. Shopify Time to buy shares of the Canadian provider of websites for businesses, according to Bank of America. Analyst Brad Sills recently upgraded Shopify to buy from neutral as a "more balanced growth & margin profile" take hold.
Persons: Wamsi Mohan, Apple, Mohan, GenAI, Brad Sills, Sills, Shopify, Sachin Salgaonkar, Mark Murphy, Satya Kumar, Samir Organizations: Bank of America, CNBC, Microsoft, Apple, Micron Technology, Sea, Apple Bank of America, Apple Vision, Micron Locations: Bank, Shopify, U.S, Singapore, Southeast Asia, Asia, Brazil, Boston, New York
He's not doing all this out of the kindness of his heart; he's doing it because he wants the credit-card rewards. In a recent poll from Ipsos, 71% of Americans surveyed said they had some sort of rewards, points, or cash-back card, and 80% of those with such a card said they valued their rewards. But maybe we love our credit-card rewards too much, to the point that it's making us act in less-than-ideal ways toward those we hold near and dear. But credit-card rewards are, indeed, making things uncomfortable. I recently booked a fight with a friend who remarked she'd gotten some $300 in travel credit from her rewards card.
Persons: Pam, she's, It's, He's, Jane, Joe, there's, Mary fuming, Matt Schulz, Taylor Swift, I'm, Jen, who's, She'd, nonpoints, Emily Thompson, Guy, they'd, Ted Rossman, , Danielle Bayard Jackson, she'd, Thompson, I'd, Matt, " Schulz, LendingTree, they've, Emily Stewart Organizations: brunch, LendingTree, American, Business Locations: San Francisco, Ipsos, Singapore, Chicago, Alaska, Florida
Against this backdrop, Wolfe Research searched for stocks with a high free cash flow yield — that is, a comparison of a company's free cash flow to its market capitalization. Free cash flow refers to the amount of cash leftover after a company has paid its expenses. A higher free cash flow yield means the company is generating more cash, which it can then reinvest back into its business for further growth. With an estimated 2024 free cash flow yield of 5%, Lockheed Martin also made the list. IBM has an estimated 2024 free cash flow yield of 6%.
Persons: Wolfe, Wells, Daniel Politzer, Lockheed Martin, TD Cowen, Cai von Rumohr, Mills Organizations: Wolfe Research, Vegas Sands, Lockheed, Technology, Machines, IBM, Bank of America, Infrastructure, Consulting, Body, Delta Air Lines Locations: Macau, Bath
Look North World has secured $4.5 million in seed funding. The startup works with creators to help them develop and publish games on platforms like Fortnite. AdvertisementA startup that has created a gaming studio for emerging and smaller creators has secured $4.5 million in seed funding. Los Angeles-based Look North World, which launched in 2023, bills itself as a "gaming ecosystem" for user-generated content creators and is already profitable, CEO Alexander Seropian told Business Insider in an interview. This story is available exclusively to Business Insider subscribers.
Persons: , Alexander Seropian Organizations: Service, Los, Business Locations: Los Angeles
Read previewOne of MrBeast's oldest friends quit working with him after allegations were made about her messaging a child. YouTube superstar MrBeast, whose real name is Jimmy Donaldson, has been adept at dodging criticism and controversy in his career. AdvertisementTyson has been accused by several YouTubers of messaging a young fan when he was 13 and Tyson was 20. BI asked Donaldson and Tyson for further comment but did not receive a response. Donaldson posted a statement on the night of July 24, saying he was "disgusted and opposed" to Tyson's behavior and had hired a third-party investigator.
Persons: , MrBeast, Jimmy Donaldson, Ava Tyson, Tyson, Donaldson, Adrox, Prism42, Ava, I've, Don Arnold, Colleen Ballinger, Miranda, Katya Varbanova, Donaldson hasn't, hasn't, Varbanova Organizations: Service, Business, BI, Getty
Toy company Hasbro beat Wall Street expectations for the second-quarter on Thursday, thanks in part to growth in its digital gaming segment. Though Hasbro's revenue declined 18% overall for the quarter, its Wizards of the Coast and digital gaming segment saw 20% revenue growth. Hasbro attributed the revenue increase for Wizards of the Coast and digital gaming to the launch of MAGIC's card game, Modern Horizons 3, and the continued impact of licensed and digital gaming, with Monopoly Go! CEO Chris Cocks said during the company's earnings call that it continues to invest in its digital gaming portfolio, highlighting the recent appointment of John Hight as president of Wizards of the Coast and digital gaming. The company estimates a total adjusted EBITDA for the full year of between $975 million and $1.025 billion.
Persons: Chris Cocks, John Hight, John, we're, " Cocks Organizations: Hasbro, Austin , Texas . Toy, LSEG, Wizards, Monopoly Locations: Austin , Texas
After all, I knew perfectly well what I'd signed up for: learning Portuguese from the biggest asshole on the App Store. It might be an overstatement to call tough love the secret sauce for engaging Gen Z customers. It followed that in 2023 with a send-up of personal-injury-attorney TV ads: "Lawyer Fights Duolingo Owl for $2,700,000." Despite the research, Duolingo insists its guilt-tripping notifications do the trick of enticing people to drop whatever they're doing to log on to the app. When Duolingo's head of product, Cem Kansu, posted a thread in 2020 about the success of "the passive aggressive reminder," several unhappy Duolingo users chimed in.
Persons: I'd, Locations: Lisbon
CNN —The Philippines has announced plans to ban offshore gaming operators, targeting an industry that mostly caters to Chinese gamblers and has sparked growing alarm from law enforcement over its alleged connections to organized crime. Known locally as POGOs, Philippine Offshore Gaming Operators have spawned across the country, both licensed and illicit, employing tens of thousands of Chinese and foreign nationals. Ezra Acayan/Getty ImagesThere are 46 licensed offshore gaming operators and dozens more illicit gambling hubs in the Philippines, according to the country’s gaming regulator, which Marcos has ordered to close by the end of the year. Since then, the Philippines has become a major hub for online gaming catering to tens of thousands of players based in China. “Even if overseas casinos are legally opened, cross-border gambling by Chinese citizens is suspected of violating the laws of our country,” the embassy said in a statement.
Persons: Ferdinand Marcos Jr, ” Marcos, Marcos, Ezra Acayan, Marcos ’, Rodrigo Duterte Organizations: CNN, Philippine Offshore Gaming, Macao –, Philippine News Agency Locations: Philippines, Philippine, Manila, Beijing, South China, China, Macao, Southeast Asia, United States, China’s, Singapore
Ways to earn Choice Privileges pointsThe Choice Privileges program may seem straightforward, but many little rules define what counts as a qualifying points-earning stay. Earn points from Choice hotel staysThe most straightforward way to earn Choice Privileges Rewards is by staying in Choice hotels on paid bookings. Buy Choice Privileges points for yourself or someone elseYou can buy up to 250,000 Choice Privileges points for yourself — or up to 180,000 Choice Privileges points for friends and family members — per calendar year. Transfer Choice Privileges points to travel partnersTo redeem Choice Privileges points for flights, use the Choice Hotels Rewards Exchange to transfer them to airline partners at the following rates:5,000 Choice points for 1,000 Alaska Airlines Mileage Plan miles5,000 Choice points for 1,000 Aeromexico Club Premier miles5,000 Choice points for 1,000 Aeroplan points5,000 Choice points for 1,000 United MileagePlus miles5,000 Choice points for 1,000 Spirit Airlines Free Spirit miles5,000 Choice points for 1,000 Czech Airlines OK Plus miles20,000 Choice points for 8,000 Qantas Frequent Flyer points20,000 Choice points for 8,000 Virgin Australia Velocity points20,000 Choice points for 140 Air New Zealand Airpoints DollarsNote that you may need to call Customer Service at 888-770-6800 and provide them with your frequent flyer number to complete your airline redemption. Choice Privileges Rewards frequently asked questionsHow can I earn points with Choice Privileges Rewards?
Persons: You'll, , Read, It's, We'll, you'll, there's, Homefront, they'll Organizations: Business, Card, Citi Strata Premier, Choice, Read, Choice Hotels, Penn National Gaming, Inc, Resorts, Amtrak, Barclays, Amex, Citi, Capital, American, Premier, Express, Hotels, Diamond, Avis, Cambria Hotels, Alaska Airlines, Aeromexico Club Premier, Czech Airlines, Spirit Airlines, Air, Zealand, Qantas Frequent Flyer, Australia, Alamo, Budget, Bed, Apple, Vinesse, Rocket, Aeromexico Club, Airlines, Virgin Australia, Clubs of America, Fisher House Foundation, Council, International, Polaris, Cosmopolitan, AARP Locations: Cambria, Econo Lodge, U.S, Canada, Mexico, Central America, Caribbean, Asia, Pacific, China, Japan, Europe, Clarion Clarion Pointe, Cambria Hotels, Czech
The logo of US toy company Mattel is seen at the 72nd toy fair (Spielwarenmesse) in Nuremberg, southern Germany, on February 2, 2023. L Catterton, the private equity firm backed by luxury goods giant LVMH, has approached Mattel , the toy maker behind Barbie and Hot Wheels, with an acquisition offer, people familiar with the matter said on Monday. Hasbro also declined to comment, while L Catterton did not respond to a request for comment. Mattel shares jumped 20% to $19.49 following the Reuters report of the approach, giving the toy maker a market value of $6.5 billion. L Catterton, which has $34 billion in assets under management, has made more than 250 investments in consumer brands since its launch in 1989, according to its website.
Persons: Barbie, Catterton, El, Price, L, Bernard Arnault Organizations: Mattel, Hasbro, Capital, Fisher, American Girl, LVMH Locations: Nuremberg, Germany, El Segundo , California, American
Courtesy: EA SportsThe 2024 football season officially starts this weekend for many fans, as Electronic Arts rolls out a long-awaited revamp of its college football game. A new eraThe college football game, previously titled NCAA Football, was typically a smaller product for EA, at least compared to titles like Madden. Beyond the gameplay, the changes to the video game also reflect some massive shifts in college football itself, including the advent of the College Football Playoff. A decade ago, college football players had strict restrictions around making money outside of their scholarship. EA Sports College Football 25.
Persons: they've, Anthony Bencomo, Bencomo, Bill Long, Long, Eric Handler, Roth, Madden, Lucas Dolengowski, Dolengowski, Sports Bencomo, I've adulted Organizations: EA, EA Sports College Football, Electronic, XBox, PlayStation, Football, eBay, Sports, College Football, Sports What's Locations: Orlando, Sacramento, Madison , Alabama
Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. On July 15, Starboard sent a letter to Match highlighting various opportunities to improve operations, financial results and capital allocation. Match's EBITDA margin of 36% may be high for an average company, but it's low for a company like Match. Starboard thinks that this is a highly valuable asset that may be well-suited to operate as a private company. Starboard is not the first activist to launch a public campaign at Match.
Persons: Russell, Bernard Kim's, Jeff Smith, Thomas McInerney, Smith, Elliott, Ken Squire Organizations: IAC, Altaba, Yahoo, Elliott Management, Anson, 13D
WASHINGTON — Members of President Joe Biden's family have discussed what an exit from his campaign might look like, according to two people familiar with the discussions. Biden's family members have specifically discussed how he would want to end his re-election bid on his own timing and with a carefully calculated plan in place. White House spokesman Andrew Bates denied that any such exit discussions are happening amongst the family. Among the reports: that longtime speechwriter and historian Jon Meacham was penning Biden's exit remarks. Amid the turmoil the Biden campaign sent out talking points to Democrats, according to a Democratic strategies: "President Biden has not spoken to congressional leadership today.
Persons: Joe Biden, Jill Biden, Joe Biden's, , Biden, Donald Trump, Biden's, Andrew Bates, Joe, Jen O'Malley Dillon, it's, Ron Klain, Klain, Trump, Bates, Hunter, Valerie Owens, Bidens, Kamala Harris, Jon Meacham, Meacham, I'm, Al Sharpton, Sharpton, it's Joe Biden, Brian Wolff, Wolff Organizations: White, WASHINGTON —, Republicans, Trump, White House, Covid, Democratic, NBC News, MSNBC, Republican National Convention, Biden, Senate, PAC Locations: Washington , U.S, Rehoboth Beach , Delaware
How the world’s tech crashed all at once
  + stars: | 2024-07-19 | by ( Sean Lyngaas | ) edition.cnn.com   time to read: +4 min
CNN —When computers and tech systems around the world went down Friday, snarling airports, closing Social Security offices and limiting jail operations, many people had one question: How on Earth could this happen in 2024? CrowdStrike is everywhereNumerous Fortune 500 companies use CrowdStrike’s cybersecurity software to detect and block hacking threats. Computers running Microsoft Windows — one of the most popular software programs in the world — crashed because of the faulty way a code update issued by CrowdStrike is interacting with Windows. Anne Neuberger, a senior White House tech and cybersecurity official, spoke of the “risks of consolidation” in the tech supply chain when asked about the IT outage on Friday. The infamous hack of the US government using SolarWinds software in 2020, which US officials blamed on Russia, came through a tampered software update.
Persons: Costin, CrowdStrike, Munish Walther, Puri, , ” Walther, Anne Neuberger, ” Neuberger, ” Tobias Feakin Organizations: CNN, CrowdStrike, Windows, White House, Aspen Security Locations: New York, Russia, Russian
That's basically the pitch the management of Warner Bros. Discovery is floating to investors today, via a story in the Financial Times: "A dramatic plan to split its digital streaming and studio businesses from its legacy television networks." And would the money from those declining networks be enough to service all that debt? Apple, most notably, inquired about buying HBO way back when its parent company was called Time Warner. If WBD can't split the company the way it's supposedly proposing now, it will end up selling off assets (maybe CNN?
Persons: That's, WBD, I've, hasn't, Pimple Popper, HBO hasn't, Jessica Reif Ehrlich, Rich Greenfield, you'll, it's, Time Warner, David Zaslav —, Donald Trump, he's, Zaslav Organizations: Service, Warner Bros, Financial, Business, HBO, Max, CNN, Netflix, Big Tech, Apple, Time, Sun, Paramount
View at AmazonThere are even more options for Prime Day Apple Watches, and Prime Day iPads still available in our other guides. For an extensive breakdown divided up by size, see our full roundup of Prime Day TV deals. View at AmazonThere are even more sleep deals where those came from — check out our roundups of the best Prime Day mattress deals and Prime Day pillow deals. Do I need to be an Amazon Prime member to buy Prime Day deals? Amazon Prime Day deals are comparable to Black Friday and Cyber Monday, with the main difference being that Amazon is the only participating retailer.
Persons: Siri, They're, you’ll, Jonathan Adler, it's, dehumidifier, vacs, Fryer, Foodi, Fry, fryer, MagSafe, Kate Spade, they're, Bose Smart, Ray Soundbar, Ray, Anker, Amazon Nathan James Hugo Wood Nightstand, Nathan James, Inaba, waddle, Dyson, , Gabrielle Chase, , we've, haven't Organizations: Business, Amazon, Apple, Amazon Apple, Apple Health, Amazon LG, Amazon Samsung, Sony WH, Sony, Amazon Sony WH, Amazon Anker, Amazon Bose, Amazon Beats, Samsung, Clarks, Casper, Pillow, Morris, Morris & Co, Toshiba, LG, Dell, Galaxy, Alexa, Amazon Alexa, Hatch, Amazon Belkin, Apple Watch, Nintendo, Nova, Nova Pro, Logitech, Lightspeed, Mac, lounging, Amazon Canada, packers, Amazon Fisher, Prime, Chatelet Air, Dyson, Amazon Philips, Philips, Amazon Prime, Deal Locations: PopSockets, York
While the media and entertainment landscape around Netflix is in a state of change, the world's largest streamer is fine with the status quo. "Because when we delight people with our entertainment, Netflix can drive higher engagement, revenue and profit than the competition. This in turn creates a more loved and valued entertainment company — for our members, creators and shareholders — that we can strengthen and grow over time." But rather than worry about YouTube's competition, Netflix is content to focus on the other 80% of the TV market, the company reiterated. Netflix's focus remains building its advertising business and adding streaming subscribers on the back of its strength of content.
Persons: Disney's, It's Organizations: Netflix, Paramount Global, Skydance Media, Warner Bros, NBA, Nielsen, YouTube, Warner, Disney Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOriginal programming means a lot less to Netflix these days, says Tom RogersTom Rogers, Oorbit Gaming executive chairman and Newsweek editor-at-large, joins 'Squawk Box' to discuss what to expect from Netflix's quarterly earnings results today, state of the streaming wars, future of Warner Bros. Discovery, and more.
Persons: Tom Rogers Tom Rogers Organizations: Netflix, Oorbit Gaming, Newsweek, Warner Bros
CNN —Thomas Matthew Crooks, the shooter in the failed assassination attempt against former President Donald Trump, wrote on the popular gaming platform Steam that “July 13 will be my premiere, watch as it unfolds,” a source familiar with the matter told CNN. The source did not elaborate on timing or whether there were other posts. Investigators have been trying to learn more about what Crooks was doing in the days and hours leading up to his attempt to assassinate the former president. Crooks also conducted searches online about major depression disorder, administration officials told Congress during briefings Wednesday. This story has been updated with additional details.
Persons: CNN — Thomas Matthew Crooks, Donald Trump, Crooks, Joe Biden Organizations: CNN, Trump, Democratic National Convention Locations: Butler , Pennsylvania
Penn Entertainment will lay off about 100 employees as it focuses on growth for ESPNBet. "This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition." Penn went on to say it's embarking on a new phase of growth in its interactive business, which include ESPNBet, a $2 billion branding partnership with Disney's ESPN. Penn's release of new ESPNBet features this fall during football season should meaningfully improve its product, Jonas said, and a focus on costs indicate the company's commitment to seeing its investment yield results. Truist has a buy rating on Penn and a price target of $25.
Persons: Jay Snowden, theScore, Snowden, Penn, it's, Barry Jonas, Jonas, Truist Organizations: ESPN, Penn Entertainment, ESPNBet, PENN, CNBC, Disney's ESPN, Donerail, Penn, ESPN Bet Locations: New York
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