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          <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
           Plus: Charting where Americans get their news, why you remember lyrics, a bewildered raccoon, and more.
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              View Online
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                  <p style="padding-bottom: 10px; font-size: 16px; line-height: 140%; margin: 5px 0px 0px;">
                   Regarding the latest TikTok challenge, the FDA says
                   <em>
                    not
                   </em>
                   to marinate your chicken in NyQuil. Perhaps stick to something with garlic and lemon juice.
                  </p>
                  <p style="padding-bottom: 10px; font-size: 16px; line-height: 140%; margin: 5px 0px 0px;">
                   <strong>
                    In today’s email:
                   </strong>
                  </p>
                  <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                   <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     Interchange fees:
                    </strong>
                    Retailers hate ‘em.
                   </li>
                   <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     Chart:
                    </strong>
                    News about news on social media.
                   </li>
                   <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     Monthly subscriptions…
                    </strong>
                    for sports tickets?
                   </li>
                   <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                    <strong>
                     Around the Web:
                    </strong>
                    How to organize, explaining earworms, a tricky game, and more cool internet finds.
                   </li>
                  </ul>
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                   🎧 On the go?
                   <a style="color: #192733; text-decoration: underline !important;">
                    Listen to today’s podcast
                   </a>
                   to hear Jacob and Juliet discuss people who use TikTok for news, Ted Lasso’s video game debut, why stores hate swipe fees, and more.
                  </p>
                 </td>
                </tr>
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              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 0px 0px 10px;">
               The big idea
              </td>
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               <a style="color: #192733; text-decoration: underline !important;">
                <img alt="credit card" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fccfees.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" style="height: auto; width: 100%; max-width: 600px;" width="600"/>
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               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                Interchange fees, explained
               </h2>
              </td>
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             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Two bipartisan bills are taking aim at interchange fees, a dreaded cost among merchants when processing card payments.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Backing the bills are
                <a style="color: #192733; text-decoration: underline !important;">
                 a slew of retailers
                </a>
                — including Walmart, Target, and Kroger — which claim fees are over 7x higher in the US than Europe.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
                <strong>
                 What are interchange fees?
                </strong>
               </h4>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Every time a customer pays by card, merchants are charged processing fees — totaling
                <a style="color: #192733; text-decoration: underline !important;">
                 ~$137.8B
                </a>
                for US merchants in 2021.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <a style="color: #192733; text-decoration: underline !important;">
                 Interchange fees
                </a>
                (AKA swipe fees) are the largest among them, accounting for 70%-90%.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                They’re
                <a style="color: #192733; text-decoration: underline !important;">
                 collected by
                </a>
                the four credit card networks — Discover, American Express, Visa, and Mastercard — and paid to the bank that issued the card to cover associated risks and costs.
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px 0px 10px;">
                 Fees are typically 1%-3% of a customer’s transaction.
                </li>
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Fees are
                 <a style="color: #192733; text-decoration: underline !important;">
                  ~6x
                 </a>
                 higher for credit transactions than debit, and higher still for rewards cards.
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Because fees are often passed onto consumers, retailers also argue they’re an “inflation multiplier” that costs the average US family an estimated $900 annually.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
                <strong>
                 Visa and Mastercard…
                </strong>
               </h4>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                … account for 83%+ of all US credit card market share.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                But the bills would allow businesses to use alternate payment networks that could increase competition and reduce fees,
                <a style="color: #192733; text-decoration: underline !important;">
                 per
                </a>
                <em>
                 NPR
                </em>
                .
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px 0px 10px;">
                 Credit card networks argue that if swipe fees went down, so would rewards and points programs.
                </li>
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Experts say those programs won’t disappear entirely as they’re valuable for customer retention.
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Legislation aside, the Visa-Mastercard duopoly could also face threats from new payment apps that bypass traditional networks.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Case in point:
                </strong>
                Visa’s attempt to buy one such competitor, Plaid, for $5.3B in 2020 was blocked by federal antitrust regulators,
                <a style="color: #192733; text-decoration: underline !important;">
                 per
                </a>
                <em>
                 The Economist
                </em>
                .
               </p>
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                    <img alt="View on our website" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FLink%2520Small.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="26"/>
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              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 0px;">
               TRENDING
              </td>
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                  <img alt="eyeball wearing a hat" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fwhats-trending-icon.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" style="width: 70px; height: auto;" width="70"/>
                 </td>
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                  <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                   <strong>
                    Lol:
                   </strong>
                   The internet is having a jolly time sharing
                   <a style="color: #192733; text-decoration: underline !important;">
                    work
                   </a>
                   and
                   <a style="color: #192733; text-decoration: underline !important;">
                    business
                   </a>
                   memes of a flummoxed raccoon opening a dumpster door. Here’s
                   <a style="color: #192733; text-decoration: underline !important;">
                    one more
                   </a>
                   .
                  </p>
                 </td>
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              </td>
             </tr>
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              <td style="padding-bottom: 5px;">
              </td>
             </tr>
            </table>
           </td>
          </tr>
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              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 3px 0px;">
               SNIPPETS
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults dynamic-snippets" style="font-size: 15px; line-height: 160%; margin: 0; padding: 15px 0px 3px 3px;">
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 The Fed
                </strong>
                <a style="color: #192733; text-decoration: underline !important;">
                 hiked
                </a>
                benchmark interest rates another 0.75 percentage points and hinted it would continue to raise rates to fight inflation.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 See ya:
                </strong>
                Over 700 Twitter employees have
                <a style="color: #192733; text-decoration: underline !important;">
                 left
                </a>
                the company since June, with sources naming Elon Musk as a cause.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Hmm:
                </strong>
                Getty Images banned AI-generated images from being uploaded and sold on the platform,
                <a style="color: #192733; text-decoration: underline !important;">
                 citing
                </a>
                copyright concerns.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 New York’s MTA
                </strong>
                will
                <a style="color: #192733; text-decoration: underline !important;">
                 install
                </a>
                13k cameras on its subway cars — or two on each, costing $5.5m total —  to instill a sense of safety.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 New boss:
                </strong>
                Warner Music Group
                <a style="color: #192733; text-decoration: underline !important;">
                 tapped
                </a>
                YouTube business chief Robert Kyncl as its next CEO as labels expand deeper into media, gaming, and tech.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 The National Transportation Safety Board
                </strong>
                <a style="color: #192733; text-decoration: underline !important;">
                 wants
                </a>
                all new US vehicles to be able to check drivers’ blood alcohol levels and stop them if they’re drunk.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Credit Suisse
                </strong>
                reported
                <a style="color: #192733; text-decoration: underline !important;">
                 ~2.5m
                </a>
                new US millionaires in 2021, the largest recorded increase in any country this century.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Eataly,
                </strong>
                an Italian-market chain with ~40 locations, will sell a
                <a style="color: #192733; text-decoration: underline !important;">
                 majority stake
                </a>
                to European firm Investindustrial to further global expansion.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Tech firms
                </strong>
                are looking to cut costs — by at least 10%, in Meta’s case — by
                <a style="color: #192733; text-decoration: underline !important;">
                 nudging
                </a>
                some employees out without laying them off.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Iran
                </strong>
                restricted internet access amid widespread protest
                <a style="color: #192733; text-decoration: underline !important;">
                 following
                </a>
                the death of Mahsa Amini after her arrest by “morality police” for violating hijab rules.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Riding to the top:
                </strong>
                Skateboarder-turned-serial entrepreneur Rob Dyrdek chatted with Trends about his philosophy on life and business. Check out a
                <a style="color: #192733; text-decoration: underline !important;">
                 preview
                </a>
                on
                <em>
                 The Hustle
                </em>
                blog.
               </p>
              </td>
             </tr>
             <tr>
              <td style="border-bottom-color: #eaf0f6; border-bottom-style: solid; border-bottom-width: 1px; padding-top: 15px;">
              </td>
             </tr>
            </table>
           </td>
          </tr>
          <tr style="display: block; padding: 10px 2px 0px;">
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 0px 0px 10px;">
               Chart
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 1px;">
               <a style="color: #192733; text-decoration: underline !important;">
                <img alt="percentage of users getting their news on each social media site by year" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fnews_apps.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" style="height: auto; width: 100%; max-width: 600px;" width="600"/>
               </a>
              </td>
             </tr>
             <tr>
              <td>
               <p style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; line-height: 20px; margin: 0px;">
                Singdhi Sokpo
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                How Americans get news on socials
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                The Pew Research Center, whose jingle should go something
                <a style="color: #192733; text-decoration: underline !important;">
                 like this
                </a>
                , just released its
                <a style="color: #192733; text-decoration: underline !important;">
                 latest findings
                </a>
                on a world where half of US adults now get news from social media.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Regularly, 31% get news from Facebook, 25% from YouTube, 14% from Twitter, 13% from Instagram, and 10% from TikTok.
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Interestingly, Twitter has the highest proportion of users who use its platform for news, at 53%.
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Since 2020, only TikTok has seen significant growth in this category.
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Among its 1B+ users, you’ve got official outlets like
                 <a style="color: #192733; text-decoration: underline !important;">
                  <em>
                   The Washington Post
                  </em>
                 </a>
                 and an array of high-level creators like
                 <a style="color: #192733; text-decoration: underline !important;">
                  Philip DeFranco
                 </a>
                 creating content.
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                One thing we’re curious about is the 4% of US adults who get their news from Nextdoor.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                “BREAKING: Patricia and Mike had a block party and didn’t invite the Smiths!”
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <table cellpadding="0" style="width: 100%; padding: 10px 10px 0px;">
                <tbody style="text-align: right;">
                 <tr>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share facebook" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Facebook" height="22" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ffacebook_blue_no_circle.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="22"/>
                   </a>
                  </td>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share twitter" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Twitter" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ftwitter%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="26"/>
                   </a>
                  </td>
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                   <a data-tags="share email" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Send as email to a friend" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Femail%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="26"/>
                   </a>
                  </td>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share site" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="View on our website" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FLink%2520Small.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="26"/>
                   </a>
                  </td>
                 </tr>
                </tbody>
               </table>
              </td>
             </tr>
            </table>
           </td>
          </tr>
          <tr>
           <td style="border-bottom-color: #eaf0f6; border-bottom-style: solid; border-bottom-width: 1px; padding-top: 15px;">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 5px;">
           </td>
          </tr>
          <tr>
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 3px 0px;">
               TRENDS
              </td>
             </tr>
             <tr id="image">
              <td class="h2020 ignore-defaults" style="padding: 0px 3px;">
               <center>
                <a style="color: #192733; text-decoration: underline !important;">
                 <img src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252F9-22.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" style="width: 100%; max-width: 600px; height: auto; padding: 15px 0 0;" width="600"/>
                </a>
               </center>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                The scoop on lucrative small bay warehouses
               </h2>
              </td>
             </tr>
             <tr id="bottom ad copy">
              <td class="h2020 ignore-defaults" style="padding: 0px 3px;">
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                There are more storage units in the US than Starbucks, McDonald’s, Dunkin’, and Wendy’s locations combined.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                And even wilder, big REITs like Public Storage boast
                <a style="color: #192733; text-decoration: underline !important;">
                 54% profit margins
                </a>
                , not to mention potential passive income streams like cell tower hosting and rooftop solar farms.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                We see that, and raise you small bay warehouses —
                <strong>
                 the smaller-scale “flex spaces”
                </strong>
                essential to handymen, contractors, ecommerce outfits, and more.
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 If you want in, this
                 <a style="color: #192733; text-decoration: underline !important;">
                  Trends deep dive
                 </a>
                 unpacks the burgeoning real estate trend.
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Every week, we deliver hot market signals and fresh case studies. And every day, 15k members share how they’re growing bangin’ businesses.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Access the content and community that helps you build.
               </p>
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                <!--[if mso]><i style="letter-spacing: 25px; mso-font-width: -100%; mso-text-raise: 30pt;">&nbsp;</i><![endif]-->
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           </td>
          </tr>
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           <td style="border-bottom-color: #eaf0f6; border-bottom-style: solid; border-bottom-width: 1px; padding-top: 5px;">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 5px;">
           </td>
          </tr>
          <tr style="display: block; padding: 10px 2px 0px;">
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 0px 0px 10px;">
               Subs
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 1px;">
               <a style="color: #192733; text-decoration: underline !important;">
                <img alt="playing sports" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fplaying_sports.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" style="height: auto; width: 100%; max-width: 600px;" width="600"/>
               </a>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-size: 22px; line-height: 26px; font-weight: bold; margin: 10px 0px 5px;">
                Why sports teams are selling subscriptions
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                VCs salivate when they hear “monthly recurring revenue,” but it no longer applies to just tech companies.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Sports teams, too, are now offering ticket subscriptions to generate predictable revenue.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
                <strong>
                 How it works
                </strong>
               </h4>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Fans pay a monthly fee for a certain number of games, with seat location dependent on availability (so nosebleeds
                <em>
                 are
                </em>
                a possibility).
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px 0px 10px;">
                 The NHL’s Philadelphia Flyers’ $99
                 <a style="color: #192733; text-decoration: underline !important;">
                  Flyers Pass
                 </a>
                 gets fans tickets to four games per month.
                </li>
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 The NBA’s Cleveland Cavaliers’
                 <a style="color: #192733; text-decoration: underline !important;">
                  unlimited passes
                 </a>
                 are $49 and $89/mo., depending on seat locations.
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                The model targets casual or budget-conscious fans who don’t want to shell out thousands for season tickets.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
                <strong>
                 Cash is king
                </strong>
               </h4>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                A ~$25 Flyers Pass game sure is cheaper than the average standalone ticket, but the upfront revenue boosts cash flow — and cash flow can drive a franchise’s valuation.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                Plus, like movie theaters, sports teams make wild margins from concessions, merchandise, and parking.
               </p>
               <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 For example, drinks have
                 <a style="color: #192733; text-decoration: underline !important;">
                  90%+
                 </a>
                 margins, while popcorn brings home ~80%.
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                By subsidizing tickets, teams could entice fans to splurge on
                <a style="color: #192733; text-decoration: underline !important;">
                 $8.50 nachos
                </a>
                .
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <table cellpadding="0" style="width: 100%; padding: 10px 10px 0px;">
                <tbody style="text-align: right;">
                 <tr>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share facebook" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Facebook" height="22" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ffacebook_blue_no_circle.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="22"/>
                   </a>
                  </td>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share twitter" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Share on Twitter" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ftwitter%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="26"/>
                   </a>
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                   <a data-tags="share email" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="Send as email to a friend" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Femail%2520blue.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="26"/>
                   </a>
                  </td>
                  <td align="right" style="display: inline-block; text-align: right; padding: 0px 0px 2px;">
                   <a data-tags="share site" style="text-decoration: underline !important; white-space: nowrap; color: #192733; padding: 0 8px;">
                    <img alt="View on our website" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FLink%2520Small.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1obJUY:pPzwVAonMEP4DwtT-M0uajQxK3qV2al4D06_IuuWEYg" width="26"/>
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                </tbody>
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           </td>
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          <tr>
           <td style="padding-bottom: 5px;">
           </td>
          </tr>
          <tr>
           <td style="width: 100%;">
            <table style="width: 100%;">
             <tr>
              <td style="color: #bF2434; font-size: 16px; font-weight: bold; letter-spacing: 1.5px; text-transform: uppercase; padding: 10px 3px 0px;">
               AROUND THE WEB
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="font-size: 15px; line-height: 20px; margin: 0; padding: 15px 0px 0px 3px;">
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 🚗 On this day:
                </strong>
                In 1953, the first four-level interchange — described as “a mad motorist’s dream” —
                <a style="color: #192733; text-decoration: underline !important;">
                 opened
                </a>
                in Los Angeles.
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 👀 Cure boredom:
                </strong>
                A surprisingly complicated matching
                <a style="color: #192733; text-decoration: underline !important;">
                 game
                </a>
                .
               </p>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                🧠
                <strong>
                 How to:
                </strong>
                Notifications, 60+ browser tabs, and a planner full of scribbles? Try Tiago Forte’s
                <a style="color: #192733; text-decoration: underline !important;">
                 PARA method
                </a>
                instead.
               </p>
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                 🎶 That’s interesting:
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                Why you can’t remember important stuff, but can remember
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                to “One Week” by Barenaked Ladies.
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                🍌
                <strong>
                 Aww:
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                And now, a
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                 red panda
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                eating bananas.
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