Hello! The Pentagon is still tracking a suspected Chinese high-altitude surveillance balloon that is currently over Montana. Turns out international espionage is a lot less James Bond and a little more Up. Today we’re exploring:
Knives out
The day many of us have feared could be just around the corner — Netflix has outlined exactly how they’ll be catching out and cracking down on password sharers.
After a tough 2022 for the streaming giant, in which subscriber growth slowed to a trickle for the first 9 months of the year, it’s unsurprising that they’re looking to stamp out people getting free fixes of hits like Stranger Things.
You wouldn’t steal a car
Through the silent movie era and the years of bootleg DVDs, piracy has long plagued the film industry, but now — even in the online age — it's still a major plot hole for Hollywood.
Though searches for classic cost-dodging queries like “watch movies online for free” have faded in recent years, the entertainment industry is still struggling to crack down on illegal downloads and streams. Indeed, the online piracy world reportedly saw an unprecedented spike at the onset of the pandemic, with movies hit hardest by the rise.
Although it doesn't really feel that wrong, password sharing — a practice that's against the terms of service of streaming sites — is a major pain point. In 2021, for example, it’s estimated that Netflix lost some $9.1bn to password sharers.
One survey from last year suggests piracy may be something the industry has to deal with for a little while longer with nearly 1 in 4 people justifying piracy because they simply believe “movies / music should be available to everyone for free”.
Adani Group, a conglomerate with sprawling interests across energy, cement and infrastructure, continues to suffer after facing allegations of fraud published by short-seller Hindenburg last week.
Hindenburg claims the Adani family has used offshore entities to artificially inflate Adani's listed company share prices, enabling them to take on more debt and leaving the group — according to the report — in a highly precarious position.
Hindenburg’s targets, which in the past have included convicted fraudulent trucking company Nikola, often see a swift share-price drop and Adani has been no exception. Indeed, the 10 listed Adani firms have now collectively lost more than $100bn in market cap since the allegations, with the flagship company, Adani Enterprises, shedding nearly 60% of its value. That has derailed a planned share offering and resulted in the founder, Gautam Adani, losing his place as the world's second-richest individual.
Rockefeller + Carnegie = Adani
It is hard to overstate how much the group resembles a modern day industrial empire. Adani runs India’s largest ports, operates ~20% of its power-transmission lines, warehouses 30% of the country’s grain, accommodates ~25% of its commercial air traffic, and produces about 20% of its cement.
When an empire of this size is accused of being “the largest con in corporate history”, the concern can quickly spread to other sectors. Adani himself, who has close ties to Prime Minister Modi, has attempted to paint the short-seller’s report as a nationalistic attack on Indian business. So far, that rebuttal hasn’t convinced investors.
Music to Elton’s ears
Elton John’s Farewell Yellow Brick Road tour, his last outing before retirement, has become the highest-grossing tour of all time, taking a total of $818m according to new figures from Billboard. That haul surpasses the previous record of $776m held by Ed Sheeran for his Divide tour.
However, even after 5 years and 278 shows, the Rocket Man is not done yet — with 51 more European dates and a final sign-off performance headlining the iconic Glastonbury festival to come. Despite that longevity, it’s unlikely John will beat Sheeran's record of most tickets sold on a single tour, as the Divide Tour delighted some 8.9mSheerios (roughly equivalent to the entire population of New York City).
Still standing
The tour hasn't been without its challenges, though. Initially commencing in 2018, Elton's tour has had to navigate the pandemic, his hip surgery and then his battle with Covid in January last year. Still the show went on, meaning that Elton will have now performed 1,573 shows dating back to 1986, grossing in excess of $1.8bn — the highest-grossing touring solo artist of all time.
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• The stunning sculptures that won at this year’s snow sculpting championships.
Quick cut: Amazon, Alphabet, Apple, Meta, Peloton and Snapchat... which company's share price has fared best after a heavy week of tech reporting? [Answer below].
