There’s never really been a shortage a television to watch, even since the creation of streaming sites like Netflix or Hulu. And yet, we complained that we have nothing to watch, or “there’s nothing good on TV…” Sentences like this frustrate me because the people who often utter them are the same people who would rather not read a book. Now, I’m not saying that watching TV lowers your intelligence, I’m not even hinting at. I’m merely suggesting that we have bigger problems in this world to complain about other them trying to decide what to veg out on while we eat our dinner. It would be a different story if someone said, “I’ve hiked every trail the country, there’s nowhere left to hike.” If someone said that, I could at least empathize with them.
I wonder what I’ll watch later tonight, here’s what you missed in the news yesterday.
Cash Me If You Can
According to a 2017 survey conducted by CNBC, 50% of respondents said they carry cash with them less than half of the time when they are out, and if they do, 76% said they keep less than $50 on hand. This trend has driven consumers to shift towards the use of debit cards, and because millennials were somehow never taught the difference between a debit and credit card, they have used these plastic demons to rack up thousands of dollars in credit card debt.
Well, it wouldn’t be America if someone didn’t start a company in response to the misfortunes of thousands of people, and a new mobile banking startup called Step wants to assist the next generation in understanding the value of a dollar.
The Company, founded by CJ MacDonald and Alexey Kalinichenko, former execs from the mobile gift card platform Gyft, started Step to help the 75 million children and young adults under the age of 21 in the U.S., who are burdened by having to use cash for all their purchases.
“Step” is banking on (apologies for the pun) the youthful spirit of today’s teenagers who are hot to buy items on Amazon.com or purchase in-app downloads on their smartphones but are too young to have a debit/credit card. Step CEO Macdonald says the market for the startup isn’t based on the “unbanked,” it’s the “pre-banked.”
“We’re building an all-in-one banking solution that primarily focuses on teens and parents. We want it to be a teen’s first bank account. We want to be a teen’s first spending card. And we want to teach financially literacy and responsibility firsthand.”
–CJ MacDonald, Chief Executive Officer, Step
Pandora Radio Is Getting Sirius
In September of last year, Sirius XM Holdings INC and Pandora Media, Inc announced a definitive agreement under which SiriusXM would acquire Pandora in an all-stock transaction valued at approximately $3.5 billion. For those unfamiliar with Sirius, the Company offers subscription-based satellite radio service with hundreds of curated channels and no commercials.
Since the deal closed, consumers and shareholders have waited patiently to see hear about Sirius’ plans for its newest asset. Sirius XM CEO James Meyer — speaking to investors on their most recent earnings call this week — said that the Company has plans in place:
“…to capitalize on cross-promotion opportunities between SiriusXM’s more than 36 million subscribers across North America and Pandora’s approximately 70 million monthly active users. In early February, we will begin a targeted promotion to SiriusXM subscribers and Pandora listeners Select Pandora listeners will receive an offer to obtain a unique $5 a month ‘Mostly News,’ ‘Mostly Music’ or ‘News Talk’ [SiriusXM subscription] package in their satellite-equipped vehicle.”
–James Meyer, Chief Executive Officer, Sirius XM
To put Meyer’s words into something a little easier to get down, SiriusXM will began offering a $5 per month streaming plan within the Pandora Radio smartphone app.
According to TechCrunch, roughly have of the owners of SiriusXM-enabled vehicles have used Pandora over the course of the last two years, and Sirius plans on taking advantage of this fact by employing cross-promotional strategies. Meyer believes that by utilizing Pandora’s radio-streaming platform, the Company will be able to create “new, unique audio packages that will bring together the best of both services creating a powerful platform for artists to reach their fans and create new audiences.”
