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NEW “DATA GENERATION” USE PERSONAL INFORMATION AS “BARGAINING CHIPS” FOR BETTER QUALITY OF LIFE

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NEW “DATA GENERATION” USE PERSONAL INFORMATION AS “BARGAINING CHIPS” FOR BETTER QUALITY OF LIFE

Study reveals eight out of 10 guard their data unless they get something in return

A new generation has emerged that is acutely aware of its consumer capital and the benefits this brings to individuals and society, according to a study by SAS, the leader in analytics and the Future Foundation, an independent research agency. The majority (69 per cent) of this “Data Generation” (compromising 16- to 34-year-olds) view their own personal information as “bargaining chips” to enhance their lives. The “Data Generation” expect a hyper-personalised service from brands, who risk failing to survive in this new environment if they don’t exploit open and cloud-ready advanced analytics to better understand these customers.

 This “Data Generation” expects hyper-personal insight into every aspect of their lives, where their habits, preferences and moods are taken into account so that predictive analytics can enhance their health, prosperity and future life potential. Only 12 per cent are happy to share their personal data without a second thought.  Yet, when asked to consider sharing in specific situations their psyche changed – with nearly three in five (57 per cent) willing to share their own data to make their lives easier.

 More than two-thirds (67 per cent) are comfortable sharing with the healthcare sector, 57 per cent with financial institutions, 50 per cent with the public sector, 45 per cent with utilities, 32 per cent with retailers and just 28 per cent with social media companies. These preferences differed depending on their levels of trust and the value they recoup for sharing their data:  

  • Healthcare: Propensity to share driven by desire to optimise future health: keen to improve the NHS, 40 per cent are happy for the NHS to sell their anonymised data to third parties
  • Public sector: Appetite to share hindered by concern it could be used against them: 62 per cent are sceptical that the data they share is used well by government agencies
  • Retail: Welcoming an era of ‘Me Me’ pricing: having wised up to enhanced marketing techniques, more than half (51 per cent) will purposefully abandon their virtual shopping basket at checkout to benefit from retailer re-targeting that induces a better price
  • Energy: An exposed generation looking for control: only 18 per cent trust their energy supplier to find them the best deal, leaving more than half (51 per cent) interested in home control apps in the future. Worryingly, only 48 per cent would ‘share their energy consumption with energy suppliers to help them manage personal energy consumption and capacity at the national grid’
  • Financial Institutions: Consumers seek hyper-personalised control: nearly three in five (58 per cent) are interested in a service that calculates future financial situations using current work trajectory and spending habits and see potential from sharing their driving habits with insurers – such as being guided to cheaper petrol stations (41 per cent), having coffee pre-prepared at stop-offs (21 per cent) and offers on the move (23 per cent)
  • Social Media: Hold back from social media sharing: amid corporate over-sharing and the eroding of trust,68 per cent are uncomfortable sharing data with social media companies

 Mark Wilkinson, SAS Regional Vice President – Northern Europe, said: “The Data Generation are amenable to sharing more forms of data, provided it gives them control as they navigate turbulent macro-economic conditions and fluid career projections. The organisations that will prosper in the future, will demonstrate how they can enhance the Data Generation’s life potential and that of society. This will require organisations to embrace analytics architectures that are more accessible, flexible and can easily scale to problems of any size. All industries need access to a simple, open and cloud-ready platform that can complement other technologies and open source software.”

 This is an era where organisations make multi-million pound decisions based on access to highly relevant and personal customer insights derived from enhanced computational power and analytics. The “Data Generation” is driven by new motivations that society is not yet fully accustomed to. For sectors to provide the new data savvy generation with what they are looking for, they must understand their motivations. This is a generation that:

  • Worry that their jobs will be replaced by robots: they recognise a need for dexterity in learning, with 78 per cent expecting to keep learning new skills throughout their life, and four out of 10 prepared to invest either their own time or money into acquiring data science skills
  • Feel financially naked: as they experience turbulent macroeconomic conditions, austerity measures and fluid career projections they look to their own data to gain control and self-sufficient
  • Want to quantify every aspect of their lives: being visibly in control is a powerful aspiration, with almost two-thirds (61 per cent) interested in collecting and interpreting real-time information to make better life choices
  • Expect total recall: they have embraced information recovery, with 65 per cent expecting brands to have total recall of previous interactions to help them find exactly what they are looking for
  • Are becoming a generation of forecasters: want the ability to predict every aspect of their lives to feel more in control of their own futures
  • Look to computers to learn for them: artificial intelligence is becoming a computerised advantage offering a personal touch to individuals to help them predict future scenarios by converting the analysis of large data sets into natural language
  • Live in a ‘Me MeMe World’: expect hyper personal communication based on lifestyle, beliefs, moods and aspirations that feed into the what, when, why and how they are communicated with

The research report, Analytics for the Future: The New Data Generation, commissioned by SAS and conducted by independent research agency Future Foundation, polled 2,000 people across the UK aged between 16 and 34. It explored the current relationship this group has with their own personal data and how they will interact with government, public sector bodies, healthcare, retail, utilities and social media in the future. For more information around the emerging trends and sector opportunities, please download the full report.

Business

Audi aims to sell one million cars in China in 2023

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Audi aims to sell one million cars in China in 2023 1

BEIJING (Reuters) – German premium automaker Audi aims to sell 1 million vehicles in China in 2023, versus 726,000 vehicles in 2020, the brand’s China chief Werner Eichhorn said on Wednesday.

Audi, which is making cars in the world’s biggest auto market with FAW Group, will also add more products in China, Eichhorn said. Audi’s rivals include Daimler and BMW.

(Reporting by Yilei Sun and Brenda Goh; Editing by Himani Sarka

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Netflix forecasts an end to borrowing binge, shares surge

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Netflix forecasts an end to borrowing binge, shares surge 2

By Lisa Richwine and Eva Mathews

(Reuters) – Netflix Inc said on Tuesday its global subscriber rolls crossed 200 million at the end of 2020 and projected it will no longer need to borrow billions of dollars to finance its broad slate of TV shows and movies.

Shares of Netflix rose nearly 13% in extended trading as the financial milestone validated the company’s strategy of going into debt to take on big Hollywood studios with a flood of its own programming in multiple languages.

The world’s largest streaming service had raised $15 billion through debt in less than a decade. On Tuesday, the company said it expected free cash flow to break even in 2021, adding in a letter to shareholders, “We believe we no longer have a need to raise external financing for our day-to-day operations.”

Netflix said it will explore returning excess cash to shareholders via share buybacks. It plans to maintain $10 billion to $15 billion in gross debt.

“This is in sharp contrast to Disney and many other new entrants into the streaming market who expect to lose money on streaming for the next few years,” said eMarketer analyst Eric Haggstrom.

From October to December, Netflix signed up 8.5 million new paying streaming customers as it debuted widely praised series “The Queen’s Gambit” and “Bridgerton,” a new season of “The Crown” and the George Clooney film “The Midnight Sky.”

The additions topped Wall Street estimates of 6.1 million, according to Refinitiv data, despite increased competition and a U.S. price increase. Fourth-quarter earnings per share of $1.19 missed analyst expectations of $1.39.

With the new customers, Netflix’s worldwide membership reached 203.7 million. The company that pioneered streaming in 2007 added more subscribers in 2020 than in any other year, boosted by viewers who stayed home to fight the coronavirus pandemic.

COMPETITION HEATS UP

Now, Netflix is working to add customers around the globe as big media companies amp up competition. Walt Disney Co in December unveiled a hefty slate of new programming for Disney+, while AT&T Inc’s Warner Bros scrapped the traditional Hollywood playbook by announcing it would send all 2021 movies straight to HBO Max alongside theaters.

Disney said in December it had already signed up 86.8 million subscribers to Disney+ in just over a year.

“It’s super-impressive what Disney’s done,” Netflix Co-Chief Executive Reed Hastings said in a post-earnings analyst interview. Disney’s success, he added, “gets us fired up about increasing our membership, increasing our content budget.”

Netflix said most of its growth last year – 83% of new customers – came from outside the United States and Canada. Forty-one percent joined from Europe, the Middle East and Africa.

For January through March, Netflix projected it would sign up 6 million more global subscribers, behind analyst expectations of roughly 8 million.

Revenue for the fourth quarter rose to $6.64 billion compared with $5.47 billion a year ago, edging past estimates of $6.63 billion.

Net income fell to $542.2 million, or $1.19 per share, from $587 million, or $1.30 per share, a year earlier.

Netflix shares jumped 12.5% to $564.32 in extended trading on Tuesday.

(Reporting by Eva Mathews in Bengaluru and Lisa Richwine in Los Angeles; Editing by Sriraj Kalluvila and Matthew Lewis)

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MGM Resorts drops takeover plan for Ladbrokes-owner Entain

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MGM Resorts drops takeover plan for Ladbrokes-owner Entain 3

By Tanishaa Nadkar

(Reuters) – Casino operator MGM Resorts International on Tuesday ditched plans to buy Ladbrokes owner Entain after the British company rejected an $11 billion takeover approach this month, sending Entain’s shares down nearly 12%.

The United States is seen as the next big growth market for sports betting, spawning a series of transatlantic partnerships tapping in to European technology and expertise. These include Caesars Entertainment agreeing last September to buy William Hill in a 2.9 billion-pound deal.

MGM said it would not submit a revised proposal or make a firm offer for Entain, which had said the approach announced two weeks ago significantly undervalued its business.

Entain shares closed down 11.9% at around 12.44 pounds in London. MGM shares were up 2.5% at $30.54 in New York trading late on Tuesday afternoon.

“We look forward to continuing to work closely with MGM to drive further success in the United States through the BetMGM joint venture,” Entain said in a statement.

Online betting firms have benefited during the COVID-19 pandemic-led lockdowns, as customers took to playing from home when casinos and betting shops were off-limits.

MGM had previously said a merger with the British bookmaker would be compelling and believed a deal would help expand BetMGM, which the two have operated since 2018.

The proposal, on the basis of 0.6 MGM share for each Entain share, was also backed by billionaire Barry Diller’s IAC. It valued Entain shares at 13.83 pence each when it was first announced.

Complicating matters, Entain Chief Executive Officer Shay Segev decided to step down just seven months into the role and in the middle of negotiations with MGM to take a job with sports streaming service DAZN.

Segev’s departure, as well as limited engagement in talks shown by Entain and a difference in price expectations between the two sides, led MGM to decide to walk away from the deal, according to a person familiar with the matter.

Entain, previously known as GVC, has itself expanded rapidly through a series of acquisitions and owns the bwin, Coral and Eurobet brands, operating traditional British high street betting shops as well as offering online gambling.

“While we are genuinely surprised MGM didn’t up its consideration … we don’t think this changes MGM’s ability to secure equity value enhancing benefits from the attractively growing US sports betting and iGaming pie,” JP Morgan analysts said.

The brokerage said it would not rule out further discussions with Entain depending on how the company shareholders reacted, adding it would be tough for someone else to buy Entain given so much potential equity value coming from the 50/50 BetMGM joint venture.

(Reporting by Tanishaa Nadkar in Bengaluru; Additional reporting by Joshua Franklin in Miami; Editing by Keith Weir and Matthew Lewis)

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