The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

The Great Immigrant Resignation; Why iPod Shuffles Are In; Why Cryptospeak Is Out; and Presenting Our First-Ever Holmesie Awards

The Great Immigrant Resignation; Why iPod Shuffles Are In; Why Cryptospeak Is Out; and Presenting Our First-Ever Holmesie Awards

By Jon Steinberg · Jan 8, 2022 8:00am PST

Hi, welcome to your Weekend!While we can’t say that the start of 2022 was as disorienting as last year’s insurrection-impeachment-inauguration triple-whammy, the new year still began with a couple of pocket-sized bombshells. Out here in Silicon Valley, the Elizabeth Holmes trial ended as many expected: with the ex-Theranos boss’s conviction on... Hi, welcome to your Weekend!While we can’t say that the start of 2022 was as disorienting as last...

Art by Mike Sullivan.

Why Influencer Journalists Should Not Be the Future of Journalism

By Jessica E. Lessin · Jan 8, 2022 5:00am PST · 4 comments

A new year is a cause for reflection—and for resuming this column, which I intend to write regularly, but not every week. You may recall I took a break to have my third child. All is well—and busy—in the Lessin household, and at The Information, which is growing rapidly.As I look across the media industry, I see a new genre of news organization... A new year is a cause for reflection—and for resuming this column, which I intend to write...

Traders on the New York Stock Exchange this week. Photo by Bloomberg.

What Discovery’s Rally Says About the Market

By Martin Peers · Jan 7, 2022 4:01pm PST

You know something’s screwy on Wall Street when shares of Discovery, the TV company due to merge with WarnerMedia later this year, rise 17% in one day, as they did today. While the rally was ostensibly sparked by a bullish analyst report, a bigger factor is undoubtedly the general market environment. High-growth tech stocks are no longer the... You know something’s screwy on Wall Street when shares of Discovery, the TV company due to merge...

Rod Sims, Australia's chief antitrust official. Photo by AP.

Don’t Break Up Big Tech, Says Antitrust Enforcer Who Fought Facebook

By Mark Di Stefano · Jan 7, 2022 3:41pm PST · 5 comments

Rod Sims, Australia's chief antitrust official. Photo by AP.

Q&A

Don’t Break Up Big Tech, Says Antitrust Enforcer Who Fought Facebook

By Mark Di Stefano · Jan 7, 2022 3:41pm PST · 5 comments

Australia has been punching way above its weight when it comes to tech regulation. Its showdown over news on Alphabet’s Google and Meta Platforms’ Facebook last year grabbed the world’s attention, forcing the two internet companies to back down from threats and agree to deals with traditional media outlets that are... Australia has been punching way above its weight when it comes to tech regulation. Its showdown...

Illustration by Josh Brill

When the Brands Came for Crypto: Can a Subculture Survive the Social Media Managers?

By Margaux MacColl · Jan 7, 2022 2:00pm PST · 3 comments

Within the dark caverns and crevices of Twitter, there is a singular sunny corner: the lair of the non-fungible token influencer. Their tweets are littered with optimistic acronyms: LFG for “let’s fucking go.” WAGMI for “we’re all going to make it.” GM to bid fellow crypto believers a good morning. It’s a place where meme-inspired jokes sing in... Within the dark caverns and crevices of Twitter, there is a singular sunny corner: the lair of...

Art by: Haejin Park. Photos courtesy of Kira Vaden, Tega Akinola, Myra Magdalen

Millennials Brought Back Vinyl. Gen-Z Is Reviving the iPod Shuffle and Ethernet Cables

By Annie Goldsmith · Jan 7, 2022 12:00pm PST · 2 comments

Kira Vaden was compulsively refreshing eBay, watching prices rise and fall on one specific product: “vintage” iPod Shuffles from the late aughts. Vaden, a 23-year-old Starbucks barista from Peoria, Ill., finally pulled the trigger in December, purchasing a pack of two Shuffles for $11.50. She didn’t know whether the tiny music players worked or... Kira Vaden was compulsively refreshing eBay, watching prices rise and fall on one specific...

Clockwise from top left: Sneha Biswas, Anshul Rathi, Angad Daryani, Aryan Chauhan, Sameer and Pragya Goyal.

The Great Immigrant Resignation: Fed Up Indian Tech Workers Ditch the American Dream

By Anita Raghavan · Jan 7, 2022 9:00am PST · 12 comments

For four years, Sameer and Pragya Goyal lived the Indian American Dream. Newly immigrated from India to the U.S., the Goyals both worked for Amazon, notching six-figure salaries in their 20s. They lived in an apartment in downtown Seattle with floor-to-ceiling windows that afforded a precious glimpse of an inlet that flowed out to the Pacific... For four years, Sameer and Pragya Goyal lived the Indian American Dream. Newly immigrated from...

Art by Haejin Park. Photo by Bloomberg.

And the Holmesie Award Goes To…

By Annie Goldsmith and Jon Steinberg · Jan 7, 2022 7:00am PST · 6 comments

Art by Haejin Park. Photo by Bloomberg.

And the Holmesie Award Goes To…

By Annie Goldsmith and Jon Steinberg · Jan 7, 2022 7:00am PST · 6 comments

For 17 emotional weeks, the Elizabeth Holmes trial had all the makings of a primo soap opera: heartache, drama, sex, lies, twists, turns and one helluva femme fatale. We had main characters: disgraced Theranos chief Elizabeth; her bescarfed mother, Noel; her partner and Burning Man companion, Billy Evans; anti-keyboard crusader Judge Edward... For 17 emotional weeks, the Elizabeth Holmes trial had all the makings of a primo soap opera:...

Chart by Mike Sullivan

Media Valuations Sink, Unless Subscriptions Are in Play

By Sahil Patel · Jan 7, 2022 6:00am PST · 1 comment

The Athletic is selling to The New York Times for a little more than its last post-money valuation after a funding round in 2020. But valuations have held up better for subscription-focused businesses like the sports news site than for the broader digital media sector. Even with advertising sales on the rise and digital media firms seeking other... The Athletic is selling to The New York Times for a little more than its last post-money...

A virtual island in online blockchain game Nifty Island. Photo by Nifty Island.

How Blockchain Gaming Startup Nifty Island Plans to Take on the Metaverse

By Hannah Miller · Jan 6, 2022 5:10pm PST

Online gaming platform Nifty Island wants to use blockchain technology to become the crossroads of the metaverse. Online gaming platform Nifty Island wants to use blockchain technology to become the crossroads...

New York Times Co CEO Meredith Kopit Levien. Photo by Bloomberg.

What Buying The Athletic Says About NYT

By Martin Peers · Jan 6, 2022 5:00pm PST

Folks throughout traditional media should take heart from The New York Times Co.’s $550 million purchase of The Athletic today. The deal crystallizes The Times’ remarkable recovery from the dark days of the 2008 financial crisis, which accelerated a dismantling of a onetime print-and-TV empire into a single newspaper. A dozen years ago, you... Folks throughout traditional media should take heart from The New York Times Co.’s $550 million...

Bryan Reisberg and Maxine, his internet famous corgi. Photo: @madmax_fluffyroad & @heylittlechonk

Spotify’s Clubhouse Rival is a Ghost Town; An Interview With an Instagram-Famous Corgi Owner

By Kaya Yurieff · Jan 6, 2022 3:19pm PST

Bryan Reisberg and Maxine, his internet famous corgi. Photo: @madmax_fluffyroad & @heylittlechonk

Creator Economy

Spotify’s Clubhouse Rival is a Ghost Town; An Interview With an Instagram-Famous Corgi Owner

By Kaya Yurieff · Jan 6, 2022 3:19pm PST

You have to wonder what’s happening with Spotify’s social audio app Greenroom. In a virtual media presentation at the annual CES consumer tech conference Wednesday, Spotify touted a half dozen recent efforts to make audio features more interactive, from video podcasts to revamped ads that feature a clickable “Shop Now” option. Notably... You have to wonder what’s happening with Spotify’s social audio app Greenroom. In a virtual media...

A meeting in Horizon Workrooms. Image: Meta

Decoding This Week’s Metaverse Backlash; Developments in Driver AR

By Mathew Olson · Jan 6, 2022 11:00am PST

As we near the end of the first week of 2022 and glide through what might as well be a hybrid Consumer Electronics Show, the metaverse is being mocked and torn into on Twitter. It would be a pity, however, if what is justifiable skepticism about the over-use of the term obscures the real potential of the underlying concept.Since Facebook’s... As we near the end of the first week of 2022 and glide through what might as well be a hybrid...

Photos by Bloomberg; AP. Art by Mike Sullivan.

Twitter Hasn’t Learned the Lessons of January 6

By Gwen Snyder · Jan 6, 2022 9:00am PST · 4 comments

Twitter has long banned the publication of users’ private information without their consent, a logical response to the very real harms of doxxing. Toward the end of last year, it extended that ban to include photos of private individuals—another seemingly logical move, but one that had immediate destructive effects. Far-right trolls... Twitter has long banned the publication of users’ private information without their...

The Athletic founder Alex Mather.

NYT To Buy The Athletic for $550 Million

By Jessica Toonkel · Jan 6, 2022 7:15am PST · 9 comments

The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal valued at around $550 million, the company announced, confirming The Information's report earlier today. The deal is a major acquisition for the Times, giving it a new pocket of subscription customers to the New York Times, which has set an ambitious... The New York Times Co has agreed to acquire subscription sports site The Athletic in a deal...

From left: Will Smith and Jada Pinkett Smith, Blackstone's Joe Baratta, Kevin Mayer, Tom Staggs and Reese Witherspoon. Photos by Bloomberg; AP. Art by Mike Sullivan

Inside Blackstone’s Plans to Create an Entertainment Empire

By Jessica Toonkel · Jan 6, 2022 6:00am PST · 1 comment

From left: Will Smith and Jada Pinkett Smith, Blackstone's Joe Baratta, Kevin Mayer, Tom Staggs and Reese Witherspoon. Photos by Bloomberg; AP. Art by Mike Sullivan

Inside Blackstone’s Plans to Create an Entertainment Empire

By Jessica Toonkel · Jan 6, 2022 6:00am PST · 1 comment

Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he worked for, should do for its next move in media and entertainment. The big TV companies, such as ViacomCBS and Discovery, were bleeding viewers as people cut the cord to cable television and streaming powerhouses like Netflix grew ever bigger.... Two years ago, Joe Baratta couldn’t figure out what Blackstone, the private equity giant he...

Traders on the floor of the New York Stock Exchange in November. Photo by Bloomberg.

2021’s Mammoth Venture Year

By Martin Peers · Jan 5, 2022 5:00pm PST

The final numbers for 2021 venture capital investments are in—and it was a whopper of a year. Crunchbase reported today that global venture funding nearly doubled last year to $643 billion compared to 2020. In tech, an industry that loves superlatives, that’s a truly astounding increase. Total venture funding had hovered around $300 billion for... The final numbers for 2021 venture capital investments are in—and it was a whopper of a year. ...

OpenSea CEO Devin Finzer. Photo by OpenSea. Art by Mike Sullivan.

Why OpenSea’s $13 Billion Valuation Isn’t as High as it Seems

By Hannah Miller · Jan 5, 2022 4:53pm PST

OpenSea is opening 2022 with a mega deal, picking up where 2021 crypto funding left off. The marketplace for non-fungible tokens said Tuesday it raised new funding at a post-investment valuation of $13.3 billion. That’s significantly greater than the investment offers the startup was getting as of November and is more than eight times higher... OpenSea is opening 2022 with a mega deal, picking up where 2021 crypto funding left off. The...

Patreon CEO Jack Conte. Photo: Patreon

Creator Economy

Patreon Says Creator Lifetime Earnings Hit $3.5 Billion

By Kaya Yurieff · Jan 5, 2022 3:58pm PST · 3 comments

The pandemic shutdowns meant boom times for Patreon. The nearly nine-year-old company benefited from a spike in activity from online performers and fans and raised $245 million in funding in less than a year. But like many of the companies that saw a pandemic boost, Patreon is now tasked with keeping that growth going, especially as a parade of... The pandemic shutdowns meant boom times for Patreon. The nearly nine-year-old company benefited...

Photo by AP.

Gopuff to Launch Private Label Products as DoorDash Rival Heads Toward IPO

By Berber Jin · Jan 5, 2022 1:58pm PST

Photo by AP.

Gopuff to Launch Private Label Products as DoorDash Rival Heads Toward IPO

By Berber Jin · Jan 5, 2022 1:58pm PST

Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label goods as it expands its product offerings ahead of a public listing as early as the second half of this year, said a person with direct knowledge of the matter. The startup, last valued at $15 billion by investors, will first focus on selling its own... Quick-delivery startup Gopuff is planning to sell more than a dozen of its own private-label...