Finance
MSG Entertainment Revenues Soar, Still Way Down From 2019
Investors welcomed the improvement that exceeded the consensus revenue of $71.5 million, according to FactSet (per MarketWatch). Shares of MSGE rose 8.7% to $67.87 on Monday morning, after hitting a 52-week low of $60.26 last Thursday. Full-year results show a broader effect of the pandemic: for the 12 months ended June 30, total revenues fell 76% from the fiscal year prior, from $762.9 million to $180.4 million. Despite the last quarter’s improvement, the entertainment division’s revenues dropped 86% from $585.2 million to $82.3 million over the same period. The entertainment division — which houses such venues as Madison Square Garden and Radio City Music Hall — improved its revenues to $31.1 million from $8.6 million, showing the concert business improved but was f...
How Hybrid Cloud & AI Boost Innovation in Africa’s Banking Sector
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Giving Financial Institutions Humanising Digital Experiences with Kasisto
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Bitcoin Surges Above $50,000 for First Time Since May
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Is Now the Right Time to Buy Bitcoin?
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Nigeria’s Central Bank Freezes Accounts of 4 Major Fintech Platforms
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South African Property Firm First to Accept Crypto for Rental Deposits
Image sourced from Bitcoinist. Quorum Holdings, an affordable residential and student housing specialist is the first property firm in South Africa to accept rental deposits in cryptocurrency tokens and to allow prospective tenants to potentially benefit from an increase in value. While rental deposits are standard practice in South Africa, tenants do not usually benefit from the money being held by their landlords, and deposits can be held for several years, depending on the lease. Quorum says that it has a growing portfolio expected to reach around 3,000 residential units in Johannesburg over the medium term and another 5,000 beds in student accommodation through a subsidiary Urban Circle, the business owns and manages a portfolio of properties. Saul Mayers, Group Legal of Quorum Holding...
Tencent Music Reports Strong Quarter Before Regulator Crackdown
While Chinese regulators were placing strict control upon the country’s tech sector this spring, its local music streaming giant Tencent Music Entertainment improved revenue and subscriber numbers substantially. In the period from April 1 to June 30, the parent company to steaming services QQ, Kuguo and Kuwo saw music revenues climb 32.8% to 1.79 billion RMB ($277 million) and subscribers jump 40.6% to 66.2 million, compared to the prior quarter, according to the company’s second-quarter earnings report released Monday (Aug. 16). For a company with a 77% market share in the country, it’s a testament to the rapid pace of growth in China’s hot music market. (That’s far greater gains on both accounts, in percentage terms, than Spotify achieved in same time span — 17% and 19.6%, respecti...
Tencent Music Value Plummeting Amid Regulatory Uncertainty in China
The Chinese government has unleashed 50 regulatory actions — mostly affecting tech companies in recent months, by The Economist’s count, that has created what Richard Kramer, managing partner of Arete Research, called “a tsunami of uncertainties.” Investors have reacted by pricing their uncertainty into Tencent Music’s stock price. Its shares currently trade at 27.1 times forward price-to-earnings compared to 44.2 on March 31, according to Refinitiv. At its all-time high price, Tencent’s market capitalization almost equal with that of Spotify. Now, at roughly $17 billion, Tencent Music is worth 41% of Spotify’s roughly $41 billion market capitalization. The problems began in July when China’s State Administration for Market Regulation aimed to reduce Tencent Music’s market dominance ...
“Dire Implications” for Financial Services Unwilling to Digitise, says Standard Bank
Image sourced from Regent Lighting. Digitisation is driving the convergence of industries across the globe resulting in traditional financial services groups contending with a range of new competitors, says one of SA’s big four banks – Standard Bank. According to the findings of a report by world-renowned platform economy expert Sangeet Paul Choudary and Standard Bank’s Wholesale Clients Digital unit, the implications could be dire for financial services organisations that are unwilling to adapt their strategies in these changing times. Standard Bank’s newly released paper, titled The Power of the Platform Economy for Financial Services, looks at the fast-growing platform economy, in which value-creating interactions are facilitated by digital intermediaries. It unpacks the new opportuniti...
VYZYO and CAMPOST to Launch Digital Payment Services in Cameroon
VYZYO, a rapidly growing mobile financial services technology company, and CAMPOST, the national provider of postal and financial services in Cameroon, have announced that the two companies signed a commercial partnership agreement to deploy and operate digital payment and mobile financial services throughout Cameroon. VYZYO will initially deploy its VYZYOPay solution for CAMPOST. VYZYOPay is a state-of-the-art mobile financial services technology platform that will enable CAMPOST to securely rollout and manage digital payments for government services, money transfers and international remittances as well as mobile financial services for micro-credit and micro-savings. As part of the partnership between the two companies, VYZYO will also provide CAMPOST with strategic consultancy to increa...
Bank Zero Launches in SA – A Digital-Only Banking Experience
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