Hey hey Flux fam!

Here's everything you need to know today - in under 5 minutes.

Today's big stories: 

😡 QSuper's members are running a class action

⚽️ Nike creates its own virtual world called Nikeland

🚨 Zoom shares drop on slowing growth

Oh and get this...

Looks like real estate ain't just hot in the physical world...it's smoking in the metaverse too. A plot of digital land in Decentraland just sold for a whopping $3 million. For reference, the median house price in Sydney is around $1.5 million.

Grab ya pitchforks: QSuper are facing a 140,000-strong class action

Background: QSuper are a Queensland-based not-for-profit industry super fund. They were previously a super fund just for the state's government employees...but this changed in 2017.

What happened: Fast-forward to now, and the super fund is facing a class action from 140,000 of its members. They're alleging they were overcharged mandatory life insurance premiums.

What else: These premiums were forced on members through QSuper's for-profit life insurance biz, QInsure Limited. Sneaky sneaky.

So what's the key learning?

💡A class action is where a group of people with a legal claim join forces against a business or person. 

💡There are a couple of reasons why people pursue class actions as opposed to pursuing a legal case on their own:

1. It's quicker - rather than each individual pursuing their own case...they can smack it out the park in one go.
2. It's cheaper - lawsuits are super expenny. So, by joining with a group of people, you can share the cost.

💡It's fair to say the 140,000 QSuper members would be hoping to (at least) be compensated for the payments...and then some.

Nike has created its own virtual world and can we live there full-time?

Background: Nike are one of the world's leading sports and apparel brands, and they are down with the cool kids. Ya know, snap filters...Fortnite skins... 

What happened: Now, they've created their very own virtual world - NIKELAND. It's a space in the Roblox video game where players can interact and compete against each other in sports games.

What else: Of course, a massive part of Nike's strategy is to offer virtual garments of the brand that users' avatars can wear. Ya know, the start the kids young.

So what's the key learning?

💡Move over Dollarmites. Nikeland is a new, strategic way to introduce Nike to kids at a young age. Not only do kids have their own purchasing power...but they can also influence their parents' buying decisions (and generally, not know the value of money).

💡It ain't just that...Nikeland is also a testing ground for the brand. So if Nike releases a new digital product, they can see whether it's a hit in the virtual world, before ending up on shelves.

💡Eventually, Nike will merge the digital and the physical space with an augmented reality experience in its flagship New York store. 

Get the Nurofen: Zoom shares tank on slowing growth thanks to a COVID hangover

Background: Video conferencing platform Zoom was the MVP of 2020, thanks to us all being forced to WFH. 

What happened: In March of this year, Zoom announced revenues had grown 326% year-on-year to US$2.6 billion. But as the vaccine rolled out...and the world opened up...Zoom fell on its head.

What else: The company's recorded its slowest growth since at least 2018. And, as a result, its shares tanked around 15%. It looks like Zoom has suffered from demand pulled forward...and now it's copped the hangover.

So what's the key learning?

💡Pulled forward demand is when a business or product sees demand increase unexpectedly.

💡It's likely that the company would experience that demand at a later date, and at a more stable pace...but that demand was 'pulled forward' due to a particular event...i.e. a GLOBAL PANDEMIC.

💡Tech companies experienced the pulled-forward demand effect the most. We had Peloton shares rise and tank...Netflix, Pinterest...But we also had Coles and Woolies cop it, too. And now Zoom.