Hey hey Flux Fam!

Wanna win a pair of brand new Airpod Pros?

Today, we're excited to launch the Flux daily - 1 min quiz. And it's sooooo easy to win.

1. Answer 5 business news questions each day this week (based on the day's stories).
2. Battle against other members of the Flux family to go up the leaderboard.
3. The competition closes 11.59pm on Friday night. The top of the leaderboard will win a pair of Airpod Pros. IT'S THAT EASY!

Here's everything you need to know today - in under 3 minutes.

Today's big stories:

💄 BWX is buying out Go-To Skincare in a huge $89 million deal

🚴‍♀️ Peloton's subscriber growth has slowed 

👾 Fortnite wants in on the metaverse

Oh, and get this...

Lil Nas X has set the social media world on fire with the phrase of the century: 'Nah he tweakin'. Instagram users all over the world are clogging up the comments section on the platform with the line. In fact, 'nah he tweakin' has generated more than 11 million interactions on the platform. 

BWX is buying out Zoë Foster-Blake's Go-To Skincare

Background: Go-To Skincare is owned by business legend and author Zoë Foster-Blake. She started it back in 2013 after being a successful beauty blogger for a while, and now it's a multi-million dollar skincare brand 

What happened: Go-To built a huge following off its no-BS approach to skincare. And now, it has 4 of the 10 best-selling products at cosmetics retailer.

What else: But Zoë's been looking for someone to take Go-To on a global journey. And it looks like Go-To's Cinderella has found its fairy godmother in natural beauty company BWX, which owns Sukin, after it bought a majority stake in the biz for a huge $89 million. Now, Go-To's enterprise value is a UGE $177 million.

🔔 What's the key learning?

When we talk about a company's value, we often talk about its market capitalisation. That's the total number of outstanding shares in a company, multiplied by the share price of that company.

Enterprise value is also a measure of value, but it's different. EV takes into account the company's debt as well. In other words, market cap is like saying you exercised for an hour today. EV is saying you exercised for an hour, but you also smashed a whole cake.

While market cap might look better, enterprise value is actually a more accurate representation of a company's real worth. 'Cos it's the good WITH the bad.

Exercise equipment GOAT Peloton's subscriber growth has dropped off

Background: Peloton is the $31 billion US fitness company famous for its spensy exercise bikes (like $3k spensy)...and for recalling a whole heap of dodgy treadmills.

What happened: This crew gained a tonne of momentum during COVID thanks to their live-streamed classes. We said bye-bye to paying for gym memberships we weren't using...and hello to buying yoga mats and stationary bikes we actually did use.  

What else: While Peloton reached a huge 2.3 million subscribers, for the first time since the pandemic started, the number of users that joined in the last 3 months...actually dropped. And not only did it drop, those subscribers who did join were spending less time on their bikes. Yikes.

🔔 What's the key learning?

Every business has key metrics that it strives towards in order to achieve its big, hairy goals. For Peloton, those goals are:

1. Engagement (i.e. how often someone is using their Peloton)
2. Subscriber growth (i.e. how many people are signing up)
3. Churn (i.e. how many people are leaving Peloton)

During COVID, health and fitness equipment revenue surged to a huge $3.1 billion. Sales of treadmills soared 125%, and sales of stationary bikes nearly TRIPLED.

But all of a sudden, restrictions have started to ease around the world, and Peloton's key metrics have started to drop.

Fortnite introduces Martin Luther King experience for users

Background: Fortnite is an online video game owned by developer Epic Games, which is worth a whopping US$28.7 billion. It's a player v player survival game. Very Hunger Games-esque. And completely addictive. 

What happened: There are around 125 million Fortnite players around the world, and it's bred some pretty weird trends. Like the infamous Floss dance. But, it's been trying to break the just-another-addictive-video-game mould for a while.‍

What else: Now, it's taken a huge leap with its March Through Time initiative, which gives users an interactive experience with Martin Luther King's 'I Have A Dream' speech. And it's all part of Fortnite's own dream to crack the metaverse. 

🔔 What's the key learning?

💡 Strap yourselves in Flux Fam, it's about to get meta. The metaverse is like a virtual environment where users can interact with each other in real-time. Think of it like the love-child of physical, augmented and virtual reality.

💡 Currently, we only experience the internet when we want to. Like when we actively pick a Netflix show. Or we spend 6 hours in a TikTok hole. But the metaverse is when the internet is all. around. you. And it's not that far away. 

💡 Facebook CEO Mark Zuckerberg opened Horizon Workspaces - a virtual reality workspace where FB staff who work remotely can put on a VR headset, and sit in a virtual conference room. And that's not all - eventually, he wants FB to a 'metaverse company'. And it looks like Epic Games is on the same track.

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