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A 150 million opening for The Eras Tour concert film
Plus: VC returns are at a 10+ year low
Cash Nut
October 13, 2023
In Today’s Edition
VC returns are at a 10+ year low
M&A makes a strong comeback in the DACH region
‘Netflix House,’ the Streamer’s First Permanent Fan Experience Locations, to Open in 2025
A $150 million opening for The Eras Tour concert film?
Tesla releases official API documentation to support third-party apps
Humane's AI gadget plans include becoming an MVNO
Woman's Experimental Bionic Hand Passes Major Test With Flying Colors
🚀Startups Nuts
We can’t say we’re surprised. Down rounds, inertia in the IPO market, and climbing rates of administrations were always going to impact VC returns. The second order impact of this is that LPs are likely going to be a little hesitant giving GPs fresh capital, which impacts the amount of funding available for startups.
The absence of growth funding in the DACH region has been replaced with healthy M&A. The number of M&A transactions in the region has increased from 153 in H1 2022 to 235 in H1 2023, a 54% increase. Last month LeanIX was acquired for a reported €1.2bn by software giant SAP in one of Germany’s biggest ever tech acquisitions.
🏭Business Nuts
Netflix is planning to open a new type of experience location where fans can shop, eat, and play games themed around popular shows. The locations will have rotating installations, ranging from ticketed shows to restaurants to retail shops. They will have enough varied content for customers to visit a couple of times a month. There is limited information about where these locations will be.
Box office analysts predict Taylor Swift’s The Eras Tour concert film will easily surpass $100 million during its opening weekend. In fact, the film could generate as much as $150 million during its debut, a figure that would make it the highest opening of a concert film ever and also one of the highest openings of 2023. AMC Entertainment, which is distributing the film, reported last week that presales for its theaters had already exceeded $100 million for the full run of Swift’s film.
📱Tech Nuts
Tesla has officially released API documentation to support third-party apps after years of operating with an unofficial API. The API is still geared toward fleet management, but it could be the first step in creating a healthy app ecosystem. All third-party apps will have to go through Tesla's new API starting next year. The introduction of an official API was likely related to Tesla's recent release of in-car fleet management and rental software with Hertz.
Humane is getting ready to officially unveil its AI Pin next month. The company has filed with the FCC for authority to resell telecommunication services provided by other mobile carriers. The plan to sell these services means the company wants to make money with services as opposed to just hardware sales. It will likely introduce the device with a monthly service plan that includes connectivity as well as storage and processing for captured photos and video.
🔥Newsletter Spotlight
🎁Miscellaneous
A recently published paper details the case of a Swedish woman who has successfully worn an advanced bionic limb for years with no major issues. The woman had suffered a farming injury that took much of her right arm below the elbow, leaving her with phantom limb pain that required high doses of medication to manage. The bionic limb is directly connected to the woman's neuromusculoskeletal system. It is controlled by her nervous system and provides sensory feedback. The limb substantially reduced the woman's phantom limb pain and need for medication. A video of the bionic limb is available.
💡What else are we reading and seeing?
OpenAI has already surpassed $1.3 billion in revenue
Biotech venture capitalist says bad industry outlook will continue
Corporate giants are the new hedge funds of FX markets
Blackstone’s Gray sees opportunities in sports financing
How JPMorgan plans to beat competitors to become Silicon Valley’s top bank
How to climb the corporate ladder
Why the most successful marriages are startups, not mergers
The workplace skills AI can’t replace
5 types of manipulators at work
Microsoft CEO on what separates successful people
Morgan Housel on the written word
5 key takeaways from Atomic Habits that can revolutionize your routine
😎Fun Fact
In 1956, the world's first credit card, the "Diners Club" card, had just 14,000 cardholders and could be used at only 27 restaurants in New York City
🔥 Hot Book of the Day
Simone Biles quit the Olympics. Prince Harry and Meghan Markle quit The Firm. Millions of people have quit their jobs, seeking happiness and defining success on their own terms. Is it a mistake? As Pulitzer prize-winning journalist Julia Keller found out, it’s not. And, in fact, it might even save your life.
Diving into the neuroscience of nope and the cultural messages that drive our reluctance to throw in the towel, Keller dismantles the myth of perseverance once and for all. Because grit isn't always great. Sticking it out doesn't always pay off. And quitting can be an unexpected act of self-love.
Quitting: A Life Strategy humanely reminds us that, in order to live meaningful, satisfying lives, sometimes we have to say “no”—full stop. With Keller’s guidance, readers will learn the art of the quasi quit, see how quitting makes space for key breakthroughs, navigate the relationship between quitting and our public lives, manage quitter's guilt, and more.
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