Good things come to those who wait, but this is excessive: If you hop on the waitlist for a ~$18.20 box of Kobe beef croquettes at one western Japan butcher shop, you’ll get your order in 43 years. There’s a decent reason — sold at a deficit for customers to sample its most premium cuts, the shop’s owner said he’d go bankrupt if production increased beyond 200 per day — but still. Hot tip: If you can stomach a lesser cut of beef in your croquettes, you’d only have to wait four years.
In today’s email:
Toothpaste, please: A new way to unlock those pesky retail cases.
Weird patents: Thank goodness for bear-shaped honey bottles.
Oops: Legit streaming got so expensive, illegal streaming came back.
Around the web: Strange hypnosis worries, Wordle with riddles, and more.
👇 Listen: Retailers are locking up just about everything to curb shoplifting. Can shopping get more annoying?
The Big Idea
Would you enter your phone number to buy toothpaste?
Retailers are locking up just about everything to curb shoplifting. Would using an app to open cases make in-person shopping less annoying?
2024-01-30T00:00:00Z
Juliet Bennett Rylah
Been to a CVS or a Target lately? Then you’ve probably encountered basic items, from toiletries to alcohol, in a locked case.
If you’re like me, you’ve decided to auto-order online versus wait for an employee to unlock the fluoride-enriched toothpaste your dentist recommends. But San Diego-based startup Indyme has a solution.
What’s that?
Freedom Case, a touch-screen device that works like this:
Customers use their cell phone number, retailers’ apps or loyalty cards, or even facial recognition to open a case.
The case monitors the shopper’s behavior and reports anything suspicious to staff.
Here’s a video of some guys using it for a gin and tonic and a shave.
What’s the point?
Retailers claim shoplifting is on the rise (though some of those reports may have been inflated). So, they’re locking up items they say are popular with thieves, including cosmetics, contraceptives, and baby formula.
But people hate them:
According to Indyme CEO Joe Budano, cases can reduce store sales by 15%-25%.
One study found that 71% of shoppers are less likely to make an in-store purchase if confronted with theft deterrent measures.
Newer brands suffer when customers can’t inspect products.
The Freedom Case could solve some of these problems by largely removing employees from the process while still protecting merchandise.
One shopper told the Associated Press that entering her phone number felt “invasive,” but if you’re feeling very private, Freedom Case will let you call an employee.
In June…
… the INFORM Consumers Act took effect, requiring online vendors to disclose info about third-party sellers that sell high volumes of consumer products — the likes of which might be stolen from retailers — or face $50k+ in fines per violation.
Maybe if that pans out we can go back to smelling all the deodorants at Walgreens.
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How bad of a month has it been for Tesla? Well, Elon Musk had enough lopped off his net worth (now $205B) to see the “world’s richest person” title passed back over to LVMH tycoon Bernard Arnault (net worth: $208B). If Tesla’s stock price drops any further, the poor guy will only have enough left to buy a few dozen countries.
SNIPPETS
Amazon called off its $1.4B deal to buy iRobot over EU regulatory scrutiny and will pay the Roomba maker a $94m termination fee.
Microsoft CEO Satya Nadellavowed to “move fast” to combat nonconsensual, explicit AI-generated deepfakes after several bogus images of Taylor Swift, reportedly made using Microsoft’s AI tech, circulated on X.
Brain teaser: Neuralink completed its first brain implant in a human patient, according to Elon Musk, who says the daring, hopefully well-compensated person is “recovering well.”
China Evergrande, once China’s biggest real estate company, was ordered by a Hong Kong court to liquidate. The firm has $300B+ in debt and its shares have been temporarily halted.
The IRS is testing Direct File, a new program that lets federal and state employees in certain states and tax situations file for free. The program is expected to expand to more taxpayers over time.
Not bad: In an attempt to recruit and retain managers, Walmart will offer up to $20k in annual stock grants. Top managers could earn $400k+ a year.
Flutter, FanDuel’s parent company, listed on the New York Stock Exchange. Its debut introduces some competition for DraftKings, its largest rival in sports betting.
Amazon Prime Video has ads now, and if you don’t want to see them, you’ll need to pay an extra $2.99 per month. Only US, UK, Germany, and Canada customers are impacted… for now.
Five-year plan: We’re sensing you don’t have one… or that it’s a bit outdated. Use this fill-in-the-blank template to make a little road map for your future.
Don't miss this...
Sometimes, sales advice helps. Sometimes, it doesn’t work. And sometimes, it really sets you back. See five of the worst pieces of sales advice reps often get and what you need to do instead.
Weird Patents
You know how honey bottles are usually shaped like adorable bears? Count your blessings. Between 1951 and 1960, inventor Edward Rachins submitted multiple patent sketches for other potential bottle shapes, including a penguin, a seal, whatever this is, and — as you can see above — a very scary clown that would’ve meant no honey in our tea before bed.
FIT THE BILL
There are thousands of companies valued at $1B+. How many clues do you need to identify today’s billion-dollar brand?
Clue 1: Its eponymous founder first aimed to become an actress, before ultimately changing focus, saying, “I wanted to see my name in lights, but I was willing to settle for my name on a jar.”
Clue 2: That same founder, born Josephine Esther Mentzer, was the only woman on Time’s list of the 20th century’s most influential business geniuses.
Clue 3: The world’s second-largest cosmetics company, its portfolio includes Clinique, Aveda, MAC Cosmetics, Jo Malone London, and Tom Ford Beauty. It does not own Lip Smacker, but we’ll never pass up a chance to get nostalgic about flavored lip gloss.
👇 Scroll to the bottom for the answer 👇
Streaming tears
Pirating videos was on the decline; it isn’t anymore
Hollywood’s fight against illegal streaming sites enters its latest chapter.
2024-01-30T00:00:00Z
Ben Berkley
Here’s your list of top streaming services that didn’t increase prices in the last year:
The cost of watching one’s stories has never felt higher. As a result, people are heading back to illegal streaming sites, perBloomberg.
Piracy never went away
Ferreting out free content is as foundational to the internet as cat videos. But entering this decade, illegal video streaming sites faced significant headwinds:
Many consumers ditched shady, pop-up-riddled sites for the ease and relative affordability of legitimate streaming services.
US laws changed: 2020 legislation turned running a streaming operation from a misdemeanor into a felony.
Hollywood bit back: Since 2018, the Motion Picture Association has taken 1.2k+ illegal streamers offline in North America alone.
In 2020, global visits to video piracy sites had dropped to 104B; by 2023, that number rose back to ~141B.
What now?
Just as the cost of getting quality, above-board content has risen, the illegal streaming industry has grown more sophisticated — and more enticing for consumers looking to save a buck.
In 2022, piracy increased 39% for films and 9% for TV shows globally.
Some illegitimate streaming operations are making ~$2B annually through ads and subscriptions while growing harder to shut down (think: accepting subscription payments in untraceable cryptocurrency).
The MPA will keep fighting
The Hollywood trade group’s leader, Charlie Rivkin, spared no punches on piracy, telling Bloomberg: “This is organized crime.”
The MPA’s special anti-piracy unit is led by a Marine Corps and Interpol veteran who previously fought drug trafficking.
This may help them get more law enforcement support: A US Chamber of Commerce estimate says the American economy loses $30B in annual revenue, and ~250k jobs, to illegal streaming.
Though, to be fair, Hollywood is pretty good at slashing jobs — it cut 44k between May and October 2023 — all on its own.
AROUND THE WEB
🐴 On this day: In 1933, radio drama “The Lone Ranger” premiered on Detroit’s WXYZ station.
😵💫 That’s interesting: A deep dive into comedy hypnosis and whether it’s actually harmful.
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