Tom Wainwright, technology and media editor at The Economist, breaks down Amazon's audacious streaming strategy amidst lukewarm critical reception. Duncan Weldon, Britain’s economics correspondent, reveals newly uncovered data suggesting a rosier UK GDP than previously thought. Meanwhile, author Keith Houston delves into the fascinating history of the pocket calculator, tracing its journey from humble beginnings to its role in shaping digital computation. This lively discussion spans innovation, economic insights, and the nostalgia of technology.
Amazon's success in video streaming is not solely dependent on critically acclaimed shows but also on revenue diversification through advertising and selling other providers' content.
Revisions to the UK's economic data reveal that the country's post-pandemic recovery was stronger than initially believed, with GDP numbers indicating a 0.6% higher economy than pre-pandemic size, changing the perception of its relative performance compared to other economies.
Deep dives
Amazon's Video Streaming Strategy
Amazon's video streaming service, Prime Video, is gaining momentum with around 155 million monthly viewers. Despite not all their shows being critically acclaimed or highly rated, Amazon is finding success in other revenue streams like advertising and selling other providers' content. The company's extensive data on consumer behavior and its ability to measure ad effectiveness make it an attractive platform for advertisers. Additionally, Amazon's strategy of becoming a landlord of streaming content, where they show content from other providers and take a cut of the revenue when users subscribe or purchase content, mimics their successful e-commerce model. While other streamers focus on huge hits, Amazon's diversified revenue streams allow them to make a solid business out of video without necessarily relying on blockbuster successes.
Revised GDP Numbers in the UK
Revisions to the UK's economic data have revealed that the country's post-pandemic recovery was better than initially thought. Previously, GDP numbers indicated that the UK's economy was 1.2% below its pre-pandemic size, but new revisions reveal that it was actually 0.6% higher. These revisions change the perception of the UK's relative performance compared to other economies. The revised data shows that the British economy recovered faster than originally believed, explaining the mysteriously resilient tax receipts and the hiring boom observed in recent years. Although revisions are common, the magnitude of the swings in national output during the pandemic made these revisions particularly significant.
The Evolution of Calculators
Calculators have a long history, evolving from ancient counting methods to mechanical devices in the 17th century. The first practical adding machines were developed in the 19th century, but it wasn't until the 20th century that electronic calculators emerged. Casio's introduction of the Casio 14a in the mid-20th century marked a breakthrough with electrically driven calculators. Eventually, calculators became more sophisticated, fitting all the logic into a single chip. However, the nostalgia surrounding calculators stems from their simplicity and their status as symbols of a simpler time, even in the face of advanced computing methods available today. Despite the availability of calculator apps and other digital tools, the calculator remains a nostalgic and iconic device.
The retail behemoth is splashing tremendous amounts of cash on streaming content; critics are unimpressed with the outcomes. But Amazon may have the best business model going. Statisticians in Britain appear to have found about 2% of GDP hiding in their data—we ask how it got lost (8:24). And how the pocket calculator ushered in the digital age (15:52).
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