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Predicting the post-pandemic desires for the Latin music industry

Coachella, identified as a mega-festival universe, decided on a diverse 2023 roster with artists like Becky G, Kali Uchis, and Rosalía. Bad Bunny, last year’s most-streamed global artist, made history as the festival’s first Spanish-language headliner. It also marked the first year since Coachella’s founding in 1999 that none of the headliners were white. José Valentino Ruiz-Resto, an assistant professor in the School of Music at the University of Florida, co-authored a paper for the Journal of Arts Entrepreneurship Education, which focused on how the music industry would evolutionarily change after the pandemic and ultimately predicted the 2023 Coachella trend. “The rise of Latin artists/headliners at festivals like Coachella is really a reflection of what has been happening in the music industry for the past two decades,” said José Valentino Ruiz-Resto who is also the program coordinator of Music Business & Entrepreneurship at UF. Ruiz-Resto’s research showed that the post-Covid era music industry would encourage more people to stay home and listen to music digitally, but the traditional Latin music experience is an outlier to this. The world-renowned multi-instrumentalist explains, "In order for concerts and festivals to maintain success, they needed to branch out to other markets to bring in those people who were still very much passionate about experiencing music in a live context.” Although this shift was initiated by the pandemic, it has been patiently anticipated by Ruiz-Resto for over 23 years, starting with the founding of the Latin Grammys in 2000. “Because the amount of production within the Latin recording academy is almost equivocal to that of all of the other genres in the American market combined. Latin music is the No. 1 meta genre in the music industry in terms of sales and fan support,” Ruiz-Resto, now a four-time Latin Grammy Award winner, said. Ruiz-Resto's data predicted the need for a stronger focus on the Latin music enthusiasts who still actively go to concerts like Coachella, “In order for Coachella to ultimately succeed in the post-Covid era and attract people, they needed to bring in artists like Bad Bunny.” This historic Coachella moment followed an announcement from the Recording Industry Association of America, stating that Latin music revenues in the United States were at an all-time high, exceeding over $1 billion in 2022. All of this was no surprise to Ruiz-Resto, who observes, researches and directly participates in the Latin music industry. “Now bigger shows are catching up to what has been the largest-selling music market for years. It’s a testament to how positively Latin American cultures are inspiring listeners across the U.S.” By Halle Burton

Why shoppers are paying more for a fake Amazon discount

By Halle Burton According to new research by Jinhong Xie, a Warrington College of Business professor at the University of Florida, more than a quarter of Amazon vacuum cleaners sold have increased their prices while pretending to offer discounts. Xie’s pricing phenomenon research is joined with Sungsik Park at the University of South Carolina and Man Xie at Arizona State University, publishing their analysis in the Marketing Science journal. A product’s price increase is paired with a previously unadvertised listing price, which encourages Amazon shoppers to receive a deceitful false discount. This faux discount drove higher sales despite the price increase, and shoppers end up paying 23% more on average. “When you see this list-price comparison, you naturally assume you are getting a discount. It’s not just that you didn’t get a discount. You actually paid a higher price than before the seller displayed the discount claim,” said Xie. Regulations currently prohibit deceptive pricing by requiring truthful price comparisons from the sellers, but a list price can still be misleading under these circumstances. Shoppers are misled by the timing of price comparisons where retailers advertise a price discount that actually only gives the impression of a deal. “Current regulations are all about the value of the list price, and they don’t say anything about misleading consumers by manipulating the timing of the list price’s introduction,” Xie said. Xie and her colleagues followed more than 1,700 vacuums on Amazon from 2016 to 2017 gathering observational data on their prices. “We found that by increasing the price by 23% on average, the seller achieves a 15% advantage in their sales rank among all products in the home and kitchen category,” Xie said. Xie encourages consumers to be aware, not make assumptions about discount claims and utilize multiple websites to compare prices. “We think that consumer organizations and regulators should evaluate this new marketing practice to determine whether and how to manage it.”

Aston University to help power Indonesia with affordable energy made from rice straw

Project to convert unwanted rice straw into cheap energy on a commercial scale Most rice straw in Indonesia is burned causing pollution and health problems Project will almost double affordable energy captured from waste. Scientists at the Energy and Bioproducts Institute at Aston University are to start a project to convert Indonesia’s unwanted rice straw into low-cost energy on a commercial scale. Each year the country produces 100 million tonnes of the rice waste, of which 60% is burned in open fields, causing air pollution and has even been linked to lung cancer. The amount burned is equivalent to approximately 85 Terawatts of electricity, which is enough to power Indonesia’s households 10 times over. A consortium which includes Aston University aims to develop processes to capture more affordable energy from rice straw than ever before - and demonstrate that it can be done on a commercial scale. Part of the process involves a biomass conversion technology called pyrolysis. This involves heating organic waste materials to high temperatures of around 500 °C to break them down, producing vapour and solid products. Some of the vapour may be condensed into a liquid product called pyrolysis oil or pyrolysis bio-oil. Both the pyrolysis vapour and liquid bio-oil can be converted to electricity. Current methods convert just 35% of the thermal energy of rice straw to affordable electricity. However, a newly patented combustion engine designed by consortium member, UK-based Carnot Limited, could see that doubled to 70%. Energy extracted this way could help low and middle-income countries create their own locally generated energy, contribute to net zero by 2050, create new jobs and improve the health of locals. The project will help develop a business model which could support companies and local authorities to produce local, cheap energy in Indonesia, and other countries with biomass capacity. Three academic experts from different disciplines at Aston University are involved in this initial project, which focuses on Indonesia’s Lombok Island. Dr Jude Onwudili, Dr Muhammad Imran and Dr Mirjam Roeder are based at Aston University’s Energy and Bioproducts Research Institute (EBRI). Dr Jude Onwudili who is leading the team said: “This project has huge potential - commercialisation of this combined technology will have significant economic benefits for the people of Indonesia through direct and indirect job creation, including the feedstock supply chain and electricity distribution and sales. “About one million Indonesian homes lack access to energy and Indonesia's 6,000 inhabited islands make sustainable infrastructure development challenging in areas such as Lombok Island. “The new techniques being explored could reduce environmental pollution, contribute to net zero and most importantly, provide access to affordable energy from sustainable local agricultural waste. “Aston University is a global leader in bioenergy and energy systems, and I am delighted we received funding to explore this area.” Over a power plant’s life, the project team have calculated that biomass produces cheaper electricity (approx. $4.3$/kWh) compared to solar (approx. $6.6/kWh), geothermal (approx. $6.9/kWh), coal (approx.$7.1/kWh), wind (approx. $8/kWh) and subsidised gas (approx.$8.4ckWh). The project will start in April 2023 with a total of £1.5 million funding for the four partners from Innovate UK. Alongside Carnot Limited, the Aston University scientists will be working with two other UK-based businesses to deliver the project, PyroGenesys and Straw Innovations. PyroGenesys specialises in PyroChemy technology which will convert 70% of the rice straw into vapour or bio-oil for electricity production, with the remainder converted into nutrient-rich biochar, which can be sold back for use as fertiliser on the rice farms. Straw Innovations will contribute their rice straw harvesting and collection expertise, with their many years of similar operations in Asia.

MEDIA RELEASE: Five ways to cut costs on travel; plus, the one thing you should never skip

Manitobans love to travel, but with costs rising due to inflation, it has become more important than ever to find ways to save money, while still crossing off destinations on your bucket list. “This year, more and more people across the province are eager to embark on their next adventure, whether that means disconnecting in a tropical paradise or exploring the history of an ancient city,” says Susan Postma, regional manager, CAA Manitoba. “While we are seeing a renewed interest in travel, we know the costs associated with it will be factor for many people.” With the help of our travel professionals, CAA Manitoba (CAA MB) has compiled a few tips to help save you money. Plan ahead. Start planning your trip well in advance of your departure date. Determine what your budget will allow and book flights, hotels, and rental cars early to get the best deals and rates possible. With the higher demand for travel, last-minute planning will result in higher airfares, hotel rates and even disappointment from no availability. Redeem your loyalty points or member benefits. Use frequent flyer miles or credit card points to pay for flights or hotels. Take advantage of CAA member benefits and discounts at hotels and attractions, or tap into hotel loyalty programs. Now is your time to finally redeem all those accumulated rewards points from a member program or credit card. Also, don’t forget to check the expiration date on unused vouchers or credits. Look for hotels that include breakfast or allow self-catering. Food costs continue to rise and will quickly eat into your budget when you’re paying for three meals (+ snacks) each day. A free breakfast, offered by many hotels, or a hotel room with a kitchenette or fridge will help reduce food costs and give you more money to put towards excursions and other experiences while you’re away. Travel during off-peak times. There are both days of the week and times of the year that are cheaper to travel. Consider travelling during these off-peak times or leaving for your trip during the week versus on a weekend. Partner with a travel agent to get the best deal. A travel agent will know when there are active sales. Travel promotions happen several times throughout the year, and a trusted travel agent will know the best time to book your next getaway. While everyone likes a great deal, the one thing you should never skip is travel insurance says Postma. “You may be in good health before your departure, but unexpected medical emergencies can still happen while you are away from home. If you get sick or injured, travel insurance is important to ensure your medical treatment is covered, along with any related out-of-pocket expenses.” If you're uncertain what coverage you need, CAA encourages you to talk to your travel insurance expert who can help you find the most suitable coverage for your trip and your needs.

MEDIA RELEASE: Five ways to cut costs on travel; plus, the one thing you should never skip

Ontarians love to travel, but with costs rising due to inflation, it has become more important than ever to find ways to save money, while still crossing off destinations on your bucket list. “This year, more and more people across the province are eager to embark on their next adventure, whether that means disconnecting in a tropical paradise or exploring the history of an ancient city,” says Susan Postma, regional manager, CAA Club Group. “While we are seeing a renewed interest in travel, we know the costs associated with it will be factor for many people.” With the help of our travel professionals, CAA South Central Ontario (CAA SCO) has compiled a few tips to help save you money. Plan ahead. Start planning your trip well in advance of your departure date. Determine what your budget will allow and book flights, hotels, and rental cars early to get the best deals and rates possible. With the higher demand for travel, last-minute planning will result in higher airfares, hotel rates and even disappointment from no availability. Redeem your loyalty points or member benefits. Use frequent flyer miles or credit card points to pay for flights or hotels. Take advantage of CAA member benefits and discounts at hotels and attractions, or tap into hotel loyalty programs. Now is your time to finally redeem all those accumulated rewards points from a member program or credit card. Also, don’t forget to check the expiration date on unused vouchers or credits. Look for hotels that include breakfast or allow self-catering. Food costs continue to rise and will quickly eat into your budget when you’re paying for three meals (+ snacks) each day. A free breakfast, offered by many hotels, or a hotel room with a kitchenette or fridge will help reduce food costs and give you more money to put towards excursions and other experiences while you’re away. Travel during off-peak times. There are both days of the week and times of the year that are cheaper to travel. Consider travelling during these off-peak times or leaving for your trip during the week versus on a weekend. Partner with a travel agent to get the best deal. A travel agent will know when there are active sales. Travel promotions happen several times throughout the year, and a trusted travel agent will know the best time to book your next getaway. While everyone likes a great deal, the one thing you should never skip is travel insurance says Postma. “You may be in good health before your departure, but unexpected medical emergencies can still happen while you are away from home. If you get sick or injured, travel insurance is important to ensure your medical treatment is covered, along with any related out-of-pocket expenses.” If you're uncertain what coverage you need, CAA encourages you to talk to your travel insurance expert who can help you find the most suitable coverage for your trip and your needs.

Building Your Own Expert Network - How Expert Personas Help you Organize & Develop Your Talent Pool

As business continues to evolve at an unprecedented rate, companies need new ideas and strategies that help them rapidly transform to keep pace and grow. This explains the massive popularity that expert networks are having as companies look to connect with subject-matter experts with specialized sector and functional expertise who can accelerate their transformation efforts. Expert networks now represent a multi-billion dollar industry, helping companies in a variety of ways. From helping build primary research to assessing new market or acquisition opportunities to conducting due diligence for new technology purchases or competitive benchmarking, expert networks provide a valuable service. While many companies are increasing their use of traditional expert networks, there is also a trend toward organizing and developing internal talent by implementing a "knowledge management platform" or "employee skills marketplace." These can also be extended to engage broader audiences when experts are listed publicly as part of an Expert Center, Media Room, or Speakers Bureau. Depending on the scope and market visibility organizations wish to commit to in sharing their expertise, such programs can yield the following benefits: Improved access to shared knowledge throughout the organization Faster innovation through an improved discovery of key experts available for project opportunities Higher amount of cross-functional engagement between departments A more collaborative relationship with employees through better knowledge engagement and skills development Less reliance on outside consultants and traditional expert networks Improved brand reputation by engaging experts in thought leadership activities Increased media coverage and speaking engagements Improved business development opportunities by engaging experts earlier in the sales process Improved connection with the local community Additional ways to foster Diversity, Equity, and Inclusion throughout the organization What is an expert network? An expert network is a service that matches clients with experts who are willing to share their knowledge and advice via short conversations. These are usually in the form one hour long expert interviews conducted with the client. Expert networks such as GLG, AlphaSights, Guidepoint Global, Third Bridge, and Coleman Research help match the client's interest to specific experts in their private database of experts on call. They also look after logistics such as scheduling the expert interviews and have detailed processes for qualifying experts to ensure compliance with the exchange of information. And they handle time tracking and billing of interviews which are typically charged based on an hourly rate. They also handle the payment of fees to the experts following the interview. Building your own knowledge platform There is a growing trend towards organizing their expertise given the profound challenges organizations are facing. And these challenges didn’t just start when the pandemic hit. In a recent Deloitte survey, 63% of executives reported that work in their organizations is currently being performed in teams or projects outside of people’s core job descriptions, 81% say work is increasingly performed across functional boundaries, and 36% say work is increasingly being performed by workers outside of the organization who don’t have defined jobs in the organization at all. Yet fewer than half (42%) of respondents say their organization’s job descriptions do an “excellent job” of specifying the work that needs to be done in their positions. As work becomes far more fluid, packaging skills into rigid job descriptions leads to a lot of untapped human capital in organizations. It’s an issue that hasn’t gone unnoticed by leadership. Research shows that only 18% of executives strongly agree that their workforce is using their skills and capabilities to their fullest potential. 85% of HR and business executives say organizations should create more agile ways of organizing work to improve speed and swiftly adapt to market changes. These issues underscore the need to better organize and develop internal talent by implementing a "knowledge management platform" or "employee skills marketplace." This is for a variety of reasons. With vast amounts of acquired knowledge pooled across various departments and teams, it can be difficult for other employees to access this knowledge when it is outside their area of expertise - as the old saying goes, “people don't know what they don't know.” Organizing your expertise for external audiences also can provide huge benefits for building reputation, relationships, and revenues. How to position your experts as industry thought leaders More and more organizations are looking at employees who can advance their innovation efforts internally, often as part of a cross-functional team or special project. And there are also important revenue-generating activities, such as sharing research and perspectives through content generation (blogging, webinars, podcasting) or speaking (at internal events, industry conferences, or as an expert source for media interviews). Determining how to best identify and put experts to work isn't a simple process. That's because to do this right requires a more disciplined approach to assessing and developing the talent across your organization. One that goes beyond linear career paths and traditional job titles we assign to employees. It also requires a more progressive approach to diversity and experience. One that is not simply correlated to seniority or authority in an organization. Given the current state of the talent market, most organizations are also recognizing the importance of managing their talent, listening more to employees, and helping them achieve their goals - both professional and personal. And that extends to how best to tap into their skills that can benefit the organization both internally and externally. That's why we developed a talent framework that helps identify opportunities where subject-matter experts can best contribute as well as potential options for professional development. To make this process more intuitive, we have developed a model that outlines 4 "expert personas" that detail the various characteristics related to experts in an organization along with a potential development path. Level 1: Experts in the "Practitioner" persona group can offer their organizations a wide range of skills. Our research and in-field experience with companies focused on innovation reveals that organizations can realize significant gains by tapping into this broad pool of talent. To better engage practitioners, we have helped universities better engage their Ph.D. candidates who are approaching graduation to conduct research and writing content that promotes their work and institutional brand to prospective students or donors. This also extends to corporate innovation. A recent example of this was our collaboration with a Fortune 500 company in the CPG sector, where we completed the build of an internal expert network. One of the key challenges this organization faced was the inability to quickly engage with “practitioners” - subject-matter experts across the organization who could help with specific R&D and innovation projects. While this organization had legacy HR and intranet communication platforms, they had experienced a number of challenges engaging their researchers. To make things worse the pandemic forced many to work from home, creating the need for more opportunities to engage online. They needed the ability to conduct simple searches to find other researchers relevant to their work who could help them with projects. Our research/writing team started the process by taking an inventory of experts and then developed profiles for each researcher in collaboration with the company’s research/innovation team using the ExperFile SaaS software platform. With the unique data structure used to categorize this broader set of biographical information, we then enabled advanced search capabilities to build a private, SOC2 (security) compliant expert network which was easily integrated into their existing talent platforms. With thousands of researchers across the globe, they now have the ability to quickly search for experts on areas such as skills, topics, work experience, research publications, company/industry experience and IP/patents. It’s important to note that activating all this hidden expertise not only lays the groundwork for faster innovation. It also can reduce the fees associated with outside expert networks and consultants, maintains tighter internal control of proprietary research information and forges stronger collaborations between experts across the globe. Level 2: The "Ambassador" category represents experts with a more developed set of skills and a reputation both inside their organization and within their community of practice. Working with them to generate more exposure through internal speaking engagements and within their local community is a great way to create market visibility. For example, we have worked with a number of professional services firms to make experts at this level more visible in their local markets. Building reputation and generating new client opportunities with thought leadership activities such as blogging, webinars and speaking at local business events or on podcasts is a proven way to tap into this talent. These activities have allowed organizations we have worked with to bring in new clients and increase revenues across various practice areas. Ambassadors are also perfect for involvement in on-campus recruitment events where competition for talent is high. Particularly in fields such as engineering, law and accounting. One way to make these experts more approachable to a wider audience is by creating a speaker’s bureau. Remember that not all your experts will be comfortable speaking to the media, however, they can still meaningfully contribute as a keynote speaker or panelist at an event. Organizing your experts on key topics enables local event and conference organizers to find you more easily in Google search results and on your website. In addition to getting your experts on the podium, it’s a proven way to get your expert's guest appearances on webinars and podcasts. Given the growing importance of these channels, we recently formed partnerships with the leading marketplaces for webinars and podcasts - BrightTalk and Podchaser to help our clients promote their experts for speaking opportunities. Level 3: Experts in the "Authority" category have developed a strong reputation as an expert in their field, often speaking at academic or industry conferences. At this level, they have also developed a degree of proficiency in speaking as an expert source with the local or national media. They can be found speaking as a guest on podcasts to share their knowledge and are often active on social media. In higher education, these people are critical to helping media relations and other departments generate media coverage that is essential to building a reputation. We have worked with many organizations that effectively engage their Authorities by staying connected to their research and publications and collaboratively creating regular content with them to reach a broader audience. You will find regular opportunities to boost coverage with local and national media by utilizing this group of experts. We work with media teams to conduct Google Search (SEO) analysis to identify what topics their target audiences are searching for. This allows them to more strategically focus on key experts to promote. They are also focused on delivering more engaging content formats such as video interviews and Q&A to boost Google PageRank and audience engagement across their website. And they are working collaboratively with their faculty to post media advisories and a regular stream of content that contributes to higher rates of discovery by journalists looking for expert sources. Level 4: Experts in the "Evangelist" category are those go-to experts that you often see in the media as key spokespeople representing a certain topic. They are seen as notable authorities with deep domain expertise within their community of practice which has often been earned through heavy research and publications. Chances are they have also authored books that provide a path to speaking engagements at conferences and media interviews. These are also the people who have developed a regular audience through blogging or by hosting a podcast and have a well-established social media following. Ultimately, what separates this group from the others is the significantly broader market profile they have earned as a thought leader. These individuals have an intuitive sense of how to communicate complex topics in a relatable way that both educates and engages. That makes them particularly valuable to the organizations whose brands they represent. Given the degree of qualifications required to operate at this level, it’s to be expected that you will find far fewer “evangelist” category experts in any organization. Many are naturally found within the ranks of the executive team. These are the people who are comfortable in interviews, and most have extensive public speaking experience appearing on a large stage and on radio and television. At this level, organizations need to be far more strategic about how they utilize this talent pool to build a reputation and reach a wider audience. We have seen first-hand how strategic thought leadership programs can build a platform for these experts that can pay huge dividends. One healthcare system we have worked with recently forged a relationship with ABC News to feature one of their medical experts (a medical doctor) on a weekly segment related to important Covid-related health topics. Given the frequent appearances this expert has made on television, this was an earned media home run and a great way for this healthcare system to build visibility and trust within the community by providing accurate medical information. Their commitment to making their medical experts more discoverable and approachable online has also helped them promote their strengths in areas such as cardiology, neonatal, cancer, and genetic research. And the results are impressive. Over the past year, they have doubled their national media coverage and are currently outperforming much larger healthcare systems in their area. How to organize your experts Personas by their very nature are designed to provide a more standardized approach for planning using "clusters" of talent that are grouped against common characteristics. However, we're very aware that they cannot possibly capture all the nuances you will find within your organization when it comes to talent. But our experience helping leading organizations in knowledge-based industries to better manage thousands of experts shows that having a more methodical approach pays off. It optimizes the internal/external contributions and the development paths of experts to create win-win opportunities. but it also helps forge a stronger connection with employees who feel their organization is taking the development of their professional skills more seriously and more actively creating avenues for them to engage and contribute. With an understanding of these personas, we can then focus on another important consideration - where can we best engage our experts to more effectively tap into their skills inside and outside the organization? To help answer that question, we developed a "Talent Assessment Grid" (TAG) that helps you identify key areas where each of these personas can contribute. As a planning tool, it's meant to provide a more organized approach that helps you assess your bench strength and create a more tangible system for measuring progress over time in areas such as skills development or contributions to cross-functional innovation projects or outside industry consulting. Playing to the individual strengths these experts have while moving them out of their comfort zone to develop additional skills also yields additional marketing benefits. Contributing content; speaking at conferences or community events or to the media are proven ways to build market visibility, establish trust and generate revenues - and experts play a vital role in this process. A thriving network where knowledge is easily discoverable inside an organization and strategically shared outside in the community and beyond can make a huge difference in boosting innovation and culture. When properly promoted, these experts will also help you grow your reputation, relationships, and revenues. Although this process requires commitment, it positions you to be more agile and outperform your competition by ensuring you are optimizing every employee’s true potential and making them more discoverable both inside and outside the organization. How are you putting your expert talent to work? Do you have a process you use today for identifying and engaging your experts? We would like to hear from you. For more insights on how you can organize your experts online to support your internal knowledge management or promote them to a wider audience, visit us at https://expertfile.com/resources to learn more.

The economy may be slowing - but remains strong according to Georgia Southern expert

Georgia Southern’s Economic Monitor Q1 reports regional economy slows, retains strength Georgia Southern University’s latest Economic Monitor, which reflects Q1 2022, reports that growth in the Savannah metro economy moderated during the opening quarter of the year. “The broadest indicators of economic activity — overall regional employment and electricity sales to residential, industrial and commercial users — continue to signal strength,” stated Michael Toma, Ph.D., Georgia Southern’s Fuller E. Callaway Professor of Economics. “After good performance in the fourth quarter, there was a mild pull-back during the first quarter in tourism and port activity. In general, the regional economy maintained its forward momentum, but slowed its rate of acceleration. Toma also noted that the Savannah metro economy will grow approximately 2% through the remainder of 2022, noticeably slower as compared to the rebound year of 2021. The economic future is somewhat murkier now as inflation surges, the Federal Reserve tightens, and global energy and commodities markets remain rocked by Russia’s invasion of Ukraine, he said. Overall Strength, but Some Sectoral Weakness The business index for the Savannah metro economy increased 1.3% in the opening quarter of 2022, roughly half the pace of the previous quarter. The index of current economic activity increased to 207.3 from 204.7. The index was buoyed by solid employment growth of 1.6% during the quarter and electricity sales growth of 2.1%. Indicators of port activity, tourism and retail sales slowed during the quarter. Metro Savannah employers added 3,100 jobs pushing total regional employment to 197,500 — more than 5,000 jobs and 3% higher than the pre-pandemic peak of 192,100 in the fourth quarter of 2019. The Georgia Department of Labor recently completed its annual benchmarking process for employment in which the monthly payroll survey data is benchmarked against headcount data. Total employment data did not change significantly but business and professional industry services were revised downward while the information sector, including the film and entertainment industry, was revised upward substantially. A full media release detailing key indicators such as Employment Trends, Housing Market, and that Slowing Regional Growth Expected is attached. About the Indicators The Economic Monitor provides a continuously updated quarterly snapshot of the Savannah Metropolitan Statistical Area economy, including Bryan, Chatham and Effingham counties in Georgia. The coincident index measures the current economic heartbeat of the region. The leading index is designed to provide a short-term forecast of the region’s economic activity in the upcoming six to nine months. Looking to know more - then let us help. The Economic Monitor is available by email and at the Center’s website. If you would like to receive the Monitor by email send a ‘subscribe’ message to CBAER@georgiasouthern.edu. For more information or to arrange an interview - simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.

Expert Insight: Properties on Confederate-named U.S. Streets Sell for Less

Houses on streets that are named after Confederate figures or themes sell for 3% less than similar properties in neighboring areas, says a new study led by John W. McIntyre Professor of Finance, Clifton Green. For an average property worth $240,000, the mean discount works out to around $7,000. Not only that, these homes take considerably longer to sell than comparable houses on streets that are named for secessionists. Green and his co-authors reviewed data from home sales across 35 states in the U.S., analyzing nearly 6,000 transactions between 2001 and 2020. Their data set looked at properties located on streets named after Jefferson Davis, Robert E. Lee, and Thomas “Stonewall” Jackson, as well as the more generic options of “Confederate” and “Dixie.” The majority of these streets are located in former Confederate states, though some are also found in California and Massachusetts, as well as a number of Midwestern and Western states that had not been created before the U.S. Civil War. To be certain of their findings, Green et al looked at homes with similar features and characteristics such as lot size, age, building type, and the number of bedrooms and bathrooms. The findings are unequivocal, says Green, although the effect is not equally distributed across states. What is the Confederate Discount? “The discount in prices for homes of Confederate-named streets is geographically variable. In those states that make up the former Confederacy, the effect is more muted at around two percent,” he notes. “And in some states where you find the most Lost Cause memorials, there may even be a fraction of a percentage point boost in sales for properties on streets with secessionist names.” Beyond the South, the “Confederate discount” effect is notably more visible. The debate around changing street names in the U.S. has gathered momentum in recent years, with some 1,400 streets still named after Confederate figures. Much of the discussion, however, has focused on what Green calls the “principled reasons” for name changes–arguments that may or may not stack up favorably against the cost of changing signs. This new study lends more economic clout to the cause of revising street names in the U.S.–albeit that the effect is more pronounced in Democratic-voting areas or areas with a higher share of Black or highly-educated residents. “In these places, sales on streets with Confederate names dipped even further, going for eight percent less on average, and this is particularly noticeable after events that have shone a spotlight on race inequity or white supremacy in the U.S.” Interested in knowing more? Get in touch today. T. Clifton Green is a Professor of Finance at the Goizueta Business School. He is an expert in the areas of market microstructure, with an emphasis on behavioral finance and his research has been featured in the Wall Street Journal, Barrons, Financial Times, and on CNBC.

Covering the music beat? Then tune in and get in touch with our resident hip-hop expert

Augusta University Professor Adam Diehl is an expert in hip-hop culture, lyrical analysis, rap as a form of literature and specifically, the works of Kendrick Lamar. Diehl gives an update on what's new in hip-hop and of course, answers questions about Lamar and his highly anticipated new album.  How has the hip-hop music scene changed over the last 5 years? The hip-hop music scene has changed faster than any other genre the last five years. Whereas country still uses radio play and music videos to gauge success (along with album sales and streaming numbers) and rock uses touring to supplement and offset recording costs, pop and hip-hop have a great advantage in that they can raise people to stardom almost overnight. In fact, several of the biggest pop stars like Billie Eilish and Post Malone made their rapid ascents through the same channel many of the top hip-hop stars did: Soundcloud. Because this platform allowed new artists the chance to put their music alongside heavyweights, it democratized the listening process. What sent Soundcloud soaring? To put it succinctly, Soundcloud was the great reset of the hip-hop world. But when COVID hit and musicians couldn't tour for upwards of two years, the hip-hop community soared past country and rock (which they were already outselling pre-pandemic) because they didn't base their profit model on touring. Even pop stars were at a disadvantage, because the TV appearances and interviews they used to promote their new releases were few and far between for at least a year, and virtual events just couldn't replicate award show appearances and performances. Hip-hop, meanwhile, continued to be "Black America's CNN" and reported on the protests and outrage following the high-profile deaths of George Floyd and Breonna Taylor. The resurgence of Black Lives Matter brought mainstream media and cultural attention to the Black community, and as such the importance of hip-hop grew, just as it did in the wake of the Rodney King verdict and the deaths of Trayvon Martin, Michael Brown and Eric Garner. How has the economy of music changed? Most people under 20 don't own any CDs. What money these kids don't spend on music can now go to a modern cultural institution: the music festival. Increasingly, cities are hosting these previously camping-required concerts, which has been a particular advantage for hip-hop artists, who don't need roadies or sometimes even other people on stage. All they need is a setlist with six to 10 catchy songs, an entrancing light show, a DJ/engineer and a strong stage presence, and they can captivate the audience as easily as some of the all-time greats of any genre. Going forward, the music industry is going to be about return on investment. Instead of developing artists over a five-year period and then letting them blossom for two to three decades, they are looking for someone to explode in popularity instantly, stay in the spotlight and public consciousness consistently for three to five years, and then maybe stick around. TikTok is, in many ways, analogous to this career arc: the videos are short, the makers are -- to some extent -- largely forgettable, and the popularity relies heavily on a "hook." It's no surprise that hip-hop has been the most adopted genre by TikTokers: the genre has been more effective than any other in terms of codifying "catch phrases." And that's what TikTok is going for: something to hook viewers into watching more. Did the Super Bowl appearance by hip-hop artists take the genre to a whole new level as far as mainstream music? If the Super Bowl halftime show in 2022 did anything, it showed that rap and hip-hop are now as household friendly as rock, country and pop. Perhaps because so many best-selling rock acts had already played the halftime show, and perhaps because the pop acts of recent years had failed to maintain the public's attention, the 2022 halftime show featured one of hip-hop's founding fathers: Dr. Dre. His menagerie of artists' careers stretched over 30 years, and the time constraints of the show made hip-hop the ideal soundtrack. In a 13-minute set, six performers all got their moment in the California sun, and the mega-mix model so often used in clubs was perfect to segue from artist to artist. What 30 to 35 years ago was "Parental Advisory" is now the music that parents listen to. The target demo of the Super Bowl would've thought someone like Simon & Garfunkel or The Eagles much more risky picks than Dr. Dre & Co., even if their music was more family-friendly. Many casual music fans thought Kendrick Lamar was the head-scratcher because of his shorter tenure in the spotlight, but the younger generations watching were much more interested in what Kendrick did than "old heads" like Snoop Dogg and Mary J. Blige. Was this new album by Kendrick Lamar overdue? The new Kendrick Lamar album comes right on time: it is the definitive COVID album. If he had released in spring/summer 2020 when he originally intended (i.e. if the early March 2020 pgLang rollout was foreshadowing his record release), this would be a substantially different work of art. Instead, the project voices what so many people have endured in the pandemic: domestic turmoil. The tracks cover a vast array of topics -- from vaccinations to transgenderism to cancel culture -- but the unifying theme is therapy. As much emphasis as physical health got over the past two years, the pandemic was arguably just as bad if not worse for people's mental health. Accordingly, this album goes into dark valleys in Kendrick's and his family's trials and traumas: child abuse, sex addiction, separation/divorce, deaths, etc. In the two years that society has been persevering through the pandemic, countless marriages and millions of lives have been shaken to their cores. Listening to this double-album adds another tremor to our already-jostled souls. Tracks like "We Cry Together" capture the rapid-fire romantic arguments that can quickly escalate from disappointment to suicidal ideation, and "United in Grief" recreates the sense of a panic attack with its intensifying lyric delivery and drumbeats. Anxiety and depression are the recurring moods of this album, and the track list ranges in sonic textures -- from Lamar's tried-and-true vintage gangsta rap beats to the utterly unpredictable piano flourishes that come straight from a spoken word poetry reading -- to reflect the all-too-familiar combination of monotony and chaos that the world has undergone for the last two years. It is unforgettable -- just like COVID-19 -- but also, perhaps, something we'd rather not relive. Why do some consider Lamar the most influential rapper of our generation? Kendrick Lamar only has two real rivals for most influential rapper of the generation: Kanye West and Drake. Although Kanye is 10 years older, his career overlaps to a large degree with Kendrick's. Kanye's influence certainly comes more in the production of songs than in lyrical delivery, but his subject matter has been very contagious. Kendrick's mentioning of a Birkin bag in "N95" would never have happened if not for Kanye's lyrical (and career) forays into high fashion. Drake, on the other hand, is probably the rapper most influenced by Kanye...who went on to influence the most artists. Without Drake, many rappers wouldn't have had the blueprint for being singers as well as MCs. What Kendrick brings to the conversation is, in a way, more elusive; however, he without a doubt has raised the bar for lyrical delivery and flow, such that rappers have a better chance at success if they are comically basic than if they are merely competent. It's as if Kendrick took Eminem's velocity and used it to speak on bigger picture issues. Kendrick has also proven to be a fashion-forward rapper, collaborating with Reebok, Nike and Converse over the last few years. His influence might be most prominent in the "realness" of his lyrics: without Kendrick's "everyday life music," the emergence and popularization of "Soundcloud rap" might have been significantly limited. Instead, he uses Kodak Black -- one of the most successful of all Soundcloud-era rappers -- on Mr. Morale & the Big Steppers. If Kendrick isn't the most influential rapper of his generation, it's because his ambition and execution have placed him with the all-time greats, and oftentimes that puts artists at odds with their contemporaries. In 100 years, people won't remember some big acts because popularity wears off, but they will still celebrate Kendrick because his work is excellent. Looking to know more? Hit up Adam Diehl today -- simply click on his icon now to arrange an interview.

Ask an #Expert - Is there any way to temper America's boiling housing market?

U.S. HOUSING PRICES STILL RISING ALONG WITH MORTGAGE RATES When mortgage rates rise, home prices tend to level off or decline because fewer people can afford to buy. Experts are counting on that adage to help cool the nation’s torrid housing market. But the latest analysis of the most overvalued markets shows prices still are climbing despite the increasing mortgage rates, which last week reached their highest level in more than three years. In all 100 markets surveyed by researchers at Florida Atlantic University and Florida International University, buyers continue to pay higher premiums – that’s the difference between where home prices should be based on historical trends and where they are now. Two months ago, Los Angeles, Provo, Utah and other metro areas in the Western part of the country developed “pricing crowns,” an indication that those housing markets could be slowing. But home values have since reaccelerated, prompting concern that a looming downturn in some areas could be worse than expected. “Eventually mortgage rates will slow down home prices, but it hasn’t happened so far,” said Ken H. Johnson, Ph.D., an economist in FAU’s College of Business. “We should not see rapid upticks in prices as mortgage rates rise. It’s that kind of exuberance that led to past housing downturns.” Boise, Idaho is the nation’s most overvalued housing market, as it has been since the researchers first released their rankings last summer. At the end of February, Boise buyers were paying an average price of $513,849, even though historical trends indicate the average price should be $291,389. That 76.34 percent premium is well ahead of No. 2 Austin, Texas (64.80 percent). The full rankings with interactive graphics can be found here. Charlotte, North Carolina entered the top 10 overvalued markets for the first time with a premium of 50.14 percent. February’s average home price in Charlotte was $353,106, although a history of past sales suggests that price should be $235,188. “Charlotte’s significant and rapidly growing premium is similar to other Southern metros that are all experiencing fast price appreciation,” said Eli Beracha, Ph.D., of FIU’s Hollo School of Real Estate. “The drivers of this appear to be large population increases in these areas combined with a significant shortage in housing inventory.” Each month, Johnson and Beracha rank the most overvalued housing markets of America’s 100 largest metros, similar to the popular S&P CoreLogic Case-Shiller home price index. Johnson and Beracha incorporate average or expected price changes and provide an estimate of how much a market’s housing stock is over- or undervalued, relative to its historic pricing. The data covers single-family homes, townhomes, condominiums and co-ops. Six Florida metros, led by Lakeland, all rank among the nation’s 25 most overvalued markets with premiums of more than 40 percent. The Miami metro, with a premium of nearly 25 percent, remains the least overvalued market in the Sunshine State. As the U.S. housing market cools, metros with strong population gains and shortages of homes for sale will fare best, although those markets will continue to struggle with affordability, the researchers predict. Metros with flat or falling populations and more available homes for sale could face price declines, making those areas more attainable for young families and first-time buyers. Johnson said consumers could be taking big risks if they jump into the U.S. housing market now. “We are near the peak of the current housing cycle, and you never want to buy near the top of the market,” he said. “Consumers need to pause if their main motivation is to buy because they fear prices will rise even higher. Prices are high now, but they always moderate back toward a long-term pricing trend. Perhaps staying where you are now and letting this irrational market settle would be one of the best decisions you could make.” Ken Johnson is the associate dean and professor in the College of Business at Florida Atlantic University. Ken is available to speak to media about this topic – simply click on his icon to arrange an interview and time.