Netflix seems to have outgrown the moniker “streaming behemoth.” It is in the process of transforming into an entertainment business. It hinted at its gaming aspirations last month, hoping to attract a younger, more engaged audience.
It has now opened an online store where fans can buy hoodies, streetwear, and sweatshirts based on its famous games. Netflix-related merchandise has been in high demand for some time and has even gained a following on sites like Etsy. The Netflix store hopes to become an e-commerce destination, in addition to selling consumer items such as toys and cosmetic products via other e-commerce channels such as Amazon and Walmart. This is in addition to the high-end fashion line it is developing in secret.
Netflix isn’t going anywhere: Netflix is progressively eyeing Disney now that HBO has been defeated. How? By developing multi-format worldwide franchises, whether via character-driven spin-offs of successful programs or sequels, prequels, and beyond.
The Ministry of Finance should be overjoyed!
According to the Business Standard, direct tax collection almost quadrupled to INR 1.62 trillion in April, May, and the first 11 days of June from INR 870 billion in the same period of 2020. It was 30% greater than the same time in the previous ‘normal’ financial year, 2019-20.
Contributors include: Mumbai, Bangalore, and Chennai took in INR 910 billion, a 62 percent increase over the INR 560 billion taken in the first 72 days of the previous fiscal year.
Opinion: It may seem paradoxical that tax revenues are increasing when the economy is struggling. Corporate profits and capital gains are two potential explanations. In FY21, the total net profit of listed firms increased by 57.6 percent over the previous year. The trend is anticipated to continue in early FY22, with demand expected to increase as the second wave of Covid-19 fades.
The rising stock market is the second source that is likely to have contributed more to the government’s coffers. It’s expected that a significant number of investors made money. Profits are likely to have been recorded by mutual funds. Even day traders and ordinary investors would have pulled money out. The Nifty has risen by more than 60% in the last year, boosting investor earnings, a large portion of which has gone to the government.
The value of Adani’s shares has dropped
Yesterday, all Adani stocks were down. Gautam Adani, the conglomerate’s promoter and Asia’s second wealthiest man, lost $10 billion in value when the group’s stocks fell within an hour of the market opening. Although a handful recovered later in the day, estimates indicate that the group as a whole lost $7 billion in market capitalization in a single day’s trading.
When did all of this begin? CNBCTV18 broadcast a story last week expressing concerns about foreign institutional investors (FIIs) who own Adani companies. The National Securities Depository Ltd (NSDL) has blocked three funds, Albula Investment Fund, Cresta Fund, and APMS Investment Fund, which owned stock worth INR 435 billion in Adani Group businesses, according to an Economic Times article. For their side, the organization disputed that the money was in jeopardy. Even NSDL disputed that these accounts had been blocked later that night.
Traders lost faith: Following the announcement, traders sold Adani shares. The sell mood was so strong that the equities reached the lower circuit, an artificial restriction placed on a stock or index to prevent rapid, excessive swings. However, Adani Ports has recovered more than 5% from its daily lows.
Crypto’s bad luck never stops!
Semiconductor manufacturing plants drink much water. One of the world’s biggest semiconductor manufacturers, Taiwan Semiconductor Manufacturing Company, consumes 156,000 tons of water each day in its operations. That’s enough water to fill 60 Olympic-sized pools.
Cryptocurrency mining, particularly for the most popular and difficult-to-mine Bitcoin, necessitates equipment running 24 hours a day, using much energy. According to Cambridge University research, current Bitcoin mining uses more energy in a year than the whole nation of Argentina. According to a study published in Nature, the cryptocurrency’s carbon emissions may drive global warming above 2 degrees in the next three decades.