*🖊️ Like taking a Sharpie to a digital dollar bill…*

The OG crypto is playing catch-up. A recent addition to bitcoin lets people add text, images, or video to individual “satoshis” (think: the smallest unit of BTC). It essentially creates bitcoin-native NFTs. Dubbed "[ordinals](https://www.bloomberg.com/news/articles/2023-01-30/nfts-coming-to-bitcoin-sparks-handwringing-about-crypto-purists)," the new protocol and its on-chain digital artifacts have sparked a mini [controversy](https://www.coindesk.com/tech/2023/01/31/bitcoin-community-erupts-in-existential-debate-over-nft-project-ordinals/), with some in the crypto community saying they'll drive up transaction fees.

DEFI(NE)

Heard on the Block: "ordinals"

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__When shuffle plays your fave song…__ Bingo. __[Spotify](https://robinhood.com/stocks/SPOT/)__ shares popped 12% yesterday after the Swedish streamer [reported](https://www.cnbc.com/2023/01/31/spotify-spot-earnings-q4-2022.html) expectation-beating quarterly revenue and upbeat user growth. Spotify had its largest spike *ever* in monthly active users, with listeners up 20% to a whopping 489M. Ad-free paid subscribers jumped 14% to 205M. 

- __Spotify’s top line looks great.__ Its bottom line, *not so much*. Despite its green logo, Spotify is still deeply unprofitable, and last quarter its losses widened to $250M.

__Put it on mute…__ Spotify said its big growth was driven by podcasts. But big pod investments have also fueled big losses. ICYMI: Spotify has splurged $1B+ on pod-related purchases like The Ringer and Parcast, *plus* exclusive shows like “The Joe Rogan Experience” (reportedly for $200M+) and “Call Her Daddy” (reportedly for $60M). Pricey pod-vestments fueled growth, but also burned a hole in Spotify’s pockets. 

- __Spotify laid off 600 employees__ last week in a reorg that included the exit of its chief content officer, Dawn Ostroff, who was at the helm of huge pod deals. 
- __End of the pod-palooza?__ Spotify execs vowed that 2022 was the year of peak losses (read: they’ll try to get closer to profitability from now on). 
- __On the mic:__ CEO Daniel Ek said that pods have been a drag on profit margins and that some shows haven’t performed as well as expected. 

The end of the pod-palooza era? (Cindy Ord/Getty Images)

Unpod

__“Growth at all costs” comes at a cost…__ and many aren’t willing to pay it anymore. In this uncertain economy, the focus has shifted from supercharging growth to cutting costs and maximizing profits. Ek [summarized](https://deadline.com/2023/01/spotify-ceo-daniel-ek-podcasts-investing-dawn-oststroff-fourth-quarter-losses-subscriber-growth-1235245223/) it thus: “You go for growth first and then you seek efficiency. Generally, you will see us focus on efficiency… not just growth at all costs.”

Spotify adds record users, but the “growth at all costs” pod-palooza could be dead

__Waiting 30 mins for the McRib…__ worth it. __[McDonald’s](https://robinhood.com/stocks/MCD/)__ [served](https://www.cnbc.com/2023/01/31/mcdonalds-mcd-q4-2022-earnings.html) up hearty earnings after more fast-food lovers headed to the Golden Arches last quarter. McD’s same-store sales in the US jumped 10%, thanks in part to the “farewell tour” of its cult fave McRib. Abroad, same-store sales spiked ~13% — and make up over half of all quarterly revenue — thanks to stronger demand in countries like the UK, France, and Germany. 

- __Nugget nostalgia:__ McD’s “adult Happy Meal” promo drove the highest weekly digi-transactions ever in the US. Half of the meals sold out in the first four days.
- __Deep-fried footprint:__ While McD’s execs expect a “mild to moderate” recession this year, they still plan to open nearly 2K new restaurants — 100+ more than they had forecast last year.

__Unwrapping deals…__ Inflation’s finally cooling, but many consumers are trading down from full-service restaurants as budgets stay tight. Nearly a quarter of consumers say they’ve turned to fast-food since it can sometimes be cheaper than cooking at home. But not all combos are created equal: 

- __Fancy fries:__ Menu prices at rivals like __Chick-fil-A__ and __Taco Bell__ rose about 15% from 2021 to last year, while __[Wendy’s](https://robinhood.com/stocks/WEN/)__ prices soared 35% in the same period. 
- __Slow rise:__ McDonald’s — which actually *decreased* prices 5% — said that while lower-income consumers are ordering less, they’re returning more frequently than in previous quarters.

Combo

__Consistency is king…__ but surprise is queen. McDonald’s has been relatively consistent with its low prices and classic McMenu items, but it has also sprinkled in spontaneity with buzzy promos. While rivals have leaned on higher prices to raise revenue, McD’s leans on cult faves and fresh tastes to juice demand. Last year, McD’s celeb-inspired meal [collabs](https://snacks.robinhood.com/newsletters/6lzvLrthhcs2XAAKrGo75i/articles/2tlVc1V2nx6jY75DFlpmKO/) with stars like Travis Scott, BTS, and J. Balvin were key in driving digital sales.

McDonald’s posts tasty growth as inflation-friendly prices and cult faves spark a fast-food frenzy

Spotify adds record users, but the “growth at all costs” pod-palooza could be over

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Lucy Stanton became the first Black woman in America to earn a four-year college degree after graduating from Oberlin in 1850

🎵 Spotify’s profitless pod boom

Heard on the Block: "ordinals"

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