

Charles Crain
837 posts





A ‘MASTERS OF THE UNIVERSE’ drone show takes over the Los Angeles night sky.





Sounding a mini-alarm about @michaelmovie presales and @Lionsgate marketing. They aren't great and trending in the wrong direction. Still time to recover this in the next 3 weeks, but no longer looking like the potential mega-opener it should be. Closer to $40m type than $100m.



The New York Times made news the loss leader for a $2 billion digital revenue machine, and this chart is the receipt. News-only subscribers dropped 65% since June 2022. Bundle subscribers grew 227%. That looks like a news collapse. But the NYT deliberately killed its standalone news product. They stopped marketing it. They made it nearly impossible to buy a news-only subscription on their website. They priced the full bundle (News + Games + Cooking + Athletic + Wirecutter) at $2/month introductory, cheaper than a standalone Games subscription. News-only ARPU is $13.33. Bundle ARPU is $12.92. Single non-news product ARPU is $3.36. Those 4.3 million single-product subscribers paying $3.36/month? They’re not the business. They’re the funnel. The NYT CEO said it explicitly on the earnings call: single products are “funnels to get people to subscribe” to the bundle. Games now accounts for over 50% of time spent inside the NYT app. Wordle, Connections, and the Mini pull 10+ million weekly players who never intended to read a news article. But half of all NYT subscribers now pay for the bundle, and bundle subscribers retain longer, engage more, and accept price increases. The bundle just went from $25 to $30/month. The result: digital revenue crossed $2 billion for the first time in 2025. Free cash flow hit $550 million. Adjusted operating margins reached 24% in Q4. Berkshire Hathaway just took a billion-dollar position. While the Washington Post cut 300 journalists last week, the Times added 1.4 million subscribers. This chart shows a news company that built an attention ecosystem where Wordle gets you in the door, Cooking keeps you at breakfast, The Athletic owns your commute, and by the time you think about canceling, you’d lose four products instead of one. The NYT figured out that the way to fund journalism in 2026 is to make sure you can’t quit the crossword.






In all of my long life, I’ve only felt afraid for this country twice: on 9/11 and now.




Andor, widely regarded as one of the strongest creative achievements of Kathleen Kennedy’s tenure at Lucasfilm, was reportedly disliked by Dave Filoni, according to Lucasfilm sources cited in a new analysis by @DrewTailored and @TheWrap. Story: thewrap.com/industry-news/…
