Investment – Sun National Bank Center http://sunnationalbankcenter.com/ Fri, 11 Jun 2021 16:43:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://sunnationalbankcenter.com/wp-content/uploads/2021/05/sun-national-bank-center-icon-150x150.png Investment – Sun National Bank Center http://sunnationalbankcenter.com/ 32 32 How to encourage teams to share creative marketing ideas: 16 expert tips https://sunnationalbankcenter.com/how-to-encourage-teams-to-share-creative-marketing-ideas-16-expert-tips/ https://sunnationalbankcenter.com/how-to-encourage-teams-to-share-creative-marketing-ideas-16-expert-tips/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/how-to-encourage-teams-to-share-creative-marketing-ideas-16-expert-tips/

Marketing departments live and die on the quality of their innovation, in an industry where companies cannot stay too long on their laurels. Innovative change is always needed, and innovation relies heavily on a strong vision and in-depth contribution to be successful.

Sometimes the best ideas come from the sources you least expect. In the case of many companies, employees in all departments, not just marketing or communications, can provide valuable information and innovative ideas. The hardest part is encouraging them to share their thoughts. Creative sharing could introduce the competitive edge a business needs to help it beat the competition.

These 16 contributors to Forbes Communications Council examine the best way for a leader to encourage creative sharing within their team, leading to more innovative ideas presented in each session.

Photos courtesy of individual members

1. Lead with passion and empathy

Passion and empathy are contagious in constructive ways – from promoting ideas to creating creative campaigns. Our individual passion for a single idea doesn’t always come to fruition, but combined with empathy, we create from an understanding of another’s point of view – bringing the best of all ideas to make meaningful connections. with our clients through marketing campaigns that drive relevance. – Anna luo, Jivox

2. Keep it simple

Sometimes it’s best to keep it simple. Having a Slack channel that anyone (even non-marketers) can contribute to can spark great ideas! Getting as many minds in the room as possible not only brings more ideas to the table, but exposes them to a larger, more critical audience for verification. – Amanda Bohne, AppNeta

3. Organize an effective brainstorming session

When developing a marketing campaign, give your team the opportunity to share their ideas beforehand in a brainstorming session. To achieve this, ask your team to come up with a handful of ideas to share in your meeting. As your team shares their thoughts, you and your team will be able to collaborate better and discover creative ways to connect with your target market. – Jesse wisnewski, Tithe.ly

4. Show employees they matter

The best way to get employees to share creative ideas is to ask them for recommendations and then act on their suggestions. Talking is not expensive. Doing is powerful! When companies really implement employee feedback, people contribute more. It is in human nature and it also applies to business. – Stacy Sherman, Customer Experience Expert

5. Encourage and celebrate lifelong learning

We challenge everyone in our marketing organization to incubate ideas and bring them to life. Lead by example, devote time to self-learning, and then hold your managers accountable for encouraging continuous learning with their employees. By waiting for and celebrating innovation, employees will create positive change for your customers. – André Thomas, Kforce

6. Just ask them

It’s simple. Ask for their ideas. Share inspiration and communicate what you liked about it. Throw a big challenge: “What if we stop thinking like a charity brand and start thinking like a performance brand?” What would Nike do? What would it look like for us? Give them permission to think outside of your category. – Nathalie Straight, Eatel

7. Use collaboration tools

Using online collaboration tools like Microsoft Teams to gather feedback and ideas is a great way for people to participate in creative thinking within a business. People can easily submit ideas and comment on the contributions of others, feeding on the different concepts submitted to help generate even more ideas. They can participate and collaborate without being physically together. – Alexi Lambert Leimbach, Xcellimark

8. Develop confidence and openness

Before a team meeting or brainstorming session can generate great ideas, you need to establish a basic level of trust and openness with your team. Demonstrate that you want to hear their ideas and that even “bad” ideas will not be ridiculed or dismissed. When the team feels their ideas and contributions are valued, they are much more likely to contribute in your next brainstorming activity. – Tom wozniak, OPTIZMO Technologies, LLC

9. Encourage a test and measure mindset

You should encourage a mindset of test and measure. It can mean new ways of creating content, new customer touchpoints, or a different take on the competition. Stay on top of industry trends and maybe take an hour to attend a webinar on a new technology or marketing approach. – Sara Larsen, Brightcove

10. Get inspiration from other creative fields

Some of the best creative ideation techniques include storyboarding, taking inspiration from other creative fields such as art, performance, architecture, business, advertising, and communications. By staying in touch with these areas of art, architecture, and culturally relevant sources, marketers are able to generate ideas that are timely and appropriate to cultural norms and trends. – MaryAnn Holder-Browne, Bizagi

11. Organize friendly interdepartmental competitions

Leaving the marketing efforts to your own marketing team is a recipe for disaster. The problem with enticing the rest of your team is that brainstorming marketing concepts is in addition to their regular day-to-day tasks. Creating a friendly rivalry between departments (with the added bonus of a reward for the team that contributes the most) is a great way to pour the creative juices out. – Patrick ward, Root-root

12. Develop the right culture

By creating a work environment where employees feel they can share their ideas without judgment, more creative ideas will emerge. Leaders should be open to listening, organize regular brainstorming sessions, and set up programs to collect ideas (such as an idea bank). Recognizing good ideas, as well as seeing some of their suggestions come to life, are also strong motivators to continue contributing. – Roshni Wijayasinha, Fox

13. Socialize your marketing book

Our marketing team recently shared our 2020 marketing framework with the entire company. We wanted to give people the information they need to see how their marketing needs fit into the bigger plan. This week, our Professional Services team presented Marketing with an innovative campaign that helped their clients and also met one of the Marketing goals in Q2. We like to work together to find new ideas. – Nick runyon, PFL.com

14. Give generously of credit

Whether a good idea comes from the front lines or behind the scenes, when it goes live, give the person who pitched the idea a public credit / thank you. Even if you had to do major revisions, recognition is essential. This not only makes the contributor feel good, but also demonstrates the behavior you want from the entire team, while also motivating others to contribute in their moment of glory. – Ellen sluder, RingBoost

15. Give everyone space and a voice

I have worked with brilliant creatives and strategists. I have also worked with green people and beginners. Surprisingly, they both came up with some great campaign strategies and ideas. While there are defined roles and pathways in which to stay, it is essential to give everyone a voice and freedom to research, brainstorm and ideas. Don’t lose this great strategy because it wasn’t their role. – Corey morris, Voltage

16. Learn from improvisation

Here are three keys to generating creative ideas for campaigns: First, have dedicated sessions or forums to exchange and analyze the ideas of each campaign. Second, use the “Yes, and…” versus “Yes, but…” improvisation technique to make sure that ideas aren’t squashed before they’ve had a chance. Third, capture all the ideas somewhere so that they can be revisited, combined, or reused. – Tom treanor, Weapon Treasure Data


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How Donald Trump shot down Bonwit Teller, a Fifth Avenue monument https://sunnationalbankcenter.com/how-donald-trump-shot-down-bonwit-teller-a-fifth-avenue-monument/ https://sunnationalbankcenter.com/how-donald-trump-shot-down-bonwit-teller-a-fifth-avenue-monument/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/how-donald-trump-shot-down-bonwit-teller-a-fifth-avenue-monument/

Fifth Avenue helps define New York as one of the cultural and business capitals of the world. As a young developer, Donald Trump wanted to create a sensation and build a Trump Tower on the famous street. In 1979, Trump bought and then demolished the old Bonwit Teller store. The demolition was not without controversy and included the surprise destruction of several works of art originally intended to be saved.

Bonwit Teller was one of the iconic luxury retailers on Fifth Avenue. Located at the intersection of Fifth Avenue and West 56th Street, its 12-story limestone and granite store was designed by Warren and Wetmore, the architects of Grand Central Terminal.

The structure was originally the MI Stewart & Co .. women’s clothing store. Stewart opened in October 1929, just 8 days before the stock market crash. Within 5 months, Stewart & Co. failed and Bonwit Teller acquired the building.

Bonwit Teller has been a mainstay of Fifth Avenue for nearly five decades. He saw the glory days when drivers and doormen were a way of life for customers. But over time, Fifth Avenue got tired and several retailers closed or moved to other neighborhoods.

While researching a site, Trump learned that Bonwit Teller had become unprofitable and his owners needed the money and could be convinced to sell the Fifth Avenue site. For several years, he relentlessly pressured the company to sell. In January 1979, Trump acquired the Bonwit Teller building for $ 15 million.

After the purchase, Trump demanded the demolition of Bonwit Teller in order to clean up the site and build a 58-story Trump Tower residential, office and retail complex.

Trump hired architect Der Scutt for his new Trump Tower. Scutt tried to convince Trump to approve a design reflecting the traditional and dignified neighborhood. Trump was adamant that he wanted his Trump Tower to be a bronze-colored glass skyscraper. Scutt failed to influence Trump. In 1980, the architect said New York magazine, “If Donald didn’t build it, it’s not good. And it has to flash to be good.

As Bonwit Teller braced for demolition, Tories urged Trump to save two artistic elements. A pair of 15-foot bas-relief sculptures, depicting nude women dancing with scarves, and a large nickel-plated gate, located above the store’s main entrance, have been pledged to the Metropolitan Museum of Art.

Trump agreed to donate them to the Met as long as the costs and the ability to physically remove the Art Deco artifacts were not unreasonably expensive.

Trump surprised New York’s arts community on June 5, 1980 when a demolition crew rammed into the building’s sculptures. In addition, complex grids have been removed. The destruction sparked a public outcry. The Met received no notice.

Trump initially avoided any comment on Bonwit Teller’s artwork. But John Baron, spokesperson for the Trump Organization, contacted the New York Daily News to discuss the situation. The baron informed the Daily News that “the merit of the stones was not great enough to justify the effort to save them”. Baron said the removal process could have delayed the construction schedule for the Trump Tower by two weeks. Baron also told the New York Times

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that he had no idea what had happened to the ornate railings.

Long after Baron’s first contact, the New York Daily News learned that John Baron was actually Donald Trump, disguised.

Members of the Met’s board of directors and staff were furious and confused over Baron’s claims that the sculptures lacked merit. “Can you imagine the [Met] accept them if they had no artistic value? asked Ashton Hawkins, a member of the Met’s board of directors.

The day after “Baron” called the Daily NewsDonald Trump issued a statement saying the sculptures should be reduced to stone. “My biggest concern was the safety of people on the street below… People could have been killed. For me, it wouldn’t have been worth that kind of risk.

Although Trump claimed that removing the sculptures would have cost his organization approximately $ 500,000, a first estimate, made public, amounted to an expenditure of $ 32,000.

Later this year, Trump said New York magazine that art [at Bonwit Teller] was ‘worthless’ and the ‘Met didn’t want it’. He also boasted that the publicity was not entirely negative. “The day after the [Bonwit Teller] the story made the headlines TimeI must have gotten two dozen calls from people who wanted apartments in Trump Tower. It was a fantastic promotion.

Trump hired Kaszycki & Sons to clean up the Bonwit Teller site. Kaszycki & Sons was largely a window cleaning company with little experience in demolition. Kaszycki brought in over 200 undocumented Polish workers who worked 12 hour shifts for just $ 4 an hour. The company did not provide any safety equipment, protective helmets, glasses or masks, despite reports of asbestos. In 1983, several Polish workers filed a complaint against Trump, as the owner of the property, over the “horrible and terrible conditions” at the demolition site. After 15 years of litigation, Trump paid workers $ 1.4 million and settled the case.

Bonwit Teller remained in business after the closure of its former Fifth Avenue flagship store. She operated over a dozen stores from Short Hills to Beverly Hills. But in an unforeseen twist, it eventually returned to Fifth Avenue and became the primary retail anchor for the new Trump Tower.

However, he I didn’t feel like the same Bonwit Teller who had responded to high income New York clients. The new Bonwit Teller lacked the size and sophistication of its old location.

In August 1989 Bonwit Teller was bankrupt and the entire chain was put up for sale. Trump wanted the retailer to leave Trump Tower as soon as possible. His wish came true and the legendary retailer collapsed and closed its doors a few months later.

Shortly after, Trump excitedly announced that the famous Parisian department store, Galeries Lafayette, would take over the space. Despite the initial fanfare, Galeries Lafayette closed after only three years. The store was too small and too ordinary for Fifth Avenue.

A few years later, the British jeweler Asprey moved into the former Bonwit Teller space. It also lasted only three years.

Donald Trump is not responsible for the disappearance of Bonwit Teller. Although enjoying a prestigious reputation, Bonwit Teller seemed frozen in the past. The retailer has grown heavy and has lost many of its exclusive brands. The company suffered from excessive inventory levels and too many branches.

Bonwit Teller was just one of those classic Fifth Avenue businesses. The majestic Art Deco emporium evoked an era of class and dignity. But the business has not been healthy for many years. The constant change in owner and management of the store has left the business rudderless. By the end of the 80s, the store no longer seemed relevant.

As Bonwit Teller struggled, he became vulnerable. This is true on Fifth Avenue and all the other main streets and malls in this country.

It’s unfortunate that old Bonwit Teller couldn’t find his way into the future. It’s a shame that some of the building’s priceless sculptures were destroyed for lack of appreciation and patience. Fifth Avenue lost some of its heritage and dignity when masterpieces were replaced with glass skyscrapers insulated in gold.


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Where to donate to bolster a quiet art scene https://sunnationalbankcenter.com/where-to-donate-to-bolster-a-quiet-art-scene/ https://sunnationalbankcenter.com/where-to-donate-to-bolster-a-quiet-art-scene/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/where-to-donate-to-bolster-a-quiet-art-scene/

As we move into April, treating people sick with Covid-19 and preventing others from becoming so remains a priority in New York, as it does across the country. But how can we pay attention to others particularly affected by the crisis? The city-wide shutdown of non-essential services has devastated the arts at all levels: exhibition and performance spaces have closed indefinitely, and thousands of New Yorkers working in the creative industries, many of them ‘self-employed, saw their livelihoods disappear without any assurance that they could return to work. Many of these people also work in bars and restaurants, whose closures threaten to change the face of the industry forever – the longer a restaurant stays closed, restaurant owners will tell you, the harder it will be to reopen.

Some institutions and individuals are getting creative to expand their digital presence. Museums and galleries have opened digital viewing rooms, screened films and organized artist conferences online. Broadway stars offer free Salon concerts with songs from shuttered shows, and the Metropolitan Opera offers a Night opera stream. Meanwhile, licensed dancers and musicians are teaching online and performing live on social media. And restaurants and bars are increasing their delivery options, including craft cocktails.

Even so, the ability of most artists to generate income has been severely hampered, and while the federal stimulus package provision for the arts, support is well below the $ 4 billion sought by advocacy groups. In addition to following from home, art lovers who can have been encouraged to be generous in their purchases and donations, whether for the various grassroots relief campaigns that are popping up on sites like PayPal. and GoFundMe, such as New York Low Income Artist / Freelance Relief Fund, or to non-profit organizations such as the New York Foundation for the Arts, which will organize a online benefits auction featuring works by artists including Donald Lipski and Sandy Skoglund on April 10. Here is a small sample of the many other groups in need. The newly launched Artist relief, which has a $ 10 million seed fund and actively raises funds for more, is a joint initiative organized by the Academy of American Poets, Artadia, Creative Capital, the Foundation for Contemporary Arts, the MAP Fund , the National YoungArts Foundation and United States Artists will provide emergency grants to creators of all disciplines.

New York’s theaters turned dark in mid-March, putting a wide range of people, from actors and directors to lighting designers, not to mention the companies that employ them, in a precarious position. Broadway unions made a deal to guarantee the remuneration and health benefits of the members until April 12, but the future remains uncertain, and this is also true in the world of dance. Dance / NYC, which is the New York branch of the national nonprofit Dance / USA, has created a three-pronged relief approach, allowing the donor to determine whether a donation will be directed to dance professionals. independent, organizations or administrative costs.

“Go to the websites of your favorite theaters and artists and see what they’re up to,” said Linda Shelton, executive director of the Joyce Theater. “And, if you are” attending “a workshop, class, or live broadcast performance, we urge you to treat it as if you are attending a performance and contribute what you would pay for a ticket.” Those looking for these improvisational performance offerings might be inspired by what they find. Andrea Miller, founder and artistic director of Gallim, a Brooklyn-based dance company, estimates that up to 75 percent of her annual income has been lost, and yet she also thinks of the deeper value of the performing arts at a time like this. “Dancing is a great healing space,” she said. “Moving is part of our human nature, so it will always find a way to emerge, although it may have to evolve. “

To support actors, dancers and theater staff affected by the closures, consider donating to the Actors Fund, the American Guild of Musical Artists, Broadway Cares / Equity Fights AIDS or Dance / New York.


At the individual level, many artists are used to working from home, and some may even look forward to an extended period of social distancing to deepen their practices, but closures and financial uncertainty pose unprecedented challenges. “All major art and design events have been canceled. Teaching opportunities and speaking engagements have been canceled, ”said Malene Barnett, Founder and President of the Black Artists & Designers Guild, a global collective representing artists and designers from the African diaspora. “Interior projects and art commissions are either suspended or canceled. In-person consultations are postponed and the stock market will certainly have an impact on decisions on projects. “

You can support artists and designers by paying them for their labor, much of which is available for sale online through auctions and websites. In addition, Barnett suggested offering time and services. “Artists and designers are actually small business owners, so any kind of virtual assistance is helpful,” she said. “You can volunteer to do copywriting, digital marketing, social media, accounting, administration, web design, or business coaching. “

Donate to the Black Artists & Designers Guild here, and the Artist Relief Project, which provides both emergency allocations and longer-term alternative marketing resources to artists, here.


Book tours and author events have been canceled, which has a particular impact on first authors nonprofit literary associations have lost key fundraising opportunities and bookstores are closed. Lisa Lucas, Executive Director of the National Book Foundation, considers the coming weeks to be crucial for the literary landscape of the city. “I want New Yorkers to imagine a city without bookstores, or imagine living in a house without books and tell me if they would like to live there,” she said. “Now is the time to recognize how much books teach us, heal us, distract us – and make sure we are supporting a community that has deep value to the cultural life of the city. Buying books remains the primary means of supporting authors and bookstore owners and employees, many of whom have been fired due to closures. For an easy-to-use digital platform that shares its profits with local independents, Lucas recommends librairie.org. Then there’s the Book Industry Charitable Foundation, a nonprofit dedicated to booksellers, which created a Covid-19 emergency fund.

You may also want to consider donating to a nonprofit literary organization such as House of SpeakEasy, which brings authors and audiences together in innovative ways, often through live performances. “We have recorded most of our performances and we will repackage past shows so that new audiences can enjoy them while they are housebound,” said Paul Morris, executive director of the organization. His team also operates a bookmobile in New York City and, pending CDC approval, he plans to deliver books to nursing homes and other underserved communities.

Donate to the Book Industry Charitable Foundation here, or the Home of SpeakEasy here.


John deBary has run a bar in New York for over a decade at famous venues including Please don’t say, and spent several years as director of the corporate bar for the Momofuku Catering group. In 2018, he co-founded the Restaurant Workers’ Community Foundation (RWCF) to support workers in the industry, and the group launched its Covid-19 Relief Fund on March 18. Donations go directly to people in the hospitality industry affected by the closures, organizations helping these workers and also establishing interest-free, unsecured loans to small businesses looking to get back on their feet. “Since we announced the fund,” he said, “we have been inundated with over 10,000 heartbreaking requests for help. Even on a “good” day, restaurant workers are only half an hour away from serious financial difficulties. “

Donate to the RWCF Covid-19 Relief Fund here. In addition, Robin Hood has partnered with Relief Opportunities for All Restaurants (ROAR) to create a fund for those affected in the New York restaurant industry. You can also purchase gift cards or donate to your favorite restaurants and other local businesses, many of which have created their own funds and / or are listed on gift cards, a website specifically designed to support independent businesses during shutdowns.


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A Step-by-Step Artist’s Guide to Making Money and Making an Impact in Music https://sunnationalbankcenter.com/a-step-by-step-artists-guide-to-making-money-and-making-an-impact-in-music/ https://sunnationalbankcenter.com/a-step-by-step-artists-guide-to-making-money-and-making-an-impact-in-music/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/a-step-by-step-artists-guide-to-making-money-and-making-an-impact-in-music/

One of the frustrations of being a freelance artist is the lack of a linear path. Not just a clear map do not exist, but the simple search for a card seems to betray the notion of artistic integrity. You could work in law, finance, or anywhere else that has clear reporting structures. But I want to be a musician. And I want structure.

I’m ready to build, but where’s the plan?

There have been excellent explanations of the modern music business for the independent artist, like Ari Herstand How to be successful in the new music business. But there is little guidance on exactly what to do and when. Most of the independent musicians I know are motivated and eager to get the job done, but they don’t know what the job is. Of course, each path is different when you find your way into show business. But why should every artist recreate the wheel? If there is a general pattern to follow, why is it hidden?

In conversations with industry experts, I learned about it are certain steps to take, and in a particular order, that can maximize an artist’s chances of making money and making an impact in the music world. And not the music industry of the 1990s – currently in the ever-changing industry of 2017. This ongoing series attempts to present a clear and cohesive map for artists to follow based on the expertise of the artist. industry and personal experience. A map that begins the moment the content is created, and you are ready to begin your ascent to a career in music.

Here’s a look at some of the issues I’ll be talking about in this series over the next few months:

Get press

In my experience, progress in the modern music industry is all about perceived momentum. What you have accomplished so far is an indicator of future success. But how do you start with no industry achievements? It’s a Catch-22.

I believe the Deserved Press is where you have the most opportunities to create a narrative, rise above the noise, and earn your Merit Badge to level up. Music public relations is an expensive and selective cottage industry. I’ll navigate the PR firms and expenses; influential bloggers and trendsetters; the importance of gender and “your story”; as well as the DIY approach of creating spreadsheets and befriending music critics.

The good news? The old-fashioned recording industry has collapsed in the digital age, the gatekeepers are gone, and your record is as likely to succeed as a major label release. The bad news? Thousands of indie musicians have received the memo, which means it’s your responsibility to rise above the noise.

Get looks

Once you’ve grabbed the attention of the press, it’s time to leverage it for a targeted audience. Deciding on the best approach to placing the eyes and eardrums in front of your music can be overwhelming. Social media, video platforms, email subscription services, and paid advertising opportunities form a web of opportunity … and anxiety. I’m going to soberly go over the most effective approaches to increase your Instagram followers, Facebook likes, YouTube views, and real people who are thrilled with your activity as an artist.

Get tricks

Translating the PR momentum and fan enthusiasm into an increasing number of parts is the next step towards the industry that takes you seriously. I’ll study the lay of the land when it comes to streaming and answer pressing questions like, “How many rooms do you need to impress a booking agent?” I will be investigating large corporations (Spotify, Apple Music, SoundCloud, etc.), the financial implications, the growing importance of curated playlists, and paid streaming public relations. I will also discuss digital sales, the curiosity of vinyl and the unique opportunities for covers.

Get syncs

As any independent artist knows, there aren’t many opportunities to make money at this early stage. In fact, you are probably losing money. Allowing music to be used for movies or television is a rare chance to make money. And productions actively seek to feature independent artists with buzz and an audience (because it helps their street credo, and it’s considerably cheaper than syncing U2). But the world of music supervisors, timing houses, music libraries, and custom composition is a complex ecosystem. And understanding the pay flow requires learning government regulations and the intricacies of performing rights organizations, among other details. I will speak with experts to give clear direction and simplify this potential source of income and exposure.

Get concerts

Even with lively media coverage, a digital presence, and Spotify numbers through the roof, there’s still no proof that you – sitting there reading this – are an actual human with an actual band. It might sound silly, but industry players should know that you exist in the analog world as well, and that you organically connect with other so-called humans. I’m going to delve into the local music scenes, the hierarchy of venues and bands, talk about NYC vs. LA, the obnoxious bookers and sound guys, the role and finances of the booking agencies, and the timing of the acquisition. an agent. It is true that musicians are turning more and more to touring as record sales have plummeted over the years. But to the independent artist, the Madison Square Garden and Coachella scenes seem light years away. I will enlighten you on the way from point A to point B.

Do with

The success you have built by following the above steps – stemming from press interest, fan enthusiasm, high read counts, sync licenses, and touring – will translate into customer interest. labels and management. I believe this step marks the end of this first chapter, and the beginning of your second. In Semisonic’s immortal words, “” Every new beginning comes from the end of another beginning. “I’m going to break down the relevance and need for labels in 2017, the finances of 360 deals, the benefits of large and small management companies, and when exactly to stop managing yourself.

I know. There are a lot of them here. That is why we will take our time to dig deeper into each topic with the voices of experts and in a language we can all understand. I packed my suitcase, we set sail at dawn …


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Spotify target artists, labels for ad revenue https://sunnationalbankcenter.com/spotify-target-artists-labels-for-ad-revenue/ https://sunnationalbankcenter.com/spotify-target-artists-labels-for-ad-revenue/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/spotify-target-artists-labels-for-ad-revenue/

Despite complaints from artists about meager royalty payments, Spotify is approaching them and the record companies for a new stream of advertising revenue. In order to support profitability, the streaming company identified artists and music labels to foot the bill in exchange for advertising their songs on the Spotify app. As deals are made with big players in the industry, the discovery of smaller labels and artists will suffer greatly, according to Daryl Friedman, head of industry, government and membership relations at the Recording Academy.

“It’s a bad idea for artists, for fans – and in the long run – for Spotify,” says Friedman.

The new effort requires artists to pay Spotify additional dollars for their exhibition, which further reduces their royalties, Friedman says. While major labels may choose to engage in the deal, independent labels and artists may not be able to afford it, reducing the overall amount of music played on Spotify. In the long run, fans will suffer from downsizing Spotify playlists, he says.

In 2018, Spotify announced that it do not allow payola to dictate the formation of its playlists, a tactic radio stations were known to entertain in the past. Making its playlist curation process more transparent meant that while the platform allows artists and labels to submit songs for inclusion in a playlist, no payment will be accepted to ensure the song is added.

As Spotify continues to lagging behind its competitors In advertising revenue, the company is investigating whether podcasts and its new paid promotions will become lucrative ways to strengthen bonds between artists and fans. Last year, Spotify explored a new form of fan engagement with the beta launch of Marquee, a marketing tool giving artist teams the ability to engage with fans using full-screen “flagship” album recommendations on Spotify. The tool introduced a broader scope than previous recommendations that were determined by the platform.

Older Spotify services, including one that allowed artists to upload songs directly to the platform, have not been well received by major labels Sony Music Entertainment, Universal Music.

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and Warner Music. The new paid promotions may appeal to some big names, but won’t do much to improve the entire music industry, Friedman says. It suggests a more robust approach to diversifying revenue sources and increasing profitability – by identifying ways to attract users from free ad-supported access to paid subscriptions.

“Every day I hear artists tell me that they get millions of streams but low royalties of around $ 100. It’s really (Spotify’s) obligation to pay the artist, ”says Friedman, who adds that radio stations, on the other hand, don’t pay any royalties to creators or record companies. “Spotify is better than zero, and radio is worth zero.”


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How to build relationships with the artists in your collection https://sunnationalbankcenter.com/how-to-build-relationships-with-the-artists-in-your-collection/ https://sunnationalbankcenter.com/how-to-build-relationships-with-the-artists-in-your-collection/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/how-to-build-relationships-with-the-artists-in-your-collection/

At the heart of most collector-artist relationships is a transaction – with this in mind, money is the root of many conflicts. Besides flipping a work of art, trying to negotiate a deal is one of the fastest ways to deter an artist and ruin a relationship. “A no-no is trying to get a good deal,” Osadebe said. “You meet another CEO, so act like that. Seeking discounts from artists represented in galleries also puts them in a difficult position. “We try to give loyal collectors a good price anyway, so when they ask for more, that embarrasses me,” Hegarty said. “I either have to talk to my gallery or just take the hit.”

Collectors should also think about how to react to prices above their estimate. Once, Ficus Interfaith received a request regarding a potential commission for a terrazzo ceiling. “We gave them the number, and they said, ‘This is path more than we thought, ”said Bush. “It was insulting. I felt devalued. A better strategy, according to Cohen, is for buyers to be transparent about their budgets. “If they just said, ‘We can’t afford it,’ that wouldn’t have been insulting,” he said. “We asked someone else to email us to order a small sculpture and they wrote, ‘This is what I can pay you, I love your job. It was really simple and it set a good tone for the dialogue.

Courteous collectors would also do well to extend this spirit of transparency to any instance where they choose to forgo a work of art. One of Hegarty’s frustrations is not being notified when a collector sells his art at auction. “It seems like an easy thing to do, to be more thoughtful about how it affects the artist,” she said. Recently, one of his collectors had to part with two coins as they were leaving the country due to the coronavirus pandemic. “They contacted me, told me what was going on and how they felt bad about it. We have been thinking about ways to get the pieces back from them so [the gallery] can resell them on their behalf, ”Hegarty said. “That way, the works don’t just go up for auction without anyone knowing. It is a commodity, but it is the work of our life, and we must keep track of it.


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UK lender Provident braces for increase in bad debts https://sunnationalbankcenter.com/uk-lender-provident-braces-for-increase-in-bad-debts/ https://sunnationalbankcenter.com/uk-lender-provident-braces-for-increase-in-bad-debts/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/uk-lender-provident-braces-for-increase-in-bad-debts/

(Reuters) – UK lender Provident Financial PFG.L sank into a first-half loss and suspended dividend payments as he set aside £ 240m ($ 316m) for an expected increase in bad debts amid the economic slump caused by coronaviruses.

However, the company’s shares – already down around 50% this year – jumped 14%, with some analysts saying the numbers were better than expected and hailing what they called prudent planning.

Britain plunged into the deepest recession in centuries, but a government holiday program paid the bulk of the wages of millions of workers, helping to protect jobs.

However, with the program scheduled to end in October, life looks set to become more difficult for Provident customers, typically people who do not meet traditional bank lending criteria.

The company’s impairment coverage ratio for its consumer credit division (CCD), which measures bad debt provisions as a percentage of gross receivables, rose from 13.5% to 71.6% as it is betting that job losses would trigger a wave of bankruptcies.

“It could have been a lot worse,” Goodbody analysts wrote in a note to clients on first half results.

“While the write-downs are very high, some of them will be seen as wise prudence on the part of management – and should reduce the need for substantial charges in the coming quarters.”

Provident said CCD’s customer count fell to 379,000 from 531,000 a year earlier as it tightened credit conditions and the holiday program bailed out many households.

But the demand for loans is expected to increase as unemployment increases.

“Our market will grow due to the pandemic, but at the moment it seems that the supply of credit in the market is decreasing, which cannot be a good result for customers, nor a public policy for the Kingdom. United, ”said CEO Malcolm Le May.

Provident, coming out of a period of heavy fines for its past sales practices, recorded an adjusted pre-tax loss of 32.6 million pounds for the six-month period ended June 30 against a profit of 80.4 million pounds a year earlier, adding that it was noticeably better than his internal plans.

He added that he would reimburse his own support on government leave.

($ 1 = 0.7604 pounds)

Reporting by Muvija M in Bengaluru; Editing by Saumyadeb Chakrabarty and Mark Potter


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Global travel industry may not recover for years as coronavirus holds back Chinese tourists https://sunnationalbankcenter.com/global-travel-industry-may-not-recover-for-years-as-coronavirus-holds-back-chinese-tourists/ https://sunnationalbankcenter.com/global-travel-industry-may-not-recover-for-years-as-coronavirus-holds-back-chinese-tourists/#respond Mon, 22 Mar 2021 09:38:18 +0000 https://sunnationalbankcenter.com/global-travel-industry-may-not-recover-for-years-as-coronavirus-holds-back-chinese-tourists/

To contain the virus, millions of Chinese people squat down, flights have been canceled and countries are impose restrictions on anyone coming from mainland China.

The ripple effects are felt around the world. Tour groups and cruise lines are canceling their trips due to falling demand. International fairs and conferences from Hong Kong to Italy are suspended. And the hotels that are usually packed with Chinese tourists are empty.

The number of Chinese tourists has exploded in recent years. More … than 180 million The Chinese have passports, compared to about 147 million US passport holders. And when the Chinese travel abroad, they spend a lot of money.
Chinese tourists made 150 million overseas trips in 2018, spending $ 277 billion on their overseas trips, according to at the United Nations World Trade Organization.
Around Asia, the influx of Chinese travelers has been a godsend. Last year, the top 10 destinations for mainland Chinese travelers were all in Asia, according to looking for outbound tourism from China. This means that places like Thailand, Japan, South Korea and Vietnam have a lot to lose from the crippling viral epidemic. Hong Kong and Macao, two major destinations for mainland tourists, will also suffer.

“China is the world’s largest overseas travel market, in terms of spending,” said Matthew Dass, economist at Tourism Economics, in a research note earlier this month.

Tourism Economics lowered its Chinese departure forecast for 2020 due to the coronavirus earlier this month. The company said that if the outbreak lasts longer and is more severe than the 2003 SARS crisis, it could result in 25 million fewer overseas trips by Chinese travelers this year. This could wipe out spending up to $ 73 billion.

Tokyo Disney parks close for two weeks due to coronavirus

The International Civil Aviation Organization has said the hardest hit countries are likely to be Japan and Thailand.

The organization valued earlier this month, Japan could lose $ 1.29 billion in tourism revenue, followed by Thailand at $ 1.15 billion.

“This epidemic is beyond anyone’s imagination,” Jane Sun, CEO of Trip.com, told CNN Business on Monday.

Trip.com, China’s largest online travel platform, was due to release its fourth quarter results this week, but delayed them until mid-March. The company also owns and operates Skyscanner and Ctrip.

Final numbers are still being calculated, but Sun said the company would “of course” take a hit from the outbreak. She warned that the impact on her business and the travel industry this quarter “could be significant.”

Hotels and airlines face heavy losses

Marriott (MAR) said on Thursday it was experiencing low occupation across the Asia-Pacific region due to the outbreak. In Macau, the occupancy rate fell to 1% at one point, CEO and chairman Arne Sorenson said on a call with investors. The semi-autonomous Chinese territory, one of the main gaming centers in the world, casinos closed for two weeks this month due to the outbreak.

Marriott executives have warned that the company could collect $ 60 million less in fees and profits for the region than it originally anticipated for the quarter.

As the outbreak spreads to other countries, Marriott hotels in Europe and beyond are also starting to feel the pain.

“When you look at South Korea and Italy, we’ll see both cancellations and we’ll see a drop (revenue per available room) in those markets,” Sorenson said. “Some Italian cities, we probably lost a few dozen occupancy points in the early days.”

Asian markets tumble as coronavirus continues to spread
In a call for results earlier this month, Hilton (HLT) Executives have warned of a likely drop in bookings from outbound Chinese travelers to Asia and the United States. The epidemic will take between $ 25 million and $ 50 million in annual profits from the company, CEO and chairman Christopher Nassetta said.

The global airline industry is also facing huge financial losses and its first drop in traffic in more than a decade from the coronavirus.

The International Air Transport Authority (IATA) warned last week that the impact on demand could cost airlines more than $ 29 billion.

The outbreak will also likely reduce global traffic by 4.7%, erasing earlier IATA growth forecasts and marking the first overall drop in demand since the global financial crisis of 2008 and 2009.

Hong Kong International Airport is largely empty these days.  IATA estimates the blow to global airlines could exceed $ 29 billion.

Dozens of international carriers have canceled or reduced their services to mainland China.

Air France-KLM (AFLYY) warned that its income could drop to $ 216 million between February and April due to the outbreak.
australia Qantas Airlines (QABSY) says the virus could wipe $ 100 million pre-tax income for the second half of the company’s financial year. China is the biggest source of tourists to Australia.

The cruise industry in crisis

China is expected to become the world’s largest cruise market by 2030, according to a recent study by the Shanghai International Shipping Institute. The crisis aboard the Diamond Princess cruise ship could derail that plan.

The ship became a floating quarantine zone earlier this month, after dozens of passengers were struck by the coronavirus. Around 700 cases, including at least four deaths, have been linked to the outbreak on the ship.

“China could be closed to cruises for a year or more and even once it reopens, many potential consumers could have a negative association with cruises, which could limit the long-term growth path,” said James Hardiman, Analyst at Wedbush. .

China was the second largest market for cruise ship passengers in 2018, with nearly 2.4 million Chinese navigating that year, according to the latest Global Passenger Report from the Cruise Lines International Association. The United States remained the number one market, with more than 13 million Americans traveling on cruises in 2018.

Ingrid Leung, managing director of Incruising Travel Asia, a Hong Kong-based travel agency that sells cruise packages, said new bookings are currently down 95%.

This is in part because the parent company of Princess Cruises Carnival (CCL) and Royale Caribbean Cruises have introduced restrictions due to the outbreak, banning passengers who have been to mainland China and Hong Kong in the past two weeks from sailing.

The restrictions are in place at least until the end of March, but Leung has said his business crisis will likely continue until the end of the year.

“Instead of aiming for Q2 or Q3 departures, we probably need to sell Q4 2020 or beyond,” Leung said.

Carnival said earlier this month that the impact of the coronavirus on global bookings and canceled trips “will have a big impact” on the company’s bottom line.

Chinese domestic travel will also suffer

The coronavirus outbreak has struck during the critical Lunar New Year holiday, a time when millions of people across China are returning home for family reunions. Beijing has taken the extraordinary step of extending the holidays until mid-February to try to contain the epidemic. About half of the country remains under travel restrictions.

In total, the coronavirus could lead to 90 million fewer domestic trips and $ 115 billion in lost spending, according to the most severe scenario presented by Tourism Economics.

The Temple of Heaven, a popular tourist destination in Beijing, is a ghost town.
Intercontinental (IHG) has closed or partially closed 160 of its 470 hotels in greater China, a region that includes Taiwan and Hong Kong.

“We are seeing significant reductions in occupancy rates in February across the company,” Chief Executive Officer Keith Barr said on an earnings call earlier this month, adding that the disruption will cost the company around $ 5 million in February alone.

Airbnb is also feeling the effects. The short-term housing company said it had suspended all bookings in Beijing until May, following government guidelines. Reservations in other regions, including Wuhan, the epicenter of the outbreak, have been suspended until April.

Chinese airlines will also be hit hard.

Research firm Cirium has found that more than 200,000 domestic flights in China were canceled between January 23 and February 18. The three major airlines most affected during this period were Chinese carriers Lucky Air, Southern china (ZNH) and Xiamen Airlines – have each canceled nearly 50% of their flights.

Recovery could take years

So far, Sun of Trip.com has said that “millions of orders have been canceled”, referring to both domestic and international travel. But she said the company is already seeing signs of pent-up demand.

After squatting for over a month, “staying home doing nothing, if you look at our research results, a lot of people are ready to go out,” she said.

Millions of Chinese may want to travel, but it will be difficult to make up for lost ground.

The World Tourism and Travel Council analyzed previous major viral outbreaks and found that the average recovery time for the number of visitors to a destination was 19 months.

Tourism Economics said demand for travel to China is likely to start increasing later this year or by 2021.

But full recovery could take much longer. The research firm predicts that China’s overseas and domestic travel markets will not fully recover until around 2023.


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Payday Loan Disaster: Vacation Madness Leads to 651% Interest Rate https://sunnationalbankcenter.com/payday-loan-disaster-vacation-madness-leads-to-651-interest-rate/ https://sunnationalbankcenter.com/payday-loan-disaster-vacation-madness-leads-to-651-interest-rate/#respond Mon, 22 Mar 2021 09:38:17 +0000 https://sunnationalbankcenter.com/payday-loan-disaster-vacation-madness-leads-to-651-interest-rate/

It was the generosity of the vacation that ultimately led Tyrone Newman to strike a desperate deal.

And who could blame him?

He had been fired and unemployed for a year, picking up the children and doing laundry while his wife worked as a security guard. So you can see why a 47 year old man would want to celebrate a bit after a good, long year in a solid job.

” I did everything. I bought a tree this time. We had a turkey with all the trimmings, ”Newman told me, his golden eyes widening as he explained the extent of his loss. “You know, you’re happy and you start spending. “

All told, the maintenance worker at an apartment building in Northeast Washington is over the mark by about $ 1,500.

In January, he didn’t want his wife to know he spent the month’s mortgage payment on Christmas presents. Stuck in traffic on the way to work, the radio spoke to him.

“Get money NOW! Bad credit? NO PROBLEMS! “He remembered the booming voice on the radio speaking directly to him. He called. And within hours, $ 500 was in his bank account.

The interest rate? 651%.

But $ 500 was not enough.

“No problem!” the payday lender told him over the phone. A sister company could bring him more money. Another call, another rapid storm of conditions, tariffs and restrictions. Newman gave them his bank account numbers and, zap, another $ 500 was in his account.

He made the mortgage payment and finished.

Then the interest charges and the “loan renewal option” fees started to add up. The calculation was overwhelming.

If it took him a year to pay off just one of those $ 500 loans, it would become about $ 6,000. Three loans and Newman’s relatively modest Christmas (by most American standards) would cost him $ 18,000.

This situation, unfortunately, is not so unusual for workers like Newman, who earns around $ 16.50 an hour. Their life can be a Sisyphus struggle, relentless and utterly ruthless when it comes to mistakes.

And guess what? The loans were completely legal!

“These triple-digit rates are worse than any loan shark,” said Kathleen Day, spokesperson for the Center for Responsible Lending, an advocacy group. “And they prey on the most vulnerable.”

In 2007, the District worked hard to end payday lenders in the city. Council members Mary M. Cheh (D-Ward 3) and Marion Barry (D-Ward 8) sponsored a bill to eliminate them by capping interest rates – no more than 24% on a loan.

It went 12 to 1, with Barry, oddly enough, being the only member to vote against.

Similar legislation has been enacted in Maryland, Virginia and a dozen other states to impose double-digit caps on lenders. But Newman’s loans did not come from any of those places.

Because an interest rate of 39% – scary as it sounds to most people – isn’t enough for payday lenders, most of these outfits have turned to car title lending. (they can take your car) in Virginia, which was not regulated until the state enacted a law in 2010.

If you need more evidence that this industry targets the desperate, take a look at Military Loans Act, passed by Congress in 2007, to protect military families from predatory lenders who set up shop near military bases.

But it turns out that it’s not enough just to get rid of those run-down payday loan windows – the ones that are usually stuck between a liquor store with bulletproof plexiglass and a Chinese restaurant and sub- sailors – not enough.

At least one of Newman’s lenders was located on an Indian reservation in Michigan. (Just this week, the Federal Trade Commission expanded his case against a payday loan transaction who was suing clients in a South Dakota tribal court.)

Go online, search for “payday loans”, and they’re everywhere; the only downside of the online model is that you can’t buy lo mein gras after signing a deal with the devil.

But perhaps even more troubling is why a coalition of around 250 consumer advocacy groups, along with the Center for Responsible Lending, addressed to federal bank regulators last month.

Apparently, usury is too delicious a business model to be left with two-bit lenders. Looks like some banks are doing it too. Wells Fargo, Regions, US Bank, Guaranty and Fifth Third Bank have all started offering short-term loans at triple-digit rates, according to a letter sent by advocacy groups.

You might even be able to live with the idea that high fees for quick cash are tolerable when people are strapped for cash. But it’s rarely a quick thing.

“These things are like cobwebs. They’re sticky and hard to get rid of, ”Day said of payday loans.

Indeed, whenever Newman tried to pay more than the monthly rate, the lenders encouraged him to keep his money.

“They were trying to keep this money, keep me, and keep pumping me money,” Newman said.

Newman got a bailout. His boss, who told me about the situation, gave Newman the money to pay off the loans and worked out a reasonable repayment plan.

The $ 1,500 loan cost Newman $ 450. The outcome was no worse because he asked for help. He fears that many other people who listen to his radio station will be sucked in.

“I have to tell people to stop. ‘Thought. Slow down. Sit down. Don’t do it, ”Newman told me. “These loans are addicting. I always ask myself, ‘Who is going to lend me?’ and all of a sudden – Bam! – here’s someone who will.

He looked down at his lemonade, patted the ice cubes a bit with his straw, and confessed, “I haven’t told my wife about loans.” And that’s all you need to know. Whatever you need to hide from your wife has to be bad news.

To read Petula Dvorak’s previous columns, visit washingtonpost.com/dvorak.


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Your credit score now affected by Apple Card with all branches https://sunnationalbankcenter.com/your-credit-score-now-affected-by-apple-card-with-all-branches/ https://sunnationalbankcenter.com/your-credit-score-now-affected-by-apple-card-with-all-branches/#respond Mon, 22 Mar 2021 09:38:17 +0000 https://sunnationalbankcenter.com/your-credit-score-now-affected-by-apple-card-with-all-branches/

the Apple Card now affects your credit score with the three major US rating agencies: Equifax, Experian and TransUnion.

The map initially only appeared in TransUnion reports until Experian began to take this into account last month. As we explained at the time, this can be good news or bad news for your credit score.

MacRumors spotted a Reddit Publish.

“The Apple card is now the responsibility of Equifax !! “

“Yes, it’s stated on my Equifax report today. “

“Can confirm it’s showing on my EQ file now.” Also retroactive reports.

A card user was intrigued that this resulted in a lower score.

“Did that lower my Equifax score ?! How is it possible?”

We explained it last time.

Those who regularly monitor their credit scores will see their score increase or decrease due to the addition of the Apple card to their report, which is normal.

The calculation of credit scores is based on five factors:

  • Payment history
  • use
  • Length of credit history
  • recent activity
  • Overall capacity

For example, getting an Apple card without changing your spending habits means that you now have access to more credit, but you no longer use it, so your usage is decreasing (which is good). In addition, you create a payment history with a new credit provider, which also increases your score.

Conversely, any new line of credit reduces the average length of your credit history for all cards and other sources, which can hurt your credit score for a period of time.

One of the advantages of the card is that Apple has repeatedly offered its customers the possibility of deferring payments in response to the coronavirus crisis. Some lose their jobs and others have reduced incomes, cardholders may find it more difficult than expected to keep up with their payments. Apple initially offered this option for the April payment, then successively extended it to May, June, July, and August.

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