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N°1 MARCH 2020 WWW.SWISSQUOTE.COM CHF 9.- FINANCE AND TECHNOLOGY UNPACKED LUXURY Lalique, from crystals to hotels E-COMMERCE Canada’s Shopify takes on Amazon K-BEAUTY A fresh revival in the cosmetics industry DOSSIER TV series, talk shows, video games, podcasts... STREAMING The entertainment industry IS COMING is experiencing a revolution Peter Dinklage as Tyrion Lannister, one of the main characters of the Game of Thrones series NETFLIX ROKU DISNEY SIRIUSXM APPLE AMAZON SPOTIFY EDITORIAL SWISSQUOTE MARCH 2020 Content is king By Marc Bürki, CEO of Swissquote n the train, in waiting rooms ure up? Gilles Marchand, director p. 38 or even in the toilets, people general of the Swiss group (in- are listening to music on terviewed in this edition) believes OSpotify, watching series on Netflix so. He explains why the quality of and gaming on Apple Arcade. As Swiss-made TV series will improve. mobile devices have multiplied While comparisons never stop be- and networks have moved from 3 tween Disney and Netflix or Spotify to 4 and now 5G, entertainment and Amazon Music, the streaming is being consumed everywhere, wars are actually not a battle by in- all the time. As a result, driven dustry – video against video or music p. 24 by streaming technology, the glob- against music – but rather an all-out al entertainment market (video, war to monopolise the “economics of music, gaming) has never been attention”, to borrow an expression healthier. In 2021, it is expected to from Herbert Simon, winner of the be worth $439 billion. This explo- Nobel Prize in Economics in 1978. sion of energy-consuming services p. 61 comes with ecological challenges. And content is the perfect way to capture people’s attention. Many companies are joining the “Content is King,” as Bill Gates fray, even stepping far outside their observed as long ago as 1996! business models to do so. In 2019, Nearly 25 years later, these words p. 46 Apple launched a video game and have never been more true. Just video-on-demand platform; Google look at Netflix’s spending: in 2020, released its cloud gaming service the global streaming leader will Stadia; and Disney entered the spend more than $17 billion on the streaming video market with a bang. production of original content. With But this is just the tip of the ice- such expenses, it will be difficult berg: 2020 will be just as plentiful, for all the players on the market if not more so, with new film and TV to turn a profit. Some experts platforms (HBO Max and Peacock) even believe we will reach “peak and video game services (Microsoft content” – oversaturation. “We’re xCloud and Amazon cloud gaming). competing with sleep,” said Netflix CEO Reed Hastings in 2017. At- To compete with these US giants, tention spans are indeed finite. SSR will launch a new streaming platform in 2020. Will it meas- Happy reading! 3 SWISSQUOTE MARCH 2020 CONTENTS SWISSQUOTE MARCH 2020 PUBLISHER Swissquote Chemin de la Crétaux 33 DOSSIER 1196 Gland – Switzerland T. +41 44 825 88 88 www.swissquote.com [email protected] 64 Manager Brigitta Cooper PORTRAIT EDITORIAL Editor-in-chief Ludovic Chappex Associate editor Bertrand Beauté STREAMING K-BEAUTY Design director Natalie Bindelli and Caroline Fischer CANA atelier graphique Route de Jussy 29 – 1226 Thônex IS COMING LEADERSHIP www.ateliercana.ch Editorial staff Bertrand Beauté, Ludovic Chappex, 22 Benjamin Keller, Raphaël Leuba, Martin Longet, Angélique Mounier-Kuhn, Grégoire Nicolet, Gaëlle Sinnassamy, 26 Julie Zaugg Layout Natalie Bindelli, Caroline Fischer, Romain Guerini (CANA atelier graphique) Cover HBO Photography Olivier Vogelsang, AFP, Keystone, 28 72 Getty images, Istockphoto, BUSINESS Newscom, Reuters Editing (English version) Ose Ayewoh, Marco Simon Translation CONTENTS Technicis Finance PRINTING, BINDING AND DISTRIBUTION Stämpfli Ltd. 3. EDITORIAL 20. FOCUS 28. DOSSIER : Streaming is coming 64. K-BEAUTY 76. AUTO Wölflistrasse 1 – 3001 Bern by Marc Bürki A dark future Cosmetics Range Rover Evoque: www.staempfli.com for nuclear 34 Infographic: 46 Video games: get a fresh smaller vehicle, 6. SCANS streaming services the final holdout revival stellar lineage ADVERTISING take over the world Infoplus AG Economic 22. PORTRAIT Traubenweg 51, CH-8700 Küsnacht 49 Twitch and survey Lalique, 68. E-COMMERCE 80. TRIED AND TESTED [email protected] from crystals 36 Traditional TV the future of TV Canada’s Shopify Delivering for is putting up a fight WEMF 14. TRENDS to hotels takes on Amazon Uber Eats REMP 2019: 53,752 Ex. Print run: 60,000 ex. 50 Sport, the new Personality, 40 Interview with Gilles El Dorado for country, innovation 26. BUSINESS 72. LEADERSHIP Marchand, director streaming services Hong Kong, Masayoshi Son, general of SSR 18. ANALYSIS a minefield the megalomaniac 52 The kings of streaming “The potential for for companies? visionary SUBSCRIPTIONABONNEMENT 44 Podcasts... CHF 40.- pour 6 numéros a correction is very CHF 40 FOR 6 ISSUES to the rescue? 61 Video on demand: www.swissquote.ch/magazinewww.swissquote.ch/magazine/f/ high in the US” a drain on energy STILL, YONHAP NEWS/YNA/NEWSCOM, KEYSTONE MOVIES / AFP, LALIQUE, ISAAC LAWRENCE 4 5 SWISSQUOTE MARCH 2020 SCANS SWISSQUOTE MARCH 2020 fashion RANKING Opened in October NIKE ABANDONS AMAZON 2018, the Nike House SCANS of Innovation in Nike’s current strategy, a direct-to- Shanghai, which consumer model, has taken a new AI CAPACITIES FOR IMAGE covers almost RECOGNITION 4,000 m2, focuses on turn. The shoe company recently Percentage of images recognised correctly interactive shopping. announced it would no longer sell food its products on Amazon, ending a two- GOOGLE CLOUD VISION CHINESE FROZEN FOOD IS BOOMING year partnership. This is the company’s 81.7% latest initiative aiming to eliminate intermediary distributors. The global AWS REKOGNITION (AMAZON) The Sanquan leader in sport products has invested frozen food brand 77.7% exports its products heavily in applications and online sales worldwide. platforms. Nike has also created shops MICROSOFT AZURE dubbed “Houses of Innovation” that 75.8% “Global meat combine traditional shopping with an interactive mobile application. The IBM WATSON consumption New York and Shanghai shops are 55.6% is expected to already open, and a Paris location is expected to open this year. Source: Statista/JDN decrease by NKE AMZN DR 50% and global Despite scandals, Chinese consumers increasingly want more dairy consump- MOST SEARCHED WORDS frozen food products. In a country where frozen products only ON GOOGLE IN 2019 represent 5% of the food market, compared to 60%–70% in tion by 20%” (entire world) developed countries, the margin for growth is significant. Four Emmanuel Faber, local brands share two-thirds of all sales: Sanquan, Sinian, CEO of Danone, in 1. INDIA VS SOUTH AFRICA Longfeng and Wanchai Ferry. Wanchai Ferry, based in Hong an interview with Kong, is part of General Mills, but it is Sanquan, listed on the Russian media RBC Pro. Shenzhen Stock Exchange, which should be of interest to 2. CAMERON BOYCE investors as its products are now exported around the world. COPA AMERICA GIS 002216 XIAO GANG / NEWSCOM 3. 4. BANGLADESH VS INDIA pharmacy free trade 5. IPHONE 11 ZUR ROSE: SEEING ORANGE NORTH AMERICAN COMPANIES Source: Google TO WATCH IN 2020 Medicine on sale alongside M-Budget macy will open in the Crissier shopping products? That’s what Zur Rose is hoping centre (Vaud canton) and other locations “There will for. For the past two years, the wholesaler are being considered. Following an IPO CARS SOLD AROUND The new United States-Mexico-Canada and online pharmacy has partnered with in 2017, Zur Rose finalised the acqui- be tough talks THE WORLD Agreement (USMCA), which updates the Migros to test the concept of pharma- sition (valued at 197.8 million Swiss (in the first three quarters of 2019) North American Free Trade Agreement ahead and each cies inside the orange giant’s supermar- francs) of its counterpart Medpex, which (NAFTA), is expected to benefit many kets. After a successful pilot phase in is the third-largest online pharmacy side will do CHINA companies, particularly those based Bern, Basel and Zurich, Zur Rose hopes in Germany. With this acquisition, the 14,963,000 11% in the United States. According to the what is best for to replicate the idea across Switzerland. Swiss group continues its expansion The percentage of financial magazine Barron’s, the car USA Before the end of February 2020, a phar- in Germany. ROSE them. It will not household waste industry (Tesla, General Motors and be simple.” 12,709,100 recycled each day Ford), as well as the agri-food indus- in Shanghai, the try (Danone North America and Tyson Ursula von der Leyen, EUROPE equivalent of Foods) will benefit the most from this the new president of the 12,115,900 3,000 tonnes of waste new treaty. The magazine also advis- European Commission, JAPAN (far from the 70% es investors to keep an eye on steel in a speech given at the producers U.S. Steel and Nucor, as the London School of Economics, of household waste 3,441,200 agreement includes higher quotas for recognising that negotia- recycled daily in North American steel used for car tions with London over the INDIA Germany, according to manufacturing. TSLA GM F conditions of Brexit will 2,177,500 Süddeutsche Zeitung). be difficult to complete DANOY TSN X NUE in less than one year. ZUR ROSE Source: Verband der Automobilindustrie 6 7 SCANS SWISSQUOTE MARCH 2020 SCANS SWISSQUOTE MARCH 2020 SCANS automobile GOOGLE REFINES ITS AUTONOMOUS VEHICLE KICKSTARTER “I am disap- pointed with “I think the 250 M the results of rich need to The number of COP25. The pay more taxes vegetarian burgers international than they do that Beyond Meat community lost Since October 2019, is expected to sell currently, and autonomous taxis each year in the an important from Waymo, a United States via its opportunity to that includes Google subsidiary, partnership with Melinda have been travelling show increased driverless in certain McDonald’s, according and me” parts of Phoenix.