Business
Hit by ‘streamflation’? Here’s why media companies are hiking prices on August 19, 2023 at 10:00 am Business News | The Hill

Media companies across the board are jacking up the price of their streaming services in what some have dubbed “streamflation” as they look to turn a profit on streaming after years of losses.
Disney announced last week that it plans to increase prices for the ad-free versions of Disney+ and Hulu by at least 20 percent in October, following a “pretty significant” jump in prices just last year.
Netflix also recently axed its cheapest ad-free option, making the $15.49 a month Standard plan the most economical choice for subscribers who want to avoid commercials. Paramount Plus similarly ditched its mid-range, ad-free option in June.
Warner Bros. Discovery’s Max, formerly known as HBO Max, increased its monthly rate by $1 in January, while NBCUniversal increased its plans on Peacock by $1 to $2 per month on Thursday.
Overall, the average monthly cost of a major streaming service has increased by nearly 25 percent in a year, according to a recent Wall Street Journal analysis.
The Financial Times also reported that the total cost of maintaining the top streaming services will increase to $87 a month this fall, making it more expensive than the average $83 a month cable TV package.
“We’re witnessing a contemporary iteration of cable systems, now in digital format – and a normalization of pricing for streaming channels,” Dan Goman, the CEO of Ateliere Creative Technologies, said in a statement to The Hill.
“Unfortunately, for the consumer, this means that the free ride is over,” he added. “The days of a la carte, content-rich, low-cost streaming channels are coming to an end.”
The price hikes come amid a push to turn a profit on streaming services, most of which have resulted in billions of dollars in losses for media companies as they have prioritized rapid growth in lieu of profits.
These companies have reported combined losses of $20 billion on their streaming services since early 2020, with only Netflix consistently turning a profit, according to the Journal.
“Streaming services operators are under considerable pressure to deliver results and try everything possible to turn a profit,” Goman said. “The fundamental truth is that content and operating a streaming service are very expensive.”
However, streamers appear confident that subscribers will either swallow the added cost or switch to newer ad-supported versions of their services, which are often significantly cheaper than their ad-free alternatives.
Disney CEO Bob Iger said on an earnings call last week that the company did not see a significant loss of subscribers in response to its price increase last year, which they found “heartening.”
According to the subscription analytics firm Antenna, 94 percent of Disney+ subscribers accepted the price increase rather than cancelling or switching to the cheaper ad-supported plan.
While 40 percent of new Disney+ subscribers have opted for plans with ads since they launched in December, Iger’s company and several others have said that their ad-supported plans have brought in more revenue per user than their ad-free alternatives in recent months.
“We’re very optimistic about the long-term advertising potential of this business, even amid a challenging ad market,” Iger said on last week’s call, adding, “We’re obviously trying with our pricing strategy to migrate more subs to the advertiser-supported tier.”
The Disney CEO noted that the company has kept the cost of its ad-sponsored plan flat, even as it plans to raise the price of its ad-free subscriptions.
Andrey Simonov, a professor with Columbia Business School, said there will likely be some cancellations from rising costs, both due to a typical drop in demand in response to the price increase and the likelihood that people will cancel previously forgotten subscriptions.
“A lot of these subscriptions are something that people paid for a while ago and forgot,” Simonov told The Hill. “There is a lot of good evidence and research that people sign up, and then for a while, they forget to cancel.”
“At some point, when they start to recalibrate how much they spend, they’ll tend to cancel these in bulk at the same time,” he added. “So, these price increases can easily be a moment when consumers will start to reconsider their choices. And so, in some ways, they will stop this consuming by inertia or subscribing … by inertia and make an active decision.”
However, Simonov said that media companies will likely not take a major hit over the price hikes in the short term.
“From what we know from research, people are often not very elastic in subscription price points,” he said, adding, “When they subscribe, they pay every month this amount of money and this extra $3 a month wouldn’t seem like a lot to a lot of people. So, compared to what these guys are getting in terms of margin, I don’t think volume will go down so much that they will be actually worse off in the short run.”
Amid a pair of strikes in Hollywood, the amount of content that media companies have in store will also be a “key piece of the puzzle” to the subscriber response to rising costs, Simonov added.
“A lot of subscriptions are coming from some super star shows,” he said, pointing to a popular show like “Succession” as an example.
“I’ll sign up and then there’ll be attention spillover to other content they have. And so, I’ll consume another show and then by inertia I’ll keep paying for a while even though I don’t consume so much,” he added.
However, without those popular shows, he noted, “those events will go away.”
Business, Technology, inflation, media, Streaming Media companies across the board are jacking up the price of their streaming services in what some have dubbed “streamflation” as they look to turn a profit on streaming after years of losses. Disney announced last week that it plans to increase prices for the ad-free versions of Disney+ and Hulu by at least 20…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

How The Discrimination Claims Emerged
The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Why Black Employees Were Left Out
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
What The Settlement Provides
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
H2: Google’s Response And The Broader Stakes
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.
Business
Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work
For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Tech’s Iron Grip: ATS and AI Gatekeepers
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
The Experience Trap: Entry-Level Jobs Require Years
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
Burnout Before Day One
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
Cultural Collapse: From Relationships to Algorithms
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
The Ghost Job Phenomenon
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Not Lazy—Just Locked Out
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection
Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
Key Facts:
- 25% of Harvard MBAs unemployed, highest on record
- Only 30% of 2025 grads nationwide have jobs in their field
- Nearly half of grads feel unprepared for real work
- Up to 50% of entry-level listings are “ghost jobs”
- AI and ATS have replaced human judgment at most companies
If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.
This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.
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