Living in a romantasy world

This could be Hollywood's next IP revolution. [Bloomberg]( This is Bloomberg Opinion Today, a major commodity of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - [Romantasy books]( galore. - The rise and fall of [iron ore]( - [Kamala Harris]( is at the fore. - [Biden]( must be demure. Main Character Energy Let’s talk about romance books. Or, more specifically, romantasy books, which blend the genre of love with fantasy. As someone who sits at a computer and opines on Very Serious Things all day long, these books are an escape for me. And I’m not the only one who feels that way: Stories about fire-breathing dragons and fated mates are hard to miss these days. You’ll see them on the subway. At the coffee shop. On the first shelf at the airport kiosk. In your own social circle, even. I bet at least one of your relatives is reading or has already read Sarah J. Maas’s ACOTAR (A Court of Thorns and Roses). Maybe your colleague can’t stop thinking about Rebecca Yarros’ Fourth Wing. And your best friend’s sister? She’s probably doing a Throne of Glass [tandem read]( because an influencer on BookTok told her to. In that light, it’s no surprise to see [major]( [news]( [outlets]( including our very own [Businessweek]( focus on the boom. But one thing is conspicuously absent from the discourse around romantasy: data. In an effort to remedy that, Taylor Tyson and I worked together to chart the current landscape in [a new feature]( that’s free for all to read. Our conclusion? Romantasy has the potential to be Hollywood’s next Marvel. In 2024 alone, one out of every four bestsellers on The New York Times Hardcover Fiction Bestseller List were romantasy. And the [level of fandom]( is not unlike what you see with Taylor Swift or Lord of the Rings. Just look at how many people are writing fan-fiction: The uptick in readership offers Hollywood something it hasn’t seen in decades: “A treasure trove of largely untouched, screen-ready IP beloved by women, queer individuals and others who are too often left out of the entertainment equation. There’s just one catch: Men in the C-suite will need to share or cede creative control for that huge and underserved audience to see any of it. The data alone ought to convince them to do just that,” I write. Read [the whole thing](. “Two Sheep for One Ore?” I’m not gonna lie, the extent of my iron ore knowledge is rather limited. But Catan, [the board game]( where you barter resources — wood, sheep, wheat, brick and ore — to build roads and settlements, taught me a few things: - Ore isn’t as useful in the very beginning of the game. - Then, all of a sudden, everyone will want ore at the same time. - Why? Because you need ore to build cities and win the game. Which … kinda, sorta tracks with the real world? Except now, the game is over. China won! And nobody needs ore to build cities anymore: Javier Blas [says]( “the cost of the reddish dirt, which turns into steel inside blast furnaces, has fallen already below $100 a metric ton, down 55% from its all-time high of almost $220 a ton set in 2021.” Javier explains the rise: “From the late 1990s to earlier this year, iron ore prices jumped nearly tenfold, more than any other major commodity; traded volume tripled; Australian commodity tycoons become billionaires; mining companies turned, even briefly, into Wall Street darlings; and mighty legal battles broke for control of the last untapped mineral deposits.” And China was at the center of it all: “During previous downturns, Beijing rescued its economy — and thus the iron ore and steel sectors — by indulging in a debt-fueled binge of construction,” he writes. But now that the construction craze is in the rearview mirror, steelmakers are anticipating a “[severe winter]( for the sector. “The greatest commodity boom thus far of the 21st century has ended. China inflated it — and China, too, is bringing it down,” Javier concludes. DNC Roundup 10,248 years ago (or so it feels), during the RNC, I [supplied]( readers of this newsletter with a feast of quotes, charts and photos. Below, you’ll see me do the same with the DNC. As for the actual feast, the [culinary offerings]( in Chicago ([Doritos]( anyone?) appear to be far more tame than the [pasta flights]( in Milwaukee. But it’s only Day 1, so that [could]( [change](. On stage tonight, President Joe Biden will begin a “long but necessary goodbye,” [says]( Tim O’Brien . On the streets, pro-Palestinian protesters “will attempt to box in Vice President Kamala Harris on Gaza,” [notes]( Patricia Lopez. And online, JD Vance will likely continue to portray Harris as “[weak on crime]( a designation that Barbara L. McQuade [says]( is unwarranted. No matter what happens this week, Bloomberg’s editorial board [says]( Harris and her supporters must “articulate an agenda that appeals to persuadable but as-yet-undecided voters.” Appetizer Quote: “As Democrats descend on Chicago this week for the party’s national convention, what once might have been the stuff of [Shirley Chisholm]( fan fiction is now undeniably real. Vice President Kamala Harris could very well be the first woman and second person of color elected president, alongside her also suddenly popular running mate Minnesota Governor Tim Walz. It’s thrilling. It’s historic. And for Black women, who have been dreaming of and organizing for this moment for decades, it’s overdue validation.” — Erika D. Smith via [Kamala Harris and Black Women Redefine What’s Normal]( Entrée Chart: Although the Kamala Harris [economic policy agenda]( is little more than Joe Biden’s policy agenda dressed in a [slime green]( trench coat, Matthew Yglesias says the vice president will be a far better Bidenomics saleswoman. “Hard as it may be for a policy wonk like me to admit, laying out the details is less important than telling voters what they want to hear,” he writes. Even so, Robert Burgess is [still skeptical]( that Harris will actually be able to cut costs for families. But her plan to construct three million new housing units over the next four years isn’t half bad! Dessert Photo: It’s hard to choose! Do we go with Tony Goldwyn [rocking]( a COMMA LA hat? Or the adorable [firehouse dog]( from last night? Or James Taylor doing a [soundcheck]( ahead of tonight? Yeah, let’s go with that: You’ve Got A Friend (In the DNC) Photographer: Justin Sullivan/Getty Images North America Further Reading The [stakes are high]( for Fed chiefs at Jackson Hole. — Mohamed A. El-Erian Meet the [US military expert]( defending Israel. — Marc Champion Are you a good employee? [Let’s check]( with the team. — Tyler Cowen Brazil and Mexico are playing a [dangerous inflation game](. — Juan Pablo Spinetto Can China’s [tech giants]( survive without consumers? — Catherine Thorbecke India should [remove food]( from its inflation target. — Mihir Sharma Costs will only increase as finance startups [Klarna and Revolut]( grow. — Paul J. Davies ICYMI Does Trump [actually think]( Taylor Swift endorsed him? Gold bars are [worth a million dollars]( for the first time. The RFK [bear thing]( gets [weirder and weirder](. Kickers What is [demure food]( What is the [bananapocalypse]( What is [a zero gravity chip]( Notes: Please send Doritos minis Cool Ranch Zero Gravity flavored tortilla chips and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads]( [TikTok]( [Twitter]( [Instagram]( and [Facebook](. Follow Us Stay updated by saving our new email address Our email address is changing, which means you’ll be receiving this newsletter from noreply@news.bloomberg.com. Here’s how to update your contacts to ensure you continue receiving it: - Gmail: Open an email from Bloomberg, click the three dots in the top right corner, select “Mark as important.” - Outlook: Right-click on Bloomberg’s email address and select “Add to Outlook Contacts.” - Apple Mail: Open the email, click on Bloomberg’s email address, and select “Add to Contacts” or “Add to VIPs.” - Yahoo Mail: Open an email from Bloomberg, hover over the email address, click “Add to Contacts.” Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](