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Практика аудирования/Video/Wendover Productions/The Problem With Spirit Airlines’ Business Model

The Problem With Spirit Airlines’ Business Model

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0:00At its best and biggest, Spirit Airlines
0:03was the worst. The same year it was
0:05hailed as one of the fastest growing US
0:07domestic carriers after introducing
0:09seven new A320s to its fleet, adding
0:1117.9% more available seat miles, and
0:14opening over 20 new non-stop routes,
0:16Spirit also made news for how frequently
0:19people complained about it. Here's the
0:21frequency with which other carriers
0:23received complaints over cancellations,
0:25delays, and other flight issues over a
0:27four-year period, and here's the
0:28frequency of complaints at Spirit,
0:31tripling most and trending upward. A
0:34decade later, little had changed. The
0:36airline had risen to the seventh largest
0:38North American carrier by total
0:39passengers, while also coming in second
0:41to last in J.D. Power's customer
0:43satisfaction ratings. But just a few
0:45years after that, with the arrival of
0:47flight NK1833 at Dallas/Fort Worth in
0:50the early hours of May 2nd, 2026, the
0:53carrier was now gone entirely. And
0:56rather than celebrate the end of an
0:58airline that nickel-and-dimed you on
1:00everything, that delayed and ran late
1:02often, that offered a generally
1:04unpleasant flying experience, its end
1:06was met with a sort of melancholy
1:09nostalgia. Effectively, a final proof
1:11that while the product wasn't pretty, it
1:13was effective in filling a previously
1:16unserved corner of the market. And
1:19though easy to conflate the carrier's
1:20collapse with its ultra-cheap approach,
1:22the reality is that Spirit found a niche
1:25with its ultra-low-cost model rest
1:27hadn't quite recognized, but would
1:29eventually race to catch up to.
1:31With a fleet maxing out at over 200
1:33planes and nearly 20,000 employees,
1:36Spirit momentarily mastered its niche,
1:39the ultra-low-cost, entirely unbundled
1:42domestic leisure market, but this took
1:44decades to refine. From the start,
1:46Spirit wasn't for the business traveler,
1:48it wasn't for the wealthy, it was for
1:51budget-conscious leisure travelers. Born
1:53out of a trucking company that had begun
1:55to dip its toes into air shipping,
1:57Spirit began in 1983 as Charter One.
2:00Rather than actually operating its own
2:02flights, the company was more so a tour
2:04operator coordinating gambling
2:05itineraries first from Detroit, Boston,
2:07and Providence to Atlantic City, then
2:09eventually the Bahamas and Las Vegas. A
2:12decade in, these leisure services had
2:14proved popular enough to justify
2:15expansion of both the fleet and [music]
2:18the routings. Filing with the Department
2:20of Transportation in 1992 to run
2:22scheduled [music] passenger services, a
2:24new budget-friendly leisure carrier was
2:26born. Rather than keeping its Convair
2:29580 turboprops going, the carrier
2:31acquired 13 DC-9s and renamed itself
2:34Spirit Airlines. From just three routes
2:36in 1992, the service quickly expanded.
2:39By 1996, the network looked like this,
2:41still based out of Detroit and running a
2:43lot of popular domestic budget-friendly
2:46leisure routes from the Northeast and
2:47Midwest now to Florida and Myrtle Beach
2:49alongside Atlantic City. As the airline
2:52grew through the decade, this
2:53north-south vacation destination
2:55orientation largely remained along with
2:57an addition of a Detroit-to-LA route in
2:591999 and the company's first true
3:01international route with a service from
3:03Fort Lauderdale to Cancun, Mexico.
3:06Through the '90s, Spirit established
3:07itself as a bonafide low-cost carrier.
3:10The planes, first DC-9s, then briefly
3:13larger MD-80s towards the end of the
3:14decade, were neither new nor especially
3:17amenity-laden. The service, punctuated
3:19by a 1994 mistake that saw the company
3:21unintentionally overbook 1,400 tickets,
3:24was going to be hit or miss sometimes.
3:26But ultimately, the tickets were going
3:27to be comparatively cheap and you still
3:29get a drink, a snack, a checked bag, and
3:32your choice of seat. It was budget, but
3:34budget in the same way that Southwest
3:36was budget.
3:38This wasn't working. In 1999, Spirit
3:40sued Northwest Airlines in what would
3:42become an instructive moment for the
3:44company. They alleged that Northwest, a
3:46legacy airline, had slashed their prices
3:49out of Detroit and flooded the market
3:50with tickets in an effort to push Spirit
3:53out. Spirit would eventually settle with
3:55Northwest, but Northwest argued that it
3:56maintained profitability along those
3:58routes throughout the period.
4:00Ultimately, the strategy would help push
4:01Spirit to relocate its headquarters to
4:03Fort Lauderdale, but it pointed at an
4:05issue that was increasingly beginning to
4:07cost the company at the turn of the
4:08century. It just wasn't quite cheap
4:11enough to compete with legacy carriers'
4:13cheapest options. In the early 2000s,
4:16the company was now losing money. It was
4:18floundering and it needed a shot in the
4:21arm.
4:22The transformation from cheap to
4:23cheapest started with the 2005
4:25appointment of Ben Baldanza as
4:27president, who had lamented the lack of
4:29a true European-style ultra-low-cost
4:31carrier in the US. Baldanza gained an
4:34all-important ally when private equity
4:36firm Indigo Partner bought a controlling
4:38stake in [music] Spirit a year later.
4:39Having global experience with and an
4:41interest in ultra-low-cost carriers,
4:43>> [music]
4:43>> the new controlling owner, along with
4:45the company's new leader, went all in on
4:48ultra-cheap. They called this strategy
4:50unbundling. The idea that the listed
4:52price of a flight would guarantee
4:54nothing more than a spot somewhere on
4:56the plane. A concept simple enough, but
4:58one that would have to be introduced
5:00incrementally. First, in 2007, that
5:02meant a $10 fee for a second checked
5:05bag, then no complimentary food or
5:07drinks, then no free seat selection.
5:09You'd have to pay for that. The
5:11following year, there was now a fee for
5:13a first checked bag, then even a fee to
5:15print a boarding pass. Next, in 2010,
5:18the company announced an industry
5:19[music] first, a $45 fee for overhead
5:22storage of carry-on items. Even Ryanair
5:25hadn't tried such a fee yet, and the
5:27policy created such an uproar that US
5:29senators introduced a bill to stop it.
5:32The airline was now well on its way to
5:34the worst, but it was offering fares so
5:37outrageously low that, while it was easy
5:39to complain about the product, for the
5:41cash-strapped college kid looking to get
5:42south for spring break, you just
5:44couldn't argue with the prices. At the
5:47same time Spirit normalized unbundled
5:49airfare to the American traveler, it was
5:51overhauling its fleet to exclusively use
5:52Airbus A320s as it streamlined
5:55maintenance and maximize [music] seats
5:56per plane. In 2011, having found its
5:59niche and gone all in, Spirit went
6:01public. That same year it garnered more
6:04than 30% of its total revenue from fees.
6:07While the morals of it all may have felt
6:09questionable, the results were
6:10undeniable as total passengers ballooned
6:13from under 7 million in 2010 to almost
6:1634 million in 2019 while the company
6:18turned a profit each of those years. The
6:21company was unapologetic but upfront
6:23about its pricing model. Its ads were
6:25aggressively targeted to young budget
6:27travelers and its network was expanding.
6:30At the end of the decade, the company
6:31reached its peak. It offered about the
6:33worst flying experience possible but it
6:35was flying more passengers and making
6:37more money than ever through business
6:39model still rather unique in the
6:41American airline scene.
6:43As with every airline in every country,
6:46COVID was catastrophic for Spirit. A
6:49near complete loss of revenue.
6:51>> [music]
6:51>> But where their fortunes truly shifted
6:53relative to the rest was in the recovery
6:55years. While other US airlines marched
6:58back towards profitability, Spirit just
7:01didn't. For some reason, an
7:03industry-leading business model
7:05pre-COVID just couldn't come back to
7:07life after. But what the calamity of
7:09COVID masked was the continued
7:11progression of trends that were already
7:13starting to put pressure on the airline
7:14in the years before.
7:16A strange thing had been happening.
7:18Americans were increasingly choosing to
7:21spend more to fly. It's not that people
7:24wanted to pay more for the same product
7:26but rather on average, passengers were
7:28more frequently electing to pay for more
7:31premium offerings. As the major US
7:33airlines started to post profits again
7:35post-COVID, they kept remarking in their
7:37earnings releases that their economy
7:39cabins were flat to down whereas premium
7:41economy and business class were driving
7:43their revenue growth. Airlines responded
7:45to this by building more business class.
7:47United unveiled a new 787 configuration
7:50with just 20% of space allocated towards
7:52standard economy, while JetBlue and
7:54Frontier elected to roll out business
7:56class cabins fleet-wide for the first
7:58time. Explanations abound for this
8:00phenomena, but the simplest and surest
8:02is that Gen Z and Millennials are
8:04representing a larger and larger portion
8:06of spending power in America, and these
8:08younger generations have always spent
8:10disproportionately on experiences versus
8:12physical goods. That includes travel,
8:15which these generations allocate a
8:16greater portion of their income to than
8:18others, and with more money devoted
8:20towards travel, that's more people who
8:21elect to treat themselves to extra
8:23legroom, premium economy, or business
8:25class.
8:26It used to be that premium seats, and
8:28especially domestic premium seats, were
8:30primarily purchased by business
8:32travelers with expense accounts, and so
8:33budget airlines, which are inherently
8:35leisure-oriented, didn't have to worry
8:37about premium offerings. Once this
8:39premiumization trend emerged, Spirit's
8:41primarily economy fleet had no way of
8:44capturing the revenue upside, while it
8:46also suffered a downside as some of the
8:48trend manifested through travelers
8:49electing to pay more for a full-service
8:51airline rather than Spirit's bare-bones
8:53offering. The low-cost market was
8:56eroding.
8:57But on top of that, Spirit's ability to
8:59capture that tranche of the market was
9:01eroding, too. Throughout the late 2010s,
9:04Delta, American, and United each
9:06progressively rolled out a new fare
9:08class that they called Basic Economy.
9:10Essentially, they just offered the same
9:12as Spirit. Rock-bottom prices, but with
9:14no bag, no seat selection, no refunds,
9:17nothing included. [music]
9:19The major airlines' pricing algorithms
9:21would often match or nearly match
9:23Spirit's fares in the market, but
9:24[music] the big airline brand names
9:26would win customers over thanks to a
9:28perception of better service and
9:29reliability. In the pre-COVID years,
9:31this did not represent an existential
9:33threat to Spirit, just a new dimension
9:35of competition, but it did appear to
9:37chip away at its profits. What was a
9:40mid-20s operating margin in 2015 fell
9:42[music] to low 10s by the time the first
9:44coronavirus cases emerged in Wuhan. Just
9:47as with the premiumization trend, this
9:49momentum appeared to continue through
9:50COVID, and by 2024, United, for example,
9:53reported that basic economy now
9:55represented 16% of its domestic
9:57passenger base.
9:59But, while this represented a slow
10:01erosion of Spirit's financial moat, the
10:03airline ran into far more acute issues,
10:05as well. Back in 2016, Spirit became the
10:08first US airline to acquire the brand
10:11new A320neo. [music]
10:13The aircraft's innovative Pratt &
10:14Whitney PW1100G geared turbofan engines
10:17burn about 16% less fuel than the
10:20previous generation, and considering how
10:22much Spirit used each one of its
10:23aircraft, this led to some real cost
10:25savings [music] during its lucrative
10:27late 2010s years.
10:29But, the engines had issues. Come summer
10:322023, Pratt & Whitney issued a recall
10:35notice.
10:36>> [music]
10:36>> They discovered that for 6 years, their
10:38factory in New York had been using
10:40contaminated powdered metal to create
10:42the blades for the engine's core. The
10:44contamination was subtle enough that the
10:45engines passed inspections and typically
10:47flew perfectly fine, but while
10:49operating, microscopic cracks were
10:51forming far sooner than expected. This
10:54is only known to have ever caused one
10:55actual aircraft incident, and even that
10:58only resulted in an aborted takeoff, but
11:00if left unaddressed, as engines got
11:02older, more failures would inevitably
11:04follow.
11:05>> [music]
11:05>> So, regulators called for inspections of
11:07about 1,200 potentially affected
11:09PW1100Gs, and these inspections were far
11:12from trivial.
11:14Operators had to park their aircraft,
11:16physically remove engines, then ship
11:17them to one of only about 20 shops
11:19worldwide qualified to undertake the
11:21process. These shops would then
11:23disassemble the engines, inspect each
11:25and every blade using ultrasonic
11:26devices, then replace affected blades.
11:29All in, this process took upwards of 250
11:32days and there was the dual constraint
11:34of shop capacity and replacement blade
11:36supply, meaning aircraft groundings went
11:38on for years. At its peak, Spirit had to
11:42park 40 of their A320neo family aircraft
11:45and still pay for their lease costs.
11:47With constraint on their aircraft
11:48supply, the airline completely pulled
11:50out of Boston and Cleveland and heavily
11:52cut back on Dallas flying, leaving less
11:54opportunity for them to dig themselves
11:56out of their financial hole. While they
11:58did get some compensation from Pratt &
12:00Whitney, it was [music] far from enough
12:02to make up for the financial loss.
12:04Spirit wasn't alone in its financial
12:06struggles post COVID. The same pressures
12:09eating its profits were present across
12:11all American low-cost airlines. As cash
12:14reserves dwindled, they all scrambled
12:15for solutions and some chose to turn to
12:18the most tried and tested solve for
12:20airline financial woes, consolidation.
12:23On February 7th, 2022, Spirit announced
12:26[music] its intention to merge with
12:28Frontier. The two airlines operated near
12:31identical business models, barebones
12:32fares on leisure-oriented routes, and
12:34even flew the same aircraft types,
12:36making fleet integration simple. But
12:38they were also different in the ways
12:39that mattered. Frontier's network was
12:41oriented more towards the west, while
12:43Spirit focused on the east, Caribbean,
12:45and South America. Only 18% of the
12:47pair's routes overlapped, meaning
12:49combined they could become a truly
12:51nationwide mega ultra-low-cost carrier,
12:54representing the fifth largest airline
12:56in America. All that was left to make
12:58the merger plan official was for
13:00shareholders to vote on the matter, but
13:01considering this was a board-approved
13:03deal,
13:04>> [music]
13:04>> precedent suggested that this was all
13:05but a formality. Precedent, however, was
13:08wrong.
13:10JetBlue had a different plan. They
13:12submitted an offer to buy Spirit for $33
13:15a share, far above the 25 or so dollars
13:18per share the Frontier deal implied. On
13:20paper, this was a far more valuable bid.
13:22Regardless, Spirit's board responded
13:24with this, "Our board has unanimously
13:27determined that JetBlue's proposal does
13:29not constitute a quote superior proposal
13:31under Spirit's existing merger agreement
13:33with Frontier. We believe a combination
13:35of JetBlue and Spirit has a lower
13:37probability of receiving antitrust
13:39clearance. In short, Spirit's board
13:41believed that even if they and their
13:43shareholders agreed to the merger
13:44proposal, the merger was unlikely to
13:46happen as the Department of Justice
13:48would sue to block it under the
13:49provisions of antitrust law arguing that
13:51it was harmful for consumers. Spirit had
13:53good reason to believe this. The Biden
13:55DOJ had earned a reputation as perhaps
13:57the most aggressively anti-consolidation
13:59administration of the 21st century. And
14:02in fact, JetBlue had already been
14:04targeted by this DOJ with a lawsuit to
14:06stop its Northeast Alliance joint
14:08venture with American Airlines.
14:10Spirit's perspective was that the Biden
14:12administration would consider the
14:13potential consumer harm of a tie-up with
14:15Frontier quite differently than one with
14:17JetBlue. JetBlue, after all, is not an
14:20ultra-low-cost carrier. It
14:22definitionally fulfills some of the
14:24criteria of a low-cost carrier, but
14:26operates more of a hybrid model with
14:28extra legroom, free Wi-Fi, business
14:30class offerings, and even long-haul
14:32routes to Europe. Their plan, if they
14:34were to acquire Spirit, was to fold the
14:36ultra-low-cost carrier into the JetBlue
14:38brand and operate it the way JetBlue
14:40operated, meaning the US airline market
14:42would lose the price competition that
14:44Spirit in its current form provided. In
14:46the Frontier merger scenario, meanwhile,
14:48two ailing ultra-low-cost carriers would
14:50consolidate into a larger, stronger
14:53competitor, potentially elevating their
14:54competitive influence on the broader
14:56market to a point greater than the sum
14:58of their parts.
14:59Shareholders, however, did not share the
15:01concern. Spirit lacked the votes to
15:03approve the merger, and so they kept
15:05delaying and delaying and delaying the
15:07vote. For months, a cycle emerged of
15:10another delay, another tweak of terms by
15:12Frontier and JetBlue, and another delay
15:14until the writing was on the wall.
15:16Shareholders wanted the JetBlue offer.
15:19It was just too tantalizing.
15:22And so, the board approved the JetBlue
15:24merger, shareholders soon followed, and
15:26the two airlines started the lengthy
15:27process of preparing to close the
15:29transaction. But then, as foretold, the
15:32Department of Justice sued to stop the
15:34merger on antitrust grounds. In fact, in
15:37their original complaint, the DOJ cited
15:39what Spirit itself said the DOJ would
15:41say, that this was a, quote, "high-cost,
15:43high-fare airline buying a low-cost,
15:45low-fare airline, and that, quote, a
15:48JetBlue acquisition will have lasting
15:49negative impacts on consumers." The
15:51facts were hard to argue with. Quote,
15:53"JetBlue estimates that when Spirit
15:55stops flying a route, average fares go
15:57up by 30%." At trial, the airlines
16:00argued that even if low-cost capacity
16:02would be eliminated, the creation of a
16:03more meaningful non-budget competitor to
16:05Delta, United, and American would be
16:07pro-consumer, and they offered
16:09divestiture of key assets like slots and
16:11gates to offset any remaining consumer
16:13harm. Ultimately though, the odds were
16:15never good. From the perspective of
16:17antitrust law, it was about [music] as
16:19slam dunk of a case as ever makes it to
16:21trial. There was clear, objective
16:24reduction of competition, so from the
16:26point at which the DOJ decided to pursue
16:28it, it appeared far likelier than not
16:30that they were going to win, and so they
16:32did. Spirit was right back to where it
16:35started, yet with hundreds of millions
16:37of dollars of cash and two years wasted.
16:42In the aftermath, Spirit floundered
16:43through various half-hearted solutions
16:45to dig itself out of its hole. It
16:47attempted to shrink to profitability by
16:49cutting its fleet back to less than 100
16:51aircraft, almost entirely pulling out of
16:53the West, and instead refocusing on
16:55shorter distance East Coast north-south
16:57flying to vacation destinations. In
16:592023, they were burning about 1.2
17:01million dollars in cash a day to keep
17:04afloat. In 2024, this ramped up to 3.4
17:07million dollars, and by 2025, it
17:09spiraled yet further to 7.5 million
17:12dollars in financial loss per day. The
17:16airline went through multiple rounds of
17:17Chapter 11 bankruptcy, it rejected
17:19another far weaker merger offer by
17:21Frontier, and for most of 2025, it
17:23perpetually sat on the precipice of
17:25collapse. Yet, each time it looked
17:27imminent, Spirit found another lifeline
17:29to fund another few months of
17:30operations.
17:32But then the slow bleed was stopped by a
17:35beheading. The Trump administration
17:37attacked Iran, Iran retaliated by
17:39closing the Strait of Hormuz, oil prices
17:41spiked massively, and the airline's
17:42single largest cost outright doubled.
17:45The end was now inevitable. The business
17:49had failed. Spirit had sunk, and the
17:52best option for investors was to accept
17:54reality and recover what [music] assets
17:56they could. In the early hours of May
17:582nd, 2026, Spirit sent out its last
18:01press release. 17,000 individuals lost
18:04their jobs, and a 34-year legacy of safe
18:07transport of almost half a billion
18:09passengers came to an abrupt and
18:12unceremonious end as the last yellow
18:14Airbus touched down [music] at DFW.
18:17When this end became inevitable is a
18:19much debated question. There are plenty
18:22of differing opinions on which decisions
18:25could have altered this outcome.
18:26>> [music]
18:27>> In the reality where Spirit did
18:28successfully merge with Frontier,
18:30there's every world in which that would
18:31have sunk both airlines. While
18:33Frontier's post-COVID years were
18:34comparatively better, they've still yet
18:36to regain long-term profitability.
18:38Similar to Spirit, they've been cycling
18:40through various business model tweaks,
18:42but there's not much in their financial
18:43results to yet suggest they've found
18:45their footing. While there's an argument
18:46to be made that the consolidated larger
18:48airline emerging from a merged Spirit
18:50and Frontier could have competed its way
18:52to profitability, the fact that almost
18:54every American low-cost carrier, even
18:56beyond the two, is still losing money
18:57makes that incredulous.
19:00Perhaps the more convincing argument is
19:01that the Biden DOJ should have allowed
19:03the JetBlue merger, even if the
19:05antitrust case against it was strong.
19:07Informed observers could understand all
19:09the way back in 2023 that Spirit was
19:11possibly on a path towards bankruptcy.
19:13From the DOJ's perspective, the
19:14counterfactual was Spirit remains
19:16Spirit, when in reality, it was that
19:18Spirit collapses. In retrospect, it
19:21becomes fairly uncontroversial to say
19:23that the better outcome would have been
19:24for Spirit to consolidate into JetBlue,
19:26saving thousands of jobs and creating
19:28stronger competition against the majors.
19:30Effectively, the Biden DOJ took a risk,
19:33and the risk failed.
19:35In any world though, Spirit could not
19:38truly remain Spirit. The Spirit that
19:41people love to hate, the rock-bottom
19:43fare, Buzz Ball pedaling, bright yellow
19:45airline for the masses, wasn't killed
19:47off by the Biden DOJ or the
19:49Trump-induced oil spike, or any single
19:51action by anyone, because there was no
19:53world in which the form the airline took
19:55at its peak could continue into 2027 and
19:58beyond. The American airline industry
20:00had changed, and so Spirit's
20:02ultra-low-cost model was as good as
20:05dead, regardless of what mergers or
20:07metamorphoses happened next.
20:10In spite of Spirit's reputation among
20:12passengers, it was undoubtedly good for
20:14them. In a vast country with little
20:17public transit, the airline enabled
20:19movement for more by asking for less. It
20:22brought people to family and friends,
20:24births and deaths, weddings and
20:26funerals, when it might not have
20:27otherwise been financially possible. In
20:30death, perhaps Spirit's strongest legacy
20:32is the realization that as much as the
20:34American air passenger loved to hate it,
20:37they also hated to love it.
20:41In research for this video, it quickly
20:43became clear that mainstream news's
20:44portrayals of the causes of Spirit
20:46shutdown were often quite skewed and
20:48incomplete. There was an enormous,
20:51overwhelming amount of coverage, but it
20:52was hard to know what was legitimately
20:54useful information versus incomplete
20:56facts trying to push a politicized
20:58narrative. Right-leaning platforms would
21:00attribute the shutdown on the Biden
21:01administration's block of the JetBlue
21:03merger, whereas left-leaning platforms
21:05would deemphasize discussion of that
21:06while focusing on how high fuel prices
21:08caused by the Trump administration's war
21:10in Iran pushed the airline carrier over
21:12the edge. That's why I found our
21:13sponsor, Ground News, to be a crucial
21:16tool while writing this video. I've
21:18partnered with them since 2023, and this
21:20is why. Almost 600 sources covered the
21:22Spirit Airlines story, and when I looked
21:24on Ground News, I was able to quickly
21:26see how each news outlet framed the
21:27story. [music] Ground News is an app and
21:29website that aggregates coverage of
21:31particular news stories, source them
21:33based on the political alignment of the
21:34publisher, then allows you to compare
21:36the way narratives differ between the
21:37sides of the political spectrum. I know
21:39that I tend to consume news sources that
21:41align with my political bias, but that
21:43even these sources tend to confirm my
21:44biases by characterizing politicized
21:46stories in a particular way. So, I find
21:48Ground News helps a lot to figure out
21:50what's an objective truth versus a
21:52biased narrative. I also love that they
21:54display the ownership for each
21:55publication, and especially these days,
21:57it's becoming more and more clear how
21:59that can influence what publications
22:01portray as the truth. And then another
22:03feature I use is the blind spot feature,
22:05which shows you stories that sources on
22:07one side of the political spectrum are
22:08talking about. I think it's fascinating
22:10to see what certain groups of people
22:11think is top news, while others don't
22:13think about at all. And not only is this
22:15interesting, but actually really
22:16meaningful. A Duke University study on
22:18polarization in media found that
22:20exposure to news blind spots can
22:22moderate political positions and reduce
22:23polarization. Ground News is a fully
22:26independent, subscriber-funded platform
22:28designed for people who want to question
22:30the narrative. So, if that sounds like
22:31you, you can get 40% off unlimited
22:33access to a Vantage plan, the same one I
22:36use, by scanning the QR code on screen
22:37or heading to the link in the
22:38description, ground.news/wendover.
22:41Signing up also helps support us at
22:42Wendover, so thanks in advance if you
22:44do.