CBX Daily 2/9/2024

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CultureBanx Team
February 09, 2024

Today A.I’s wealth drive could leave black workers stuck, but let’s start with how hip-hop heavyweights are trading bars for bucks…

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Hip-Hop Artists Are Parting Ways With Their Multi-Million Dollar Music Catalogs

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It was once believed that rap and hip-hop would be a passing fad, yet those genres along with R&B have dominated the last decade of music, with people betting big on the future worth of nostalgia listening. More artists are jumping on the wave of parting ways with their catalogs including rapper Nelly’s recent $50 million deal for 50% of select assets, along with rapper Wiz Khalifa’s similar select asset deal both with HarborView. Is this a hip-hop business trend that’s likely to continue?

Generative AI’s $40 Billion Obstacle For Black Workers

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In the evolving world of Generative artificial intelligence (Gen AI), there's a rising concern that Black workers could potentially miss out on a colossal $40 billion chunk of the AI-created wealth. The advent of generative AI could unintentionally deepen the racial wealth divide, posing a significant risk to Black workers. This is a major cause for concern around the disproportionate impact the future of generative AI could have on Black communities and diverse employees. 

Jumia Ditches The Food Fight For Physical Goods In New Play

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African e-commerce giant, Jumia (JMIA +1.04%), made the pivotal decision to discontinue Jumia Food, its food delivery wing in favor of expanding its primary retail and Jumia Pay services. By the end of December 2023, Jumia Food ceased operations in all markets, a move propelled by a strategic reassessment. Although 11% of Jumia's Gross Merchandise Value (GMV) for the first nine months of 2023 stemmed from Jumia Food, the sector has struggled to achieve profitability since its inception and has poor unit economics even though the CEO attributed the closure to deep-pocketed rivals in the space.

Adidas Triumphing Over Its Yeezy Dilemma With 2024 Profit Outlook

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Adidas (ADDYY +0.56%) Yeezy crisis has been far from easy, but the company is projecting that 2024 is its year to turn the corner. The German sportswear maker expects operating profit to nearly double to about €500 million ($542.3 million) in 2024 following the company's break-up with Ye West and the discontinuation of its Yeezy business.

Decoding The Three-Peat Plunge In Funding For Black-Led Startups

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Capital flow for Black founders has been dwindling at the same pace as the financial community's commitment to diversify VC firms’ business portfolios. The stats are pitiful as eight out of ten venture capital firms lack any non-white representation. What's worse, Blacks still don't have a seat at the table due to racial biases. Four years ago, budding Black entrepreneurs were on the receiving end of funding reaching the heights of $850M to $1.2B. Now, startups can expect less than $324M, a major drop in financial backing, not to mention a massive blow to the unrealized revenue new Black businesses could contribute to the economy.

Vibes of the Week

Artistes are on their bag as they “Get That Paper” and so should you! Blinky Bill said it first in our CBX Vibes!