The 11th Hour Dispatch – Tuesday, April 17, 2018

| April 17, 2018

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BINGE WATCH

Netflix is scooping up subscribers like Eleven with some Eggo waffles. The streaming service picked up 7.41 million subscribers (5.46 million of which are new international subscribers) and $3.7 billion in revenue in Q1 of this year alone, and they want you to know that news is not in the cards, so stop reporting it, dang it. The company has no plans to expand into a news series past a larger push on short-form and long-form documentaries, and Chief Content Officer Ted Sarandos said that this shift has been “misreported over and over again.” Otherwise though, this was a spectacular first quarter for the streaming giant that seems to never slow down. 

YOUNG MONEY

Natalie Massenet, the founder of the online luxury fashion store Net-a-Porter, has launched a new VC fund with Nick Brown, a former partner at 14W, to finance direct-to-consumer startups in the fashion, beauty, wellness, food, and beverage industries. Imaginary Ventures’ first fund — which already includes Glossier, Everlane, Daily Harvest, Dirty Lemon, and Appear Here — is slated to raise $75 million. It is looking for earlier stage companies that have shown great growth potential. Massenet said, “I’ve felt for a while that I wanted to apply the brand-building experience and network I’ve gained over my career to today’s evolving retail landscape. The most effective route to do that was to partner with and invest in this emerging generation of entrepreneurs challenging the retail status-quo across every vertical.” Imaginary will be based in London, but will also open a New York office.

BIG BUSINESS

Apple will likely make use of its acquisition of the magazine subscription service Texture to launch a premium news subscription service as early as this year. Sources close to the story speculate that the service will cost around $9.99 per month, which was also Texture’s monthly subscription fee prior to its Apple acquisition. This is really something to consider, especially since Apple News comes baked into the over one billion iPhones already sold and tracking our every moves from our back pockets.

NOTHIN’ BUT ‘NET

These KFC ads from Hong Kong for spicy fried chicken are on another level.

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