The 11th Hour Dispatch – Tuesday, May 15, 2018

| May 15, 2018

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BINGE WATCH

Netflix and ESPN are working on a documentary series about Michael Jordan. The Last Dance will detail Jordan’s domination during the ’90s with the Chicago Bulls. The series will debut on both Netflix and ESPN next year. Jason Hehrir, who recently led HBO’s Andre the Giant doc, will direct the project. This is interesting since ESPN is a Disney property, and Disney has been anything but secretive about pulling their content from the streaming giant in order to build out their own competitive platform. 

YOUNG MONEY

Coinbase has rolled out three new products to cater to institutional investors’ growing interest in the crypto space: Coinbase Custody, which was first announced last year, provides high-level storage service backed by an “SEC-regulated broker-dealer” for auditing and financial reporting validation. Coinbase Markets, Coinbase’s “electronic marketplace,” will be further developed upon the announcement of a new Chicago office. Markets will eventually offer “low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services.” Last, Coinbase is launching Coinbase Prime, which seems to be a crypto-version of the Bloomberg Terminal. The platform will give institutional investors access to trading tools that are reportedly tailored to each user, and it looks to expand its offering to eventually include over-the-counter (OTC) trading, algorithmic orders, new market data, and additional research products. These tools are a smart move for Coinbase, as large financial institutions are finally starting to give the currency the light of day, and this could present a massive revenue stream for the company, especially since it has already become synonymous with trading in the cryptocurrency world.

BIG BUSINESS

Apple Music has hit 50 million users, up 10 million from the figure Apple reported just last month. The service is definitely on track to hit its 60 million user goal by end of year. This is extremely notable news.Spotify, Apple Music’s biggest competitor, was founded nine years ago and is only projected to hit 90 million users by the same deadline as Apple Music, which is only three years old. On top of its encroachment on Spotify in terms of skyrocketing subscriber numbers, CEO Tim Cook has also suggested that Apple Music will start taking aim at more original content — something Spotify has been slow to put into place. “We are very interested in the content business. We will be playing in a way that is consistent with our brand,” Cook told Bloomberg. “We’re not ready to give any details on it yet. But it’s clearly an area of interest.” Apple has already reportedly obliterated the $1 billion budget it had slated for the year. It’s outbid Netflix for a few projects and has suggested that it has outdone the original content budgets of YouTube and Facebook, which is not surprising as — I don’t know if you knew — Apple is loaded.

NOTHIN’ BUT ‘NET

Jimmy Fallon and The Roots played a full song with Ariana Grande using only Nintendo Labo cardboard instruments and I’m shook.

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