CB Insights - Apple fintech moves

ICYMI, we released our Tech Valuations Report yesterday. 

Download it here.

And now, here is this week in charts.

Touching the sky. Tech startup valuations are still super high. While median valuations fell across the majority of investment stages in Q2’22 vs. Q1’22, most remained higher than in 2021 — and dramatically elevated compared to 2020. As Jessica Mathews put it in this morning’s Term Sheet newsletter, “these numbers indicate some resiliency in the private markets.” Will that resiliency hold or will tech startup valuations fall further?

Fortune favors the frugal. TV ad spending by crypto firms like Crypto.com, Coinbase, and FTX has dropped sharply. In February, firms spent a high of $84.5M in the US vs. just $36,000 in July. A tumultuous 6 months for crypto has both crypto companies and investors tightening their belts.

Catch me on a patio. Eating out is back in full force. Food-away-from-home spending accounted for 55% of total food expenditure in 2021, marking a return to pre-Covid share levels. Meanwhile, food delivery apps are strategizing how to capture more consumer spending as growth cools. US market leader DoorDash, for example, is investing heavily to grow beyond restaurant delivery.

Tap to pay. When Apple launched Apple Pay in 2014, only 3% of US retailers accepted contactless payments. While adoption was slowgoing at first, Apple’s patience has since paid off. Now 90% of retailers in the US take Apple Pay, and an estimated 75% of iPhones have the payment service activated. Virtual wallets like Apple’s are evolving beyond payments to enable much more — we dive in here.

Row, row, row your boat. Streaming is now the most popular way Americans watch TV content. Combined, cable and broadcast (i.e., traditional TV) still capture the majority of TV viewing in the US. But that may change in the next few years as streaming’s popularity continues to rise — and as more sports viewing moves to streaming.

Can’t make heads or tails of this one. What’s a pre-pandemic worker? H/t Sam Lee for sharing.
 

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