Dr. Amazon Will See You Now
Have you been enjoying the outdoors and patios! Better to avoid checking your investment accounts right now 🙃
This week we have Amazon’s Latest Healthcare Bet; Snap, Netflix, and Shopify Having Bad Colds; and Coinbase’s Reckoning.
Analytics, Digital, Design In Action
Dr. Amazon Will See You Now
Amazon plans to buy the primary care organization One Medical in a nearly USD4Bn deal, adding to the growing list of the tech giant's acquisitions and attempts to expand its reach in the health care industry.
One Medical is a membership-based primary care practice with nearly 200 locations across the country that also offers virtual services. The company had roughly 767,000 member patients as of May.
This isn’t Amazon’s first foray into the massive healthcare market. It acquired the online pharmacy company PillPack for USD753Mn in 2018 and launched Amazon Pharmacy in 2020 as a prescription and delivery service. It partnered with JPMorgan Chase and Berkshire Hathaway to form Haven — a nonprofit health care organization designed to lower costs for the companies' employees and improve the primary care experience. But Haven dissolved in 2021 after operating for only three years. Amazon has also had a telehealth presence since 2019.
Perhaps the next step would be the bundling of these different features, the same way Prime bundles retail, streaming, and others.
Tech Contagion
Another day, another negative headline, with the latest one hitting close to home. Shopify announced plans to cut 10% of its workforce. CEO Tobi Lutke cited the slowdown in ecommerce as one of the main reasons. This is on the heels of Wal-Mart’s warning about the slowdown in consumers.
Meanwhile, Netflix lost a million subscribers between April to July, the biggest in the firm's history, with the US and Canada seeing the highest number of cancellations in the past three months, followed by Europe.
Netflix now faces fierce competition from the likes of Apple TV, HBO Max, Amazon Prime and Disney+. Netflix was once the disruptor, making video rental stores like Blockbuster redundant. But the disruptor is fast becoming the disrupted.
But perhaps the biggest pain so far is that of Snap’s, with the stock collapsing 40% . Snap attributed its disappointing results to slowing demand for its online ad platform. Additionally, a challenging economy, Apple’s 2021 iOS update and increased competition from companies like TikTok have led marketers to pull back on their spending. But the biggest worry comes from Snap’s inability to provide guidance for the year, suggesting massive uncertainty.
Meanwhile, the Snapchat curse might play out for Facebook as well, with Kylie Jenner reminding us of her prior prediction.
Coinbase’s Reckoning
A former product manager at Coinbase has been arrested, the U.S. Justice Department announced Thursday, after being charged in a cryptocurrency insider trading scheme related to the listing of new crypto tokens on the Coinbase exchange. A separate filing on the case by the SEC signals the beginning of a major battle with crypto firms on what should be designated as a security.
Specifically, the SEC framed the following assets as securities: Power Ledger’s POWR token, Flexa’s AMP token, Rally’s RLY token, DerivaDEX’s DDX token, XY Labs’ XYO token, Rari Capital’s RGT token, Liechtenstein Cryptoassets Exchange’s LCX token, DFX Finance’s DFX token and Kromatika Finance’s KROM token. In a 62-page filing, the SEC takes particular aim at the firms and tokens listed.
For more web3 goodness, you can track it here.
We’re also recruiting for our ABD Team!
This week, we want to highlight a new BizOps position. ABD team has increasing needs for cross-functional collaborations, strategic alignment, and project management. We are looking for results-oriented individuals to drive organizational changes and push forward some of our strategic initiatives.
Also, check out our other positions that we are actively hiring.
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