☀️ 'Deadpool' Takes More 💰 Records, 'Trap' Does Not Surprise
DIAMOND looks to dump NBA teams / Movie Theaters report Q2 damage / Another SNL departure
Evenin! This is Sean McNulty (connect with me on LinkedIn here if ya like or email me at seanmcnultynyc@gmail.com), and here’s the Hollywood + Media news to know on SUNDAY, August 4, 2024.
Where it’s always nice when an event lives up to the hype — The Olympics have really been super fun to watch this weekend, from newcomers like Stephen Nedoroscik to GOATs Katie Ledecky and Simone Biles achieving new personal heights.
Although what’s perhaps been even more enjoyable to watch throughout the Paris games is the family support and joy that all of these athletes have in their lives, which is also deservedly getting a large part of the spotlight.
Even a guy who has won it all seemed to show just what it means to win one for your country today.
THEN: Last week, META was ending all of its celebrity AI efforts due to low user engagement . . . and then late Friday, a Bloomberg item said that META is offering multi-million deals to celebs like Awkwafina and Keegan-Michael Key to use their voices in AI projects. It’s almost like . . . different META divisions don’t talk to each other — but that can’t be. 🧐
AND: MrBeast’s “Welcome to running a media company!” summer of 2024 hard knocks continues . . . with this latest NYT report featuring contestants from his upcoming Beast Games AMAZON series reporting several hospitalizations, vomiting and not receiving adequate food or medical care on the shoot, which ended up featuring a competition of 2,000 contestants . . . not the 1,000 originally billed to them.
PLUS: DRAFTKINGS finally reached a quarterly profit in Q2 for the first time! $64M on . . . $1.1B of revenue (it still posted a loss on an operations basis of -$32M — not too far off from the largest movie theater chain in the “doomsday” Q2 btw). And now, it’s passing the taxes onto you!
Yes, DK will now tax your winnings at around a 3% to 5% rate in states that have high taxes on DRAFTKINGS revenues (including the biggest ones of NY, IL and PA), so the company’s quarterly tax payment is somewhat offset. By you. 🤝
IT’S THE ECONOMY, STUPID: Wall Street had quite a Friday — when 2 movie theater chains are the only stock prices among all of the tech and media stocks I follow that had a positive day . . . that says it all (btw more on those movie theater stocks below, after today’s Box Office Breakdown).
Otherwise, Q2 / summer economic indicators — some of which I make a point of mentioning here (fast-food spending declines, increased credit delinquencies, slowing job growth) — are starting to raise eyebrows amongst the finance set, who is nothing if not 100% in touch with the common American.
Wall Street is of course now reacting in a very rational fashion. Just like the last time it predicted a recession about 16 months ago, and was . . . totally wrong.
🍺 BEER BIZ & THE ECONOMY SIDEBAR:
#Funfact I also write a weekly column about the beer business for a 🍻 industry subscription publication — something a handful of readers know . . . mainly the ones whom I’ve, uh, personally met, as the Venn diagram between the entertainment and beer businesses is mainly me and the Kelce brothers (they have a majority stake in a craft lager called GARAGE BEER — so they bring the beer to the monthly meetings).
I bring this up to share a note from that part of the world relating to the economy at large — each month, one of the beer industry’s trade groups does a survey of U.S. beer distributors about whether they plan to order more or less of a certain beer category each month (imports, craft beer, cider, etc).
In its July survey, the “Below Premium” (#cheapbeer) category shot up to its highest rate of “intend to order more” by beer distributors since May 2020.
Last July, it got a 39 score. This July, it got a 62.
WAKEUP BOX OFFICE POLL
Trap not only did what tracking said, but also what most of you (and I) said. Always nice when everyone’s in agreement.
HOUSEKEEPING NOTE:
The Wakeup will be coming to you a little later in the A.M. than usual this week due to morning Hollywood studio earnings calls.
Ankler Live Event in L.A. this week!
Come hang with some folks from one of the most talked-about series out there in FX’s Fargo, alongside one of my favorite interviewers, Katey Rich, as she does a live edition of her Prestige Junkie podcast on Wednesday evening (just click here or the image to RSVP).
📽 THE SILVER SCREEN
