CBX Daily 5/22/2024

Author

Kori Hale
May 23, 2024

Today Sub-Saharan Africa is in formation in a music streaming transformation, but let’s start with the cocoa commotion that has led to a price demotion…

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Cocoa Prices Retreating Nearly 20% Impacts Africa’s Leading Exporters 

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A recent plunge in cocoa prices has caught the attention of market observers, traders, and, most crucially, the economies of Ghana and Ivory Coast, two countries at the epicenter of the world's cocoa supply. Cocoa prices last traded in mid-March at around $7,175, after dropping about $1,700 per metric ton. This significant dip in cocoa market prices isn't just a transient trend; it brings to light broader economic, environmental, and societal changes influencing the cost of cocoa and its impact on these key producing nations. 

Sub-Saharan Africa Hits A High Note By Injecting $28.6 Billion Into The Streaming Industry

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The music industry is growing at an unprecedented rate thanks to the fandom of taarab, afrobeats,  coupé-décalé and more genres from the African continent. Sub-Saharan Africa has become the only region that has achieved an astonishing 24.7% increase in recorded music revenue, surpassing global averages.  Trailing behind the African music landscape in revenue growth are Asia (14.9%), and Europe (8.9%). However Latin America experienced substantial growth at 19.4%, holding the region’s status as one of the fastest growing markets. 

Nasdaq’s Quest To Increase Board Diversity Faces New Legal Challenges

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Nasdaq’s board diversity rule, aimed at enhancing corporate governance through diversity, faces significant legal and regulatory challenges. The U.S. Court of Appeals for the Fifth Circuit's decision to revisit a challenge to the rule highlights the ongoing legal debate, with constitutional prohibitions against discrimination and restraints on free speech at the center of discussions.

How Drake vs Kendrick Lamar Feud Boosts Music Revenues?

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Rap beefs keep artists on their toes and are essential in keeping the HipHop culture alive. In 2007, two big rap stars took the hip-hop beef tradition to lucrative heights. Kanye won by selling 266,000 more albums than 50 Cent that day, totaling over 1.6 million units combined, making the industry over $20 million in one day. The revenue of the U.S. music industry totaled $11.8 billion for the year.

Increasing Dollars To Black-Owned Sneaker Stores In $80 Billion Industry

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Black individuals consistently account for the share of America’s sneaker sales each year. However, Black retailers hardly profit from the industry’s increasing valuation that is expected to pull in revenues of more than $80 billion in 2024, as a result of being boxed out of the sneaker market by traditional establishments.

Vibes of the Week

Are cocoa prices going to die “On This Hill?” And what does it mean for us? T-Pain making a debut in our weekly playlist. Get into it in our CBX Vibes!