Happy Friday! Do you have any fun plans for the weekend? I would have started with “hello,” but this public speaking expert says that's pretty good. a weak way to open things up.
Today's big story is about big business: the Super Bowl. from advertisers to ultrawellyour.
What's on deck:
But first, let the games begin!
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big story
super bowl biz
During the Super Bowl, many games are played far away from the stadium.
From advertisers tapping into the games' massive audiences to the ultra-wealthy networking in luxury suites, America's biggest sporting event is also a huge business opportunity.
Last year's games drew an average of 115.1 million viewers, setting a record for a U.S.-based television broadcast. And this season, the NFL has gotten even bigger, writes Business Insider's Emily Stewart.
Commercials are an important part of the game, but we're a long way from the days of Coca-Cola's “Hey Kid, Catch!”
The 30-second spot costs $7 million, but that's just the starting point, BI's Ryan Joe and Lara O'Reilly write. Developing and shooting a Super Bowl ad typically costs him 50% to 60% more than a regular ad.
Ryan writes that Taylor Swift has added another wrinkle as advertisers ponder what Swift's in-game cutaway means for ad slots.
For some advertisers attending the Super Bowl for the first time, this commercial is a springboard to a larger campaign, writes BI's Lauren Johnson.
But that's not all About commercials.
The Super Bowl is also a calendar staple for the ultra-wealthy, writes BI's Madeline Berg. From Elon Musk to Rupert Murdoch, some of the biggest names in their respective industries have been known to attend the game and its events.
A star is sure to be born this year as well. At private charter company VistaJet, air bookings are up 25% compared to last year, BI's Taylor Raines and Grace Kay write.
And while it may not reach the level of Sun Valley, the famous “summer camp for billionaires'', if you gather enough powerful people in one place, there is no doubt that it will lead to some business. New sports streaming services will give them plenty to talk about this year.
Meanwhile, American households plan to spend $17.3 billion on the Super Bowl event, an increase of $1 billion from last year, BI's Julianna Kaplan and Cork Gaines reported.
Of course, many Americans will expect a victory. Instead of spending money. A record 68 million Americans are expected to bet $23.1 billion on the Super Bowl, according to the American Gaming Association.
Right now, the San Francisco 49ers are likely to beat the Kansas City Chiefs by two points, but that's not just the traditional bet people make. From the colors of the celebratory Gatorade bus to the first song Usher performs ( other There are many unique prop bets available during the halftime show (with musicians).
Three things in the market
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Credit card debt has no bearing on your YOLO lifestyle. Top economist David Rosenberg said aggressive consumer spending had created a “supersized credit bubble.” U.S. household savings are declining, but debt-fueled spending soared last quarter.
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The quantitative results for January are out. Quantitative funds like Cube and Renaissance Technologies started 2024 strong, but Man Group's AHL division had a mixed performance. Here's how some top systematic funds do it.
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The S&P 500 closed at an all-time high. The benchmark index closed just under 5,000 points on Thursday after rising 0.1%. UBS said the gauge is likely to continue rising due to strong growth, subdued inflation and better-than-expected earnings.
Three things about technology
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Tesla factory workers earn: Tesla is now paying its U.S. factory workers between $22 and $39 an hour after raises went into effect last month, according to documents obtained by Business Insider. Salaries vary depending on the employee's location.
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Google's head of AI products explains the company's “cleanup.” Google Vice President Sissy Xiao said the company would change the name of its AI assistant from Bard to Gemini as a way to embrace the latter as its AI brand.
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Uber finally made a profit. The ride-hailing company generated $1.1 billion in revenue in 2023. This was a big win for her CEO Dara Khosrowshahi. This is the first time in Uber's 15-year history that it has finished a year in the black.
3 things in business
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Shopify just implemented new price increases for sellers. For sellers on Shopify's Plus plan, monthly payments jump from $2,000 to $2,500. Additionally, the company quietly announced a new program to buy Google and Meta ads on behalf of sellers. This is the first time Shopify is offering complete marketing services for merchants.
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Amazon's One Medical will close multiple corporate offices. Leaked emails reviewed by Business Insider reveal that One Medical is closing offices, changing the role of its CFO and moving to a regional corporate structure. This significant change reflects the department's focus on reducing costs.
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For the first time in two years, CEOs are feeling upbeat about the economy. That's according to the Conference Board's latest CEO Trust Survey, released Thursday.
In other news
What happened today
Insider Today Team: Dan DeFrancesco, deputy editor and anchor based in New York. Hallam Block, editor, lives in London. Jordan Parker Erb is an editor based in New York. Reporter George Glover, based in London.
