The rumour about Netflix’s next big move is true and, no, it’s not the one you heard about them bringing back your fave cancelled show (#GLOWSeason4Now): Ads are officially coming to the platform.

What happened: After Netflix’s CFO stoked speculation back in April, co-CEO Ted Sarandos confirmed that the streamer will introduce a new ad-supported tier before the end of the year. 

• There’s no timeline yet, but soon customers will have the option of a cheaper subscription if they don’t mind seeing a few commercials. The price of the tier and the number of ads per hour have not been confirmed, either. 

The move is part of an industry-wide shift of streamers (like Disney+ which is also introducing an ad-supported tier this year) moving to cash in on ad revenue and attract subscribers who may have been put off by too-high prices.

Netflix always seemed it was going to be the last hold out, with other co-CEO Reed Hastings repeatedly claiming, as recently as 2020, that ads would never come to the platform.

What made him change his tune? Well, losing 200,000 subscribers in a quarter and seeing shares drop ~68 percent from the start of the year is a sign that something had to be done.

• Other measures to help right the ship have included reducing spending on original productions and making layoffs (including 150 employees in May and another 300 this past Thursday).       

Why it matters: Streaming once promised a total reinvention of the way we consumed media—but now content is split amongst dozens of different providers, leaving consumers with hefty bills to watch it all. And now there are ads! That doesn’t sound too different from traditional cable after all. 

The US Supreme Court overturned Roe v. Wade, the ruling that protected the constitutional right to abortion in the country—13 states have ‘trigger laws’ in place to ban or severely limit abortions almost immediately.     

Help wanted: The Canadian job market had over one million job vacancies in April according to new Statistics Canada numbers, a 40% year-over-year increase from the same time last year. 

Restaurants rebound: Sales at restaurants surpassed pre-pandemic levels for the first time this past April, Statistics Canada reported, an upward trend that continued in mid-June with dining ~15% above pre-pandemic levels, per OpenTable. 

Rocky start: Toyota recalled 2,700 bZ4X SUVs, its first mass-produced electric vehicle, only two months after making it available to consumers. The automaker was comparatively late to EV game and has now fallen a little further behind. 

Slow down-ify: Shopify CEO Tobi Lutke told employees the company was slowing hiring after outlining ambitious staffing goals last year and warned workers to temper expectations about company growth.

Hybrid work may seem like a nice compromise between employers who want workers in seats and employees who’d rather not spend hours commuting every week, but at least one CEO disagrees: Yelp co-founder Jeremy Stoppleman called hybrid work “the hell of half measures” and says his company will be fully remote going forward in an interview with The Washington Post. 

Why it matters: Workers and bosses are negotiating a return to office as pandemic restrictions end and it’s still anyone’s guess as to which model—remote, in-office, or a hybrid of the two—will emerge as the new normal. 

Stoppelman argues that hybrid is the worst of all worlds. It forces workers to live near the office (which is often more expensive) and puts geographic limits on who companies can hire (not to mention the cost of office space).

• Yelp had been pursuing a hybrid model, but only 1% of its employees were coming into the office every day—now those folks will need to upgrade their WFH setup, as the company shuts down most of its offices.

Zoom out: Business leaders are starkly divided on remote work. Elon Musk and Goldman Sachs CEO David Solomon have demanded workers return to the office full-time, while Airbnb CEO Brian Chesky is sticking with the remote model, claiming it gives the company an advantage in recruiting top talent

Eat elevated mall foodcourt fare and make some cinnamon buns in your own kitchen. Not only are they delicious (obviously) they’re surprisingly versatile: the cinnamon compliments both savoury and sweet flavours and the sticky dough is a great vessel for both toppings and frosting. Some options: sinful chocolate hazelnut rolls to satisfy your sweet tooth, BBQ pulled pork rolls for more of an actual meal, and exquisite orange cardamom rolls for something in between.  

Read about a homegrown grifting story and buckle in for the wild tale of the Sakers: three Cape Breton sisters (and their mom) who tried to defraud the Canadian Revenue Agency out of millions of dollars. The article from Maclean’s by journalist Sarah Treleaven is loaded with all the juicy details you love to see in a scammer story like forged paperwork, illegally-run businesses, spaghetti restaurants, and even a semi-obscure “Seinfeld” reference.   

Watch “Elvis”, the new biopic about some obscure musician named Elvis Presley now in theatres everywhere. The King might not have the cultural cache he once did, but we’re excited for this flick because 1) It’s directed by Baz Lurhman (who helmed Mouline Rouge) whose distinctly garish style always gives you something to gawk at and 2) Tom Hanks as Presley’s oppressive manager Colonel Tom Parker, slathered in makeup and chewing the scenery. Watch the trailer and see if it makes you feel burning love or simply all shook up.  

Listen to the “Step by Step EP” from French house duo (and cousins) Alan Braxe and DJ Falcon, who are certified legends of the electronic music scene as individuals, but have teamed up together for the first time. The results are nothing short of immaculate, showing their mastery of both party starting and shimmering chilled-out vibes across six songs. To get a taste of their powers listen to lead single Step by Step (a shot of serotonin in song form) and read this wonderful profile by Pitchfork outlining their creative process. 

Mover over GameStop, there’s a new meme stock on the block: Revlon, the once-iconic cosmetics brand, has seen its share price soar more than 600% from all-time lows last week. Oh, and did we mention the company is in bankruptcy?

Why it’s happening: Similar to other meme stocks like GameStop and AMC, retail traders are driving Revlon’s resurrection. Their theory, elaborated mainly on Reddit forums, is that they can take advantage of a “short squeeze” to score big gains. 

• Because there is a lot of “short interest” in Revlon—many investors have bet that its share price will fall—speculators buy to quickly push the price up, making it more expensive to short the stock and forcing some short-sellers to close out their positions, in turn boosting shares even more. 

Revlon bulls point to the example of Hertz as proof that retail traders can win big by betting against short sellers. 

• During the pandemic, the rental car company entered bankruptcy only to survive—and return a healthy profit to shareholders—after getting the meme stock treatment.

Yes, but: Revlon isn’t Hertz. Demand for cars soared even as Hertz’s rental business dried up, giving it a lifeline out of financial disaster. But with Revlon’s bonds (which get paid before equities in bankruptcy proceedings) trading at around 10 cents on the dollar, the market doesn’t see a similar rescue on the horizon.

Bottom line: Retail traders are still a force to be reckoned with. Even in a bear market, they are demonstrating the power to influence stock prices dramatically.

🏭 24%. The share of businesses in the Canadian Manufacturers and Exporters association that have set targets to reach net-zero emissions by 2050 per a new survey by the group, a number that bodes poorly for the federal government’s climate goals. 

🍽 $250 million. Amount that the Canadian government pledged to the UN in its fight against global food insecurity (in addition to the $500 million it's already given this year). The UN’s head recently raised serious alarm bells regarding ongoing food shortages.

😬 46%. How many Canadians feel confident in the Bank of Canada’s abilities to tame inflation, per a new Angus Reid survey. So that’s why all those I ❤️Tiff Macklem t-shirts we printed haven’t been selling.  

• Start your Saturday with a smile and watch this video about an Australian shepherd who is best friends with a horse.
   
• How imposter syndrome might actually be costing you money.
   
• Learn some useful foreign words that have no English equivalent.
   
• Spotify for nature: check out this site that lets you listen to nature sounds from around the globe.
   
• Experts answer: What’s a healthy resting heart rate
   
• Watch: Architect explains the most common types of New York City apartments.