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Media Beat, Sept. 20, 2021 | FYIMusicNews – FYI Music News

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Paul Anka: The Bob Lefsetz podcast

Will the pandemic become endemic?

During the pandemic, because of measures such as mask-wearing and physical distancing, the flu virtually disappeared. But when we return to “normal” (or whatever the new normal becomes), the confluence of Covid-19 and influenza each fall and winter could become a major public-health challenge.

The question becomes, crassly: How much illness and death are we willing to accept as “normal”? – André Picard, The Globe and Mail

B.C. blogger ordered to pay $30K for online complaints in doctor defamation suit

A Kelowna blogger who was unhappy with a breast augmentation surgery that offered uneven results learned that sounding off online can have costly consequences, according to a Supreme Court of B.C. decision posted Aug. 25.

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“While internet postings in the nature of reviews of restaurants and services are the norm in today’s world, defamatory comments dressed up as reviews that are not factual or do not qualify as fair comment are subject to the laws of defamation,” Justice Gary Weatherill wrote. – Kathy Michaels, Global News

China’s shadow play supports Liberal re-election

The Liberals are counting on voters not to notice that what distinguishes their own foreign policy is the thing that has caused the Chinese government and its network of diplomats and well-connected friends in Canada to be rather too obvious in their enthusiasm for a Liberal re-election. So enthusiastic, in fact, that they’re already coming close to violating Canadian laws intended to safeguard federal elections from foreign interference.

It began on Aug. 25, when Chinese ambassador Cong Peiwu, without explicitly naming him, insinuated that Erin O’Toole was placing his party’s “political interests” ahead of fruitful Canada-China relations. After an obligatory throat-clearing to the effect that it was not his intent to comment on or interfere in the election, Cong said China would oppose anyone “hyping up issues related to China or smearing China.” – Terry Glavin, Ottawa Citizen

Working class Canadians are fed up and fighting back

Inequality has been rising for decades, but during the stress test of the pandemic, the imbalance became grotesque. While grocery workers were battling to get within scraping distance of a living wage, Loblaws saw its 2021 first-quarter profits grow by 30 per cent over the previous year, to $313 million. Empire Co Ltd., which owns Sobeys, Safeway, Foodland, FreshCo and IGA, saw its net earnings swell 47 per cent in the first quarter, to $191.9 million. Amazon’s first-quarter profits were more than triple its 2020 margins, at $8.1 billion, even as COVID-19 chewed through its warehouse workers and its delivery drivers urinated in bottles so they wouldn’t miss their targets.

Last fall, the Brookings Institution produced a report contrasting the corporate and shareholder windfalls of the biggest U.S. companies with the crumbs they begrudgingly offered their frontline workers. The report noted that the two behemoths—Amazon and Walmart—took in an average of $10.7 billion in extra profit and their stock prices surged 65 per cent and 41 per cent, respectively, but their workers received an average of just $0.95 per hour and $0.63 per hour in extra pandemic pay. – Shannon Proudfoot, Maclean’s

StatsCan Q2 data: Employment strengthens in the wake of third-wave restrictions

Employment rose by 90,000 in August, the third consecutive monthly increase. Gains in August were concentrated in full-time work and among women. Employment in accommodation and food services increased by 75,000. The national unemployment rate fell to 7.1%, the lowest rate since the onset of the pandemic.

Total employment has risen by 415,000 from May to August as third wave restrictions eased. All of the net gains during this three-month period were in service industries, led by cumulative gains of 211,000 in accommodation and food services. Sixty percent of net employment gains from May to August were among 15- to 24-year-olds, as the employment rate among youth by August had essentially returned to pre-pandemic levels.

With August’s headline increase, total employment has rebounded to within 1% of its pre-pandemic level (cumulative losses since February 2020 stood at 156,000 or -0.8%). The employment rate in August was 60.5%, down 1.3 percentage points from the rate in February 2020. The number of employed people who worked less than half of their usual hours in August remained elevated compared to pre-pandemic levels (+29.9%), while total hours worked remained 2.6% below. Among workers who worked at least half their usual hours in August, 24% worked from home, the lowest share since the onset of the pandemic.

Australian media companies can be liable for defamation posted on Facebook pages

Some of Australia’s biggest media companies have lost a bid in the high court to escape liability for defamatory third-party comments on their social media posts.

The majority found that merely facilitating and encouraging comments amounted to “participation” in the communication of defamatory material, even if the original poster was not aware of the content of later comments.

The decision is expected to have ramifications for Australian media companies, making them likely to ban comments on more posts or discouraging them from posting stories to social media. – Paul Karp, The Guardian

Wall Street influencers are making $500K, topping even bankers

At first no one could explain why business was picking up at Betterment, a robo adviser aimed at newbie investors. There were about 10,000 signups in one day. 

Then came the answer: A 25-year-old TikToker from Tennessee was posting videos describing how to retire a millionaire by using the platform.

His name is Austin Hankwitz, and he’s managed to land one of the hottest new gigs: full-time “finfluencer.” – Misyrlena Egkolfopoulou, Bloomberg

Facebook troll farms reached 140M Americans monthly before 2020 election

An internal report, written in October 2019, shows that in the run-up to the 2020 election, Facebook’s most popular pages for Christian and Black American content were being run by Eastern European troll farms.

These pages were part of a larger network that collectively reached nearly half of all Americans, according to the report. They achieved that reach not through user choice but primarily as a result of Facebook’s own platform design and engagement-hungry algorithm. – Karen Hao, MIT Technology Review

Top US newspapers losing print sales since pandemic started

America’s biggest three newspapers – the Wall Street Journal, the New York Times and USA Today – together lost more than 500,000 of print circulation between the first quarter of 2020 and the latest reported period, which covers the six months to March 2021. – William Turvill, Press Gazette

The saga to serve papers on Prince Andrew

To serve a member of the Royal Family once meant to do one’s duty for Queen and country.

But a month-long chase by US lawyers to find Prince Andrew and in the legalese, serve him with allegations of abuse, has brought a whole new meaning to the phrase. – Dominic Casciani, BBC News

Inside film talent deals in the streaming era: ‘It’s the Wild, Wild West’

Late last year, it quickly became evident that Hollywood’s dealmaking machine of the past 30 years was broken. The pandemic had changed the way people watched feature films — with some debuting on streaming services and some in theatres — and a new approach to contracts for talent would be needed, particularly for A-listers accustomed to significant backend bonuses based on box office returns that may be diminished or eliminated altogether.

Fast-forward to September 2021: What does dealmaking actually look like? – Beatrice Verhoeven, The Wrap

The Absurdity of the Marketing Industry

For decades, the marketing industry has been notable for its addiction to bullshit and sophistry. We have now entered new territory — an era in which marketing can truly be described as dabbling in absurdism.

Welcome to “Generation Alpha“, the newest idiotic generational hustle of marketing researchers.

 Generation Alpha are people born between 2010 and 2024. I just checked my calendar and it seems 2024 hasn’t happened yet. But that doesn’t bother researchers. Understanding the values of people who can’t speak yet and some who are not born yet is the disruptive innovation that makes the insights into Gen Alpha so powerful!

Listen to this horseshit about Generation Alpha from Ad Age“they care about issues such as sustainability and social equality—but unlike previous generations, they have embraced activism from a very young age and expect brand change as a result.” Are you fucking kidding me? Five-year-olds expect brand change? Fetuses care about sustainability?

There is no word to describe the idiocy of these experts. These kids are still crapping their pants and they have “embraced activism?”

Go ahead. Try to tell me you could make this shit up. Is it any wonder marketing is viewed as the clown show of the business world? – Bob Hoffman, The Ad Contrarian

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13-year-old charged for online harassment, banned from social media – CBC.ca

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A 13-year-old western Quebec boy accused of harassing and threatening another child online is facing four charges and conditions restricting his internet activity.

In a news release issued Friday, police in the MRC des Collines-de-l’Outaouais said the alleged victim’s parent filed a complaint after being “subjected to the suspect’s wrath for several months.”

Police said they went to the accused’s home on Sunday to arrest him, but had to return with a warrant the following day after his parents initially refused to co-operate.

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The 13-year-old was arrested Monday evening and detained. He was formally charged on Tuesday with criminal harassment, uttering threats to cause death or bodily harm, distributing child pornography and unauthorized possession of an unspecified restricted weapon.

Among his release conditions, the boy can’t access social media and can’t use the internet without adult supervision.

Police didn’t offer details about the alleged threats or where the youth lives. The municipality includes the communities of Chelsea, Quyon, Val-des-Monts and Wakefield.

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Muting people on social media is fast and free and will change your life – The Guardian

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I don’t generally believe in life hacks. As much as I’d love to imagine that one easy tweak could resurface my life like it’s a cracked tennis court, time and experience have shown me that positive change usually comes slowly and incrementally.

But there is one hack I fully believe in. It’s fast and free, and will instantly change your life for the better: just mute people who annoy you on social media.

The process is different for each platform – typically, you go to the offending poster’s profile page or one of their posts and tap “mute”, “snooze” or “unfollow” – but then that’s it! This digital dusting leaves your social media spick-and-span, or at least less grimy than before. They’re gone from your timeline, and so are the various minor irritations they brought. And, unlike unfollowing or blocking someone, the muted party has no idea they’ve been silenced, so you don’t risk any awkwardness or drama.

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I have a handful of people muted. A couple of them are people I don’t want to unfollow. Others I have unfollowed, but I’ve also muted them because someone else might repost them and sully my pristine timeline. One is a semi-famous person who was rude to me many years ago about a work thing; another was rude to my friend. There’s also an ex and someone who constantly humble-brags in a way that makes me want to bang my head against something hard.

These individuals brought out the worst in me. When I saw their posts, I felt angry, petty and small. I wondered how much it might cost to buy billboard signs along major highways printed with bullet points detailing how, actually, they are terrible.

Fortunately, I almost never think of these individuals anymore because I’ve muted them across all platforms. Unless someone brings them up in conversation, I usually forget these people exist. They have been weeded from the lush garden of my brain.

But don’t just take my word for it.

“Muting accounts that repeatedly upset you is putting in digital boundaries to create a healthier digital environment,” says Bailey Parnell, founder and president of the Center for Digital Wellbeing. It allows you to avoid distressing content without severing connections, she says – a solution for those perplexing situations in which a relationship with someone is important to you, despite their bothersome online presence.

“This can preserve your mental wellbeing while maintaining social or professional networks,” she says.

This might seem like obvious advice. Yet it can be hard to follow. The irritation we feel when seeing someone’s bad posts can come with a satisfying rush: look at them! Being annoying!

“There can be a dopamine kick that comes on the back end of big emotions,” says Monica Amorosi, a licensed trauma therapist in New York City. We may come to crave the adrenaline spikes that accompany content that makes us feel shock, rage or disgust.

“If we have mundane lives, if we are understimulated, if we are bored or underwhelmed, then consuming this material can become a form of entertainment or distraction,” Amorosi says.

Amorosi emphasizes that it’s important not to create a “space of ignorance” on our feeds by avoiding different perspectives or troubling news about current events. But this does not mean that social media should only be a place to access upsetting information. Our feeds “can be utilized for healthy, positive education, connecting with like-minded people, seeing nuance and variety in the world, fact-checking information, learning new hobbies or ideas”, she says.

As such, muting is perhaps most effectively deployed against those who irritate you in a bland, quotidian way – a pompous co-worker, for instance. Not seeing a humble bragger pretend to be embarrassed about another professional success isn’t going to limit my worldview. Instead, I am regaining five to 10 minutes I might have wasted taking a screenshot of their post and complaining to my friends about it.

Candidly, I have done nothing with the time I’ve gained from not bad-mouthing the people I’ve muted. But how nice to have days that are at least five minutes more pleasant.

So, mute freely and often. And if you don’t agree with me? Just mute me. I’ll never know!

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Donald Trump is on the verge of another $1 billion Truth Social windfall – CNN

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New York
CNN
 — 

Former President Donald Trump is on the cusp of scoring a major financial bonanza – at least on paper.

As long as Trump Media & Technology Group’s share price doesn’t spectacularly implode before Tuesday’s closing bell, Trump is on track to receive another 36 million shares as the owner of Truth Social.

This milestone is on track to be hit after the market closes on Tuesday.

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Even though Trump Media is losing money and Truth Social is very tiny, those new shares Trump is in line to receive would be valued at about $1.3 billion at current prices.

Trump’s net worth has been on a roller coaster ride ever since his social media company finalized its deal to go public late last month. The former president is the dominant shareholder in a stock that has been called a “meme stock on steroids.”

Although Trump Media’s share price has been cut in half since peaking on March 27, it’s still trading comfortably above levels that would trigger certain performance provisions in the merger agreement.

According to SEC filings, Trump Media can issue additional shares to pre-merger shareholders such as the former president if the dollar volume-weighted average price equals or exceeds $12.50 for any 20 trading days within any 30 day trading period beginning on March 25.

The full earnout of 40 million shares would be triggered if that price metric equals or exceeds $17.50 over the same timeframe.

Tuesday marks the 20th trading day and Trump Media’s share price has not traded below the $17.50 level at any point since the clock started on March 25.

“It seems almost certain to me that the earnout conditions will be satisfied at this point, given how high the share price has been,” said Michael Ohlrogge, an associate professor at the NYU School of Law.

Trump’s dominant stake

The merger agreement calls for Trump to receive 90% of those earnout shares, translating to 36 million additional shares.

That would give Trump an even more dominant stake of 114.75 million shares, amounting to 65% of the total outstanding shares, according to filings.

Of course, Trump Media’s share price is subject to extreme volatility, meaning the value of this stake can swing wildly.

There are also practical and legal restrictions that would likely prevent Trump from cashing in this stock anytime soon.

According to filings, the earnout shares Trump appears to be in line to receive are subject to the lock-up restrictions that prevent insiders from selling or borrowing against their stock for months after the merger closed.

Even if Trump was able to get around this lock-up agreement, experts say it would be practically difficult for him to sell a sizable chunk of his stake without causing a crash in the share price. After all, Trump is the largest shareholder, chairman and most popular user on Truth Social.

‘Grossly overvalued’

Even though Trump Media’s share price has retreated since spiking to $66 last month, experts warn it remains overvalued based on fundamental metrics.

One common way to value stocks is to compare its price relative to its revenue.

The average social media stock trades at a price-to-sales ratio of roughly 10x, according to Matthew Kennedy, senior IPO strategist at Renaissance Capital. That peer group includes Facebook owner Meta, Pinterest, Snap, Reddit and Rumble.

By comparison, Trump Media is trading at north of 1,200 times sales, according to Kennedy.

“The stock appears to be grossly overvalued,” said Jay Ritter, a finance professor at the University of Florida.

Ritter, who has been studying IPOs for four decades, expects Trump Media’s share price to eventually plunge to just $1 or $2 per share.

Ohlrogge, the NYU professor, said Trump Media’s share price is “responding primarily to non-rational factors.”

For instance, Ohlrogge pointed to how the stock plunged last week after the company indicated it plans to register new shares.

“There should have been nothing surprising about that filing since it was just doing precisely what the company said it would do after it went public…There was no real rational reason to have a negative impact on the price,” he said, adding that the price reflects the “whims and sentiments of very uninformed traders, driving the price this way and that.”

In a sign that Trump Media is worried about its share price, the company took the unusual step last week of telling its shareholders how to avoid their stock from being loaned to short sellers betting against it.

Trump Media updated a FAQ section on its website to include the short-selling prevention tips.

“That is highly unusual,” said Peter Byrne, a securities lawyer at Cooley who focuses on companies going public. “We don’t typically see companies publish information like this.”

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