Three Levers That Drive VC Returns
Home Blog
Three Levers That Drive VC Returns
Macklem warns against hiking too early or too late on oil shock
Bank of Canada Governor Tiff Macklem said central banks around the world are positioned differently when it comes to economic slack and inflation, and their responses to the oil price shock are likely to vary.
From Live Nation’s antitrust trial loss to Max Lousada and Julie Greenwald’s 26.2 launch… it’s MBW’s weekly round-up
Welcome to Music Business Worldwide’s Weekly Round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s Round-up is exclusively supported by BMI, a global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music.
This week, a US federal jury found Live Nation and Ticketmaster illegally monopolized the US ticketing and amphitheater markets, handing a landmark antitrust victory to a coalition of 33 states and the District of Columbia.
Meanwhile, Warner Music Group forged a partnership with – and made a minority investment in – TuStreams, a distribution platform focused on Música Mexicana and the wider Latin music scene.
Elsewhere, Max Lousada and Julie Greenwald took the wraps off 26.2, their new venture, launched in a strategic partnership with Sony Music.
Also this week, K-pop’s ‘Big Four’ — HYBE, JYP Entertainment, SM Entertainment and YG Entertainment — moved to establish a joint venture that will launch a global music festival, dubbed Fanomenon, intended to rival Coachella.
Here are some of the biggest headlines from the past few days…
1. LIVE NATION AND TICKETMASTER LOSE ANTITRUST TRIAL: WHAT HAPPENED, WHAT IT MEANS, AND WHAT COMES NEXT
A federal jury on Wednesday (April 15) found that Live Nation Entertainment and its subsidiary Ticketmaster illegally monopolized the US ticketing and amphitheater markets.
The result handed a victory to the coalition of 33 states and the District of Columbia that pressed the landmark antitrust case to trial after the concert giant reached a settlement with the US Department of Justice.
The jury found in favor of the states on every claim after a five-week trial in Manhattan federal court, and determined that consumers had been overcharged on tickets.
The verdict now sets the stage for a remedy phase that could result in significant changes to how the live entertainment industry operates.
Here’s what happened, how we got here, and what comes next… (MBW)
2. WARNER MAKES STRATEGIC INVESTMENT IN TUSTREAMS – A DISTRIBUTION PLATFORM FOCUSED ON LATIN MUSIC
Warner Music Group has entered into what it calls a “landmark” partnership with TuStreams, a distribution platform focused on Latin music.
WMG describes TuStreams as “a leading independent force in the fast-growing Música Mexicana space”.
Warner has also made a minority investment in the company.
As part of the agreement, Warner Music Group will serve as the global distribution partner for TuStreams’ full catalog and future releases. According to a press release issued on Monday (April 13), the partnership “brings together TuStreams’ entrepreneurial vision with WMG’s global infrastructure, unlocking new levels of scale, visibility, and opportunity across international markets”… (MBW)
3. MAX LOUSADA AND JULIE GREENWALD ARE IN BUSINESS. WELCOME TO 26.2 — IN PARTNERSHIP WITH SONY MUSIC
Max Lousada has ordered a Campari and soda; Julie Greenwald, a Paloma. Colorful drinks for colorful personalities — fizzing with energy over what’s coming next.
What’s coming next… is precisely why MBW is here, chewing on a chopped salad at Soho Mews House, West London, and listening to Lousada and Greenwald lay out the blueprint for 26.2 – their new venture, launched in a strategic partnership with Sony Music.
26.2 is a record label – and proudly so. Not a distributor, not a joint venture, and not a services platform… (MBW)
4. AS K-POP CONCERT REVENUES RISE, HYBE, SM ENTERTAINMENT, JYP, AND YG PLOT MUSIC FESTIVAL JOINT VENTURE
K-pop giants HYBE, JYP Entertainment, SM Entertainment, and YG Entertainment are preparing to establish a joint venture to launch a ‘global’ music festival.
According to an exclusive report from South Korean outlet Business Post on Thursday (April 16), the four companies, which collectively represent K-pop’s so-called ‘Big Four’, recently submitted a business combination report to South Korea’s Fair Trade Commission (FTC) as part of the JV formation process.
The filing is a regulatory requirement given that HYBE qualifies as a large corporate group with assets above KRW 5 trillion (approximately $3.4 billion), and SM Entertainment is an affiliate of the Kakao conglomerate.
An FTC official told Business Post that the regulator could not confirm individual filings, but noted that review timelines vary depending on the specifics of each case.
The venture comes as live music becomes an increasingly important revenue stream for K-pop’s biggest companies… (MBW)
5. BTS LABEL BIGHIT MUSIC ASKS US COURT TO UNMASK X USER WHO LEAKED ‘ARIRANG’ BEFORE RELEASE
HYBE’s BigHit Music has asked a federal judge in California to authorize a subpoena on X Corp. to reveal the identity of an anonymous user who allegedly leaked BTS’s latest album ARIRANG before its March 20 release.
BigHit is the South Korean label behind BTS and a wholly owned subsidiary of entertainment giant HYBE.
The label filed an ex parte application on April 9 in the US District Court for the Northern District of California, bringing the petition under 28 U.S.C. § 1782, a statute that allows a foreign litigant to extract evidence from a US entity if the evidence is for use in a foreign proceeding.
BTS broke records across major streaming platforms when the K-pop act dropped ARIRANG. The record pulled in over 110 million streams on Spotify in its first 24 hours, breaking the record for the most-streamed K-pop album in Spotify history and the most-streamed album in a single day this year, Spotify announced on social media… (MBW)
Partner message: MBW’s Weekly Round-up is supported by BMI, the global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music. Find out more about BMI here. Music Business Worldwide
[CA, In Branch Only] EverTrust Bank $300 Checking Bonus
Offer at a glance
- Maximum bonus amount: $300
- Availability: CA, In branch only [locations]
- Direct deposit required: Yes, $2,500+ for three consecutive months
- Additional requirements: None
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $10, avoidable
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
The Offer
Direct link to offer
- EverTrust Bank is offering a $300 bonus when you open a new checking account and complete the following requirements:
- Three or more consecutive months of qualifying direct deposits totaling at least $2,500
The Fine Print
- Bonus Requirements
- The bonus is available to new Regular Personal Checking accounts opened on or after April 1, 2026. We may change the availability of the promotion at any time. Limit one bonus per customer.
- A bonus of $300 will be paid after three or more consecutive months of qualifying direct deposits totaling at least $2,500 are made within 120 calendar days from the date the account is opened. A qualifying direct deposit is a deposit of your salary, pension, Social Security, or other monthly income transaction electronically deposited into your account by your employer or other outside agency. Transfers from one account to another, or deposits made at a branch or ATM, do not qualify as a direct deposit.
- Your Regular Personal Checking account must be in good standing from the date the account is opened to the date the bonus is paid. Good standing means the account is open, active, not frozen, or restricted, without incurring a negative balance outside the approved overdraft daily balance amount, applicable service charges are paid timely and has complied with the terms of the account agreement.
- Bonus Payment
- The bonus will be deposited into your Regular Personal Checking account within 30 calendar days after the 120-day qualification period and all requirements of this promotion are fulfilled.
- The bonus will be reported to the IRS for tax purposes, and you are responsible for any applicable taxes.
Avoiding Fees
Monthly Fees
This account has a $10 monthly fee, this is waived with a balance of $500+
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Annoying that it needs to be opened in branch, but still a good deal if you live near a branch.
Hat tip to reader Ji
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Should You Buy Lemonade Stock Before April 29?
The war in Iran has created a lot of volatility in the markets, and many stocks are experiencing fluctuating prices based on little more than conflicted investor sentiment. Right now, that sentiment is improving, and the S&P 500 is finally back in the positive for 2026, up 4% as of this writing.
That means that as companies release their latest earnings, the markets may respond to macroeconomic and geopolitical concerns rather than to the company’s performance.
Insurance technology company Lemonade (LMND +3.59%) reports 2026 first-quarter earnings on April 29. Given the current broader uncertainty, should you buy Lemonade stock today?
Image source: Getty Images.
Does AI make Lemonade better?
Insurance is a huge industry. In a recent blog post, Lemonade CEO Daniel Schreiber noted that 14 of the 100 largest companies in the U.S. are insurance companies. They’re big, and they’re old. However, Schreiber writes a scathing analysis of why the incumbents can’t catch up to Lemonade’s technological advancements, even though it is a much smaller operator in this industry.
The basic premise is that Lemonade was created on a digital substrate with AI as its foundation, and that gives it an edge even if the other companies start embracing AI, which they have. Its systems work together to analyze millions of data points and quickly respond, leading to more accurate pricing without the need for human intervention. It’s chatbots onboard customers and deal with claims, and Lemonade’s operating expenses excluding growth (OPEX) have remained constant even as its in-force premium (IFP), or the average total premium at a given time, soars.
Image source: Lemonade.
Lemonade continues to report robust growth in IFP, revenue, and profitability. Its loss ratio, which is an important profitability metric for insurance companies, has been declining, which means it’s paying out less money in claims. That implies that its underwriting is improving as the company has more data.
Today’s Change
(3.59%) $2.46
Current Price
$70.94
Key Data Points
Market Cap
$5.4B
Day’s Range
$69.94 – $72.78
52wk Range
$25.07 – $99.90
Volume
1.5M
Avg Vol
2.5M
What’s happening on April 29?
Management has provided several long-term goals, including reaching positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by the 2026 fourth quarter, with positive net income to follow in 2027.
IFP growth, its top-line metric, has been accelerating for the past seven quarters, reaching 31% in the 2025 fourth quarter. That’s quite a track record. Management is guiding for that trend to continue, with IFP expected to increase about 32% in the 2026 first quarter. Adjusted EBITDA is expected to remain negative for the first three quarters of the year and the full year, but the outlook is for a 50% improvement in the loss.
Lemonade stock has seen major swings recently, and it’s trading roughly flat this year despite the broader market recovery. If it beats Wall Street’s expectations in the first quarter, the stock should reflect enthusiasm; conversely, if it misses, the stock should reflect pessimism. However, broader economic issues may impact what’s happening in the stock market.
In any case, it’s the long-term thesis that looks really exciting, and risk-tolerant investors might want to buy the stock now, no matter what happens after earnings.
The Markets Where Renters Have the Most Power—And What Investors Can Do About It
If you’ve been fretting about unanswered postings for your vacant apartments, you’re not alone. According to new data from Apartments.com and Realtor.com, the rental outlook has been decidedly mixed over the last year, with the Sunbelt states hit the hardest.
Apartments.com shows that the states with the biggest rent declines in March, compared to the same time the previous year, were Fort Myers (-6.4%) and Naples (-4.4%) in Florida, followed by Katy (-3.3%) and Austin (-3.1%) in Texas, and Denver, Colorado (-2.8%). The Northeast, Midwest, and California fared comparatively better, with Chicago (+3.6%) and San Francisco (+7.8%) enjoying a bounce from the past 12 months.
“More Choice and More Time” for Renters
Realtor.com painted a slightly more somber outlook in its January 2026 report, citing 29 straight months of year-over-year rent declines for zero-to-two-bedroom properties and an average rental vacancy rate of 7.6% in 2025 among the nation’s largest 50 metros. Both reports agree that the Sunbelt is where renters have the greatest upper hand, but generally, renters are in a far more advantageous position than they were a few years ago.
Grant Montgomery, national director of U.S. multifamily analytics for CoStar Group, told Apartments.com that “for renters, that means the apartment search in 2026 still looks different than it did during the peak of the pandemic-era housing shortage,” emphasizing that “there is more choice, more time to decide, and greater negotiating leverage, particularly at newer or higher-priced properties.” He added that while construction has slowed, the Sunbelt is still working through an oversupply and that “the advantage [remains] with renters rather than landlords in most of these markets.”
Rental Competitiveness: A Nuanced Analysis of the Rental Market
RentCafe.com did its own number crunching, matching cities against one another for a competitiveness report that factored in the following criteria:
- How long it took for an apartment to get filled
- The share of apartments that were occupied
- How many renters were competing for each vacancy
- How many renters chose to renew their leases
- The share of apartments that were new
It found that the greatest demand for rental apartments was in tech-centric metros such as Chicago, San Francisco, Atlanta, and Silicon Valley.
Other takeaways from the report include:
- Miami is the most competitive rental market.
- Lease renewals: Eight out of 10 tenants are renewing leases in New Jersey, the Philadelphia suburbs, and parts of the Midwest.
- Small cities are becoming increasingly difficult to find vacant apartments in, with Wichita, Kansas, the tightest small rental market in the U.S.
- The Midwest is far more competitive than it once was: Competition has heated up, and investors and tenants are fleeing high-priced cities.
The Most Competitive Midwest Markets
If you are one of those investors who, frustrated by prices in Northeastern and coastal markets, are planning to buy in the Midwest, I’ve got some bad news. It’s become far more competitive than it once was. Chicago and its suburbs, along with the suburban Twin Cities, are among the most competitive markets in the region, fueled by limited new construction and renters priced out of more competitive markets elsewhere.
Big City Coastal Markets See Competition Tumble and Vacancies Increase
In contrast to other rental reports, RentCafe.com paints a rosier picture for landlords based on geographic location. Nationwide, 92.7% of apartments are rented, with six people competing for each available unit.
However, there is still strong demand for new apartments, with only 0.6% of the country’s apartment inventory built in the past year, and newer apartments renting the fastest. Overall, it’s impossible to draw sweeping conclusions, with the actual numbers making for a nuanced read.
Veronica Grecu, senior real estate writer and research analyst at RentCafe.com, wrote in the report:
“While many major metros have heated up considerably since this time last year, others have moved in the opposite direction. Southwest Florida, Brooklyn, NY, Eastern Los Angeles County, Washington, D.C., and Louisville, KY are the five markets where competition cooled the most over the past 12 months. In these areas, apartments are taking longer to fill, fewer renters are competing for each unit, and lease renewal rates have dropped. Louisville and Southwest Florida, in particular, saw more newly built rentals in recent months, helping drive the shift.“
The Play for Small Landlords: How to Get Your Rentals Filled
As the rental market balances out, small landlords must navigate the shift from bidding wars for apartments to fierce competition amongst landlords to fill vacancies. Key strategies for renting apartments include the following.
Consider pricing and incentives
To counter a tiny 7.6% national vacancy rate, landlords are offering discounts, free months’ rent, and gift cards, which have become standard marketing tools.
Use social media
If you don’t have a robust social media campaign with compelling, snappy walk-through videos of stylish, modern apartments, you will be left behind by the competition. The hard sell isn’t always the most effective tool to draw viewers. Offer practical tips and educational advice to attract potential clients.
The power of retention
Nationwide, about 6 out of 10 tenants are renewing leases. Midwest markets like suburban Chicago and Lafayette, Indiana, see those rates above 70%. Renewing leases is far more cost-effective than finding new tenants.
Demand drivers
Rental demand remains high due to high house prices and interest rates, and construction is limited in many areas. Even though markets have softened from post-pandemic peaks, rent prices remain roughly 15% above 2019 levels.
Appealing to would-be homebuyers priced out of the owner-occupant market by offering rents marginally lower than the competition’s could be a winning strategy in a tight market.
Vet management thoroughly
Paying slightly more for a reputable property manager who is acutely familiar with the local market and good at maintaining high occupancy will pay dividends in the long run.
Final Thoughts
There’s no one-size-fits-all solution for the current rental market. While overall it has softened in certain areas, particularly in the Sunbelt and some pricey coastal metro markets, there is still plenty of competition in other areas such as the Midwest, tech cities, and even small-town America to keep units filled, provided landlords offer an attractive, stylish product with amenities such as washer/dryers and a dishwasher, an open-plan layout, and modern finishes—and price competitively.
In this market, it’s not all about squeezing tenants for every penny from the start, but rather attracting them with a reasonable rental price and renewing their leases so they stick around and you remain vacancy-free.
Lock-in effect drives home renovation boom, Redfin says
With mortgage rates still
Processing Content
About 43% of Americans upgraded their homes last year, and 33% plan to remodel in the next year, according to a recent survey from Redfin that was conducted in November and consisted of 4,000 residents in the United States. Of those who renovated, 65% chose to as a direct alternative to finding a new home.
“Many Americans are choosing to stay put and make the home they already have work for them,” said Chen Zhao, Redfin’s head of economics research, in a press release Friday. “That could mean improving outdated spaces, adding space for a growing family or reconfiguring the existing space so it works for everyone.”
Mortgage rates and home prices remain historically high, which has created
More than a third of homeowners with a mortgage rate less than 6% would not give up their rate
As a result,
Gen Z and millennial homeowners were more likely than older generations to remodel instead of move, as 77% of each generation said they made improvements rather than relocating in the last year. Less than 50% of baby boomers did so, Redfin found.
“Younger homeowners are especially likely to renovate instead of jumping to a different house; they’re earlier in their homeownership journey and more willing to invest in improvements to build equity,” Zhao said. “Those with kids living at home are often motivated to plant deeper roots where they are so they can stay in the same school district and community.”
Most homeowners are spending less than $20,000 in renovations, with 21% spending between $1,000 and $5,000, 20% spending between $5,000 and $10,000 and 23% spending between $10,000 and $20,000. About 16% dropped between $20,000 and $50,000, the report showed.
Painting was the most common upgrade, as nearly half of recent renovators opted for a new coat, while at least 40% of renovators improved their bathroom and kitchen. Exterior maintenance and landscaping was also popular, with 35% choosing such enhancements, Redfin said.
Climate resilience was important to homeowners as well, as 15% added renovations to make their homes more suited to handle natural disasters such as flooding, wind, fire and heat.
In a time when sellers
“If you can afford it, investing time and money into making your house look and feel better can help when it comes time to sell,” said Jo Chavez, a Redfin Premier agent in Kansas City, Missouri, in the release. “Updated homes tend to sell faster than fixer-uppers, and for more money.”
The AI Leadership Imperative
Companies that successfully integrate AI will prioritize leading human-centric transformation.
Digital Banking : Nubank Subsidiary Nu Mexico Reports 15M Customers
Nubank’s (NYSE: NU) latest milestones highlight its accelerating momentum across Latin American markets, blending customer growth with new payment technology that aims to put users in control of their finances. In Mexico, the digital bank has now surpassed 15 million customers, firmly establishing itself among the nation’s three largest financial institutions by user base. This landmark comes after the company tripled its scale in only two years, welcoming roughly 12,000 new account holders each day and posting 36 percent year-over-year expansion—outpacing even its record-breaking Brazilian origins.
Daniel Rojas, Nu Mexico’s Chief Growth Officer, credited the milestone to the millions of Mexicans who have embraced the platform.
“In just seven years we have earned a level of trust that once required decades,” he noted, emphasizing the bank’s promise to keep innovating so customers retain full command of their money.
The expansion reaches far beyond big cities. Nu’s footprint now rivals the third-largest fan base in Mexico’s top soccer league, with especially strong adoption in Mexico City, Quintana Roo, Nuevo León, Tabasco, and Baja California Sur.
By operating entirely through a 24/7 digital platform without physical branches, the bank handles more than 30,000 customer requests daily while preserving a personal touch.
This model fuels a self-reinforcing cycle: larger user numbers generate richer data, which sharpens risk models, lowers costs, and lets the company reinvest in better rates and smoother experiences.
The results speak volumes—credit balances rose 61 percent and deposits climbed 21 percent in the past year alone, making Nu the go-to choice for both saving and borrowing.
At the same time, Nubank is redefining everyday transactions in Brazil with a major upgrade to contactless payments.
The new “Pay by Tap” feature, now rolling out to Android users with NFC capability, lets customers complete purchases by simply tapping their phone at any compatible terminal—no physical card required.
What sets it apart is the seamless integration of three payment methods into one fluid action: instant Pix transfers, Pix installments stretching up to 12 months, debit, or credit.
Users can access the tool directly from the “My Cards” or Pix sections of the app; setup happens automatically by creating a secure virtual card behind the scenes. A tap at checkout then handles everything, while device biometrics or passwords add an extra layer of protection.
Tokenization ensures merchants never see actual card details, sharply reducing fraud risk and eliminating the need to carry plastic.
Fausto Ibarra, Vice President of Digital Ecosystem at Nubank, explained the thinking behind the update: the goal is to collapse every payment option into the simplest possible flow, especially for the millions who rely on Pix daily.
Customers can even set the bank as their default wallet or pin a shortcut to their home screen for instant access.
The feature will continue expanding gradually, but early adopters already report faster checkouts and greater peace of mind. Together, these developments paint a clear picture of Nubank’s business strategy, which focuses on scale in new markets paired with streamlining digital banking.