Big bank earnings in spotlight following historic failures: ‘Every income statement line item is in flux’.

JPMorgan Chase & Co.
JPM,
-0.11%
,
Citigroup Inc.
C,
+0.20%

and Wells Fargo & Co.
WFC,
+2.74%

— along with PNC Financial Services Group Inc.
PNC,
+0.37%

and BlackRock Inc.
BLK,
+0.05%

— report earnings Friday as Wall Street’s fixation on a recession continues to run deep. And following the implosion of Silicon Valley Bank
SIVBQ,
-12.21%
,
Signature Bank
SBNY,
+3.97%

and Silvergate Bank
SI,
-2.72%
,
along with efforts to seal up cracks in First Republic Bank
FRC,
+4.39%

and Credit Suisse Group AG
CS,
+1.27%
,
Wall Street is likely to review quarterly numbers from the industry with a magnifying glass.

“Every income statement line item is in flux and the degree of confidence in our forecast is lower as the probability of a sharper slowdown increases,” Morgan Stanley analyst Betsy Graseck said in a note on Wednesday.

For more: Banks on the line for deposit flows and margin pressure as they reel from banking crisis

She said that the collapse of Silicon Valley Bank and Signature Bank last month would trigger an “accelerated bid” for customers’ money, potentially weighing on net interest margins, a profitability gauge measuring what banks make on interest from loans and what they pay out to depositors. Tighter lending standards, she said, would drive up net charge-offs — a measure of debt unlikely to be repaid — as borrowers run into more trouble obtaining or refinancing loans.

Phil Orlando, chief investment strategist at Federated Hermes, said in an interview that tighter lending standards could constrain lending volume. He also said that banks were likely to set aside more money to cover loans that go bad, as managers grow more conservative and try to gauge what exposure they have to different types of borrowers.

“To a significant degree, they have to say, what percentage of our companies are tech companies? What percentage are financial companies? Do we think that this starts to dribble into the auto industry?” he said. “Every bank is going to be different in terms of what their portfolio of business looks like.”

He also said that last month’s bank failures could spur more customers to open up multiple accounts at different banks, following bigger concerns about what would happen to the money in a bank account that exceeded the $250,000 limit covered by the FDIC. But as the recent banking disturbances trigger Lehman flashbacks, he said that the recent banking failures were the result of poor management and insufficient risk controls specific to those financial firms.

“COVID was something that affected everyone, universally, not just the banking companies but the entire economy, the entire stock market,” he said. “You go back to the global financial crisis in the ’07-’09 period, that’s something that really affected all of the financial service companies. I don’t think that’s what we’re dealing with here.”

Also read: Banking sector’s growing political might could blunt reform in wake of SVB failure, experts warn

JPMorgan
JPM,
-0.11%

Chief Executive Jamie Dimon has said that Trump-era banking deregulation didn’t cause those bank failures. But in his annual letter to shareholders last week, he also said that the current turmoil in the bank system is not over. However, he also said that the collapse or near-collapse of Silicon Valley Bank and its peers “are nothing like what occurred during the 2008 global financial crisis.”

“Regarding the current disruption in the U.S. banking system, most of the risks were hiding in plain sight,” Dimon said. “Interest rate exposure, the fair value of held-to-maturity (HTM) portfolios and the amount of SVB’s uninsured deposits were always known — both to regulators and the marketplace.”

“The unknown risk was that SVB’s over 35,000 corporate clients – and activity within them – were controlled by a small number of venture capital companies and moved their deposits in lockstep,” Dimon continued. “It is unlikely that any recent change in regulatory requirements would have made a difference in what followed.”

The Federal Reserve’s decision to raise interest rates, along with a broader pullback in digital demand following the first two years of the pandemic, stanched the flow of tech-industry funding into Silicon Valley bank and caused the value of its bond investments to fall.

Don’t miss: An earnings recession seems inevitable, but it might not last long

But the impact of those higher interest rates — an effort to slow the economy and, by extension, bring inflation down — will be felt elsewhere. First-quarter earnings are expected to decline 6.8% for S&P 500 index components overall, according to FactSet. That would be the first decline since the second quarter of 2020, when the pandemic had just begun to send the economy into a tailspin.

“In a word, earnings for the first quarter are going to be poor,” Orlando said.

This week in earnings

For the week ahead, 11 S&P 500
SPX,
+0.36%

components, and two from the Dow Jones Industrial Average
DJIA,
+0.01%
,
will report first-quarter results. Outside of the banks, health-insurance giant UnitedHealth Group
UNH,
+0.70%

reports during the week. Online fashion marketplace Rent the Runway Inc.
RENT,
+3.75%

will also report.

The call to put on your calendar

Delta Air Lines Inc.: Delta
DAL,
+0.69%

reports first-quarter results on Thursday, amid bigger questions about when, if ever, higher prices — including for airfares — might turn off travelers. The carrier last month stuck with its outlook for big first-quarter sales gains when compared with prepandemic levels. “If anyone’s looking for weakness, don’t look at Delta”, Chief Executive Ed Bastian said at a conference last month.

But rival United Airlines Holdings Inc.
UAL,
+1.50%

has told investors to prepare for a surprise loss, even though it also reported a 15% jump in international bookings in March. And after Southwest Airlines Co.’s
LUV,
+0.03%

flight-cancellation mayhem last year brought more attention to technology issues and airline understaffing, concerns have grown over whether the industry has enough air-traffic controllers, prompting a reduction in some flights.

For more: Air-traffic controller shortages could result in fewer flights this summer

But limitations within those airlines’ flight networks to handle consumer demand can push fares higher. And Morgan Stanley said that strong balance sheets, passengers’ willingness to still pay up — albeit in a concentrated industry with a handful of options — and “muscle memory” from being gutted by the pandemic, could make airlines “defensive safe-havens,” to some degree, for investors.

“It is hard to argue against the airlines soaring above the macro storm underneath them (at least in the short term),” the analysts wrote in a research note last week.

The numbers to watch

Grocery-store margins: Albertsons Cos.
ACI,
+0.53%
.
— the grocery chain whose merger deal with Kroger Inc.
KR,
+0.96%

has raised concerns about food prices and accessibility — reports results on Tuesday. Higher food prices have helped fatten grocery stores’ profits, even as consumers struggle to keep up. But Costco Wholesale Corp.
COST,
-2.24%
,
in reporting March same-store sales results, noted that “year-over-year inflation for food and sundries and fresh foods were both down from February.” The results from Albertsons could offer clues on whether shoppers might be getting a break from steep price increases.

Source link

#Big #bank #earnings #spotlight #historic #failures #income #statement #line #item #flux

Question: How are some bars boosting profits? Answer: Trivia nights

Brooklyn Brewery hosts a Thursday trivia night on March 30.

Noah Sheidlower | CNBC

Megan Fitzgerald has always been a trivia fan, but as the director of brand experience at Talea Beer Co. in Brooklyn she wasn’t convinced it would be a good fit for the female-founded brewery.

In February, she begged friends to come to Talea’s first trivia night, fearing only a few players would show up. Instead, more than 70 patrons joined in.

When people go out, “they want something that’s enriching and engaging and is more than just taking shots or slamming beers,” Fitzgerald said. “Trivia is easy and fun, good for big groups or couples, and you can find it usually just down the block.”

After a few weeks of partnering with the NYC Trivia League to host the Wednesday night games, Fitzgerald said Talea trivia nights were bringing in nearly double the revenue of other weeknights, barring special events. The venue has consistently pulled in nearly 20 trivia teams, increasing food and beverage sales throughout the two-hour game. Bar staff get more tips, too, she said.

Across the country, bars and restaurants are adding trivia events to their weekly or monthly schedules to bring in more guests and turn higher profits. New trivia brands have popped up in big cities and small towns, while some long-standing companies have clawed their way back to pre-pandemic numbers. However, the pace of recovery has been slow as the industry faces staffing struggles, according to trivia company leaders and restaurant owners.

While some bars craft their own trivia questions, others partner with trivia or entertainment companies, which charge a flat fee to provide questions, infrastructure and hosts. The basic idea is to bring in teams who are vying for prizes, to boost business or use extra space on what might be a typically slower night — and build a new base of regular customers.

“Trivia is advantageous for us because it’s profitable to have it during those slower times,” said Nick Marking of The Tap Yard in the outskirts of Milwaukee, which has pulled in about 30% more revenue during trivia nights at its five locations.

“The shows run you a certain amount, and then the prizes also, so you have to look at if it’s worth it to have trivia in the long run considering your profit margin is anywhere between 15% and 25% in the bar world,” Marking said.

NYC Trivia League, which hosts trivia at over 100 venues across New York City, recently surpassed its weekly event count from early 2020 and the Covid-19 pandemic lockdown. The league charges a flat fee for bars and is free for players.

Irving Torres-Lopez hosts Trivia Nite at the Brooklyn Brewery. 

Noah Sheidlower | CNBC

Cullen Shaw, one of the league’s founders, said teams are larger than they were before Covid — averaging about 3.5 people — when many bars barely held on to their trivia nights. Shaw, who hosts trivia nights at The Gaf East on the Upper East Side of Manhattan, added that the league’s switch to a digital platform from pen and paper has allowed for more efficient games.

“We fill the place up, and I don’t think that would be the case if they just put on a basketball or hockey game and hoped a crowd would come in,” he said.

The growth of ‘eatertainment’

Shaw said the NYC Trivia League has recently brought in venues that never saw themselves as trivia bars, adding over a dozen to its lineup this year alone. Retention rates are up in 2023, and the league has become more selective with venues and hosts.

“I’m sure there’s a million trivia apps, but there’s just something about a group competition, there’s something about community when like-minded and competitive people get together in a space to play a silly game but everybody understands the rules,” Shaw said.

According to Mike Kostyo, a “trendologist” at Datassential, the rapid growth of trivia nights is part of a broader move toward “eatertainment,” a fusion of dining and interactive activities ranging from bar trivia to pickleball-dining concepts. Eatertainment has been beneficial for many bars and restaurants given it doesn’t significantly add to labor costs, Kostyo added.

“You’re having a lot more customers in your venue, so you need more back-of-house, front-of-house staff, but it’s not something where you need to hire somebody to manage that. It’s usually an outside vendor doing the trivia program,” Kostyo said.

According to a Datassential report from last year, 82% of Americans have been to at least one eatertainment venue, and over 50% of those diners said they were “very interested” in revisiting such an experience. Eighteen percent of respondents said they would visit eatertainment venues more often if they had regular trivia nights.

“On a trivia night, we are easily doubling our sales from the previous night,” said Will Arvidson, tasting room manager at Brooklyn Brewery, who said the space usually brings in about 150 people for its Thursday trivia event. “It’s sometimes difficult for us to sit people, but we find a way.”

Brooklyn Brewery has been hosting trivia nights with the NYC Trivia League since 2019.

Noah Sheidlower | CNBC

Victoria Dawes and Kristina Cheng, who teamed up on a recent Thursday at Brooklyn Brewery, said they’ve been playing bar trivia for about a decade and agreed it’s more popular now than pre-pandemic. Both said they carve out time each week to bond with friends and show off their random knowledge.

“I feel like we had lost so much connection with each other, and trivia has been a particularly fun way to have very normal interactions again,” Dawes said.

The rise of eatertainment comes as inflation compels more Americans to scrutinize how they spend their money.

According to Datassential’s February Table Stakes Report, 39% of consumers said they’re pulling back on eating out, though Kostyo said cost-conscious people are looking to eatertainment venues for value when they do go out.

“A lot of consumers, they’re stuck at home all day and they don’t really socialize, so they’re looking for those opportunities from the food service industry to socialize with friends and family again,” Kostyo said.

“But that doesn’t mean that they’re back in droves,” he added.

Brooklyn Brewery hosts a Thursday trivia night on March 30.

Noah Sheidlower | CNBC

Teams can win cash prizes — as much as $50 or $100 for first place at some bars — or shots, food or free merchandise. Those possible winnings could encourage more spending from players and potentially offset costs for budget-conscious trivia-goers.

Conrad Corretti, who says his trivia team usually places in the top five at Brooklyn Brewery and other venues, said he’s been more likely to cut back on spending on other weeknights so he can spend “more liberally” at bar trivia.

“You’re showing up with your group, and you don’t really have to interact with other people, so it’s been a good activity to hang out with people you don’t always see and have a good time,” he said.

Bumpy road to recovery

With so many new venues hosting trivia nights, Kostyo cautioned bars may “cannibalize each other” as more businesses try to plant their flag in the trivia space. He’s seen more niche topics at trivia nights pull in specific audiences.

To attract more consumers, some companies, like Geeks Who Drink, have recruited new quiz masters and brought on client managers to cultivate relationships with venues. Bryan Carr, marketing director for the trivia company, said the company launched a “twitch” quiz still running today, and it maintained its 15 plus-person writing team to keep creative content flowing.

Bringing back longtime venues and onboarding new ones has been a “slow-moving process,” but the company has continued growing its presence in cities including Denver, Chicago and Austin, Texas. It does full-service pub quizzes in around 650 venues, though that number was around 1,000 pre-pandemic.

“We try to provide venues with a great starter kit to make sure that their event gets going, and we know that it takes at times two to three months to really build up that consistent following,” Carr said. “They really can see a big difference from before they had trivia and then when they have it on these slower off-nights.”

On a trivia night, we are easily doubling our sales from the previous night. … It’s sometimes difficult for us to sit people, but we find a way.

Will Arvidson

Tasting room manager, Brooklyn Brewery

Joshua Lieberthal, founder of California-based company King Trivia, which has venues in about 35 states, said he’s seen considerably more trivia nights today than before the pandemic. However, with tighter profit margins, many bars have been forced to do “vastly more” weekly events to stay afloat, which might explain why the company went from around 200 weekly venues in 2019 to about 325 now.

Still, about 30% to 40% of King Trivia’s pre-Covid clients went out of business, and the rebuilding process has been bumpy.

“It wasn’t like you just got back your old clients when things restarted — it was starting from scratch,” Lieberthal said. “Amazingly, we were more profitable pre-pandemic than we are today, even though we’re so much larger than we were before.”

Attendance and retention are back, more or less, to pre-pandemic levels due in part to the company’s expanded sales and customer services teams, he said. Though every week, Lieberthal said another client goes on hiatus or pushes back a launch date due to staffing troubles.

“Because everyone gets paid more, because it’s hard to staff, you need more people working behind the scenes to make it all happen,” Lieberthal said. “That’s an unfortunate reality that the breakeven point is much higher in this industry than it used to be, but thankfully so many venues want to run shows that it’s doable.”

For Wisconsin-based America’s Pub Quiz, founded in 2007 by Michael Landmann, everything from staffing to the cost of pencil boxes has slowed the company’s pace of growth compared to before the pandemic.

By 2020, the company had 205 venues in eight states. It’s now back to around 175 despite having to start from scratch and contend with higher costs of doing business.

The company created an online system that could handle dozens more teams, but Landmann noticed many venues were unable to keep up with increased demand. Others with ample staff couldn’t find a suitable trivia host.

Tyson Sevier, general manager at Omaha, Nebraska-based Varsity Sports Cafe, which has partnered with America’s Pub Quiz for a decade, said locations have often been short one or two employees on a busy trivia night. That’s a far cry, he acknowledged, from the “employee horror stories” he said he’s heard from other bar owners in the city.

Still, trivia nights at Varsity Sports Cafe pull in $2,000 to $3,000 more compared with other weeknights, he said.

“We have more and more people calling that want to play, so I think that there’s definitely an interest such that only a couple of bars had trivia years ago and now it seems like every bar has it,” Sevier said. “You have to do it now to be competitive.”

Source link

#Question #bars #boosting #profits #Answer #Trivia #nights

Disneyland reopens Toontown, designed to be inclusive of ‘every single guest’

Mickey Mouse, Minnie, Donald, Daisy, Clarabelle, Goofy, Pluto and Pete stand outside Mickey’s house in the refurbished Toontown at Disneyland.

Disney

Parkgoers at Disneyland in Anaheim, California, will finally be able to return to Mickey’s Toontown this weekend after a yearlong closure for refurbishment.

The cartoon-inspired land has long been a haven for Disney’s younger park guests, offering character meet-and-greets with the likes of Mickey Mouse, Minnie, Donald, Goofy and Pluto, as well as kid-friendly coasters and play areas.

The reimagined Toontown honors the space that first opened in 1993, keeping existing structures like Mickey and Minnie’s houses in tact, albeit with a paint touch-up. But there’s also quite a bit of new infrastructure for kids to explore — with an eye toward inclusivity.

At its core, Toontown’s revamp is all about intention. Imagineers have designed a space for all kids, crafting accessible play spaces, plus quiet areas and shady spots so that its youngest parkgoers have a place to exert their pent-up energy or decompress.

The redesigned land, which opens to the public March 19, is entirely wheelchair accessible, including its slides, and is visually and auditorily approachable for kids who are easily overwhelmed by loud or bright sensory stimuli. The entire land has been repainted in softer colors, and some areas feature more subdued, spa-like musical scores.

“We want every child to know that when they came to this land that this land was designed for them,” said Jeffrey Shaver-Moskowitz, executive portfolio producer at Walt Disney Imagineering. “That they were seen, and that this place was welcoming to them.”

Shaver-Moskowitz said the Imagineers spent time looking at children’s museums and water play spaces to see how kids engage and developed different stations throughout the land to cater to different types of play patterns.

“We know a day at Disneyland can be hectic and chaotic, running from one attraction to another, one reservation to the next,” he said. “We wanted Toontown to not only be exciting, but also decompressing and relaxing and welcoming.”

With that in mind, the Imagineers have introduced more green spaces within the land, places to have picnics, sit and unwind, or play freely.

“We really wanted to take a look at Toontown, knowing how important it was for so many of our guests for many generations growing up and the so many memories here that are connected to the land, and make sure we don’t lose any of that,” Shaver-Moskowitz said. “But, bring a lot of new magic.”

‘Thinking of every single guest’

When guests enter the new Toontown, they will pass through Centoonial Park. The area is anchored by a large fountain, featuring Mickey and Minnie, as well as water tables for kids to dip their hands into, and the “dreaming tree.”

The live tree was selected from the Disney property for its cartoonish limbs and leaves. Around the trunk are sculpted roots that kids can climb over, crawl under and weave through.

“One of the main play functions for little ones is learning the concepts of over, under and through,” Shaver-Moskowitz explained during a media tour of the land earlier this month. “So you’ll see some of the roots are big enough for little ones to crawl under, some of them can be used as balanced beams for little ones who are learning to get their feet underneath them.”

(There is a wheelchair accessible path that navigates through the roots, too.)

Centoonial Park is also situated next to the El Capitoon Theatre, home of Mickey and Minnie’s Runaway Railway ride. Riders are invited to the premiere of Mickey and Minnie’s latest cartoon short “Perfect Picnic.” However, hijinks ensue and guests are whisked away for a ride on Goofy’s train, entering the cartoon world.

The El Capitoon Theatre exterior of Mickey and Minnie’s Runaway Railway ride at Disneyland in Anaheim, California.

Disney

The trackless ride has no restrictions on height or age, allowing even the littlest Disney guest to join in.

Continuing through the land, guests will see Goofy’s new play yard, which wraps around Goofy’s house and features a sound garden, filled with musical bridges and melons, as well as Fort Max, a climbable clubhouse with attached slides.

Shaver-Moskowitz said the roller slides were chosen for the space so littler guests, who often have less mobility in their legs, don’t get stuck at the bottom of the slide. There’s also more space at the bottom of the slides to accommodate guests who need time to get back into wheelchairs.

“We are trying to make sure we’re thinking of every single guest in here,” he said. “Making sure that every little one who comes to play here feels like we’ve designed the space for them.”

Also outside is a small cordoned-off area for babies to crawl around and experience the area safely.

Goofy stands outside his new How-To-Play Yard at Mickey’s Toontown in Disneyland.

Disney

Inside Goofy’s house are a series of games that kids can play to help Goofy cultivate honey from the beehives on his property into candy. Here, little parkgoers can sort candy by flavor and color and watch as a kinetic ball machine activates all around the space.

Extra care was taken to ensure that the sound of the air compressors pushing the balls around has been suppressed, said Shaver-Moskowitz, in an effort to make sure that those with sensory sensitivity won’t be overwhelmed and can still enjoy the experience with their peers.

In a separate area next to Goofy’s new play yard is Donald’s Duck Pond, a water experience for kids. Imagineers intentionally separated this space from the play yard so that parents could better monitor their children around the water elements.

Donald Duck stands outside the new Duck Pond at Mickey’s Toontown in Disneyland.

Disney

Shaver-Moskowitz noted that the previous design of the land meant that kids would occasionally run back to their parents soaking wet, having wandered into the water play place.

Donald’s Duck Pond features a tug boat that spits out water, spinning water lilies, balance beams and rocking toys. Inside the boat, kids can help Huey, Dewey, Louie and Webby with a leak in the hull, turning wheels and levers to push the water outside.

Pack a picnic

The Imagineers have also revamped the food at Toontown. New restaurants such as Cafe Daisy and Good Boy! Grocers offer a wide variety of selections and flavors for young parkgoers and more mature palates.

Michele Gendreau, director of product optimization for food and beverage, explained that the team wanted to make eating easy by creating hand-held food that can be munched on the go.

The menu at Daisy’s café features “flop over” pizzas, hot dogs and wraps. Here, adults can grab a cold brew coffee or honey-mango sweet tea. For dessert, there are mini doughnuts covered in cinnamon sugar.

“Kids want to eat what their parents eat,” said Gendreau, highlighting kid-friendly versions of traditional pizzas.

At Good Boy! Grocers, guests can pick up grab-and-go drinks, snacks and novelties. The roadside stand offers up the “perfect picnic basket,” including up to three snacks and a drink. Kids can choose from a variety of options, from hummus and pickles to granola bars and apple slices.

Baskets are set up at multiple heights to allow even the smallest guests to select their own items, giving them a little autonomy when it comes to meal time.

Merchandise from Mickey’s Toontown at Disneyland.

Disney

Parkgoers can scoop up picnic blankets, T-shirts, toys and other exclusive Toontown merchandise at EngineEar Souvenirs.

Additionally, meet-and-greets with fan favorite characters return to the land. Guests can take photos with Mickey Mouse, Minnie, Donald Duck, Daisy, Pluto, Clarabelle and Goofy. And for the first time at any Disney park, Pete will make an appearance, causing mischief around the neighborhood.

Source link

#Disneyland #reopens #Toontown #designed #inclusive #single #guest

Citadel Action Scenes Left Priyanka Chopra With A Scar On Her Forehead: “Don’t Even Cover It Anymore”

Priyanka Chopra in a still from the Citadel trailer. (courtesy: PrimeVideoIN)

New Delhi:

As someone who worked in the Hindi film industry for a long time before making a career in Hollywood, Citadel star Priyanka Chopra Jonas says it is exciting to be part of a series that is taking entertainment “beyond borders and language” through an intersection of stories from different countries.

Citadel , an ambitious spy drama slated to debut on Prime Video on April 28, will act as the flagship show that will blend with local shows already under production in India and Italy, starring Matilda De Angelis, Varun Dhawan, and Samantha Ruth Prabhu, respectively.

Chopra Jonas, who plays elite spy Nadia Sinh on the series, spoke about the “cross pollination of cultures” in a global press conference in late February.

“It was so exciting to me as someone who worked for a very long time in a non-English medium to see the success of subtitled work in English language territories. But the ambition of this show, which was so attractive to me in the beginning, is kind of like the social experiment of it.

“If the flagship show is the English language, you have an Indian show, you have an Italian show, and the characters and the storylines kind of blend into each other,” the Los Angeles-based actor said in the press conference, which was also attended by PTI.

The actor hopes this blend of stories will lead people to tune into stories of different languages. “Like, are the audiences of the Italian show going to want to watch the Hindi language show where they have no similarity in language? That’s so exciting and interesting to me, the cross-pollination of cultures and how entertainment goes beyond borders and language now. It’s just about storytelling… It’s so cool,” she added.

Produced by the Russo Brothers’ (filmmakers Joe and Anthony Russo) AGBO and showrunner David Weil, Citadel will premiere in multiple languages, including English, Hindi, Tamil, Telugu, Malayalam and Kannada.

Chopra Jonas has paired opposite Game of Thrones star Richard Madden in the globe-trotting series on which David Weil servers as the showrunner. In the show, Madden and Chopra Jonas play Mason Kane and Nadia Sinh. They are part of the independent global spy agency Citadel, which is tasked to uphold the safety and security of all people. But Citadel was destroyed by operatives of Manticore, a powerful syndicate manipulating the world from the shadows.

With Citadel’s fall, the two elite agents had their memories wiped as they narrowly escaped with their lives. They’ve remained hidden ever since, building new lives under new identities, unaware of their pasts. One night, when Mason is tracked down by his former Citadel colleague, Bernard Orlick (Stanley Tucci), who desperately needs his help to prevent Manticore from establishing a new world order.

Mason and Nadia reunite and embark on a mission that takes them around the world in an effort to stop Manticore, all while contending with a relationship built on secrets, lies, and a dangerous-yet-undying love.

Chopra Jonas said she had a great collaborator in Madden. “We dance really well together. And this was just a really ambitious show. If we didn’t have each other understanding what the other needed, this would have been hard to do.” Talking about the action sequences in the series, the actor said she now has a “scar on my forehead” near her eyebrow.

“That’s courtesy Citadel. I don’t even cover it anymore,” she said, crediting producers Joe and Anthony Russo for bringing in the best stunt team for the series. Chopra Jonas described the show as something that has “many layers and complexities” where “what you see is what you don’t get”.

“Everything is just conceptually crazy. And it’s just so exciting to be able to share it with the world because it’s been a long time in the making, it’s so ambitious,” she added. The actor said her character is a “bada**” who thrives under pressure.

“She has to hold her head up high while her character’s changing, her life is changing all around her, but she has to stay centred because of the burdens that she carries. “That makes her just very juicy as a character for me to play because every choice that is made by her is burdened and laden by so much pressure. And she thrives in it, so it was really wonderful,” she said.

Madden said while his past character carries “a lot of scars” and “trauma”, the new version has no baggage. “There are huge set pieces in this, and that’s something that’s amazing to be part of. Not only that, but I think oftentimes, we see shows that are 80 per cent drama, 20 per cent action or vice versa. And this show aimed to be 100 per cent of both.

“That’s what we’ve managed to pull off because in the middle of these huge sequences with explosions and cars blowing up… we have this really kind of intimate drama between these two characters and how they dance together,” he said. Joe Russo said they were lucky to have a great cast for a high-concept show like Citadel. “What Anthony and I really love about this is the high-concept of it. That both Richard and Priyanka get to play multiple versions of themselves. And this notion that their memories have been erased allows them to create new characters who then have to rediscover who they were.” Weil said what’s “beautiful and ambitious” about this spy universe is that they are creating it in tandem with partners all around the world.

“We have announced the India series and the Italy series. We get to work with these incredible writers, filmmakers, actors, and producers, truly from all around the world and build this entire story together. So, it becomes this tapestry told in different languages through different cultures, in an authentic way,” he said.

The India series is being directed by The Family Man creators Raj Nidimoru and Krishna DK. Anthony Russo also praised Chopra Jonas and Madden for their performances. “…They are playing two different versions of themselves with different sets of memories and how that processes in terms of their behaviour and their choices and their thoughts.

“But also, again, the idea that they’re playing something that has the highest degree of emotional complexity, at the same time, the highest degree of physical challenge,” he said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

Govinda Celebrated Son Yashvardhan Ahuja’s Birthday

Source link

#Citadel #Action #Scenes #Left #Priyanka #Chopra #Scar #Forehead #Dont #Cover #Anymore

Being a digital nomad isn’t just for singles. Here’s how families make it work

To many, the lifestyle of a “digital nomad” is an aspirational one — you can live anywhere in the world, visa permitting, with your laptop as your office.

Forget the daily grind of the rush hour commute. As long as there’s decent Wi-Fi, simply pick a coffee shop, park or pool and get to work.

The lifestyle has become more popular in the wake of the Covid pandemic, which accelerated the trend of remote working. The number of American digital nomads increased 9% in just 12 months from 2021 to 2022, to a total of almost 17 million, according to the jobs platform MBO Partners.

But one factor deters many from the lifestyle: kids.

Whether it’s schooling, health and safety concerns, or the question of a child’s ability to develop lasting friendships, parents face multiple barriers.

But some have taken the plunge anyway. Two families tell CNBC Travel how they’ve made it work.

Keller family: French Polynesia

Sam Keller is the founder and CEO of Working Without Borders, which calls itself “the world’s first company providing coworking retreats for families with culturally immersive programming for kids and teens.” 

He’s also a dad of two kids under the age of 12.

Sam Keller, founder of Working Without Borders, which organizes coworking retreats for families.

Working Without Borders

“My wife and I each had living abroad experiences, but we couldn’t figure out how to make it happen” again, he said. “Then we had kids.”

The couple scoped out a school while on vacation in French Polynesia, thinking it could be “the place where we can go live,” he said.

Another factor worked in their favor: Keller’s wife Pascaline Cure works for Airbnb, which allows her to work anywhere she wants.

So together they made a big move from California to French Polynesia. And not just at any time — they moved during the pandemic.

“The stars aligned, we made it onto the plane and decided we’re going to make lemonade out of lemons of this pandemic.”

Sam Keller with his family in Bora Bora.

Working Without Borders

Education is regularly cited as the biggest challenge for digital nomads with children. Navigating an unfamiliar school system, often in an entirely new language, can be a struggle.

“We found that [in French Polynesia] there are a fair number of private schools that will accept kids for as short a time as a couple of weeks or a month. Then there are plenty of schools set up to provide online support, or online-only schools with really good teaching and instruction and curricula,” Keller said.

Homeschooling is another option for some, but Keller prefers to call it “world schooling,” which he says “embraces this notion of viewing the world as your classroom.”

“From the playground you could see stingrays swimming by,” he said. “Kids are out as part of the curriculum, so we’re paddling outrigger canoes in the lagoon, seeing sea turtles and dolphins. It was just magical in so many respects.”

He added that now more resources exist to help people learn about the digital nomad lifestyle, thanks to its growing popularity. Companies, like this own, let families “dip their toes in the water,” and some Facebook groups for world schooling have more than 50,000 members — so there’s always someone to answer a question, he said.

Elledge-Penner family: 20 countries

The beautiful Indonesian island of Bali, famed for its laidback lifestyle, is a popular destination for digital nomads.

Martin Penner and Taryn Elledge-Penner from the boutique travel agency Quartier Collective call it home, along with their three children, aged between seven and 12.

Since leaving Seattle in 2018, the family has visited nearly 20 different countries, including Japan, Ireland, Portugal, Greece, Mexico, Morocco, Turkey and Sri Lanka. Sometimes they stay a few weeks, but typically they’re in one place for one to three months.

Taryn Elledge-Penner and her son Viggo in Ahangama, Sri Lanka.

Quartier Collective

Penner said his children were part of the reason they decided to leave the United States.

“We traveled a lot as individuals and just felt that the world was this big, wild place — and that our world in Seattle had shrunk in a way,” he said. “We had to show them the world and didn’t want to miss this connection to something bigger.”

Elledge-Penner said they wanted more time with their kids, to make their journey sustainable and, critically, to connect with other families.

“When we left it was lonely for families like ours on the road,” she said. “Now that has really changed and a lot of families have realized this is an option, going longer and deeper.”

The family of five have enjoyed a range of experiences: living on a farm in Japan where they slurped soba noodles from a 30-foot hollowed-out bamboo pole; making pottery in Mexico; and taking in a shadow puppet show in the Cyclades in Greece — though they didn’t understand a word.

Penner said the key to making the lifestyle work for them is “connecting with people” and not approaching places “as a travel highlight hit list.”

Martin Penner walking with two of his children in Japan.

Quartier Collective

But it’s not all fun and games. There are also practicalities to be reckoned with, Elledge-Penner said.

“One of the challenges has been finding a balance with time and space on our own — and away from each other and the kids,” she said. “We’ve gone such long periods being together, every waking moment of a day.”

“We all need a break and space, normally by going to work or school. Even though this is what we’re choosing, it still requires some balance and that can be difficult to find and that can lead to tension.”

The pre-teen marker is a natural point when pressures mount.

She also touches on what she calls “decision fatigue.”

“The time to plan out the logistics, getting from A to B, where to stay, it can literally be a full-time job and really exhausting,” she said.

Once again, education is one of the biggest questions for global nomads with kids, but — like Keller — Elledge-Penner said there are plenty of options.

“Things have changed a lot from when we first set out. It’s tenfold the number of options you can find and plug into as a world schooling family,” she said.

“We’ve dropped into schools in different countries around the world. There are accredited distance learning programs too and home-schooling pods. For literally anybody who wants to untether from their current school system, it’s totally possible to find whatever you’re looking for.”

The couple noted that the family dynamic has changed since they started traveling in 2018. Their daughter, for example, now wants more long-lasting friendships, while the idea of having a dog — and a bedroom she doesn’t have to share with her brothers — is a big draw.

“The pre-teen marker is a natural point when pressures mount. Lots of families we see stop traveling when [kids] are that age. Now they want to spend more time around friends [which is] a big shift from when we started out.”

 



Source link

#digital #nomad #isnt #singles #Heres #families #work

I asked ChatGPT to help me plan a vacation. Here’s what happened next

Some people love travel planning.

But I am not one of those people.

So the idea that artificial intelligence chatbots, such as ChatGPT and Bing, can research travel destinations and create itineraries is intriguing.

But I’m skeptical too.

Do recommendations just scratch the surface — for example, suggesting that I see the Eiffel Tower in Paris? Or can they recommend lesser-known restaurants and handle specific hotel requests too?

The answer is: yes and no — at least for ChatGPT.

Unfortunately, I couldn’t test Bing. When I tried to access it, I was put on a waiting list. The website said I could “get ahead in the line” if I set Microsoft defaults on my computer and scanned a QR code to install the Bing app. I did both. I’m still waiting.

ChatGPT was easier. I went to the developer’s website, clicked on the word “ChatGPT,” registered for an account — and started chatting.

‘Can you help me plan a beach trip?’

“Of course!” replied ChatGPT. But first, I needed to tell it about my interests, budget and how long I planned to be away.

I’m looking for a week-long beach trip in mid-March to spend time with my family, with no set budget, I typed.

“Sounds like a wonderful idea!” it replied, before recommending Hawaii, the Caribbean — specifically the Bahamas, Jamaica and the Dominican Republic — Florida and Costa Rica, along with details about the weather and popular attractions for each.

Nice. But I live in Singapore, I said.

“I see!” it exclaimed. (ChatGPT loves exclamation points.) In that case, Bali, Indonesia; Langkawi, Malaysia; and Phuket and Krabi in Thailand were better choices.

ChatGPT is nothing if not apologetic.

Cost estimates for each hotel were more accurate. But ChatGPT couldn’t show photographs of the hotels or help book them — although it did provide ample instructions on how to do both.

By road or by rail?

Flights

ChatGPT can name airlines that connect cities, but it can’t give current flight information or help book flights.  

It wasn’t able to tell me the cheapest fare — or any fare — from London to New York this spring because it doesn’t “have access to real-time pricing information,” it said.

In fact, ChatGPT data ends at September 2021; it doesn’t “know” anything that’s happened since.

However, the bot could answer which month the London-to-New York route is usually the cheapest, which it said is “January and February, or during the shoulder season months of March and November.”

As for the best airline in the world, it said: “As an AI language model, I cannot have personal preferences or opinions.” But it went on to name the top five airlines named to Skytrax’s “World’s Top 100 Airlines” in 2021.

The list wasn’t correct.

The list provided by ChatGPT appears to be Skytrax’s airline ranking from 2019 instead.  

“Where should I eat?”

Specific questions

I had many more questions for ChatGPT, such as:

“How should I spend five days in South Africa?”
“Which chateaux accept visitors in Bordeaux?”
“If I only have one day in London, what should I do?”
“Which rides have the longest lines at Disney World?”

But before I could, my screen said “Access denied” alongside an “error code 1020” message.

This error may be caused by overloaded servers or by exceeding the daily limit, according to the tech website Stealth Optional. Either way, all of my previous chats were inaccessible, a huge negative for travelers in the middle of the planning process.

A new window didn’t fix the problem, but opening one in “incognito mode” did. Once in, I clicked on “Upgrade to Plus,” which showed that the free plan is available when demand is low, but for $20 per month, the “Plus plan” gives access to ChatGPT all the time, faster responses and priority to use new features.

With access again, I quickly asked about wait times on Disney World rides, a subject which I had spoken to luxury travel advisor Jonathan Alder of Jonathan’s Travels about last week. Alder lives close to the park and has lost count of how many times he’s visited, he said. Yet, only one of their answers — Epcot’s “Frozen Ever After” — overlapped.

ChatGPT mentioned that FastPass and Genie+ can reduce wait times at Disney World, which is partly right. The company phased out its “skip the line” virtual queue FastPass program when it introduced Genie+ in the fall of 2021.

The takeaway

ChatGPT is fast, chatty and feels like you’re interacting with a human. I found myself responding with unnecessary pleasantries — “Ok, sure” and “Thank you” — out of habit.

I could see how it could save travelers’ time, especially if they are looking for an overview or are at the early stages of planning.

But information will need to be current, of course — and bugs and error messages, which I faced several times in addition to the “1020” message mentioned above — will need to be fixed.

OpenAI states that the current ChatGPT version “is a free research preview.” It also says the system may “occasionally generate incorrect or misleading information” and that it’s “not intended to give advice.”

When I asked it about its travel planning abilities, it said it “can assist with many aspects of travel planning” but that it may not be able to “provide personalized advice based on your unique circumstances.”

My verdict: Travel agents’ jobs are secure for the time being.

Source link

#asked #ChatGPT #plan #vacation #Heres #happened

These high school sweethearts have visited 112 countries. Here’s how they pay for it on a budget

Most people have a travel bucket list, perhaps with 10 to 15 countries.

For this couple, it’s all 195 — and they’re more than halfway there.

Hudson and Emily Crider have visited 112 countries, but their journey together began long before that. Both are from the “same small town” of Lancaster, Pennsylvania. They met in fifth grade and started dating in high school, the couple said.

Speaking to CNBC via video from Chiang Mai, Thailand, the couple explained that their goal in college was to buy an RV and travel to all 50 states in the United States.

Hudson and Emily Crider in high school.

Hudson and Emily Crider

They began to save for that goal after getting married in 2012, but just a few years later, Hudson’s father died of a heart attack. “It was a reminder to us that we’re not guaranteed another day,” said Hudson, 32.

That motivated them to “sell everything and buy this old RV,” said Hudson. The couple left their jobs — Emily as a marketing manager in an agency, Hudson as a financial planner — in the Washington D.C.-Baltimore area, said Emily, 31. Just two years later, they accomplished their goal of traveling to all 50 states.

So they set their sights higher.

Now, as the couple pursue their goal of traveling to every country in the world, they spend less than when they lived in D.C., said Emily. “The thing we found most helpful is eliminating expenses,” said Hudson. “We don’t have a house, car, kids and also make sure to budget.”

The couple have met people on the road who have children, or a home that they’re renting out to travel long term, said Emily. “We really believe there’s not a right or wrong way to travel,” she said.

Hudson and Emily Crider on a safari in Kenya, Africa.

Hudson and Emily Crider

The couple work remotely while on the road to support their travels, said Hudson. They teach English online, create content on YouTube and Instagram, and sell products like clip-on hand sanitizer holders on Amazon.

Although every traveler has different circumstances, being able to research and read reviews on the internet makes travel “the most open that it’s ever been,” said Hudson.

The couple’s own style of traveling helps them save on food, attractions and local culture in countries they visit, no matter how expensive.

Least to most expensive regions

The Criders have traveled to every continent except Antarctica, they said. The following is their ranking of the world’s major regions based on the cost of travel — from the least to most expensive:

  1. Asia
  2. South America
  3. Africa
  4. Middle East
  5. Australia
  6. Europe
  7. North America

Asia

Food is one of the categories of travel that “people plan the least for,” yet it’s the cost that is “easiest to add up,” the couple told CNBC. In Bali, Indonesia, they kept those costs low by eating street food like nasi goreng, spending as little as $1 per meal.

Trying street food is a “great way to taste local food and culture,” said Emily. Their favorite Asian cuisines include pad Thai and khao soi from Thailand and Vietnamese banh mi, she said.

The couple save on housing, their second biggest expense, by doing homestays with locals. In Bali, they stayed with the “sweetest family” for just $4 per night, said Emily.

Hudson trying an organ sandwich in Marrakech, Morocco.

Hudson and Emily Crider

The couple also use Couchsurfing.com, a site where travelers can find locals offering free housing. In Switzerland, they stayed with another couple who made them raclette, a traditional Swiss dish, and took them paragliding, said Emily.

Homestays are a great way to connect with local people, said Emily. “When you’re quickly going to a place and taking pictures of tourist sites, you don’t always get the full picture.”

South America

South America was the third cheapest for activities, at an average of $15.00 per experience, the couple told CNBC. Many activities were free, they added.

The couple research and budget for the main activities they want to do before visiting any country, they said.

Hudson and Emily Crider on a hike in Patagonia, South America.

Hudson and Emily Crider

They hiked through “amazing” places like Patagonia and Peru without booking a guide, said Hudson. With online resources, “it was so easy to find it ourselves,” he said.

The couple call this “do-it-yourself style travel,” where they find transportation and explore cities without having to book a tour, said Emily.

Africa

“Do-it-yourself” travel even extends to safaris, according to the couple.

In East Africa, Hudson and Emily rented a car and drove through the Serengeti on their own.

Hudson and Emily Crider camping during their self-drive safari in the Serengeti in Tanzania.

Hudson and Emily Crider

“It was more of an adventure than we signed up for, but it was a good way to save money,” said Emily.

Middle East

Transportation typically means metros, buses or tuk-tuks instead of taxis and Uber, the couple said.

Hudson and Emily Crider in Petra, Jordan.

Hudson and Emily Crider

But renting a car can also be worth it.

The couple spent the most on transportation in the Middle East, at an average of $14.00 per ride, they told CNBC.

“If anybody’s traveling to Jordan in particular, rent a car — it’s a great way to meet local people,” said Hudson.

Australia

The couple spent $85 on a harbor cruise in Sydney that went past the Sydney Opera House. “We prefer to spend a little less money on housing and food and more on experiences,” said Emily.

They spent the most on activities in Australia, with an average of $42.50 per experience. Transportation, however, was the second-least costly, at an average of $3 per ride.

The cruise was also an example of how the couple create content on the road, as they partnered with a company to promote the experience, said Hudson.

Europe

By saving a little bit in every category, the couple save a lot of money in the long run, they told CNBC. They did the same in Europe, which was the second-most expensive for housing, food and transportation.

It helps to spend less time staying in the more expensive areas, said Hudson. Compared with Paris, cities like Prague and Budapest are “equally beautiful” but have housing that is “half the cost,” he added.

Hudson and Emily Crider paragliding in Switzerland.

Hudson and Emily Crider

To get around, the couple used the Eurail unlimited pass to travel to as many places as they wanted within a booked time period, said Hudson. Budget airlines like Wow Air and Ryanair were also “amazing” options, he said.

“We would get a €12.00 flight and spend more on getting the Uber to the airport,” he quipped.

They used Google to find accommodations based on budget, then booked using Airbnb or Booking.com for the “best deals,” said Emily. They typically did a “really cheap hotel or motel” in Europe as it was often less expensive than a hostel, she added.

North America

Although New York consistently ranks as the most expensive city in the U.S., it is a popular destination for travelers who visit North America, said Hudson.

The couple got around by walking or riding on New York’s “amazing” subway system for $2.75 per trip, he said. They used Google Maps to access bus and metro times in almost every major city they visited, they said.

They also said they use blogs and Facebook groups to find suggestions for public transportation too.

More tips

Hudson and Emily try to strike a balance between “comfort and cost” when picking accommodations, they told CNBC.

That often leads to a choice between air conditioning and Wi-Fi, said Hudson. (They rarely compromise on the Wi-Fi.)

Reading an accommodation’s newest reviews gives a “current update of someone’s experience staying there,” said Emily.

“We don’t book places without reviews within the past four or five months.

A hostel room where the Criders stayed in Sydney, Australia.

Hudson and Emily Crider

Bonus points on credit cards also help to save money, said Emily. “Chase Sapphire Preferred and Reserve cards are our favorite because those can be transferred to a lot of different hotels and airlines,” she said.

The couple plan for future trips by using Google Flights to notify them if a flight price drops below a certain amount, said Emily. Instead of being fixed on one specific destination, pick five places you want to visit and set notifications for them, she recommended.

As for Hudson and Emily, they have set their sights on more places than that.

They are headed to West Africa next, they said.

Source link

#high #school #sweethearts #visited #countries #Heres #pay #budget

‘Ant-Man and the Wasp: Quantumania’ reviews: The villain is good, but the movie is bad

Paul Rudd is Scott Lang, aka Ant-Man, alongside Johnathan Majors as Kang the Conqueror in “Ant-Man and the Wasp in Quantumania.”

Disney

Are the pint-sized heroes of Disney’s “Ant-Man and the Wasp: Quantumania” enough to take on the newest — and baddest — villain of the Marvel Cinematic Universe? Not quite.

Peyton Reed’s previous Ant-Man installments offered the MCU a smaller-than-life look at what it means to be a hero. The small-stakes romps were welcome excursions away from the apocalyptic stakes of the wider franchise and offered a lighthearted counterbalance to the greater threats of the universe.

However, the demands of Disney‘s Marvel machine came calling for Ant-Man (Paul Rudd) and his partner the Wasp (Evangeline Lilly).

Enter Kang the Conqueror.

Played by “Lovecraft Country” star Jonathan Majors, Kang is the next overarching villain of the MCU and is expected to remain a looming threat throughout the Multiverse Saga, which includes the planned phases four, five and six of the franchise. He was introduced in the Disney+ show “Loki.”

Critics praised Majors’ performance in the film, as the actor was able to bring gravitas to the the role and exude the kind of menace that made previous big bad Thanos (Josh Brolin) such a compelling, and threatening, villain. However, Kang’s larger-than-life presence overshadowed the quirky and charming narrative that fans have come to expect from Ant-Man side quests, critics say. (Majors will also appear as the antagonist in next month’s “Creed III.”)

“Majors is certainly chilling and captivating, but Kang seems like a mismatched foe for a standalone Ant-Man film and the result is a ‘Quantumania’ that is trying to be too many things,” wrote Lindsey Bahr in her review of the film for Associated Press.

“Quantumania” is at its best when it keeps things “light and quippy,” Bahr said.

Marvel Studios’ “Ant-Man and the Wasp: Quantumania.”

Disney

This sentiment was shared with numerous other reviewers, as the latest Marvel film became one of only two in the 31 movies that have been released as part of the MCU to receive a “Rotten” score from Rotten Tomatoes.

“Ant-Man and the Wasp in Quantumania” held a 48% “rotten” rating from 293 reviews, as of Saturday. The only other film from the MCU to slip below the 60% “fresh” threshold was 2021’s “Eternals,” which ultimately earned a 47% rating.

“Quantumania” centers on Scott Lang, aka Ant-Man, and Hope Van Dyne, aka the Wasp, after their family is sucked into the subatomic Quantum Realm. There, they face off against Kang, a dimension-hopping tyrant who is trying to escape from the realm after being exiled there for his rampages across time and space.

Here are what critics thought of the film ahead of its release Friday:

Kristy Puchko, Mashable

“Michael Pena’s absence should have been a warning,” wrote Kristy Puchko in her review of “Ant-Man and the Wasp: Quantumania” for Mashable. “The Marvel Cinematic Universe has grown so massive and all-consuming that it’s not enough for an Ant-Man movie to be an Ant-Man movie.”

What fans are given instead is a “chaotic, woefully unfunny mess that has forgotten why its hero was such fun.”

Puchko bemoans that both Ant-Man and the Wasp as almost relegated to sidekicks in their own movie, as Kang and Janet Van Dyne (Michelle Pfeiffer) are given the spotlight — and shine in it. (Michael Douglas also reprises his role as Dr. Hank Pym.)

The film itself is anything but light. Puchko likened the dark action scenes to those seen during the final season of HBO’s “Game Of Thrones,” blurry, dim and incoherent.

“Yet when the lights are turned up, you might wish they weren’t,” she said, noting that the Quantum Realm, a place of endless possibilities, has been imagined as “a mash-up of ‘Star Wars,’ ‘Strange World,’ slime, and those Magic Eye posters that made us squint to make sense of them.”

“In the end, with its clumsy collision of influences, star power, CGI that is often rubbery or outright ugly, and a convoluted plot that should have an Excedrin tie-in, ‘Ant-Man and the Wasp: Quantumania’ is like a child’s mixed media project, made of paper mache, glitter, and hunks of rotting ground meat,” she said.

Read the full review from Mashable.

Cassie Lang (Kathryn Newton) and Scott Lang (Paul Rudd) in “Ant-Man and the Wasp in Quantumania.”

Disney

Kate Erbland, IndieWire

Charlotte O’Sullivan, Evening Standard

Hope Van Dyne (Evangeline Lilly) and Scott Lang (Paul Rudd) in “Ant-Man and The Wasp in Quantumania.”

Disney

Hoai-Tran Bui, Inverse

Source link

#AntMan #Wasp #Quantumania #reviews #villain #good #movie #bad

Why you won’t see many car ads during Sunday’s Super Bowl

General Motors and Netflix partnered for a 60-second ad starring actor and comedian Will Ferrell driving GM electric vehicles in popular Netflix shows and movies to promote the streaming service using more EVs in its productions.

Screenshot

Automakers — historically among the largest Super Bowl advertisers — are mostly bypassing this Sunday’s NFL championship game to preserve cash or spend ad dollars elsewhere.

The only automakers expected to advertise during Sunday’s game between the Philadelphia Eagles and Kansas City Chiefs on Fox are General Motors, Kia and Stellantis‘ Ram and Jeep brands. Porsche said it will air a spot shortly before the game in collaboration with Paramount.

The broad resistance is a swift change from a year ago, when the automotive industry represented the largest segment for Super Bowl ads, at $99.3 million, according to Kantar Media’s Vivvix. That total was up by more than $30 million from 2021 when web-based, media and movie companies outspent the industry.

The decline in automotive ads this year comes as companies invest billions of dollars in electric vehicles or attempt to preserve cash in preparation for a potential economic downturn. They also are continuing to battle through supply chain problems.

The average cost of a 30-second commercial during last year’s Super Bowl was $6.5 million, up more than $2 million over 2016 rates. That cost is now approaching $7 million, according to Kantar Media.

“This has less to do with the Super Bowl itself and more to do with individual issues within the automotive industry,” Eric Haggstrom, director of business intelligence for Advertiser Perceptions, told CNBC. “The auto industry has been battered by supply chain issues, inflation eating into consumer budgets, and rising interest rates that have made car payments dramatically more expensive.”

Haggstrom noted several automakers pulled back ad spending in recent years — the result of fewer products to sell due to tight inventories caused by supply chain problems during the coronavirus pandemic. Newer automakers have also traditionally advertised less, or not at all, as they attempt to emulate Tesla’s advertising-free model, Haggstrom said.

Eight auto brands or companies advertised during last year’s Super Bowl, including returning companies GM and Kia. Embattled car retailers Carvana and Vroom, which advertised during last year’s game amid record used vehicle demand, are not returning. And EV startup Polestar, whose ad was a success in the 2022 Super Bowl, said it will also not advertise this year.

For the 10th consecutive year, auto accessory company WeatherTech will air a 30-second ad. The Illinois-based company is the longest-running automotive business to consecutively advertise during the big game.

Those who are advertising say they are taking the opportunity to reach a captive audience that’s expected to be around 100 million viewers. The game is historically one of the most-watched events of the year, offering advertisers an opportunity to capitalize on viewership amid declining television audiences.

GM’s 60-second ad stars actor and comedian Will Ferrell driving GM EVs through popular Netflix shows and movies to promote the streaming service upcoming efforts to include more EVs in its productions.

“It is a big moment,” GM marketing chief Deborah Wahl told reporters during a briefing about its ad. “To do something like this is really different.”

Ferrell also appeared in GM’s Super Bowl ad promoting EVs two years ago.

Those who aren’t returning largely attributed the decision to business priorities or available products and capital. Toyota Motor, one of the top Super Bowl advertisers in recent years, said its product plans didn’t align with this year’s game.

“We look at the Super Bowl very strategically, and we want to make sure that we have a purpose for being in the Super Bowl,” Lisa Materazzo, group vice president of Toyota Marketing, told CNBC at an event this week for the Chicago Auto Show. “We definitely think the Super Bowl has a place. This year it just wasn’t the right time or place for us.”

Hyundai Motor, in an emailed statement, said the decision not to advertise was “based on business priorities and where we felt it was best to allocate our marketing resources.” Audi, which last advertised in 2020, said it’s “focusing on other efforts within our electrification and sustainability commitments.”

Stellantis, formerly known as Fiat Chrysler, has been one of the most prolific advertisers for more than a decade and is returning after a one-year hiatus. The company’s chief marketing officer, Olivier Francois, is well known for attracting standout talent including Bruce Springsteen, Bill Murray, Clint Eastwood and Eminem.

Stellantis has not released its ads, while GM, Kia and WeatherTech released their commercials earlier this week.

Kia’s 60-second “Binky Dad” ad features a father going viral for racing to retrieve a “binky” for his baby, driving a 2023 Telluride X-Pro SUV. It’s set to “Gonna Fly Now” of 1976, famously known as the “Rocky” movie theme music. Uniquely, the commercial features three alternate endings that will be available exclusively on TikTok.

The ad has drawn some criticism online, as Kia and its parent company Hyundai have come under fire for at least four of its suppliers reportedly violating child labor laws. Both Hyundai and Kia have condemned such practices. Reuters this week reported the parent company is in talks with the U.S. Department of Labor to resolve concerns about child workers in its U.S. supply chain.

The 30-second ad for WeatherTech promotes the company’s U.S.-made products, showing bank executives and others criticizing the company for its American investments and production.

The ad for Porsche is a collaboration with Paramount for this summer’s “Transformers: Rise of the Beasts” film. It is the second year for such a tie-up following a commercial last year for “Top Gun: Maverick.”

Haggstrom said there’s been a general “cautiousness” in the auto industry around advertising.

“They’re really looking at what is the value of advertising today? How does that affect my top line, how does that affect my go-to-market,” he said. “We’ve seen a general trend in accountability in consumer advertising.”

– CNBC’s John Rosevear contributed to this report.

Source link

#wont #car #ads #Sundays #Super #Bowl

How ‘Skinamarink’ made $1.5 million on a $15,000 budget

A still promo for the film Skinamarink.

Coutesy: Bayview Entertainment

Experimental horror film “Skinamarink” has been all the buzz on social media for months — and now it’s a sleeper hit at the box office.

“Skinamarink,” the first feature from Canadian director Kyle Edward Ball, has pulled in over $1.5 million at the box office in just over a week of release, according to Comscore.

Some film enthusiasts have compared the experimental movie, with its $15,000 budget, to found-footage horror classic “The Blair Witch Project” and David Lynch’s surrealistic 1977 midnight movie “Eraserhead.”

To be sure, “The Blair Witch Project,” which was a trendsetter for movies propelled by internet buzz, grossed $140 million in 1999 on a budget of less than $100,000, but the success of “Skinamarink” is helping define the current era of lucrative scare flicks.

According to data from Comscore, the horror genre generated about $700 million in domestic ticket sales in 2022, less than 10% of the $7.5 billion in total domestic box office sales. Much of these sales come from the most wide-released horror films that had budgets between $16 million and $35 million.

Shudder, a horror-focused streaming service owned and operated by AMC Networks, picked up exclusive rights to the film. The movie will premiere on the platform Feb. 2. “Skinamarink” currently has a “fresh” rating of 71% on review aggregation site Rotten Tomatoes.

“Skinamarink” centers on two children who discover their father has disappeared, along with all the doors and windows of the home. The film makes use of grainy, hard-to-decipher shots of walls, furniture, television screens and ceilings to depict the eeriness of the abandoned, liminal home. It doesn’t show the characters’ faces. Ball told Vulture he intended the film to feel “as if Satan directed a movie and got an AI to edit it. An AI would make weird choices, like, ‘Yeah, I’m just gonna hold on this hallway of nothing for a while.'”

Some observers in the indie film industry saw it as a potential hit early on. Co-executive producer Jonathan Barkan, head of acquisitions at Mutiny Pictures, found the “Skinamarink” trailer on Reddit in late 2021 and took a gamble it would outperform many of its competitors and resonate with viewers.

While horror is seen by some as being a tried and true film genre that will return a profit, Barkan said making money with scary movies isn’t that easy. Independent horror films are released every week, and it’s very difficult to stand out among these releases, he said.

“For being a genre that is already typically a lower-budget genre, you have filmmakers who need to be very creative,” Barkan said. “They need to think, how can we stretch our budget? How can we do something really creative and still get across what we’re trying to convey, which is a sense of fear?”

Going viral with $15,000

Ball previously created and released short films based on people’s childhood nightmares for his Bitesized Nightmares YouTube channel. The channel, with over 11,400 subscribers, has pulled in a few thousand views for three- to five-minute horror shorts, as well as for his half-hour film “Heck.”

Ball used his childhood home in Edmonton, Alberta, as the film’s setting and his childhood toys for props. Ball stretched the $15,000 across equipment, lighting and film-editing software, in addition to film festival costs and legal documentation. He called in favors for casting and equipment, as well, according to Barkan.

There is “really no way to skirt around a certain budget” in all genres, though Ball took some creative alternatives to high-cost filming conventions, according to Josh Doke, an executive producer of “Skinamarink” and creative director at BayView Entertainment, which acquired Mutiny Pictures.

“A lot of filmmakers who are making a film, either for the first time or with a really low budget, they are trying to emulate … a Hollywood style with people in front of the camera who are talking and acting, and they maybe don’t have access to the best actors or the best lighting or the best equipment,” Doke said. “It comes off not looking quite like how they had in their head.”

Still shot from the film “Skinamarink”.

Courtesy: Bayview Entertainment

Ball avoided some costs by not shooting characters head on and instead having them speak off-screen or showing only their backs or feet. “You don’t need George Clooney in front of the camera,” Doke said. Lighting in many shots came only from television sets or a night light.

After acquiring the film, Barkan worked to get it into the Fantasia International Film Festival in Montreal, where he previously served as a jury member. This was the “first domino” in propelling its success, he said.

“It’s a stretch to say that there’s anything new under the sun or really original in our industry, but this really does feel like it’s not only experimental horror but experiential horror,” Doke said. “I think that what it does for people is it puts you right in the middle of a nightmare that you can’t wake up from.”

The world premiere attracted 22 reviews from critics, and it caught the attention of Shudder. This notice led it to film festivals in Europe, one of which saw its entire slate of films leaked.

While the production team tried to keep a lid on the film after it was pirated and file takedowns on illegal sites, clips of the film went viral on TikTok. #Skinamarink now has over 27 million views on the platform.

The film was originally intended for theatrical release around Halloween 2023, but plans were thrown out the window as demand to see the film grew rapidly.

“[Shudder] adapted it to embrace what was happening because there was no way to stop it,” Barkan said. “Rather than try to fight it, they worked with it.”

Snowball effect

With internet buzz and illegal downloads surging around Thanksgiving, Doke said the film could not wait another 10 months to release. The movie opened Jan. 13 in North American theaters.

“Initially, we were talking about a fairly limited theatrical release through Shudder and IFC just because with a film of his size, you never know the interest, and getting a big theatrical release is always a challenge,” Doke said. “But the snowball just kept rolling down the hill.”

Still shot from the film “Skinamarink”.

Courtesy: Bayview Entertainment

Shudder and the film’s production team agreed to an all-rights deal, meaning Shudder had not only streaming rights but also exclusives on subscription video and pay-per-view video services. Next, IFC Midnight, also owned by AMC Networks, was brought in to do theatrical showings prior to its exclusive release on Shudder.

“Once we saw the incredible response online, we knew we had to bring this film to as many theaters as possible nationwide,” Arianna Bocco, president of IFC Films and IFC Midnight, said in a statement. “Kyle has made a film for a new generation and has proved yet again what horror films and its community are capable of even with the smallest of budgets.”

What was expected to be 10 to 20 screenings led to 692 theaters predominantly in urban areas. Its first weekend “Skinamarink” grossed nearly $900,000. Last weekend, the film reached over 800 theaters and brought gross box office sales to more than $1.5 million — over 100 times its budget.

“To make a film for $15,000 and then to release it and get this level of attention and this wide of a theatrical release, and to reach this level of box office returns, is an incredibly rare feat,” Doke said.

–CNBC’s Sarah Whitten contributed to this report.

Disclosure: NBCUniversal, CNBC’s parent company, owns Rotten Tomatoes.

Source link

#Skinamarink #million #budget