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• 26 Mar 2024
• Research & Ideas

How Humans Outshine AI in Adapting to Change

Could artificial intelligence systems eventually perform surgeries or fly planes? First, AI will have to learn to navigate shifting conditions as well as people do. Julian De Freitas and colleagues pit humans against machines in a video game to study AI's current limits and mine insights for the real world.

• 29 Feb 2024

Beyond Goals: David Beckham's Playbook for Mobilizing Star Talent

Reach soccer's pinnacle. Become a global brand. Buy a team. Sign Lionel Messi. David Beckham makes success look as easy as his epic free kicks. But leveraging world-class talent takes discipline and deft decision-making, as case studies by Anita Elberse reveal. What could other businesses learn from his ascent?

• 29 Aug 2023
• Cold Call Podcast

As Social Networks Get More Competitive, Which Ones Will Survive?

In early 2023, TikTok reached close to 1 billion users globally, placing it fourth behind the leading social networks: Facebook, YouTube, and Instagram. Meanwhile, competition in the market for videos had intensified. Can all four networks continue to attract audiences and creators? Felix Oberholzer-Gee discusses competition and imitation among social networks in his case “Hey, Insta & YouTube, Are You Watching TikTok?”

• 21 Apr 2023

The $15 Billion Question: Have Loot Boxes Turned Video Gaming into Gambling?

Critics say loot boxes—major revenue streams for video game companies—entice young players to overspend. Can regulators protect consumers without dampening the thrill of the game? Research by Tomomichi Amano and colleague.

• 07 Apr 2023

When Celebrity ‘Crypto-Influencers’ Rake in Cash, Investors Lose Big

Kim Kardashian, Lindsay Lohan, and other entertainers have been accused of promoting crypto products on social media without disclosing conflicts. Research by Joseph Pacelli shows what can happen to eager investors who follow them.

• 03 Jan 2023

Wordle: Can a Pandemic Phenomenon Sustain in the Long Term?

Wordle went from a personal game, created by a developer for his girlfriend, to a global phenomenon with two million users in just a few months. Then The New York Times made an unexpected bid to acquire it. But will Wordle outlast other pandemic pastimes? Harvard Business School senior lecturer Christina Wallace discusses the journey of software engineer and accidental entrepreneur Josh Wardle in the case, “Wordle.”

• 15 Nov 2022

Why TikTok Is Beating YouTube for Eyeball Time (It’s Not Just the Dance Videos)

Quirky amateur video clips might draw people to TikTok, but its algorithm keeps them watching. John Deighton and Leora Kornfeld explore the factors that helped propel TikTok ahead of established social platforms, and where it might go next.

• 23 Nov 2021

The Vinyl Renaissance: Take Those Old Records Off the Shelf

If listeners today can stream just about any song they want, why are so many music aficionados still buying records? Ryan Raffaelli and Gold Rush Vinyl CEO Caren Kelleher discuss the resurgence of vinyl. Open for comment; 0 Comments.

• 17 Mar 2021
• Working Paper Summaries

Consuming Contests: Outcome Uncertainty and Spectator Demand for Contest-based Entertainment

Analysis of Australian Football League data shows that the uncertainty of game outcomes has a large, positive causal effect on stadium attendance. These findings show how competitive balance is important for contest designers in general and sports leagues in particular.

• 04 Jan 2021

The Twofold Effect of Customer Retention in Freemium Settings

Many digital products offer “freemiums”: that is, part of the product for free, often with advertising, and an enhanced customer experience for payment. This research, in a mobile game context, shows the importance of recognizing the short- and long-term effects on customer retention when managing the tradeoffs between free and paid aspects of freemium products.

• 03 Apr 2019

Learning or Playing? The Effect of Gamified Training on Performance

Games-based training is widely used to engage and motivate employees to learn, but research about its effectiveness has been scant. This study at a large professional services firm adopting a gamified training platform showed the training helps performance when employees are already highly engaged, and harms performance when they’re not.

• 27 Feb 2019

Judgment Aggregation in Creative Production: Evidence from the Movie Industry

Selecting early-stage ideas in creative industries is challenging because consumer taste is hard to predict and the quantity to sift through is large. Using The Black List that ranks scripts annually based on nominations from film executives, this study shows that aggregating expert opinions helps reduce quality uncertainty and can influence high-budget production.

• 04 Jun 2018

Think of it as Professors in Cars Having Coffee

Has the art of civil debate returned? In the new Harvard Business School podcast series After Hours, professors Youngme Moon, Felix Oberholzer-Gee, and Mihir Desai discuss issues ranging from gun control to voice-activated digital assistants. Open for comment; 0 Comments.

• 26 Feb 2018

The Airbnb Effect: Cheaper Rooms for Travelers, Less Revenue for Hotels

Hotels enjoy their highest profits when rooms are most in demand, like during holidays and big events. Unfortunately for them, Airbnb is taking away some of that pricing power, according to new research by Chiara Farronato and Andrey Fradkin. Open for comment; 0 Comments.

• 12 Oct 2017

Telemundo: The Fastest Growing TV Network in the United States

Telemundo is the fastest-growing television network in the United States, but Chairman Cesar Conde must attract millennials to the fold. In this podcast, Henry McGee discusses Telemundo's David and Goliath rise. Open for comment; 0 Comments.

• 18 May 2017

Reversing the Losing Streak on Sesame Street

When CEO Jeffrey Dunn took over Sesame Street in 2014 with a new mission to “Make kids smarter, stronger, and kinder,” skepticism ran high as Big Bird's hair. In this podcast, Rosabeth Moss Kanter, who wrote the case with Ryan Raffaelli, talks about reversing a losing streak, answering foundational questions like, “Who are we if we make this deal?” Open for comment; 0 Comments.

• 19 Jan 2017

Can Wynton Marsalis and Lincoln Center Save Jazz Music?

With its listenership in steep decline, jazz legend Wynton Marsalis is looking to rebrand the genre and engineer its comeback. Rohit Deshpande discusses his recent case study on the effort. Open for comment; 0 Comments.

• 06 Oct 2016

The Munich Oktoberfest: From Local Tradition to Global Capitalism

Professor Juan Alcacer discusses how the Oktoberfest brand has been transplanted around the globe, whether copycat festivals help or hurt its reputation, and to what extent its original hosts could or should be profit-motivated. Open for comment; 0 Comments.

• 08 Sep 2016

How Netflix Built its House of Cards (and Changed TV Forever)

The TV drama "House of Cards" not only made Netflix a major entertainment player, but it changed the viewing habits of millions of watchers. In this Cold Call Podcast, Anita Elberse discusses her case study on the impact of this pioneering series and the small production company behind it. Open for comment; 0 Comments.

• 29 Jan 2013

Creating the Perfect Super Bowl Ad

Professor Thales S. Teixeira says TV viewers lose purchasing interest when ads get too caught up in entertainment. His advice for the perfect pitch: tie together a good story and a compelling brand. Closed for comment; 0 Comments.

Federal Judge Temporarily Blocks Texas Mandate for Monitoring and Filtering Internet Content

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New Research Shows Massive Growth in Entertainment Industries Fueled by Internet

Washington – New research conducted by Mike Masnick and Leigh Beadon of the Copia Institute and commissioned by the CCIA Research Center demonstrates significant growth in the music, film, gaming, and other entertainment industries – largely thanks to the internet. Despite the COVID-19 pandemic limiting in-person entertainment like movie theaters and live musical performances in 2020-2021, consumers and creators alike are shown to be thriving within the entertainment economy, with tech-fueled growth expected to continue into 2024 and beyond.

The report counters the decades-long narrative that the internet poses a threat to the entertainment industries, with data showing that average annual U.S. consumer expenditure on entertainment has increased dramatically since the year 2000. For example, the global movie industry brought in a record $99.7 billion in revenue in 2021 despite the COVID-19 pandemic’s hit on theater revenues.

Broader conclusions point to the internet’s role in the economic growth of the entertainment industry as “the single largest driver of success, not just for those industries but for creativity as a whole.”

The Computer & Communications Industry Association has advocated for tech policy that advances innovation and grows the U.S. economy for over 50 years.

The following can be attributed to CCIA Chief Economist & Research Center Director Trevor Wagener:

“Entertainment industries like music, film, gaming, literature, podcasting and more have been propelled to new heights by the internet and the tools it supports. In order to empower both creators and consumers of creative content as well as the global economy, policy should support, not impede digital innovation in entertainment.”

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Pop Culture

How our entertainment changed in 2020.

Aisha Harris

Stephen Thompson

NPR's Michel Martin talks with Aisha Harris, host of the Pop Culture Happy Hour podcast, and NPR Music's Stephen Thompson, about how the events of 2020 have forever changed the entertainment industry.

Copyright © 2021 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

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• Recent Articles

The impact of Insights on entertainment

This edition takes an up-close review of the role of insights in the entertainment industry to support the dynamic nature of content development and consumer satisfaction.

The Insight250 spotlights and celebrates 250 of the world’s premier leaders and innovators in market research, consumer insights, and data-driven marketing. The inaugural list was revealed in April 2021, and the 2022 winners were announced in Toronto last September at ESOMAR’s Annual Congress. The awards have created renewed excitement across the industry whilst strengthening the connectivity of the market research community.

The 2023 Winners will be announced on Thursday, 13th July, at a face-to-face session in London and simultaneously online. Register via insight250.com or use the link below to learn who the 2023 Winners are:

With so many exceptional professionals named to the Insight250, it seems fitting to tap into their expertise and unique perspectives across various topics. This weekly series does just that; inquiring about the expert perspectives of many of these individuals in a series of short topical features.

This edition takes an up-close review of the role of insights in the entertainment industry to support the dynamic nature of content development and consumer satisfaction. I sat down with Natasha Hritzuk, the Vice President of Consumer Insights for Warner Bros. Discovery, to better understand how she delivers consumer understanding in order to drive the strategy and creativity of storylines and characters.

Given this complex nature of consumer understanding, mTab Marketplace assembles a spectrum of market research and data-driven studies from entertainment sources like Comscore, Audience Project, Deloitte, McKinsey, Nielsen, and a myriad of other providers all in one place; in order to help insights professionals gain a firm understanding of consumers in order to meet their needs in real-time. 

Crispin: With the dynamic nature of the entertainment industry, can you talk about the importance of understanding audience trends, behaviours, and preferences?

A critical facet of our work is shedding light on the needs, motivations, and values that trigger behaviours and shape trends. These psychological drivers tend to be more stable, predictable, and enduring than outwardly expressed behaviours and preferences, which can shift and change at a bewildering pace. We’ve seen, for example, a rise in nostalgia viewing across generations and couldn’t figure out why kids born in the 2000s were so interested in shows from the 90s. When we started to investigate what was underlying this trend, we found that social needs were a key driver: first, bonding between Gen X parents sharing their favourite old shows with their kids; second, kids wanting to be part of broader cultural conversations around shows that were shaping the zeitgeist.” Natasha Hritzuk

What role do insights play in driving media strategies and decisions, and how far out are these strategies generally being developed?

Insights – particularly when they deliver a depth of consumer understanding – are essential to shaping cross-business strategy. Drawing on the example of nostalgia viewing, once we uncovered the critical social role it plays across generations, we’ve been able to draw on that insight to shape content strategy. If we are interested in creating content that drives co-viewing and brings families together to watch a show, then we need to understand the narrative components of shows that drive bonding. We have a focal point for development and testing if we know what outcome we are trying to achieve.”

Where do your greatest insights come from?

Insights come from so many sources! In my experience, the most powerful insights come from seeing a pattern emerging from discrete and multiple sources. Seeing an insight crop up across different studies, from research conducted at different points in time or using different methodologies with different samples – this type of validation is potent. It reinforces that insight has staying power and is capturing something critical. There is also a bit of art to insight generation. Seeing patterns in the data definitely triggers your insights radar, but there is also this sense of “knowing in your gut” that this insight is real.”

Do you feel it is more important to understand consumers or competitors fully? Why?

We always start with the consumer. I believe that the more you have a deep consumer understanding, the more adept you become at anticipating their needs and delivering what they expect. That gives you a competitive edge, particularly if you have clarity around what your company does well and where there is white space (unaddressed needs not being served by any company in the competitive set). If you are only gathering competitive intelligence, it takes a lot of extrapolating to see where you can win or differentiate from a consumer perspective.”

Given the evolving sophistication of consumers, what is the biggest challenge in understanding their attitudes and actions?

In a perfect world, you marry first-party data to distil the behavioural footprint of consumers with primary research to understand the triggers or drivers of that behaviour. First-party data alone is not sufficient – knowing what people do (or did in the past) is only a starting point. And, in this environment, understanding needs, motivations, values, or goals without a clear through line into behaviour can make implementation very challenging.”  

Given the growing complexity of competitors, what is the biggest challenge in understanding their strategies and decisions?

We always start with what the consumer is doing, what they think, and whether their needs are met. If we can’t get a direct line into how our competitors are building out their strategy or what’s driving their decisions, we can at least capture whether they are in tune with what consumers care about or expect. “If competitors are generally meeting consumer needs, then we need to assess the table stakes in their offerings and what white space exists for us to differentiate. Wherever unmet or emerging needs exist, we can identify opportunities to carve out a unique position for our products and services.”

Based on your experience, what advice do you give to help drive understanding of consumers and competitors? In other words, how do you effectively track each side?

We typically have trackers that measure our relative performance compared to competitors across critical dimensions – brand, product, and services. Trackers are helpful at flagging issues or affirming where we’re delivering against consumer expectations. Whenever an issue crops up in a tracker, whether it’s a decline in satisfaction or losing ground to a competitor, we can conduct targeted research to dig into the issue to understand the genesis of the issue and start to flag up opportunities to address or resolve it.”

What are the most significant expected changes in the entertainment insights space in the next few years, and how do you intend to adapt to these changes?

From a business perspective, one of the biggest challenges we’re facing is the volatility of the industry in the face of declining linear subscriptions and the impact on both distribution revenue and ad revenue. The industry needs to figure out how to make up for this immense revenue shortfall, which amounts to a reinvention of the Entertainment business. This requires a two-pronged approach: how do we optimise our core offerings today to continue to drive revenue and invest in content, and what new content formats, platforms, and new business areas do we need to branch into to capture the attention and hearts of younger generations? “ From a research perspective, this is exciting stuff. We need to do the right work to anticipate where consumers are heading to ensure our business evolves with changing consumer tastes, habits, and needs.”

Very often, the research we deliver seems to have a short shelf life: we conduct the work, deliver it to stakeholders, and then move on to the next study. Given this cadence, it’s not surprising that stakeholders struggle to remember and absorb output from multiple disconnected studies. Nobody benefits – we feel frustrated that the work is forgotten quickly, and stakeholders feel overwhelmed.  “One approach to mitigate this issue is to frame research as a continuous learning program wherever possible. Each new study that we initiate builds on historical research so we can connect the work together over time, providing a tapestry of information to our stakeholders. As best practice, when we launch a large-scale initiative, we conduct a foundational piece of research that acts as a topographical map. Each path uncovered by the foundational work flags up new lines of inquiry that form the basis of the next waves of research. By the time we have dug deep into all of the pathways, we deliver to the business a set of interconnected studies that deepen knowledge and drive incremental learning with staying power.”

Thank you, Natasha. Like many industries, entertainment is facing consumers that are more savvy and focused on meeting their immediate needs. This has created a greater reliance on understanding consumers' behaviours, preferences, and tendencies. In turn, the insights roles for entertainment brands are largely becoming the lifeblood of developing successful content and satisfied consumers.

As Natasha explains, “One of the biggest challenges we’re facing is the volatility of the industry in the face of declining linear subscriptions and the impact on both distribution revenue and ad revenue.” Now more than ever, consumers are asking, ‘how have you entertained me lately.'

This is transforming the industry to anticipate content reactions in real time in order to satisfy entertainment cravings on an ongoing basis.

Register now for the launch, on Thursday, 13th July, of the 2023 Insight250 Winners at:

Crispin Beale

Crispin Beale is a marketing, data and customer experience expert. Crispin spent over a decade on the Executive Management Board of Chime Communications as Group CEO of leading brands such as Opinion Leader, Brand Democracy, Facts International and Watermelon. Prior to this Crispin held senior marketing and insight roles at BT, Royal Mail Group and Dixons. Crispin originally qualified as a chartered accountant and moved into management consultancy with Coopers & Lybrand (PwC). Crispin has been a Board Director (and Chairman) of the MRS for c15 years and UK ESOMAR Representative for c10 years. As well as being CEO of Insight250, Crispin is currently Group President of Behaviorally with responsibility for the client and commercial teams globally and the Senior Strategic Advisor at mTab.

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The U.S. Advertising Sectors Are Leading The Recovery Of The Media Industry In 2021

The spread of the delta variant has slowed the recovery in ooh entertainment, not clear what the post-pandemic global film industry will look like, the inevitable decline of linear television, it's still too early to pick winners and losers in the streaming wars, industry consolidation has accelerated due to the need for greater content and geographic scale, credit measures--what to do with all that cash.

We're nearly two-thirds of the way through 2021 and the U.S. media and entertainment industry is still working to put the effects of the COVID-19 pandemic behind it. That said, the recovery in the advertising-focused media sectors has been more robust than in other sectors because advertising spending began recovering in the third quarter of 2020 and will, in aggregate, surpass pre-pandemic levels (in 2019) by the end of 2021. The out-of-home (OOH) entertainment sectors haven't fared as well as those focused on advertising because the previously encouraging pace of recovery in these sectors has been modestly slowed by consumer and government reactions to the spread of the delta coronavirus variant. While we still expect OOH entertainment revenue to recover in 2022, it could take until 2023, or beyond, for the credit metrics of the participants in this segment to fully recover given their higher debt levels following pandemic.

For the rest of the year, we will remain focused on the pace of the recovery in OOH entertainment, the post-pandemic future of the film industry, and--most importantly--when the credit measures of industry participants will return to pre-pandemic levels. In addition to these topics, our focus will return to the same industry-specific themes that were front and center as of the end of 2019: the secular pressures affecting traditional linear TV as audience ratings decline and advertising shifts to digital platforms; determining the winners and losers in the global streaming service wars; and industry consolidation. We expect these key topics to dominate our conversations for the remainder of the year and into 2022.

Since the start of the second half of 2020, U.S advertising spending across most media segments has rebounded at a strong clip. We now expect U.S. advertising revenue to rise by 14.5% in 2021, which is a significant increase from our previous 7.8% growth forecast. This stronger-than-expected recovery is due to the continued expansion of advertising on digital platforms, which--other than in April 2020 when digital advertising declined--hasn't missed a beat despite the pandemic. We raised our expectation for 2021 digital advertising growth to 25%, which is well ahead of our previous expectation of 12%. In addition, the recovery in spending on local and national TV advertising and billboards is outpacing our previous expectations. On the other hand, we anticipate the level of spending on radio advertising will only return to 90% of 2019 levels by the end of 2022 before continuing to decline. Further, we don't forecast transit advertising will recover to pre-pandemic levels until 2022/2023. For a longer discussion of current U.S. advertising trends, please see " Rebooting The U.S. Media Sector: Double-Digit Advertising Growth Can Thank Digital ," published Sept. 1, 2021, on RatingsDirect.

Through the first six months, the OOH entertainment sector improved at a faster pace than we had anticipated. This reflected the quick relaxation of social distancing and attendance restrictions by governments and health authorities as large portions of the population received vaccinations, COVID-19 case counts declined, and--most importantly--consumers showed a strong desire to escape their homes and attend concerts and sporting events and visit theme parks. However, based on recent industry announcements cancelling fall concert tours or delaying the theatrical releases of some upcoming films, we believe the recovery of the U.S. OOH entertainment sector has modestly slowed amid elevated consumer health and safety concerns related to the spread of the delta variant and new government-imposed mandates requiring masks, proof of vaccination to enter entertainment venues, and event capacity restrictions. Despite these near-term concerns, we believe the OOH entertainment sector's recovery is outpacing our previous assumptions.

We believe the strong demand for entertainment options indicates that our concerns about potential consumer reluctance to re-engage socially were inaccurate. Starting in 2022, we expect most OOH entertainment sectors to expand at a faster rate than the legacy advertising-based media sectors as consumers embrace experiential entertainment over passive legacy entertainment. We assume concerts, theme parks, sports, and other live action events (such as e-sports) will benefit from this trend. Movie theaters, on the other hand, are the one OOH entertainment sector that is unlikely to return to pre-pandemic consumer engagement levels because movie studios are increasingly prioritizing film distribution via streaming services rather than theatrical release.

Even before the pandemic, the global film industry was under intense secular pressure because studios were pushing for more flexibility around the length of the exclusive theatrical release window. In addition, an increasing number of films (most notably dramas and comedies) skipped theaters and were released directly on streaming services. Then the pandemic struck, which severely affected the entire film industry and accelerated the preexisting secular shifts. For example, for the 455-day period from Feb. 28, 2020, (the release of Universal's "The Invisible Man") to May 28, 2021 (the release of Disney's "Cruella" and Paramount's "A Quiet Place Part II"), no major films (except for Warner Bros.' film slate including "Tenet", "Wonder Woman 1984", and "Godzilla vs. Kong") were released in theaters. Even as theaters have begun reopening and the backlog of movie releases begins to clear, we believe the pandemic will lead to permanent changes in the film industry. This is because recent trends, including the growing importance of in-house video streaming services to the media companies, the new shorter (most likely settling in at 45 days versus the historical 75-90 day) exclusivity window, and the potential for non-exclusive theatrical windows, has shifted the balance of power toward the film studios and away from theater operators. While the theaters need film releases to survive, the media companies now have other release options for their films and are less reliant on traditional theatrical releases. That said, the studios still need theatrical release to "eventize" their big budget, high-profile films and the theaters do have some opportunities, including to work with Netflix, Apple, Amazon, and other independent streaming services to release their films in theaters (despite the likelihood for a shortened release window) and by expanding their offerings to encompass non-film events, such as concerts and sports.

This secular shift in the film industry has also changed the role of movie studios within global media companies. While their role as primary content creators remains unchanged, studios no longer have final say in how their content is distributed, be it by theatrical release, through an in-house streaming service, or by selling it to a third-party streaming service. While Walt Disney Co. is the only media company to officially organize its operations around this strategy, other media companies are increasingly taking a similar approach. These changes will affect their revenue and profitability and determine how the movie industry recovers from the pandemic, which could have long-term negative ramifications for our credit ratings on both movie studios and exhibitors.

While the pace of cord cutting has been modestly slower than we forecast thus far in 2021, the audience ratings for linear TV are deteriorating at an alarming pace. According to Nielsen, total day audience ratings declined by 15% year-over-year for the four major English-language broadcast networks and by 18% for the cable networks despite the return of original programming and sports. Clearly, consumers are watching less linear TV and this increasingly includes sports (for example, ratings for the 2020 Tokyo Summer Olympics declined by 40% versus the 2016 Rio Summer Olympics), news, and special events (the ratings for the Academy Awards declined by nearly 56%). Not only do we not forecast that this rate of decline will improve, we believe it is far more likely to accelerate. The media companies are increasingly prioritizing placing new content on their owned direct-to-consumer (DTC) streaming services rather than putting them on their legacy linear TV networks, which could accelerate the pace of audience losses. In addition, we believe the ratings declines for linear TV could worsen because the media companies are increasingly adding sports programming (both the NFL and NHL have included streaming rights in their broadcast TV packages) and news (WarnerMedia is preparing to launch CNN+ in 2022 to compete against Fox's Fox Nation streaming service) to their DTC streaming services. Over time, these audience declines will further weaken the operating and financial performances of linear TV operators. On the advertising side, the reduction in viewership will likely weaken the demand from advertisers and pressure industry pricing, which is something that we have been concerned about for years but have yet to see materialize. In addition, declining audiences will impact the networks' carriage negotiations with the pay-TV distributors. While we are already seeing this with the regional sports networks (RSNs) and premium cable networks, we believe the runway for the broadcast networks and local TV stations is longer. Coupled with paid-TV subscriber declines, distributors will push back harder on per-subscriber price increases, which will likely begin to reduce affiliate revenue--the bedrock of the media industry's cash flows.

It is still the beginning stages of the rise of DTC streaming services, thus we believe it is too early to assess their long-term performance metrics or pick winners and losers. All the major media companies have finally launched their own domestic DTC streaming services (ViacomCBS' rebranding and relaunch of CBS AllAccess as Paramount+ on March 4, 2021, being the most recent). The last 18 months have also been unique because the pandemic kept people in their homes. While this unexpected captivity led to very strong new subscriber growth, it also shut down most film and TV production, which may have negatively affected the streaming services' subscriptions in the first half of this year due to the lack of new content to attract sign ups and consumers' gradual returned to their pre-pandemic lifestyles. We believe the new content production pipeline is now almost fully open and note that streaming services already rolled out a lot of new content in the second half of the year, which will likely support their new subscriber growth and retention. However, the pace of their operating losses--as media companies continue to spend billions on their DTC streaming services for content, technology, and marketing--will be equally as important for their credit quality. We anticipate that media companies could increase their spending beyond their current guidance if they see opportunities to attract more subscribers. While likely a positive for new subscriber growth, this increased spending could depress both their EBITDA and cash flow and delay their ability to reach break even on their DTC streaming services. We don't expect this delay to affect our credit ratings on most media companies unless the increase in their spending is significant or occurs in conjunction with another action that elevates their leverage. In many cases, the media companies have already recognized the potential for elevated spending and higher leverage and have been taken actions to build a leverage cushion.

Media has historically been a national industry with only a few companies achieving truly global prominence. Netflix and its global streaming service changed that paradigm. Now, any company that wants to compete directly with Netflix talks about securing both more content and greater geographic scale (preferably global). As Netflix has expanded, the company has put tremendous competitive pressure on regional media companies that don't have the depth of content or the subscriber scale to compete head to head. Over the last few years, we've taken several ratings actions on smaller non-U.S. media companies, including Brazil's Globo Comunicacao e Participacoes S.A., that have materially weakened their credit profiles by trying to roll out their own DTC streaming services to compete against Netflix and other global streaming companies.

In light of the importance of increased scale, the pace of industry mergers and acquisitions (M&A) has intensified this year due to several major media transactions, including Discovery's proposed merger with WarnerMedia, Amazon's proposed acquisition of MGM, and Univision's proposed merger with Grupo Televisa's content and media assets. All three companies have global aspirations and these transactions, which include both film and TV libraries and content production capabilities, will help address the seemingly insatiable appetite for content to feed their global streaming services. In addition, several smaller independent production companies have put themselves up for sale. One company, Hello Sunshine, was purchased by a newly formed media venture backed by Blackstone Group.

Aided by the favorable conditions in the debt markets and the rise of non-traditional companies flush with cash (such as special-purposed acquisitions companies [SPACs]), we expect the level of M&A activity to remain robust across the entire industry as industry players (media companies, sponsors, and tech companies) evaluate their strategies and consider how to meet their needs. While the large global media companies will look at every possible transaction, we don't expect them to aggressively pursue these smaller companies given their preference for internal content investments over leveraging acquisitions, as well as the steep valuations that these potential acquisition targets are demanding. Thus, we expect more non-traditional media companies to get involved, such as with the Hello Sunshine transaction. Given the high costs of building out a new streaming service, we expect some media companies to follow Comcast's and ViacomCBS' lead and look for partners to share the costs.

As the global economy continues to recover, the immediate risk facing our credit ratings on most media companies has diminished significantly. Through the first eight months of the year, we have taken significantly more (a 3-1 ratio) positive ratings actions (raising ratings or revising outlooks from negative to either stable or positive) than negative actions on companies in the industry. As the economy continues to recover, we could take additional positive rating actions if media companies remain disciplined and return their credit metrics to pre-pandemic levels.

Companies that sought extra liquidity by issuing incremental debt or preferred equity in 2020 must now determine what to do with the excess cash on their balance sheets. We don't expect the vast majority of these companies to use the cash to fund special dividends to their shareholders, to purchase stock, or to pay down their upcoming maturities. Instead, we expect most companies to prioritize the cash to fund organic growth opportunities, increase their content investments, or to fund capital investments. We understand the strategic rationale behind this decisions and believe that these investments could enhance their credit quality over the long term. Still, this would likely delay the recovery in their credit measures. Therefore, we would likely refrain from upgrading those companies that we downgraded during the pandemic until their metrics return to pre-pandemic levels.

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What Is Entertainment? The Value of Industry Definitions

• First Online: 28 July 2017

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• Christy Collis 5  

Part of the book series: Palgrave Entertainment Industries ((PAEI))

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Entertainment is a significant industry, but there is no clear definition of the term ‘entertainment’. Before we can study and understand the entertainment industry, a definition of the term is required. Collis draws on her research with entertainment industry professionals to determine the industry definition of ‘entertainment’. From an entertainment industry perspective, entertainment is defined and characterised by its audience-centred, commercial nature, rather than by its content, its genre, its audience, or the kind of emotional response it may or may not elicit from its consumers.

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Collis, C. (2017). What Is Entertainment? The Value of Industry Definitions. In: Harrington, S. (eds) Entertainment Values. Palgrave Entertainment Industries. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-47290-8_2

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• Sagar Radia on Rishi’s Intense and Chaotic Day in <i>Industry</i> Season 3

Sagar Radia on Rishi’s Intense and Chaotic Day in Industry Season 3

I n the first two seasons of HBO’s Industry , we’ve known Rishi Ramdani, played by Sagar Radia, as a mid-level trader at Pierpoint whose foul-mouth comments constantly push the workplace boundaries. Industry is a high-intensity drama that never takes its foot off the gas, and in some ways, Rishi’s absurd quips, high-strung attitude, and crude language have brought levity to the show. Season three of Industry gives a closer look at Rishi’s world in an episode that focuses entirely on the character.

The fourth episode of the seaeson, which airs on Sept. 1, follows Rishi through a particularly intense and chaotic day, showing what makes him tick—other than his high-stakes job of dealing in large sums of money.

Radia tells TIME that he’s seen an innate confidence grow in Rishi as his character changes throughout the series. He was surprised when he learned he’d be leading an episode but felt ready for the challenge. “Once you get a script like that, you’re like, ‘Cool, let’s get to work,’” he says. 

Titled “White Mischief,” the episode begins with Pierpoint’s credibility being sent into a tailspin after the disastrous ESG conference in the previous episode and the implosion of Lumi. Rishi joins his coworkers to discuss what to do next and suggests a trade that’s a huge risk but still seems to find support among the team. Then, Rishi is with his wife, his in-laws and their new baby, celebrating Boxing Day. But things aren’t going well for him: while Rishi is watching a video on his phone he gets a notification alerting him to a declined payment. His nose starts to bleed—signaling stress and that he may be overdoing it on drugs.

Later, Rishi and his wife are home when they hear a knock at the door. A guy named Vinay is looking for him because Rishi owes him a lot of money. Over the course of the episode, we learn that Rishi is in ₤200,000 of gambling debt and that’s why he pushed the “high risk, high reward, mega bullish” trade at Pierpoint. And at work, HR is after him about his uncensored language, while MD on the CPS desk Eric Tao (Ken Leung) is increasing his warnings about the high-risk trade. 

Radia says filming the episode was difficult, not only because of the intensity and physicality of the scenes, but because the episode was shot out of sequence (which is typical of most professional productions). He leaned on the director, Zoé Wittock, to make sure they hit the emotional beats they both were hoping for. He also gives credit to the creators Konrad Kay and Mickey Down for fostering a collaborative work environment that allowed for more ease to figure out the right rhythm they wanted to hit. One of the first scenes they filmed appears towards the end of the episode and Radia says, “When you're trying to drop yourself into an emotional situation like this on day one, if something's not working, you're not like beating yourself up about it.” He continues, “They’re just like, ‘We’ll find it, let’s go again.”

Though Rishi is firm in his hunch about the trade, his anger and anxiety are spiraling out of control. He storms out of Pierpoint to meet Vinay,  who has a “friend” in the car with him as he tells Rishi he needs to pay  the debt. Vinay asks what everyone is thinking: “How are you in finance and you’re so broke?”

Vinay seems to take some pity on Rishi, even offering him extra cash. But Rishi declines and takes the money he should have given to Vinay and gambles. He wins big, gets a section at a club, gets into a fight, gambles more, and loses everything.

Things get worse—at Pierpoint, another meeting is called about anonymously reported concerns over Rishi’s language. He is at a low point, with a battered face, black eye, and a bruised ego, and pleading for support from Anraj, who is afraid of him. Thankfully, the risky trade ends up being the right move—Rishi rakes in millions of pounds.

Toward the end of the episode, we see Rishi and his wife, Diana, getting into a screaming match. He finally reveals how much debt he’s in and Diana agrees to bail him out using money she’s made from her job, and sticks by his side. He calls Vinay and tells him he has his money, but continues to gamble with his money and his life.

This moment, Radia says, was the toughest to get through. It’s a culmination of all the issues that Rishi has been facing up until now, he says, noting an affecting line from Diana: “It’s much easier to raise strong boys than fix broken men.”

“Rishi’s been through this whole thing and she says that and he has to sit with it,” he says. “He starts to question his morality and he starts to question the type of man he wants to be now.”

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Write to Moises Mendez II at [email protected]

Emmy-Worthy ‘Industry’ Episode Gives Rishi the (Stressful) Spotlight

WILL HIS LUCK RUN OUT?

Sunday night’s installment was a spell-binding break from form that tests just how long Rishi’s lucky streak can last, even as he plummets towards what should be a rock bottom.

Emma Fraser

Simon Ridgway/HBO

( Warning: Spoilers for the Season 3 of Industry .)

Wall Street taught us that “money is a b---h that never sleeps.” Industry’s Rishi Ramdani (Sagar Radia) takes this lesson to heart in Sunday night’s episode, which cranks up the anxiety to new levels. If you thought Season 3 was already barrelling forward, then apparently the ceiling for tension has no limit for HBO’s investment bankers.

In Episode 4, Pierpoint is still riding the storm of what is now the Lumi failure , as the green energy company has gone into administration and the British government will likely provide emergency relief. Eric (Ken Leung) attempts to downplay the seriousness of this development during a staff meeting, but later admits to Rishi they are “on the precipice of a crisis.” But Lumi has little to do with the adrenaline-fueled Rishi-focused roller-coaster that takes place over this episode’s 48 hours, proving Industry is at the top of its game as its characters continue to flail.

Strap in because this is stress-inducing TV at its very best, more than earning the comparisons to Uncut Gems .

Sagar Radia

Considering Rishi screamed, “I am violence! I am violence!” during the Lumi launch day disaster , it is nothing new to hear his borderline unhinged orders. However, the combination of his growing personal debt and the eye-watering figures he’s accumulated in the red at work means Rishi hits a point of seemingly no return.

While Pierpoint edges toward disaster, Rishi is deep in a catastrophic cycle in this episode, in which the camera never leaves his side. Nope, not even when Rishi goes to take a leak or is multitasking, holding his infant son Hugo while watching one of Sweetpea’s (Miriam Petche) OnlyFans videos—though his payment is declined. So when Rishi’s nose drips blood on Hugo’s cheek, rather than slow down at the otherwise sedate bash he is hosting, he takes the opportunity to do another line.

It is the festive season, and the idyllic village where Rishi now lives looks ready-made for a sequel to The Holiday . Suburban living isn’t going according to plan, though. While Rishi has bought a healthy size of land, the locals don’t want him to renovate their slice of (white) English cricket pavilion history. “It’s mine, but it feels like it's theirs,” Rishi says.

Nicholas (Al Roberts) is an overbearing neighbor who still views himself as the de facto owner of Rishi’s property. He also is the man to whom Rishi’s wife Diana (Emily Barber) lost her virginity at Nicholas’ 18th birthday party (with a theme of “White Mischief”—yes I want to see precisely how racist the outfits were). Not only does Nicholas prune Rishi’s bushes at 5 am (not a euphemism), but he has renamed Rishi’s dog from Rajah to Roger—Rishi gave up the pet because he thinks the pooch is causing his incessant back irritation. The colonizer vibes are off the scale, and Rishi can’t even go for a late-night walk with bookie Vinay (Asim Chaudhry) without being accused of loitering.

Keeping up appearances is difficult when associates make house calls for a late repayment (Rishi also has over £230,00 in debt across various credit accounts). Earlier, Rishi quips, “Money is an illusion,” and working in a job where investments are numbers on screen is one way to lose perspective. Creators Mickey Down and Konrad Kay wrote this barnbuster of an episode that once again proves you don’t have to be fluent in banking lingo to experience every high, low, and knot in Rishi’s stomach.

After 15 years at the company, Rishi’s “choice language” finally lands him a meeting with HR after comments on an “Overheard at Pierpoint” subreddit are attributed to him. The trader makes Succession’s Roman Roy ( Kieran Culkin ) sound like a kindergarten school teacher in comparison, and it is highly entertaining to hear other characters sum up the unfiltered missives, which Rishi reasons are him “talking straight.” Eric plays it down as “a bit unadulterated” and “a little blue.” In a staff meeting the following day, Robert calls his phrasing “backward,” adding, “You make people uncomfortable.” Again, this is putting it mildly—especially if you pay attention to Rishi’s dialogue in the background of any trading floor scene.

Until now, Rishi cites his ability to make money as a reason he can get away with illimitable HR violations. But this safety net is quickly disintegrating.

In Season 2 , Harper (Myha’la) observed that Rishi is the kind of guy who never takes a moment to think about who he is, which rings true in an episode where he hits rock bottom and scores big time. Sagar captures Rishi’s mania of winning at work and the casino, followed by the dregs of nothingness as he gets beaten up for hitting on a random guy’s girlfriend, then losing the stack of cash in the blink of a roulette table eye. The Emmy-worthy showcase paints a picture of a husk of a man still searching for that next bet, even with his swollen face and blood-stained shirt.

The money Rishi uses as his initial casino funds is from his co-workers, who are part of a horse racing syndicate and unknowing lenders. We see Rishi’s mix of negging and salesman skills when he collects from Robert (Harry Lawtey), Anraj (Irfan Shamji), and Eric, who all have misgivings about the £2,000 stake. Anraj mentions he needs to pay rent, Eric doesn’t trust Rishi, and Robert doesn’t understand how the buy-in has ballooned since the initial £100. “I don’t know what the fuck you just said,” Robert responds before giving his cash. This line sums up how I feel about a lot of the financial jargon. Like Robert, I am all in.

Later, nothing comes of the HR discussion other than Venetia (Indy Lewis) quitting her job, and her parting gift is telling Rishi she heard he is a terrible lay—“a five pump chump.” Despite this truth-telling, Rishi ends on a high, further contributing to his invincibility streak when his gamble pays off. “You’re not even a good trader. You’re just lucky,” says Anrah. In typically cocksure fashion, Rishi asks what’s the difference.

At home, where Rishi is drowning in debt, he gets his mojo back in a straight-talking conversation with his wife, who agrees to bail him out. The following morning, a revved-up Rishi is back on the hyper-machismo streak, smashing up the cricket pavilion and getting his dog Rajha back. If Rishi stopped here, he would be ahead. Instead, he rings Vin, telling him he has the £200,000, but he wants to put £50,000 on the previous tip. “I’ve got a feeling, a great feeling like fate is shaving her c--t just for me,” Rishi says. How soon before fate shuts her legs, leaving Rishi scrambling? Now, that bet seems like a sure thing.

Got a tip? Send it to The Daily Beast  here .

READ THIS LIST

Beyond Peers: Cross-Industry Competition  and Strategic Financing

Swiss Finance Institute Research Paper No. 24-45

62 Pages Posted:

Boris Nikolov

University of Lausanne; Swiss Finance Institute; European Corporate Governance Institute (ECGI)

Norman Schuerhoff

Swiss Finance Institute - HEC Lausanne

Zepeng Wang

University of Lausanne

Date Written: September 01, 2024

Corporate financial leverage within competition networks is determined by both direct and  indirect competitors. Using data on firms’ self reported competitors, we identify eleven  stable competition communities within the U.S. economy, where firms are grouped into  communities based on competitive interactions both within and across industries. We find  a strong complementarity between a firm’s leverage and that of its community members,  consistent with strategic interactions with both immediate peers and chain effects from  the propagation of shocks affecting indirect peers. To achieve identification, we employ a  granular instrumental variable approach. Our results highlight that firms’ financial strategies  are shaped not only by direct competition but also by the broader competitive environment.

Keywords: capital structure, strategic competition, financial complementarity, competitor networks

JEL Classification: G31, G32, L13

Suggested Citation: Suggested Citation

Boris Nikolov (Contact Author)

University of lausanne ( email ).

Lausanne, CH-1015 Switzerland

Swiss Finance Institute ( email )

c/o University of Geneva 40, Bd du Pont-d'Arve CH-1211 Geneva 4 Switzerland

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium Rue Ducale 1 Hertogsstraat 1000 Brussels Belgium

Swiss Finance Institute - HEC Lausanne ( email )

Chavannes-près-Renens Switzerland

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Sign or veto: What’s next for California’s AI disaster bill, SB 1047?

A controversial California bill to prevent AI disasters, SB 1047, has passed final votes in the state’s Senate and now proceeds to Governor Gavin Newsom’s desk. He must weigh the most extreme theoretical risks of AI systems — including their potential role in human deaths — against potentially thwarting California’s AI boom. He has until September 30 to sign SB 1047 into law, or veto it altogether.

Introduced by state senator Scott Wiener, SB 1047 aims to prevent the possibility of very large AI models creating catastrophic events , such as loss of life or cyberattacks costing more than $500 million in damages.

To be clear, very few AI models exist today that are large enough to be covered by the bill, and AI has never been used for a cyberattack of this scale. But the bill concerns the future of AI models, not problems that exist today.

SB 1047 would make AI model developers liable for their harms — like making gun manufacturers liable for mass shootings — and would grant California’s attorney general the power to sue AI companies for hefty penalties if their technology was used in a catastrophic event. In the event that a company is acting recklessly, a court can order them to stop operations; covered models must also have a “kill switch” that lets them be shut down if they are deemed dangerous.

The bill could reshape America’s AI industry, and it is a signature away from becoming law. Here is how the future of SB 1047 might play out.

Why Newsom might sign it

Wiener argues that Silicon Valley needs more liability, previously telling TechCrunch that America must learn from its past failures in regulating technology. Newsom could be motivated to act decisively on AI regulation and hold Big Tech to account.

A few AI executives have emerged as cautiously optimistic about SB 1047, including Elon Musk .

Another cautious optimist on SB 1047 is Microsoft’s former chief AI officer Sophia Velastegui. She told TechCrunch that “SB 1047 is a good compromise,” while admitting the bill is not perfect. “I think we need an office of responsible AI for America, or any country that works on it. It shouldn’t be just Microsoft,” said Velastegui.

Anthropic is another cautious proponent of SB 1047, though the company hasn’t taken an official position on the bill. Several of the startup’s suggested changes were added to SB 1047 , and CEO Dario Amodei now says the bill’s “benefits likely outweigh its costs” in a letter to California’s governor . Thanks to Anthropic’s amendments, AI companies can only be sued after their AI models cause some catastrophic harm, not before, as a previous version of SB 1047 stated.

Why Newsom might veto it

Given the loud industry opposition to the bill, it would not be surprising if Newsom vetoed it. He would be hanging his reputation on SB 1047 if he signs it, but if he vetoes, he could kick the can down the road another year or let Congress handle it.

“This [SB 1047] changes the precedent for which we’ve dealt with software policy for 30 years,” argued Andreessen Horowitz general partner Martin Casado in an interview with TechCrunch. “It shifts liability away from applications, and applies it to infrastructure, which we’ve never done.”

The tech industry has responded with a resounding outcry against SB 1047. Alongside a16z, Speaker Nancy Pelosi , OpenAI , Big Tech trade groups, and notable AI researchers are also urging Newsom to not sign the bill. They worry that this paradigm shift on liability will have a chilling effect on California’s AI innovation.

A chilling effect on the startup economy is the last thing anyone wants. The AI boom has been a huge stimulant for the American economy, and Newsom is facing pressure not to squander that. Even the U.S. Chamber of Commerce has asked Newsom to veto the bill , saying “AI is foundational to America’s economic growth,” in a letter to him.

If SB 1047 becomes law

If Newsom signs the bill, nothing happens on day one, a source involved with drafting SB 1047 tells TechCrunch.

By January 1, 2025, tech companies would need to write safety reports for their AI models. At this point, California’s attorney general could request an injunctive order, requiring an AI company to stop training or operating their AI models if a court finds them to be dangerous.

In 2026, more of the bill kicks into gear. At that point, the Board of Frontier Models would be created and start collecting safety reports from tech companies. The nine-person board, selected by California’s governor and legislature, would make recommendations to California’s attorney general about which companies do and do not comply.

That same year, SB 1047 would also require that AI model developers hire auditors to assess their safety practices, effectively creating a new industry for AI safety compliance. And California’s attorney general would be able to start suing AI model developers if their tools are used in catastrophic events.

By 2027, the Board of Frontier Models could start issuing guidance to AI model developers on how to safely and securely train and operate AI models.

If SB 1047 gets vetoed

If Newsom vetoes SB 1047, OpenAI’s desires would come true, and federal regulators would likely take the lead on regulating AI models …eventually.

On Thursday, OpenAI and Anthropic laid the groundwork for what federal AI regulation would look like. They agreed to give the AI Safety Institute, a federal body, early access to their advanced AI models, according to a press release . At the same time, OpenAI has endorsed a bill that would let the AI Safety Institute set standards for AI models.

“For many reasons, we think it’s important that this happens at the national level,” OpenAI CEO Sam Altman wrote in a tweet on Thursday.

Reading between the lines, federal agencies typically produce less onerous tech regulation than California does and take considerably longer to do so. But more than that, Silicon Valley has historically been an important tactical and business partner for the United States government.

“There actually is a long history of state-of-the-art computer systems working with the feds,” said Casado. “When I worked for the national labs, every time a new supercomputer would come out, the very first version would go to the government. We would do it so the government had capabilities, and I think that’s a better reason than for safety testing.”

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I launched a ketamine startup but now feel obligated to speak out against the industry. Matthew Perry's death should be a wake-up call.

• Juan Pablo Cappello co-launched a telehealth ketamine therapy service in 2021.
• But he now says the industry has become a wild wild west with low standards of care.
• Cappello said he hopes Matthew Perry's death will be a wake up call for the industry.

Ketamine-assisted therapy uses the hallucinogen, ketamine, to treat mental health issues. In a statement published on October 10, 2023, the FDA warned that the drug has not been approved by the agency for the treatment of any psychiatric disorder.

This as-told-to essay is based on a transcribed conversation with Juan Pablo Cappello, cofounder of telemedicine startup Nue Life Health. Cappello, 57, is calling on ketamine-assisted therapy providers to pause operations and elevate their standard of care. The following has been edited for length and clarity.

I'm a serial entrepreneur who's tried to focus on building companies that will improve people's lives.

Coming out of COVID-19, my partner and I wanted to start a company to help combat the mental wellness crisis , which is how Nue Life was created.

While researching the mental health space, we realized psychedelics held enormous promise. As I analyzed the various substances and compounds, I noticed that ketamine was a quasi-psychedelic substance that was available and legal with a prescription. It's a common anesthetic.

We launched Nue Life, a telehealth ketamine therapy service, in 2021 and facilitated thousands of ketamine experiences for our patients. We shipped ketamine lozenges to them in small doses and monitored their well-being with data.

As the industry matured, I began to feel like companies were putting profits over patients. I didn't want to do the same to keep raising capital for Nue Life, and the company was acquired in 2023.

I'm now speaking out, urging the industry to enforce higher standards on who can prescribe ketamine and ensuring patients have been suitably assessed before being prescribed it.

I hope Matthew Perry's death can be a wake-up call. We need to acknowledge bad behavior in the psychedelic medicine space. To remain silent about unethical practices is to jeopardize all the incredible progress made.

I wanted to support patients with their mental health but felt increasingly pressured to prioritize profit

The telehealth ketamine industry emerged after the COVID-19 pandemic made prescribing the drug remotely a possibility. Telehealth services provide patients with access to ketamine therapy from the comfort of their homes.

We co-founded Nue Life as a public benefits corporation and wanted to set a new ethical standard in a rapidly commercializing industry.

The goal was for patients to use the least amount of ketamine necessary to reset. We only shipped two or three ketamine experiences at a time, and if the person didn't follow our protocols, they'd be suspended from the program. Patient check-ins were mandatory before any additional medication was shipped. This involved patients submitting screening questionnaires, which were thoroughly reviewed before scheduling their follow-up appointments.

Patients who were not a good fit for the program or who posed safety concerns were involuntarily discharged. If patients did not meet the necessary criteria, their cases were escalated to our medical directors and prescribers for further review and medical directors would make final calls.

In addition to ketamine , we offered meditation, yoga, and group therapy through our platform.

Related stories

With our patients' consent, we used data from their wearables, such as their Fitbit, Oura ring, and iPhone, to track their sleep and exercise.

Tracking data and focusing on holistic care separated Nue Life from other telehealth providers. Other companies might have offered similar elements, but I believe Nue Life was unique in its commitment to patient care.

The telehealth industry has shifted in recent years

When we launched Nue Life, I think patients were willing to pay a slight premium for our protocol.

But two and a half years later, I felt I couldn't compete with companies offering more doses for less money.

We always knew there would be some tension between maintaining ethical patient care and meeting investors' financial expectations. As low-cost providers flooded into the at-home ketamine space, it became very difficult to compete in a way that wasn't solely focused on selling patients more ketamine .

We reached a stage with Nue Life where we needed to raise more capital to break even.

When I spoke to prospective new investors, they asked me about customer acquisition costs and the company's lifetime value to customers. It felt like I was being asked what I was going to do to sell people more ketamine.

I realized I would need to start treating patients like customers to raise this capital, and I didn't want to do that.

I decided not to raise additional funding, and the company was acquired by a larger company in October 2023. That decision was difficult. When I sold Nue Life, I thought I was doing the best thing for our patients.

It feels like the ketamine telehealth industry is in a race to the bottom

While at Nue Life, I witnessed through mystery shoppers how some providers prescribed ketamine without what I believed to be an adequate assessment of patient suitability.

Since leaving, people still working for ketamine providers have confided in me about slipping standards. They have shared stories about over-prescribing ketamine and a growing focus on providing ketamine over aftercare and follow-on support.

Government bodies are also issuing warnings. The FDA released a warning in October 2023 about the risks associated with compounded ketamine, including oral formulations. In January 2024, the DEA took legal action against St. Louis-area doctors for illegally administering ketamine.

It feels like the standard of care in the telehealth ketamine industry is being pushed down not elevated. I felt an obligation to speak up about the economic incentives driving the race to the bottom in this industry.

I hope that Matthew Perry's death will be a wake-up call for the industry

The recent tragic events involving Matthew Perry are a stark reminder of the dangers inherent in this industry.

I'm saddened by the potential that more cases of addiction to ketamine will inevitably arise. I'm hoping this event will be a wake-up call for the industry.

I don't know Perry's medical history, but I'm not surprised that medical practitioners were willing to let him try ketamine. He appears to have liked it and started getting the drug on the black market. Two doctors have now been charged over his death.

On social media, I've called for a voluntary pause on at-home ketamine therapy while the industry develops minimum standards for care because currently, it's a wild wild west.

Standards like mandatory assessments before ketamine is prescribed, ongoing monitoring of patient outcomes, rigorous certification for all practitioners and regular audits and penalties for non-compliance, enforced by federal health agencies and professional associations. The FDA has released multiple warnings on their website, and the DEA has opened a case mentioned earlier, but this is not enough.

I believe no medical practitioner should be insured to prescribe ketamine unless they live up to those minimum standards. This is a vulnerable patient population.

Ketamine's positive impact on mental health is well-documented . The issue is the lack of meaningful regulation for an industry sending increasingly powerful psychological medications to patients' homes.

The data we collected at Nue Life showed that ketamine therapy can be promising, but sustainable improvements often require therapy, aftercare, and integration, which aren't always economically viable for providers to offer.

Ignoring the ethical and medical dilemmas of 'maintenance ketamine therapy' risks prioritizing profits over patient welfare.

Editor's note: Matthew Perry's death was attributed to the "acute effects of ketamine" as well as drowning and coronary artery disease in a report from the Los Angeles County medical examiner's office, according to prior BI reporting. Anne Milgram, a DEA administrator, said in an August press conference that Perry became addicted to intravenous ketamine after seeking treatment for anxiety and depression at a local clinic, BI reported. Five defendants, including two doctors, have been charged in connection with his death.

Juan Pablo Cappello is not affiliated with the successor of Nue Life Health, who operates www.nue.life . The opinions expressed herein are solely Mr. Cappello's and are focused on the at-home ketamine industry and not any one provider in particular.

In a statement shared with Business Insider, the current CEO of Nue Life, Daniel Love, said he and Cappello agree that patient safety should be prioritized over economic gain. He also said he's never felt pressured by investors to pursue profit over purpose.

"Our first and foremost goal is to provide safe and affordable access to those in need," he said.

Love said Nue Life's current screening procedures involve medical consultations, a review of patient psychiatric history, and an assessment of their home environment. He said that judgements around prescribing medication are made solely by medical providers after conducting a review of data maintained by state Prescription Monitoring Programs.

According to Love, the company requires patients to have a "supportive caretaker" during treatments and offers one-to-one coaching and medical provider consultations as part of its Nue Reset program.

Love said that Nue Life would welcome clearer standards across the industry, but suggested that Cappello's call for an industry-wide pause could impact patient support: "We cannot just hit 'pause' for a patient in the middle of treatment. There are second-order impacts one would need to think through. What would people who need support and help do in the interim?"

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