Hello! Sharing is uncaring: Netflix's big crackdown on password sharing kinda worked but kinda didn't — the streamer added 5.9 million new subscribers, but shares still fell by more than 8%. Today we're exploring:
High flying
United Airlines had a strong Q2, all things considered, with revenues soaring to record highs and profits up more than 3x year-over-year, as the carrier continues to capitalize on the reinvigorated post-pandemic appetite for international travel.
The impressive earnings, which beat analysts’ estimates, cap off a particularly busy time for the airline. A turbulent end to June saw United cancel hundreds of flights and delay thousands more, all while the airline was navigating a pay dispute with its union — which eventually resulted in a $10 billion deal that could see its pilots' wages rise up to 40%.
On course
With demand for travel now almost fully recovered, as we charted around Memorial Day weekend, United is keen to make the most of the renewed American wanderlust. Indeed, last year the airline carried over 144 million flyers, reportedly making it the second-biggest US carrier in terms of passenger volume. United is now on course to beat that figure in 2023, having already flown some 78.7 million passengers, up 17.1% on this time last year.
The financials are clearly on the same flight path too. On Wednesday, the airline reported that its revenue had risen to $14.2 billion — that's above even 2019 levels when earnings for the same period sat at $11.4 billion. Profit for the quarter also showed strong growth, up ~226% to $1.1 billion from $0.3 billion in 2022. Competitor American Airlines also reported record revenue of $14.1 billion yesterday, another clear sign that much of the industry could be flying high again.
Kick-off
The Women’s FIFA World Cup got underway yesterday, as co-hosts New Zealand and Australia both secured 1-0 victories in their opening games. This year's tournament has received a massive boost from FIFA, with the prize pot tripling and the total budget skyrocketing to some $395 million, a substantial rise from $156 million in 2019.
With 32 countries competing, the competition is set to be the biggest Women's World Cup in its 32-year history. Ticket sales could surpass record levels too — yesterday, the Australian football governing body reported that over 1.3 million tickets have been sold, with the organizers confident that the figure will reach an impressive 1.5 million by the time the final kick is taken.
All eyes will be on the US, the current champions, as it begins its quest for an unprecedented third consecutive title at 9 PM ET. However, the American team's invincibility has shown signs of waning. Missing out on the finals at the Tokyo Olympics and a series of defeats against European challengers last fall has raised questions about the USWNT’s dominance, though it remains many bookmakers' favorites to lift the trophy.
Prime time glory
The prospect of a US final is not only exciting for fans but also a matter of great interest for domestic TV networks. Nielsen ratings data reveals that, during the two occasions when the US team failed to reach the final in 2003 and 2007, viewership plummeted to below 1 million. In stark contrast, whenever the US women got to the last two, emerging victorious on three of those occasions since 1999, viewing figures surpassed tallies for the Men's World Cup Final from the year before.
Over-earning
The Wall Street Journal recently reported that NBA stars are now more likely to take home $30 million+ pay packets than CEOs at S&P 500 companies. A recent YouGov survey, however, found that the American public doesn’t think either party is particularly deserving of the money they’re currently netting.
Indeed, pro athletes actually drew level with politicians — senators and representatives take home at least $174,000 a year in compensation — in the rankings for the most overpaid positions in the US, with a whopping 78% of respondents saying the professions are “very or somewhat overpaid”. CEOs can rest easy knowing only 76% of people think the same about them.
Poll positions
The YouGov poll asked 3,000 Americans to rank 30 professions on 3 criteria: the occupations’ impact, the perceived happiness of those working the job, and how overpaid/underpaid they think the vocation is. Interestingly, four of the top five “overpaid” positions also appeared in another unflattering tier, with lawyers, investment bankers, CEOs, and politicians all top occupations that Americans deem to have a “very or somewhat negative impact”.
On the other hand, the opposite end of the pay scale was a completely different story. Indeed, the "most underpaid" profession, farming, was ranked as the occupation with the most positive impact in society. 68% of Americans think farmers are “very or somewhat underpaid” — a matched proportion said the same of restaurant workers.
Go deeper: Explore how all 30 professions perform on the different metrics here.
• Hot in here: Amazon has seen sales for ACs increase 248% for the 30 days ending July 14.
• Kim Kardashian’s shapewear brand Skims recently raised $270 million, giving the company a $4 billion valuation.
• Domino's just rolled out its cheapest pizza in the world in inflation-hit India, it costs 49-rupee, or just $0.60.
• Health is wealth: Americans have switched out soft drinks for more water in recent years.
• Our friends over at The Pudding have done a great deep dive on the rarity of a hit song being credited to an all-women songwriting team.
Off the charts: Motor vehicle thefts are up roughly 34% from the same period last year, but which two car brands sparked a rise because of a viral TikTok trend? [Answer below].
