Disney Beats Netflix Fair & Square 🏆 in Terms of Streaming Subscribers 👑
Scott D. Clary | Daily Business, Tech & Finance Newsletter
Scott D. Clary
August 19, 2022
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Here’s what’s happening:
- Disney Beats Netflix Fair & Square in Terms of Streaming Subscribers
- SoftBank Vision Fund Reports a $21.6 Billion Quarterly Loss
- eToro to Acquire Fintech Startup Gatsby
- Crypto Broker Genesis Cutting 20% of Workforce
- HR platform HiBob Raises $150 million
Disney Beats Netflix Fair & Square 🏆 in Terms of Streaming Subscribers 👑
Video streaming platform Disney has overtaken Netflix in the number of subscribers.
Key numbers:
- Disney’s streaming services — Disney+, Hulu, and ESPN+ now boast of having over 221 million streaming customers compared to 220.7 million streaming subscribers of Netflix.
- The streaming giant will raise the monthly cost of Disney+ without advertising by 38% to $10.99 in December when it begins to offer a new option that includes ads for the current price.
- Prices for Hulu will rise by $1 to $2 per month in December, depending on the plan.
Why does this matter?
In just five years, Disney has edged past Netflix in terms of total streaming customers and added 14.4 million Disney+ customers, beating the analyst estimates that put the expected numbers at around 10 million.
What’s next? 👀
By September 2024, Disney will have between 215 million and 245 million total Disney+ customers.
SoftBank Vision Fund Reports $21.6 Billion Quarterly Loss 📉
SoftBank has reported one of the biggest fiscal first-quarter losses in its Vision Fund investment unit, as the company reported its second-largest quarterly loss for the Vision Fund.
The Vision Fund posted a loss of a whopping 2.93 trillion Japanese yen ($21.68 billion) for the June quarter. Yes, you read it right!
Why did the company post losses?
- SoftBank’s Vision Fund has been hit by a slump in high-growth stocks as a result of rampant inflation that has led the U.S. Federal Reserve and other central banks to raise interest rates.
- SoftBank saw a decline in share prices across a wide range of its portfolio companies. It also said that the share prices of private companies in its portfolio also declined.
SoftBank’s Cash Sources 💸
SoftBank has turned to selling its stakes in companies to raise money. Recently, it has sold its stakes in a handful of companies, including Uber, Alibaba, and online real estate company Opendoor.
eToro to Acquire Fintech Startup Gatsby
In a significant move towards consolidation in the consumer trading app space, multi-asset social investment network eToro has signed a definitive agreement to acquire fintech startup Gatsby.
The deal
eToro has agreed to acquire Gatsby for $50 million in cash and a common stock deal.
The good news:
The deal has been fully approved by the US Financial Industry Regulatory Authority (Finra) after first being filed for approval in December 2021.
About Gatsby
Founded by Jeff Myers and Ryan Belanger-Saleh, Gatsby is a no-commission stocks and options trading platform that makes investing approachable to everyone. Gatsby allows users to earn rewards points with each eligible trade. The platform aimed to give people a safe and fair platform for trading.
How will this buy help eToro? 🤔
The acquisition would allow eToro to broaden the range of its U.S. product, which today is focused on stocks and crypto.
Uh-oh! Crypto Broker Genesis Cutting 20% of Workforce ✂️
What’s happening? Crypto firms are slashing their workforce amid a bear market.
Crypto brokerage firm Genesis has slashed 20% of its 260-person workforce following major losses tied to the collapse of Three Arrows Capital earlier this summer.
To add, the company CEO Michael Moro is also stepping down as part of a leadership shuffle.
Key Highlights:
- Genesis — owned by Digital Currency Group (DCG), filed a $1.2 billion claim against failed crypto hedge fund Three Arrows Capital in July.
- The implosion of LUNA and the Terra ecosystem, followed by the collapse of Three Arrows Capital, led to a slew of layoffs, bad debt, and bankruptcy filings throughout the crypto industry.
- The US-based broker was one of several companies impacted by the crypto market downturn and has now joined a growing list of crypto firms reducing their workforce to survive.
New Genesis CEO
The company’s chief operating officer, Derar Islim, will replace Moro as interim CEO until a permanent replacement arrives.
HR Platform Hibob Raises $150 Million 💰
Cloud-based human resource (HR) platform HiBob has raised $150 million in its Series D funding round. The latest fundraise values the company at $2.45 billion.
Investors in Series D funding
The funding was led by General Atlantic, along with participation from Bessemer Venture Partners, among others.
Investing the money
This latest investment is intended to support HiBob in capitalizing on its market leadership as the startup continues to execute on key business priorities in the current market environment.
About HiBob
HiBob is an HRIS platform that helps dynamic and modern companies bring out the best in their employees. The platform enables HR teams to perform day-to-day tasks such as payroll processing and benefits management in a centralized dashboard.
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