By Gary J. Nix

• Tyler Perry may be looking to end his $150M-per-year BET+ contract that runs through 2024
• Revenue in the Video Streaming segment is projected to reach $80.8B in 2022

Discourse regarding the state of streaming platforms has been abundant as the race for content and content creators remains heated. Corporate brands have strived to build or bolster their platforms to attract as many viewers as possible with the streaming video on demand (SVoD) user penetration at 15.2% in 2022 and is expected to hit 20.6% by 2027. Culturally diverse creators who are in high demand right now like Tyler Perry who could be looking for a bigger stake in the SVoD by potentially walking away from his BET+ $150 million per year contract that runs through 2024.

‍Why This Matters: As usual, diverse content is in high demand. More specifically, the rush for Black content creators represents a significant amount of activity by streaming channels. One of the first notable deals was the one Netflix (NFLX -1.36%) made with Shonda Rhimes. Since then, they’ve added a deal with the Obamas while Amazon (AMZN -1.24%) Prime is doing business with Jordan Peele and Issa Rae. It is clear that part of these channels’ strategy includes using these creators’ culture cachet to draw users in, and that can cost a pretty penny.

By Darion Curtis

• In 2022, 219 tons of CO2 are emitted mining 1 bitcoin, while just 8 tonnes of CO2 is emitted mining gold
• A single bitcoin has the same carbon footprint as 330K credit card transactions

You can’t scroll through any timeline on social media without being bombarded with spam messages or ads about Bitcoin (BTC). What crypto enthusiasts, timelines and ads fail to mention is the digital currency’s effects on the environment with its high carbon footprint. In 2022, Digiconomist.net estimated that 219 tonnes of CO2 are emitted mining 1 bitcoin, while just 8 tonnes of CO2 is emitted mining gold.

‍Why This Matters: In comparison with more traditional online banking, a single bitcoin has the same carbon footprint as 330,000 credit card transactions. During November 2020, Reuters reported “gold miners are among the biggest emitters of greenhouse gasses in the mining sector.” CO2 in the atmosphere contributes to global warming thus, the greenhouse effect. To sum this up, the more greenhouse gases your carbon footprint produces is equal to one hell of a hot-girl-summer.

By CultureBanx Team

• Overtime raised $100 million in its Series D funding round
• Drake, Kevin Durant and Amazon founder Jeff Bezos among others are already heavily invested in the company as it gears up to launch new leagues

‍Overtime, a sports media start-up for high school sports is big business as the company just raised $100 million in its Series D funding round from Liberty Media and Morgan Stanley’s Counterpoint Global team. Drake, Kevin Durant and Amazon (AMZN -0.14%) founder Jeff Bezos among others are already heavily invested in the company as it gears up to launch new leagues. The six-year-old company is making sure its players aren’t left out in the cold when it comes to compensation by providing guaranteed salaries to these young athletes.

‍Why This Matters: The company  is a social media juggernaut with 65 million social followers and 2 billion monthly video views. It generates revenue through sponsorships, licensing, e-commerce, and media rights. Overtime has raised $250 million to date and claims over 6% of active NBA players have invested, including Durant, Carmelo Anthony, and Trae Young.

By CultureBanx Team

• Faze Clan’s $725M SPAC IPO has the potential to revitalize the beleaguered space that’s fallen 94% in the number of new listings
• Some of the company’s investors include Pitbull, Offset, Kyler Murray, Ben Simmons, and LeBron “Bronny” James Jr. son of LeBron James

Esports and media powerhouse Faze Clan, one of the first gaming and entertainment companies targeted specifically toward Gen-Z consumers, $725 million SPAC IPO has the potential to revitalize the beleaguered space. Through its deal with B. Riley Principal 150 Merger Corp, the newly formed company is worth $987 million, according to Sportico. With SPAC IPOs at a crossroads, falling 94% in the number of new listings from the record-setting first quarter of 2021, and a dive of 98% in value, according to Bloomberg law, perhaps Esports can be the catalyst to revive the sector.

‍Why This Matters: The company’s investors include rappers Pitbull and Offset, along with NFL quarterback Kyler Murray (aka “FaZe K1”), NBA guard Ben Simmons, LeBron “Bronny” James Jr. son (aka “FaZe Bronny”) of NBA star LeBron James and  Lil Yachty (aka “FaZe Boat”). Also, Hip hop artist Snoop Dogg too has joined the Board of Directors at FaZe.

By Namon Freeman

• Without substantial wealth Black Americans are unable to benefit from surging housing, stock, and asset prices
• For every dollar the average white American has, the average Black American has only about 17 cents

It’s been over 150 years since federal troops arrived in Texas to emancipate enslaved Texans, where prior to this the ratio of white-to-Black wealth stood at a staunch 56 to one. Today, that ratio is down to 6 to one and a new study from Princeton economist Ellenora Derenoncourt draws attention to what that ratio looks like graphed over time. Ironically it looks like a hockey stick (y'all know we don’t play hockey), with dramatic decreases in the wealth ratio over the first 50 years, minimal reduction over the middle of the 20th century, and a subtle widening of the gap after 1980. The racial wealth gap started to close again in 2019, but two months into the pandemic that trend reversed.  

Why This Matters: It seems like Black wealth continues to hit a wall on its way to close the racial wealth gap, but Derenoncourt explains it’s more complicated than that. The economist and her team conducted a thought experiment on how the gap would have closed without post-emancipation barriers like Jim Crow segregation and redlining in the housing sector. Even with a more equal playing field the white-to-Black wealth gap would still be closer to three to one, because effects are cumulative, and wealth accumulates over time, like a snowball.