Latest / What the Flux / Victoria's new deal with the NFL | MCoBeauty's $1 billion valuation | Tinder swipes right to AI

Transcript

Victoria's new deal with the NFL | MCoBeauty's $1 billion valuation | Tinder swipes right to AI · What the Flux

• 0:05
  Speaker 1: This is what the Flux.
• 0:06
  Speaker 2: I'm Brett and I'm just send It's Monday, the tenth
• 0:08
  Speaker 2: of February.
• 0:09
  Speaker 1: Does wait.
• 0:09
  Speaker 3: We know that Nissan has been in trouble lately and
• 0:12
  Speaker 3: we're in talks with Honda to merge in order to survive.
• 0:15
  Speaker 3: But now Nissan is ending those negotiations with Honda and
• 0:18
  Speaker 3: is looking for.
• 0:19
  Speaker 1: A partner in the tech industry.
• 0:21
  Speaker 2: If you don't mind, man, I've got a little money
• 0:23
  Speaker 2: in for this Monday, I was using the Flux subscription
• 0:25
  Speaker 2: tracker and realized I was still paid for a gym
• 0:27
  Speaker 2: membership that I thought I was canceling it weeks ago
• 0:30
  Speaker 2: tooved me sixty five bukkerunis this week and sixty five
• 0:33
  Speaker 2: for next week as well, and I was delighted, just
• 0:35
  Speaker 2: quietly to fox AUP. If you want to see all
• 0:37
  Speaker 2: the recurring payments that are coming out of your account
• 0:39
  Speaker 2: every single week, there is only one place to do it.
• 0:41
  Speaker 2: In the Flux app. It tells you how much you're
• 0:43
  Speaker 2: paying and forecast the rest of your month as well.
• 0:45
  Speaker 2: To make sure to download the app and check out
• 0:47
  Speaker 2: the subscription.
• 0:47
  Speaker 3: Trucker today three spectacular stories today, doesy boy? Let's do
• 0:51
  Speaker 3: it for our First, the Victorian government is going on
• 0:55
  Speaker 3: a sport spending spree after landing a multi year deal
• 0:58
  Speaker 3: toast NFL games in Melbourne as well as the NBA.
• 1:02
  Speaker 2: Man I thought Victoria was in a heap of debt,
• 1:05
  Speaker 2: So what is going on here?
• 1:06
  Speaker 3: Well, Josey boy, As you know, Melbourne may not have
• 1:09
  Speaker 3: the ocean views like Sydney or the glitz of the
• 1:11
  Speaker 3: Gold Coast.
• 1:11
  Speaker 2: But it does pride itself on its coffee culture, it's
• 1:14
  Speaker 2: art scene and of course being the home of sport.
• 1:17
  Speaker 3: Yeah, between the Australian Open, Formula One, Grand Prix, AFL
• 1:20
  Speaker 3: Grand Final Melbourne cast.
• 1:23
  Speaker 1: It brings a lot of people to the state.
• 1:25
  Speaker 2: But now be man. Victorian government has announced it's landed
• 1:28
  Speaker 2: a multi year deal host of the Los Angeles Rams
• 1:31
  Speaker 2: in the NFL.
• 1:32
  Speaker 3: And we're not talking a casual exhibition game here, Jesse boy.
• 1:35
  Speaker 3: We're talking a real regular season game.
• 1:38
  Speaker 2: And how much moul are we talking for this deal?
• 1:40
  Speaker 3: Well, it's believed that the vig government will pay around
• 1:43
  Speaker 3: fifteen million bucks to host each.
• 1:45
  Speaker 2: Game, or, as the new South Wales premier called it,
• 1:47
  Speaker 2: a king's ransom.
• 1:48
  Speaker 3: And if that wasn't enough, it seems like the Victorian
• 1:51
  Speaker 3: government is also bringing NBA teams to Melbourne for multiple
• 1:55
  Speaker 3: exhibition matches in October this year.
• 1:57
  Speaker 2: And they'll be competing against local NBL team.
• 2:00
  Speaker 3: This will be like the Loon Tunes playing against the
• 2:02
  Speaker 3: Harlem Globetrotters.
• 2:03
  Speaker 2: So true. So what is the key learning here?
• 2:05
  Speaker 3: Bringing major sporting events to a state is always a
• 2:09
  Speaker 3: high stakes game for governments.
• 2:10
  Speaker 2: Yeah, they need to balance the hefty price tag with
• 2:13
  Speaker 2: the promise of economic returns.
• 2:15
  Speaker 3: And there are always critics who reckon splashing millions on
• 2:18
  Speaker 3: sports can seem like a bit of.
• 2:19
  Speaker 2: A luxury Hello Commonwealth Games twenty twenty six. But be men.
• 2:23
  Speaker 2: His history suggests that Victoria has made these investments work sometimes.
• 2:27
  Speaker 1: Take the Australian Grand Prix.
• 2:29
  Speaker 3: Victorian taxpayers have paid five hundred and twenty seven million
• 2:32
  Speaker 3: dollars for the event since twenty fifteen, but in twenty
• 2:35
  Speaker 3: twenty three alone, the Grand Prix delivered around two hundred
• 2:38
  Speaker 3: and sixty eight million dollars in economic impact.
• 2:40
  Speaker 1: Compared to the one hundred mili that the government invested.
• 2:43
  Speaker 2: So b man, if the NFL and NBA deals followed
• 2:46
  Speaker 2: the same trajectory, they could inject significant dollars in the
• 2:49
  Speaker 2: local economy and reinforcing Melbourne's reputation as the sporting capital
• 2:53
  Speaker 2: of Australia. For our second story, MCO Beauty, the Australian
• 2:57
  Speaker 2: cosmetics and skincare company, has been sold in a deal
• 3:00
  Speaker 2: that's understood to value the company at one that billion dollars.
• 3:04
  Speaker 1: Didn't we just talk about how sday Lauder was struggling?
• 3:06
  Speaker 1: Tell me more so.
• 3:07
  Speaker 2: The story starts in two thousand and two when MC
• 3:09
  Speaker 2: Beauty's found at Shelley Sullivan started a beauty brand called
• 3:12
  Speaker 2: Model Co The Boy.
• 3:14
  Speaker 3: In twenty twenty, she realized that there was a bigger
• 3:16
  Speaker 3: opportunity in offering more accessible and less expensive beauty.
• 3:20
  Speaker 2: Products, so she created MCO Beauty, which had a strategy
• 3:23
  Speaker 2: to basically identify viral beauty products and then dupe them.
• 3:27
  Speaker 2: And since twenty twenty, mc beauty has taken a market
• 3:29
  Speaker 2: share from Loreal, Rimmel and Maybolene and it's the best
• 3:33
  Speaker 2: selling beauty brand in Woolies and Big w.
• 3:35
  Speaker 3: And now DBG Group, which first took a fifty percent
• 3:38
  Speaker 3: stake in MCO Beauty in twenty twenty two, will buy
• 3:41
  Speaker 3: the other fifty percent for what's believed to be five
• 3:44
  Speaker 3: hundred million bucks.
• 3:45
  Speaker 2: And they man, that would mean the deal values a
• 3:47
  Speaker 2: company at one billion dollars. Not bad for four or
• 3:51
  Speaker 2: five years of duping. Yeah, so what is the key
• 3:53
  Speaker 2: learning here?
• 3:54
  Speaker 3: Jube culture is where products are copied and sold at
• 3:56
  Speaker 3: a lower price point than the original, And they man.
• 3:59
  Speaker 2: We see jube culture in water bottles, Hello stan Lee, jupes,
• 4:02
  Speaker 2: we see it in fragrances, Hello, let Labo, dupes, and
• 4:06
  Speaker 2: even especially in cosmetics Hello MC beauty. In fact, they
• 4:10
  Speaker 2: mean dupes account for forty percent of MC Beauty's products.
• 4:13
  Speaker 3: But dose boy, what's interesting is that sixty percent of
• 4:16
  Speaker 3: young customers would actually prefer the dupe over the og product.
• 4:19
  Speaker 2: Even if they could afford the real thing.
• 4:21
  Speaker 3: And as a result, some beauty companies they are even
• 4:23
  Speaker 3: producing their own knockoff versions to capitalize on the trend.
• 4:26
  Speaker 2: The biggest loser here be man. The brands and companies
• 4:28
  Speaker 2: spend millions of dollars developing a new product only for
• 4:32
  Speaker 2: it to be stolen slash duoped.
• 4:33
  Speaker 1: And it would appear that the bigger winner is MC beauty.
• 4:36
  Speaker 2: For our third and final story, Tinder is hoping to
• 4:39
  Speaker 2: turn around its declining user base by pushing AI into
• 4:43
  Speaker 2: its matchmaking to help discover new matches.
• 4:46
  Speaker 1: When swipe fatigue kicks in, Tinder turns to AI.
• 4:49
  Speaker 2: Like every other honymorev man. We know Tinder as a
• 4:52
  Speaker 2: company that made online dating cool in the iPhone age,
• 4:55
  Speaker 2: the old swipe left, swipebright gamified dating was unheard of
• 4:59
  Speaker 2: on sites like e or ok, Cupid and b Man.
• 5:02
  Speaker 2: Tindergrew to become the most popular dating app in the
• 5:04
  Speaker 2: whole wide world, with over seventy five million monthly active
• 5:07
  Speaker 2: users the juzzuway.
• 5:08
  Speaker 3: Over the past few years, Tinder has seen its active
• 5:10
  Speaker 3: users continue to decline.
• 5:12
  Speaker 2: And why is that? Be man less singletons in the world.
• 5:15
  Speaker 3: Quite the opposite, juzzy boy. There are still many singletons,
• 5:18
  Speaker 3: but many single people have grown tired of online dating.
• 5:21
  Speaker 2: So now Tinder's rolled out a new AI feature. It
• 5:24
  Speaker 2: will supposedly help improve the quality of matches.
• 5:27
  Speaker 3: Basically, instead of swiping, you can use a trusty AI
• 5:30
  Speaker 3: matchmaker to find matches for you.
• 5:32
  Speaker 2: But be man, Let's be honest. Tinder's business model is
• 5:34
  Speaker 2: probably one of the trickiest challenges that they're facing right now.
• 5:37
  Speaker 1: So true, so what is the key learning here?
• 5:39
  Speaker 2: It's tricky to build a business when your success means
• 5:42
  Speaker 2: your customer's failure juzuwait.
• 5:43
  Speaker 1: Tinder's business model is built on a paradox.
• 5:47
  Speaker 2: People pay for premium features to increase their chances of
• 5:49
  Speaker 2: finding a.
• 5:50
  Speaker 3: Match, but if they succeed, these people no longer need
• 5:53
  Speaker 3: the app and they stop paying.
• 5:54
  Speaker 2: On the flip side, if they don't find a match
• 5:56
  Speaker 2: and grow frustrated with online dating, they also leave and
• 5:59
  Speaker 2: stop paying.
• 6:00
  Speaker 1: It's a tricky balancing act for old Tinder.
• 6:02
  Speaker 3: Rouney yep in its scape uses hopeful enough to stay,
• 6:04
  Speaker 3: but not so successful they churn out immediately. More recently,
• 6:08
  Speaker 3: they haven't been successful in striking this balance, with monthly
• 6:11
  Speaker 3: active users dropping.
• 6:13
  Speaker 2: In fact, their users dropped by ten percent in October
• 6:15
  Speaker 2: last year and nine percent in November and December.
• 6:18
  Speaker 3: So Tinder is hoping its AI powered matching could help
• 6:21
  Speaker 3: this balance by making the dating process feel more achievable.
• 6:24
  Speaker 2: Fox Am, you will be absolutely shocked by the amount
• 6:27
  Speaker 2: of recurring payments that come out of your bank map
• 6:29
  Speaker 2: every single month. We have it all covered in the
• 6:31
  Speaker 2: Flux apps. In under thirty seconds, you can find all
• 6:34
  Speaker 2: your subscriptions or your recurring payments and all of the
• 6:36
  Speaker 2: forecast for the next month. It can save you one
• 6:38
  Speaker 2: hundreds every single month, so make sure to check out
• 6:41
  Speaker 2: the subscription track up in the Fox app.
• 6:42
  Speaker 1: Thanks for listening, and we'll see you on Wednesday.