This is Nick, this is Jack, and this is Snax Daly. Welcome back. It is Monday, November 23. Happy last week at Thanksgiving. This happens to be the best snacks daily. This is so much better than the snacks that the other day. Jack, what is our first story? What do we got over that? A firm is IPO on the belief that you hate credit cards?

Well, funny thing. You still want to buy that thing you can afford. Yeah. You still want to treat yourself. You still want to treat yourself. So, Jack, second story, what else? We get circled by calendars for December. Twenty fifth snackers. It's not Chris, actually it is Christmas.

But also we're calling it it's going to be stream a palooza. A lot of new flicks coming out, a lot of new flicks, a lot of new media strategy.

Third and final story, Jack Wish is the fourth and final major company that announced last week there were IPOs. Honestly, it is going to be exotic, but wish Dotcom wants online shopping to feel more like a TV game show.

Let's go with Snackers before we hit those three great stories. It is Monday. It is officially go. It's go time, Jack. For consumers, it is officially the holiday season starting this week.

You don't need a Starbucks cup to tell you the time of the attack. Oh, Jack. Starbucks holiday cups definitely do. I guess. Tell us the time of year for retailers, though. This is the holiday season. It's the most critical time of the year for the Black Friday, extremely literal day. It was a holiday with a purpose. Yes, to help stores and retailers go from the unprofitable red ink into the profitable black. But Jack and I got curious because this is a critical week.

We were curious about who the most important customer for all these retailers is. And we're not talking like, you know, eighteen to fifty five year old males, not demographics. One single customer is like the driver of Black Friday holiday sales. So apparently the most critical customer in the entire economy for this holiday season is the queen of England, the queen herself. She's like her own economic stimulus package.

Get this, she's spending forty thousand dollars a year just on these holiday gifts. That's almost a half a thousand dollars for each year of age that she has. And apparently she's got a little Santa's complex going on because she has a casual, you know, six hundred and twenty people on her holiday list. That's right. The queen of England purchases gifts every holiday for six hundred twenty people. And we actually did the math. Yeah, that's only sixty four dollars per gift, which is a little less real than I expected.

But the forty thousand little stingy for like giving to loyal subjects. They're loyal, they're extremely loyal.

Now her go to gift it turns out, is a Christmas pudding served in a little box which explains the sixty four dollars is a sixty four dollars. Nice figgy pudding is actually very nice. That sounds great. Oh, by the way, Netflix season six for the Crown. We're writing the stories for you.

That's what we do. Snacker is happy beginning of the holidays. Nick and I have three pods this week before Thanksgiving and then we'll be back with your Monday. We're going to miss you. But in the meantime, we picked up three wonderful stories.

Let's hope you tune in this next day. You spoke to the lawyers and we got to get some legal on the way about here. Ray Giudice. They don't reflect the views of her family. It's only formational. Just so you know, we're not recommending any securities. Nope. It's not a research report or investment advice, not an offer with the help of security by next is digestible business Finance LLC member favor APC for our first story, which is a global flea market in an app that just filed the IPO.

Wish his ambitions are global.

It's growth so far as local feels like a bumper sticker. We turn them to a bumper sticker. I think that has some legs. I think it has a bumper sticker. Potential stackers wish might just ring a bell for you because it's an ad on the jersey of the Los Angeles Lakers since twenty seventeen. That's right. They paid 12 to 14 million dollars a year for that great shoulder advertising. But that ads, those ads are worth way more than that.

Oh, I got so much more. Get this one year into the deal, the Lakers signed, you know, LeBron not that. So then the most popular superstar on the planet was wearing wish on his shoulder for two seasons, which included an NBA championship. So which got kind of cocky and said, you know, things are going great. LeBron has this on his shoulder. Why don't we IPO? They got their wish, which is based in San Francisco.

They call themselves an affordable and entertaining mobile shopping experience for billions to enjoy. That's like a lot of words to say. So Jack and I prefer to call wish the Chinatown of NYC in an app. Yeah. Minus the delicious, sweet and sour food. That's true. They're missing on the food. If you head downtown from.

So you've seen the epic sea of colorful plastic, cheap stuff that New Yorkers can indulge in shops and shops and shops featuring Nerf footballs to bike helmets to fake passports. You can get it all and it's all very affordable. That's in Chinatown, in New York City.

But if you open up the wish app, they offer all those lovely plastic direct from China stuff charming in one e-commerce app. So snackers, you know what Jack and I did? We jumped in snacks. And Jack, what was the first thing that you saw before I even downloaded it, which told me that their stuff was 60 to 90 percent off?

Jack will pay you to buy the. And then they randomly showed me an assortment of stuff when I opened it, including a stainless steel watch for four dollars and a weighted training vest for eighteen dollars to bet but snackers because we had to dive in a little further snack. So we noticed they had this one wild feature called Blitz by you spin a wheel with the tap of your finger and then there's a countdown clock for you to throw as many things in your shopping cart as possible.

And the discount grows the more items you put in your car. Basically, this is supermarket sweep, but for you to do solo on your phone, naturally, one hundred eight million people are using this scrolling endlessly through random assortment of extremely low priced good. All right. So Jack and I had to size up Wesch. And when you're looking at, like, a different strategy here that they're pursuing, you got to compare it to the leader in the field, in this case, Amazon.

Right. There's two unique differences that wish has from Amazon. All right. The first is actually kind of on the back end. You don't see this, but this affects why you're not paying those bigger prices, which has no fulfillment centers. It holds no product. It has no inventory. It simply connects you directly with the factory, probably in China. Yeah. Which ships directly to where she is in a physical thing. It's just like a mysterious in the air connector.

We said it's based in San Francisco. That means there's a few laptops in San Francisco, property of which dotcom and a server in the middle of Nebraska. Now, the second key difference with Amazon is that wishes growth so far this year is thirty two percent. Yeah, this is like the best year ever for e-commerce and its growth is lagging Amazon. And remember, Amazon is way ahead of wish that it shouldn't be growing faster than this little star plus which is unprofitable, Jack.

Almost coffin is coconut water. So, Jack, what's the takeaway for our buddies over at Wish? Wish thinks it can do what dollar stores are doing, but more fun and more skalp snackers in the US Dollar, General and Dollar Tree. They are major stock market winners of the past decade. Both of those dollar store chains have added more locations back then. We have McDonald's in this country to serve low income Americans. So the first way that Wish thinks it's improving upon those dollar stores is by being more scalable, right?

By connecting shoppers directly with the low cost Chinese suppliers it can serve, it thinks the entire world at low cost. And the second key difference is that they actually think they can be more fun at wish than the dollar stores.

Every customer that walks into a dollar store sees the same dollar stores. It wishes Apple learns about you just like tick tock. Yeah, that shows you the stuff that will delight just you like a weighted vest in my case. But here's the problem. Consistent losses. They show that running a whole global business not focused on any single country is pretty costly. For our second story, Jack wrapped around wrapped Christmas presents.

I have decided. I haven't decided yet. I have decided not to reracked.

One thing about this Christmas is the same as every other people are going to want movies. We're calling this Christmas this December. Twenty fifth Christmas dream a palooza.

Yes, we are, because this is like nothing else we've ever seen in media snackers. Biomax.

It was the brave and foolish movie studio that took a blockbuster to theaters in the middle of a pandemic. That sounds like the trailer of like a drama where everything's going to go wrong.

Actually, ironically, sounds like the trailer of a Christopher Nolan movie.

That's what we're TIGNA Tennet, a movie that nobody saw. It made about three hundred fifty million dollars globally in theaters, which wasn't even enough to cover costs.

All right. So not only did it lose money for HBO and its parent company, which is publicly traded AT&T, it didn't even drive subscriptions for their streaming products. And that matters because HBO, Max, lags way behind in terms of subscribers, despite its pretty legendary collection of movies and shows like Game of Thrones.

Jack, let's whip up our very own Nick and Jack whiteboard over here. We got HBO cable plus HBO IMAX together. They've got it. Looks like thirty eight million subscribers. All right. That is half as many subscribers as Disney plus and a fifth of Netflix. Now, let's step back for a minute. There used to be rules on how movies could become available, like the classic got to be in theaters for seventy five days and after seventy five days, the movie could spread their wings to digital rental, digital purchase, DVD Blu ray or you'd like stumble into it on TNT, on cable.

Jack, throw that away. Studios are doing whatever they want this year and apparently forever. So HBO announced last week they're trying something totally new with Wonder Woman nineteen eighty four, a movie that looks awesome. They're letting fans decide they're going to let you decide because on December twenty fifth, Wonder Woman is going to movie theaters and IMAX at no extra charge.

So you can go to the theater and like risk it defied the CDC. Yeah.

Or you can watch safely at home. This is a customer friendly move giving them the choice. Jack, why wouldn't every movie do this? We actually think this could be the future for movie debuts.

So, Jack, what's the takeaway for all our buddies who are streamers, the century old movie industry, they're back in full experimentation mode.

Every studio we've noticed is using 20, 20 to try out a new movie launch strategy and maybe a few of Disney, our buddies over at Disney, they've tried like every possible launch strategy to go back to our whiteboard.

The first example here, no extra charge from Disney for direct a streaming of the Hamilton movie. They did that on Fourth of July weekend. I watched it myself. It was great. And then they did direct to streaming, but at a premium price with thirty dollars Meulen. I watched that the weekend it came out to not as good as Hamilton.

Full disclosure here, but four major blockbusters like Star Wars, Avatar and Marvel Disney said, you know what, we're going to pump the brakes and wait until the second half of next year. Those profit puppies are like too valuable to place into an experiment. And Jack's probably going to see them anyway. But then Disney is taking its movie Soul, which is a Pixar film, which it confirmed is coming to Disney plus directly on Christmas Day at no extra charge.

That's why we're calling it Christmas Dream a Palooza. So snackers, we're thinking driving subscribers to streaming is the most important consideration here for any big media company.

How many million streaming subscribers do you have? That's what Wall Street cares about right now.

Cable is dying. Theaters are like they're very injured. Streaming, though, is booming.

For our third and final story, we've got another IPO here. AFIRM is the legend of Buy Now, pay later.

And they also want to go public in the next month.

That's what this guy did with AFIRM, which just filed its S-1 to go public. Yes, they did. And I tell you, this one reads like an Instagram post.

Hey, how many times is going to mention the word community? Airbnb, we get a lot of fluffy, flowery language like purpose, communally, delightful responsibility.

Let's go with a lot of the responsibility. But funny thing, Jack and I noticed about this IPO paperwork from a firm kind of reads like a college term paper. Yeah. It opens with a thesis on how millennials, they hate using credit cards to get this, apparently. Twenty five percent of Americans like age twenty four to thirty six don't use credit cards. So guess what? A big percentage of Americans age twenty four point thirty six still want to buy things they can't afford right now.

Right. So credit cards, you know, they let you buy now and pay later. So AFIRM lets you buy now, pay later.

But instead of applying for a credit card and having it like chase down your credit score, a firm is just a one click feature that you see at the checkout of your go to retailers website. Jack. Two hundred six, ten bucks at Wal-Mart for that wet, dry electric shaver I know you've been cruising for. You could pay two hundred sixty nine bucks right now or you could click firm and pay twenty five bucks a month over the next 12 months with no interest.

And their key value proposition here is that a firm often charges zero percent interest, but definitely no late fees.

Sometimes they do charge interest, but in the instances they don't charge interest. They're still making money because the merchant like Wal-Mart in this case, they pay a firm for helping them close the sale. So snackers, here's what Jack and I find fascinating about a firm. This is their key insight. You trust the brand you buy from more than the brand offering you money.

For instance, that industrial chic coffee table with reclaimed pipes from West Elm is nothing. Jagged legs, more than a century, modern furniture. I can't get this guy to stop by. It's amazing.

Well, if you're buying that coffee table, you'd rather be indebted to West Elm. Who actually made the table then, like your Wells Fargo Visa card? Because if you lived through the 2009 financial crisis, like Jack and I did, you may be one of the many millennials who trust the furniture more than the finance company.

And that's why revenues have doubled this year to half a billion dollars for a firm, mainly because we're all just buying more stuff online. So we're seeing that a firm option more often at the checkout. Asterisk here, though, a firm shocker still not profitable because it's a tech company. Yep, exactly. They did only lose fifteen million dollars in the last three months, which is a whole lot less than the one billion dollars that Uber lost, by the way.

But besides the unprofitability, we noticed another problem, something that was mentioned twenty times in the S-1 document. Get this, they mentioned the word peloton twenty times. So, Jack, what's the takeaway for our buddies over at a firm? A firm has one of the most classic business risks overdependence on a single customer snackers, a firm name drop peloton so many times in its IPO paperwork because twenty eight percent of its sales come from peloton. That's right.

Peloton offers a firm at the end of every bike so you can either pay two thousand dollars now or get zero percent interest. Fifty three dollars a month payments, which is a pretty good deal. OK, and that's why Peloton ended up making up fifty million dollars of a firm's revenues in just the last quarter. Now, you could look at that as good news for a firm. Yeah, you could, because Pelletised is are more affluent, so they're more likely to not default and actually pay a firm back.

But the fitness palooza, the at home fitness palooza that peloton is riding right now, that could change or peloton could pick a different financing partner and a firm out of this deal. Boom. Twenty eight percent of a firm's revenue suddenly would disappear. Our firm has that rare freekeh overdependence on one customer. Jack, can you whip up the. Takeaways for us to start the week, which is an eclectic flea market manifested in an ad rates in its IPO because its logo basically won the NBA finals.

This second story, the movie industry is back in full experimentation mode this year. That's why Wonder Woman is given a streaming palooza for your subscription this Christmas. For our third and final story in English, Afir means to assert or to state confidently it does. In business, it basically means buy now, pay later and depend too much on one customer. But screw those credit card companies. We don't like that. We're not going to get it. It don't cost.

Right now, it's time for our snack back to the day. This one sent in by Liem from Schenectady, New York. Great town Dutchmen Go Dutchman, which just happened to be my childhood nickname. And it also obviously was Jack's brother went to school. My dad is like a whole thing here.

It's a great place. There's a whole thing here, but there's also a whole thing with money. Turns out there are more hundred dollar bills in circulation than there are one dollar bill. So I get this, four fifths of those Benjamins they're circulating outside the United States, what the most says, hundred dollar bills, they're hanging out abroad makes no sense. Actually, it's kind of freaky, actually makes a lot of sense. Snackers, Jack. And I want to have a fantastic kickoff to the holiday week.

So we want to remind you that this podcast is produced by Robin Hood, which is democratizing finance for snacks daily. Robin Hood, Snax, Robin Hood for snack podcast listeners. You get a free stock. If you set up a Robin Hood account idea, go to Snax podcast that Robin Hood dotcom to get your free stock on us. By the way, if you already have a Robinett account, awesome. You can still get a free stock if you refer Robinett to a body Snax podcast, dot Robinhood dot com for your free stock.

And by the way, Idjwi, twice a day, if you know, you know.

And before we go big happy birthday to Jaylon chance over Jacksonville, Florida, and Giovanni Rodriguez in Woodbridge, Virginia. And Dan and Buttercup both have birthdays over in Long Island City and Teen Age in Dallas, Texas, and Glenn in Chicago, which does logistics. And happy second anniversary to Megan and Justin Masse in West Fargo, North Dakota. And Robert, congrats on the new job with the islanders and being from Long Island. Although this is a Rangers podcast, although Long Island has fantastic bagels.

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