Wicked and Gladiator boom in cinemas

📍Top line: The global box office surged over the weekend as Wicked and Gladiator II grossed a combined $385 million worldwide, reviving cinema attendance ahead of the holiday season. Industry analysts are hopeful this momentum will continue, bolstered by the release of Disney’s Moana 2 on Wednesday.

Key Points:

• Strong Weekend Performances: Wicked led the box office with $114 million in the US and $164.2 million globally, marking the third-largest debut of the year. Gladiator II earned $55.5 million in the US, contributing to a global total of $221 million.

• Hollywood’s Recovery: The 2023 box office has lagged 11% behind last year but is poised for a strong year-end finish with additional high-profile releases like Disney’s Mufasa: The Lion King in December. Disney, after a challenging period, is aiming for a third billion-dollar hit this year following Inside Out 2 and Deadpool & Wolverine.

• Industry Optimism: Despite lower-than-expected earnings for Gladiator II, the combined success of these films is restoring confidence in Hollywood, which has struggled to regain pre-pandemic box office levels. Disney’s focus on quality over quantity under CEO Bob Iger is showing results, with Moana 2 anticipated to be another major success.

The weekend’s box office performance signals a potential rebound for the film industry as it enters a crucial holiday season, offering hope for a robust start to 2025.

Jaguar boss fights back after rebrand backlash

📍Top line: Jaguar's managing director, Rawdon Glover, has criticised what he described as "vile hatred and intolerance" following backlash over a new advertisement released as part of the luxury car brand's rebranding efforts.

Key Points:

• Ad Content: The ad featured models in bold outfits with no vehicles, aiming to break away from "traditional automotive stereotypes."

• Backlash Online: Comments ranged from claims of the brand "going woke" to criticisms of focusing on trends rather than cars.

• MD's Defense: Glover stated the campaign was misunderstood and intended to signal Jaguar’s reinvention as a high-end electric luxury brand.

• New Branding: Jaguar unveiled a revamped logo and announced plans to launch three electric cars in 2026.

• Elon Musk's Response: Musk made a sarcastic remark about selling cars which prompted Jaguar to invite him to view their offerings at an event in Miami.

• Strategic Shift: Glover emphasised the need to "attract a new customer base" while staying true to existing customers.

Elsewhere in business:

🍗 KFC has reversed its commitment which aimed to enhance chicken welfare by transitioning to slower-growing breeds by 2026. The company cited a lack of industry-wide movement as a significant barrier, noting that it represents less than 3% of the UK chicken market and cannot drive such changes independently. Fast-growing meat chickens, often referred to as "Frankenchickens," have raised welfare concerns due to issues such as higher mortality rates, lameness, and muscle disorders.

🇮🇹 Milan’s Via Montenapoleone has overtaken New York’s Fifth Avenue to become the world’s most expensive shopping street for the first time in 34 years. Luxury retail spaces on the street, home to Dolce & Gabbana, Gucci, and Prada, now cost up to €20,000 (£17,000) per square metre annually, an 11% increase from last year.

COP29 climate summit survives failure

📍 Top line: The COP29 climate summit in Baku narrowly avoided failure after a contentious agreement was reached to provide “at least” $300 billion annually by 2035 to help developing nations tackle climate change. The deal, struck in the early hours of Sunday morning, fell short of the $500 billion requested by the G77 group but improved on an earlier $250 billion offer.

Key Points:

• Developing Nations' Frustration: India and other vulnerable countries criticised the agreement as inadequate, with India's delegation calling it “an optical illusion.”

• Island Nations Walkout: Small island states and least-developed countries walked out of talks on Saturday, underscoring dissatisfaction with the finance package.

• Global Inequity Highlighted: A Cuban representative noted that, adjusted for inflation, the pledge was less ambitious than the $100 billion per year goal set over a decade ago.

• Geopolitical Tensions: Germany accused host Azerbaijan and fossil fuel states like Saudi Arabia and Russia of trying to block progress on phasing out fossil fuels.

• UN Response: Simon Stiell, UN climate chief, described the deal as an “insurance policy for humanity” but warned against complacency.

• EU Optimism: European climate commissioner Wopke Hoekstra expressed confidence in eventually achieving the $1.3 trillion economists say is needed annually for climate resilience.

• Overtime Talks: The summit ran 32 hours past its scheduled conclusion, with repeated delays for backroom negotiations and protests.

Elsewhere in the economy:

❌ Young people who refuse to take up work or training opportunities will face benefit cuts under new welfare reforms, Work and Pensions Secretary Liz Kendall has said. Official figures show nearly one million young people were not in education, employment, or training between July and September.

🇪🇺 The UK government is recruiting a senior negotiator to lead relations with the European Union as part of a broader plan to "reset" ties. The role, advertised by the Cabinet Office, includes responsibility for negotiations on trade, security, and border policies. The advertised salary ranges from £153,000 to £200,000, and the post is expected to attract significant public and political attention.

Amazon has opened applications to its 2025 Business at Amazon Retail internship in London. Successful applicants will provide strategic advice to a small set of key manufacturers who sell to Amazon, as well as driving supply-chain operations initiatives. Candidates must be pursuing a Bachelor's or Master's Degree and available to start any time from January to December 2025. Apply now here.

Streaming boom helps music industry bounce back

📍Top line: The music industry experienced a significant surge in revenues last year, reaching $45.5 billion—marking a 10% rise. This growth, fueled by streaming platforms and the resurgence of vinyl records, highlights a major shift in entertainment consumption trends.

Key Points:

• Revenue Milestone: Music revenues hit $45.5 billion in 2022, up 25% since 2021 and double the 2014 figure. Music's growth has surpassed cinema box office revenues, which were $33.2 billion in 2022 and $41.9 billion pre-pandemic.

• Streaming Dominance: Record labels and artists earned $28.5 billion, a 12% increase from the previous year, as streaming platforms like Spotify drove music consumption.

• Vinyl Resurgence: Physical sales, including CDs and vinyl, grew faster than streaming revenues, with vinyl sales up 15.4%. Vinyl is projected to generate $1 billion annually for US labels by 2024, overtaking CD sales.

• Evolving Revenue Streams: Digital channels now account for more revenue than traditional broadcast and radio for music publishers and songwriters. Live performance income for songwriters has surpassed general licensing revenue from shops and hospitality venues.

• Global Influence: Non-American artists account for nearly a third of all music streams in the US, with Britain leading as the largest exporter of music to the US.

Elsewhere in tech:

📱 Meta's Threads is facing stiff competition from Bluesky as users continue to leave Elon Musk’s X following Donald Trump’s election. Bluesky has seen its daily active users in the US and UK jump nearly 300% to 3.5 million, rapidly narrowing the gap with Threads.

🕹️ Sony is developing a new handheld PlayStation console designed to compete directly with Nintendo's successful Switch. The device would enable PlayStation 5 games to be played on the go, similar to the portability of the Switch. Sony's previous handheld consoles, such as the PS Vita, struggled to compete with Nintendo’s dominance, selling an estimated 10-15 million units during its lifespan.

🫅 State visits to Buckingham Palace will be paused for the next three years, with all such events moved to Windsor Castle until 2027 due to a £369 million refurbishment project. The ongoing ten-year renovation will close many of the palace's grandest rooms, including those used for state events.

🇰🇷 A South Korean court has convicted a 26-year-old man for attempting to evade mandatory military service by intentionally gaining weight. The individual engaged in binge eating prior to his physical examination, resulting in an obesity classification that qualified him for a non-combat role at a government agency. In South Korea, all able-bodied men over the age of 18 are required to serve in the military for at least 18 months.

🇺🇸 Donald Trump is planning to sign an executive order on his first day back in the White House that would lead to the removal of all transgender members from the US military, according to The Times. The order would medically discharge approximately 15,000 active service personnel who are transgender, deeming them unfit for service, and impose a ban on transgender individuals joining the military.