TheStreet’s J.D. Durkin brings you the biggest news of the day, including a looming government shutdown and Amazon bringing ads to Prime Video.
Category
🥇
SportsTranscript
00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:02 Here's a look at what we are watching on the street today.
00:05 Markets are poised to end the week with steep losses as investors continue to digest comments
00:10 from the Federal Reserve that implied the agency would need to keep interest rates higher
00:14 for longer.
00:15 Borrowing costs currently remain at a 22-year high.
00:19 Separately, investors are concerned about a looming government shutdown in Washington.
00:23 It could slow down the economy even more.
00:25 Congress has until September 30th to agree on funding bills.
00:28 The last government shutdown lasted five weeks and cost the U.S. economy an estimated $11
00:34 billion.
00:35 Now, onto the world of streaming, where Amazon is the latest company to insert ads into its
00:40 lineup, much like its competitors.
00:43 Amazon is now searching for a way to increase its revenue.
00:45 And the company spent $16.6 billion on film, TV, and music content in 2022, a 28% increase
00:53 from the year before.
00:55 Amazon Prime costs $139 a year or $14.99 a month, and Prime Video is included in the
01:01 subscription.
01:02 But, customers will have to fork over an additional $2.99 each month if they want to have an ad-free
01:08 streaming experience.
01:09 Prime Video is home to hit shows like The Marvelous Mrs. Maisel as well as Citadel.
01:14 Amazon, however, is far from the only streaming service to implement ads or price hikes.
01:20 Disney+ increased the cost of its ad-free tier to $13.99, a $3 increase set to kick
01:25 in in October.
01:27 Peacock announced its first-ever price hike in July, and Hulu, which is owned by Disney,
01:32 will also increase its ad-free option in October.
01:36 That'll do it for your daily briefing from the New York Stock Exchange.
01:38 I'm J.D. Durkin with The Street.
01:40 Thanks for watching.
01:41 [Code Red Defense]