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The company’s shares jumped 86 per cent in their stock market debut on December 9.įitness regimens shifted from the gym to the home in a big way during 2020. DoorDash, for instance, now offers delivery from 390,000 merchants in the US, Canada and Australia. At Uber, its Uber Eats delivery service brought in more money during the third quarter than the signature ride-sharing business.
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Grubhub’s revenue jumped 36 per cent through September as more restaurants started using app-based delivery services to survive full or partial shutdowns of their dining rooms.
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And Disney+ gained 86.8 million subscribers in just one year, a bright spot for Walt Disney Co, whose other businesses, including movie studios and theme parks, were upended by the pandemic.Īs people hunkered down at home because of the coronavirus, restaurant delivery companies that were merely convenient in 2019 became essential businesses in 2020. Netflix was a big winner, adding 28 million subscribers through the first nine months of the year. Among the new services launched were NBCUniversal’s Peacock and WarnerMedia’s HBO Max.

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Americans increasing their time streaming by 75 per cent in the second quarter from a year ago, according to Nielsen, as the pandemic accelerated the trend of people shifting to watching TV online rather than via traditional cable. Regulators across the country and the world are putting Big Tech under more scrutiny, which may jeopardise their leadership.Īs movie theatres closed and lockdowns descended across the United States, people turned to the ever-growing number of video-streaming services for entertainment. As 2020 closes, though, pressure is rising. At the start of the year, those five accounted for less than 17 per cent of the index. Never before have five companies been so dominant on Wall Street. Apple, Microsoft, Amazon, Facebook and Google’s parent company now account for roughly 22 per cent of the S&P 500 by themselves. With work and shop-from-home suddenly the norm, profits proved resilient for Big Tech even as the pandemic crushed movie theatres, malls and other industries. Lockdown orders accelerated the big shift in life online that had already been under way. Huh/AP)īig Tech was the big winner by far of the pandemic. Wall Street recovered after March Main Street is still struggling.Ī traveller wears a mask as she waits for her flight in Terminal 3 at O'Hare International Airport in Chicago (Photograph by Nam Y. The success of Apple and other big technology companies and the struggles of the smallest of businesses is just one example of how the pandemic created winners and losers in the business world in 2020.

On the same day, Congress approved nearly $300 billion in additional relief for small businesses, money that many hard-hit owners only hope can help them survive until the pandemic finally eases On December 21, Apple’s stock market value totalled more than $2.18 trillion, up 121 per cent since March 23. As few people travelled, the airline industry needed billions of dollars in aid from the US Government and is still threatening to lay off workers (Photograph by David Zalubowski/AP) Wall Street recovered after March, even though Main Street is still struggling. The coronavirus pandemic created winners and losers in the business world.

Travellers head through the south security checkpoint check in the terminal of Denver International Airport.
