The Daily Valet. - 3/10/23, Friday
✔️ This Took 35 Years to Happen
Friday, March 10th Edition
By Cory Ohlendorf, Valet. Editor
When you play this newsletter on vinyl, the sound of my voice is so rich and warm, don't you think?
Today’s Big Story
Vinyl Records Outsell CDs
It’s the first time in 35 years as records make ‘remarkable resurgence’
It took over three decades. Not to mention an industry-altering digital music revolution and a whole lot of people telling their friends about how “you have to hear this on vinyl,” ... but for the first time since 1987, actual records sold more units than CDs in the U.S. last year. The figure solidified vinyl's dominance over an otherwise increasingly irrelevant physical music landscape.The feat is among the most noteworthy stats from the Recording Industry Association of America's 2022 year-end report released on Thursday. Consumers bought 41 million vinyl units last year compared to 33 million CDs. For decades, the thought that an older format like vinyl could outsell CDs was absurd. But as the vinyl boom strengthened thanks to numerous factors from retro charm to larger, more collectible album art, it eventually became more of an inevitability.There appears to be several factors at play in vinyl's continued revival—including burgeoning interest among younger demographics like Gen Z and Millennials. According to Luminate's 2022 annual report, Gen Z listeners were 25% more likely to purchase vinyl records than the average music listener.The resurgence is coinciding with continued growth in streaming, which includes paid subscriptions, ad-supported services and on-demand apps, which the RIAA said made up 84% of the industry's overall revenue.All combined, the figures contributed to another banner year for the music industry. Sales of recorded music rose 6% to a record $15.9 billion last year. That's the seventh straight year of growth. Of course, streaming is (and will continue to be) the biggest driver of the industry's recent expansion.
Best-Sellers:
Taylor Swift, Harry Styles, and Olivia Rodrigo, who held the top three spots in most-sold records.
Credit Card Debt at an All-Time High
How we went from record savings to record debt in just two years
More and more Americans are leaning on their credit cards to afford increasingly expensive necessities such as food and rent. NPR reports that Millennials have seen their debt rise by nearly 30% since before the pandemic, to about $3.8 trillion in total. But back in 2021, that debt had fallen to near-record lows.Economists say stimulus checks, lockdown and pay raises had people in really strong financial shape, with the highest personal savings rate on record. “But then 2022 starts and inflation doesn't go down,” says Jill Schlesinger, CBS news business analyst. “And then we saw many people plow through those pandemic era savings, left with nothing.”ABC News reported that credit card balances increased more than $60 billion over the three months ending in December, bringing the national total average to $986 billion. The average balance has risen to $5,805. At this rate, a lot of households are nearing a “breaking point,” according to a separate study by WalletHub.
meanwhile:
With interest rates rising, getting ahead of the debt gets harder and harder.
Not All Progress Is Good Progress
We definitely don't need Inflight Video Calls
As you know, I'm a fresh expat in Tokyo and one of the most refreshing things about Japanese society is the public transport etiquette. Orderly lines, no littering and no one is talking loudly, FaceTiming or playing music without headphones. But that's not the case in most cities. And one place where we definitely don't need rampant video calls is when crowded onto a plane.But one U.S. carrier has just made an amendment to the standard “No video calls on Wi-Fi” policy. According to View from the Wing, JSX has become the first FAA-certified carrier to allow video conferencing. This is in part due to the carrier's usage of StarLink internet, which Gary Leff calls “crazy fast, with low latency,” as well as JSX being “uniquely positioned to execute” in way that other airlines aren't.The Points Guy agrees and calls it “blazing-fast.” But are we opening up a dangerous (or rather annoying) precedent? InsideHook reports that there will allegedly be etiquette rules in place, but who's enforcing those? The flight attendants? Fortunately, most airlines say they won't be hopping on the trend based on what they believe customers prefer. Let's all stand united on this front, okay?
FYI:
Gone are the days where we completely disconnected in the air. But what airline has the best Wi-Fi currently?
Hidden Valley Ranch Ice Cream?
What could go better with cold pizza?
Brooklyn-based Van Leeuwen Ice Cream is known for its bougie ice cream and some seriously out-there flavors. After all, this is the brand that brought us Grey Poupon ice cream and Kraft Mac & Cheese ice cream. Now, they're at it again—this time, with everyone's favorite do-it-all dressing. On Thursday, Hidden Valley unveiled the new collaboration. The ranch dressing ice cream will be sold at select Walmart stores across the country from March 20 to May 28. The limited-edition pints promise to deliver the “savory flavors of ranch, including buttermilk, flavorful herbs and a touch of sweetness,” according to the company.So what's it really taste like? The Delish team got to sample this unusual new concoction, and they all liked it—saying it tasted like “a sweet, creamy dip,” and a “deadly midnight snack.” The editors at Food & Wine had more mixed reactions, ranging from “it's very garlic powder forward” to “I only wish I had french fries to pair it with.”
In Other News
Here are some tips to prepare yourself for the change.
Have you heard about ...
A Weekend Pairing
The Oscars + Ruinart Blanc de Blancs
It’s time to roll out the red carpet for one of the biggest nights in Hollywood. Are you planning on watching the Academy Awards this weekend? On Sunday, the ceremony will be broadcast live at 8pm Eastern on ABC. Of course, viewership of last year’s Oscars ceremony improved significantly from 2021’s least-watched-ever broadcast—but still remained near record lows. Even if you miss a moment like Will Smith’s slap, it’s instantly ready for you on social media.But this year’s show promises to be a spirited affair, with a host of fan-favorite flicks vying for an Academy Award against some less widely-seen critical darlings. The hit indie smash Everything Everywhere All At Once leads all films with 11 nominations, including nods for Best Picture, and acting noms for Michelle Yeoh, Jamie Lee Curtis, Stephanie Hsu, and Ke Huy Quan. Elvis and The Fabelmans also picked up Best Picture noms, along with Avatar: The Way of Water, The Banshees of Inisherin, Triangle of Sadness, Women Talking, the buzzed-about Tár, and everyone’s favorite blockbuster Top Gun: Maverick. If you’re looking for another way to stream the Oscars for free online, check out fuboTV. The live TV subscription service lets you stream the ABC channel (and more than 100 others) from your laptop, phone, tablet or TV.
Pair It With
The Oscars are a fancy affair, even if you’re watching them from your sofa. Why not pop a bottle? Ruinart Blanc de Blancs is a Champagne made from chardonnay grapes that has a bright pop of fresh-peeled citrus and a sweet, floral finish. It’s great by itself or as the base of an Aperol spritz.
Also Worth a Watch:
‘Luther: The Fallen Sun’ on Netflix; ‘History of the World, Part II’ on Hulu; ‘Perry Mason’ season two on HBO Max
Shopping
What We’re Buying
Relaxed Cargos
Looking for some relaxed-fitting cargo pants for spring? Ralph Lauren's interpretation has military-inspired pockets and drawstring cinch-ins at the ankle.
Get It:
Relaxed-fit canvas cargo pant, $148 / $99.99 by Polo Ralph Lauren
Morning Motto
Give it time.
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