The 11th Hour Dispatch – Monday, March 19, 2018

| March 19, 2018

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BINGE WATCH

Amazon’s Sneaky Pete will relocate from NYC to California for its third season to take advantage of tax credits. The series has been conditionally approved for $9.2 million worth of Golden State tax credits as part of the California Film Commission’s Film & TV Tax Credit Program. Including Sneaky Pete, the program has a list of 31 recurring TV series eligible for the credits if picked up for a new season, including 13 Reasons Why, This Is Us, and American Horror Story. Sneaky Pete is the 13th series overall to relocate to LA and the 3rd show to move from New York.

YOUNG MONEY

Zuck. My man. Get it together. Facebook’s stocks plummeted this morning after it was revealed that Cambridge Analytica, an advertising data firm hired by President Trump’s 2016 campaign, secretly harvested the data of more than 50 million Facebook users and constructed profiles of them without their knowledge. As of writing, Facebook was down around 6.9%, which amounts to around $40 billion in lost market cap value. This is shaping up to be Facebook’s biggest one-day percentage decline since a 9.1% fall on September 24, 2012 and the biggest price drop since Facebook’s May 2012 IPO. This debacle yanked the Bloomberg Silicon Valley High Technology Index, an index of the region’s 13 largest tech stocks, down 2.7% as of midday today and sunk the Dow Jones Industrial Average more than 300. Facebook was the worst performing stock of the day in the S&P 500. “This episode is another indication of systemic problems at Facebook, although the company’s business won’t likely be meaningfully impacted for now because we don’t think advertisers will suddenly change the trajectory of their spending growth on the platform,” wrote Pivotal Research Group analyst Brian Wieser, one of just two analysts with a sell rating on the stock. I have a rating too, and it’s just “yikes.” 

BIG BUSINESS

“Fake news” may be producing record-breaking numbers of journalism majors at U.S. universities. From coast to coast, applications to journalism institutions are booming. Here in New York, Columbia University’s Graduate School of Journalism saw a 10% increase in 2017-2018 applications after five years of “consistent” application numbers. Over in the Golden State, The Annenberg School for Communication and Journalism at the University of Southern California enjoyed its highest-ever number of first-year undergraduate applicants, citing a 19% increase in just four years. And most mind-boggling, Northwestern University’s Medill School of Journalism, Media, Integrated Marketing Communications raked in about 24% more journalism applicants than it did just one year ago. No one is absolutely certain what the specific factor is influencing students, but many think it may have to do with the news industry finding its feet financially after maneuvering years of struggle with online news. Personally, I think it’s just the never-ending news cycle greatly influencing society. But who am I, a young person with a B.A. in journalism hungry to stay on top of the trends, to say? 

COLORING OUTSIDE THE LINES

I’m sorry to give you bad news in Coloring Outside the Lines today, but an autonomous Uber vehicle has unfortunately struck and killed a pedestrian in Tempe, Arizona. This is the first autonomous vehicle death ever recorded. The car was in autonomous mode with a human safety driver on board. Uber has consequently suspended its self-driving vehicle program for now and is investigating the incident. No word yet if the accident was due to human error or issues with the vehicle’s autonomous technology, but Uber and Tempe authorities are investigating. Many measurement systems have indicated that autonomous vehicles may be safer than standard human-driven cars, though some studies say that the comparisons between the two are unbalanced or it’s too early in the tech’s life to fully understand its safety levels.

NOTHIN’ BUT ‘NET

Friends‘ set designer John Shaffler has finally revealed why Monica’s apartment was the color of Barney.

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