Amazon Price Day Sales

Market Overview
Read time 0.8 minutes

Year To Date Performances:

1. During Prime Day customers spent a total of $12.7 billion on over 375 million items throughout the two-day event, marking a 6.1% increase in spending and a 25% increase in items sold compared to the previous year. Although the sales figures fell short of expectations for growth, Amazon's stock saw a positive response, with shares rallying more than 2.5%.

2. Rapper Snoop Dogg and venture capital firm Andreessen Horowitz (a16z) have joined forces to invest in a Web3 music platform called Sound. The platform aims to make music collectible by leveraging blockchain technology, specifically the Ethereum blockchain and its layer 2 scaling solution Optimism, to create and sell music as non-fungible tokens (NFTs). Sound allows artists to own and sell their music to fans directly, providing a monetized listener base from the beginning. The $20 million funding round also includes participation from other notable investors such as Ryan Tedder of One Republic, Aston Kutcher's Sound Ventures, Palm Tree Crew, Scalar Capital, and Coinbase. With this model, fans can buy NFTs of the artist's work, which are verified by the blockchain, owned by an address, and distributed as tokens, enabling a direct relationship between artists and their supporters.

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4. Headlines

   1. Bob Iger has indicated that Disney may sell or spin off some of its linear TV assets, including Disney Channel, ABC and FX.

   2. Producer Price Index figures rose less than expected in June. (Full report in tomorrow’s newsletter).

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