The Daily Valet. - 8/10/23, Thursday
✔️ Streaming Prices Spike (Again)
Thursday, August 10th Edition
By Cory Ohlendorf, Valet. Editor
Suddenly, I don’t feel so guilty about my credit card debt.
Presented by
Today’s Big Story
Streaming Prices Spike
It’s becoming old news, but price hikes are set to become a recurring phenomenon
How much do you pay each month for your streaming services? Just kidding. You probably don't know, right? Who does? There are a lot of streaming services and 85% of America now subscribe regularly—to anywhere from four to seven services, be it movies, TV, music or fitness programming.Unfortunately, the cost of all these at-your-fingertip streamers doesn't come cheap. And it's getting more expensive all the time. In fact, every major subscription streaming company has increased its prices in the past year in an effort to address Wall Street's push for profits. But the average consumer is only willing to pay roughly $42 monthly for streaming services, according to a recent survey. That means with prices rising, more consumers are being forced to lean into cheaper ad-supported options.Last month, Spotify announced it was increasing the price of its premium subscription plan by two dollars—the first price increase since Spotify Premium launched more than a decade ago. That came right after YouTube and Peacock did the same thing. And on Wednesday, news hit that if you have a monthly ad-free subscription to Hulu, and only Hulu, you'll have to shell out $17.99—while Disney+ will ask for an additional three dollars ($10.99 to $13.99) for its ad-free plan. The company will also launch a new, ad-free “Duo Premium” bundle with only Disney+ and Hulu (excluding ESPN+) on September 6 for 20 bucks a month.If you're thinking of splitting the cost with a buddy, be warned ... Disney said the company is “actively exploring” ways to crack down on password sharing. Of course, Netflix is still working on this, but if early reports are to be believed, it's working. Price bumps come in waves ... when does one wave stop and another one start? And will these increases eventually go too far?As Gizmodo points out, streaming took off because it was such an affordable and easy alternative. “There was a time, a little less than a decade ago, when owning multiple streaming services did not cost users a full, or even 1.5 times that of a cable package,” writes Kyle Barr. “It was a beautiful time of cheap entertainment that would not—or perhaps could not—last.” He looked at all the major streaming services and gauged what they would cost in another 10 years based on their historic pattern of price hikes. The results were not pretty. My advice? Stream it while you got it and then cut it loose.
Do the math:
Is streaming today ever cheaper than having a cable subscription? CNET does the math. They factor in several built-in costs, but don't put a price on the 'on-demand premium' that streaming provides.
Americans’ Credit Card Debt Hits Record High
It has now topped $1 trillion, trapping even six-figure earners
Speaking of money, Americans' credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they've surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.That's an increase of $45 billion from the last quarter and marks another quarter of rising balances after an initial plunge early on in the pandemic, reports Insider. All told, Americans are in a lot of everyday debt, and there's no immediate relief in sight. An increasing number are letting balances languish for months without payment—and that's all before student loan payments restart in the fall.Despite higher interest rates and inflationary pressures, “there is little evidence of widespread financial distress for consumers,” according to the New York Fed Liberty Street Economics blog about the recent data. However, there's an important “but” in the data. “Even as inflation has lingered and interest rates have risen, pushing card debt to record levels, Americans have generally done a good job paying their credit card bills on time.” But as one analyst warns, “That may not last.”
FYI:
Those between the ages of 40 and 49 hold an average of about $7,600 in credit card debt—the highest of any age bracket.
Partner
Tokyo, Seoul and Los Angeles are the style spots making the clothes we want to wear right now.
Thirst Traps
According to TikTok, Americans Are Very Thirsty. Maybe Too Thirsty, according to Europeans.
If you've traveled outside of the U.S., then you know that sometimes it takes a little bit to find your rhythm and get comfortable. Things that seem so run-of-the-mill here might not be so common there. Take, for instance, water (in various bottles and carafes) that's never out of reach here in the States. It's not so easy to come by in Europe—or so goes a complaint on social media.The New York Times dives into the contreversy. Weary travelers are complaining that cups at cafes are like thimbles; tap water isn't immediately offered at every restaurant; and how, they wonder, do Europeans drink so much espresso and never feel dehydrated? Others are quick to call out what they see as a lazy generalization: “Europe,” one commenter deadpanned, “the big country where none of us drink water.” Americans who can't find water, Europeans argue, simply don't know how to ask for it or where to look.Thrillist wonders if we're simply more obsessed with hydration than other nations. Here, we have alarms on our phone and social media reminders to drink water. But the recommended amount of water consumption in the United States (around 104 ounces) is actually higher than that of many other European countries. In France, for example, it's 1.5 to 2 liters a day (about 53 to 70 ounces) and in Italy, it's only slightly more. So perhaps we've just adapted to be more like tropical plants ... we can survive with less water, but we certainly don't want to.
Drink Up:
While there's no one-size-fits-all answer, Harvard Medical School suggests that a healthy average daily water intake for men is about 15.5 cups and for women about 11.5 cups.
Can Folding Phones Keep Up?
Are we looking at a bright future on that jumbo screen ... or a fad that will fade away (or simply break too easily)?
Are you excited about the prospect of more folding phones coming our way? I defintely am ... but will be holding out for the hinged iPhone concept (that must be on its way, right?). For those who live on their phones, these new larger screens bring huge improvements to work and entertainment. But according to Wired, folding handsets have captured less than 2% of the smartphone market. However, companies are commited to churning out new models to serve this small, but devoted following.Of course, it's not just a fear of the new form (or is it nostalgic?) that's keeping people from switching over to a folding phone. CNET reports that the price of these shape-shifting handsets remains fairly “prohibitive”, and many others are worried about how well the hinge and screen will hold up over years of flexing.If you're wondering how many times Samsung's latest foldable flip phone, the Galaxy Z Flip 5, might survive when subjected to the stresses and strains of the real world, YouTuber Mrkeybrd has an answer for you: 401,146. According to The Verge, he ran a livestream of the phone being continuously folded and unfolded by a series of testers. Initially, it was being compared to Motorola's recently released Razr Plus, but the screen on Motorola's foldable died after just 126,266 cycles.
FYI:
Manufacturers shipped only 14.2 million of them last year, but forecasters like IDC project that will balloon to 48 million in three years.
In Other News
The worst inferno to hit Hawaii is leveling entire neighborhoods.
Anti-Corruption Ecuadorian Presidential Candidate Assassinated at a Campaign Rally in the Country’s Capital
Have you heard about ...
Partner
“Pacific Style” Goes Deep
Six pieces to consider adding to your end-of-summer wardrobe that will easily transition into fall
While a lot of attention is paid to locales like New York, Paris and Milan when it comes to fashion, the team at MR PORTER says that right now, they're much more interested in the cities with ties to the Pacific Ocean. “While they might be classed as outsiders according to the industry's Eurocentric worldview, two cities in particular, Tokyo and Los Angeles, are having a growing influence over the way we dress.” Of course, these spots are not exactly overlooked, but they could definitely do with a little more exposure. From Cali brand CHERRY LA and Seoul streetwear brand thisisneverthat, to the Japanese jewelry designer that's been crafting unique pieces from unconventional materials for 25 years, here are six items to consider adding to your end-of-summer wardrobe that will easily transition into fall.
Easygoing trousers cut from durable nylon fabric.
Seagull straight-leg drawstring trousers, $230 by WTAPS©
Water-repellent and wrinkle-resistant, this track jacket is ready for anything.
Gramicci leopard-print shell track jacket, $410 by Wacko Maria
Inspired by modernist styles found in Japan.
Davri rectangular-frame sunglasses,$525 by Oliver Peoples
Like the perfect vintage shirt, only brand new.
Big Western checked linen shirt, $250 by CHERRY LA
Woven with vintage denim and bandanas through one section and black jet beads on the other.
Bandana-print beaded necklace, $235 by Mikia
Explore:
Shopping
What We’re Buying
A match striker
The best home accessories are at once beautiful and useful. This one definitely fits that bill. Craighill's match striker is crafted from solid cast iron—it's surprisingly dense and serves as a nice anchor against which to strike a match. After all, whether you're setting a mood with incense, creating ambiance with candles, or lighting up (be it the fireplace or a joint), it all starts with a flick of the wrist. Plus, it looks great on a coffee table or side table when not in use.
Get It:
Cast iron match striker, $48 by Craighill
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