iWorld
Star India partners with Times Internet to distribute IPL on digital in India
MUMBAI: Star India has licensed the digital distribution rights for IPL 2014 from Times Internet, the digital arm of the Times of India Group. Star India will offer streaming and video on demand on starsports.com, the Star Sports app, and on mobile operator services powered by Star Sports. Times Internet will distribute IPL streaming and video on demand on its cricket destination on web and mobile, powered by a starsports.com video player. Both companies will market the joint proposition, and Star India will be solely responsible for monetisation, including advertising sales.
Last year, IPL online witnessed a 56 per cent growth in unique visitors, with over 200 million video views. This year, India’s largest media houses will co-distribute IPL, offering unparalleled reach and viewership.
The move deepens Star’s commitment to dramatically shape the sports experience on digital. Launched in June 2013, starsports.com has become the go-to destination for following the best of international sports. It has redefined the sports experience through a revolutionary video timeline that is a first of its kind in the world of sports, and allows the viewer to keep track of live sports as well as catch up on games with ease. The company has also built an advanced technology infrastructure that enables HD quality streaming across multiple devices.
“At a time when more and more fans are following sports across multiple screens, our aim is to deliver an experience for them that is even better than what is on television. This partnership signals our continuing efforts to transform sports and the digital experience, ”said Mr. Sanjay Gupta, Chief Operating Officer of Star India. “We want to make IPL the world’s largest sporting event on a digital platform this year.”
Satyan Gajwani, Chief Executive Officer of Times Internet, said, “We have been offering our users IPL for three years, and it continues to be a major driver in consumption and brand, recognized as one of the largest online video events worldwide with rapid growth. Our partnership with Star will enable an even larger reach for the property across digital devices.”
starsports.com is India’s first multi-sports digital service with availability across the web and mobile. Powered by live and video rights, it covers the best of world sports including major cricket tournaments, BPL, La Liga and Serie A in football, F1, hockey and tennis.
Times Internet is the largest Indian online media entity, with over 40 million monthly visitors across its numerous digital destinations. Its portfolio includes news, lifestyle content, entertainment, ecommerce, mobile VAS, music & movie streaming, and local services.
iWorld
Snapchat parent Snap cuts 16 per cent of workforce in AI-driven restructuring
The Snapchat parent is axing around 1,000 jobs and closing 300 open roles to save $500m, as artificial intelligence makes smaller teams the new normal
CALIFORNIA: Snap is snapping. The Snapchat parent has confirmed plans to cut around 1,000 employees, roughly 16 per cent of its full-time workforce, as it bets that artificial intelligence can do what headcount once required. Shares jumped more than 10 per cent in premarket trading on the news, a brisk vote of confidence from a market that has watched the stock shed about 31 per cent this year.
The restructuring, which also closes more than 300 open roles, follows pressure from activist investor Irenic Capital Management, which holds an economic interest of about 2.5 per cent in the company and has been loudly pushing Snap to tighten its portfolio and lift performance. The firm got what it asked for, and then some.
Chief executive Evan Spiegel told employees the cuts would reduce annualised expenses by more than $500m by the second half of the year. The company expects to incur charges of between $95m and $130m related to the layoffs, mostly severance, with the bulk landing in the second quarter. Staff in Snap’s North America team were asked to work from home on the day of the announcement.
The financial backdrop is not without bright spots. Snap expects first-quarter revenue to rise around 12 per cent to approximately $1.53 billion, broadly in line with analyst estimates. Adjusted core profit for the January to March quarter is forecast at about $233m, comfortably ahead of Wall Street’s expectation of $186.8m.
The harder question surrounds Specs, Snap’s augmented reality smart glasses subsidiary, which Irenic has urged the company to spin off or shut down entirely. The unit has absorbed more than $3.5 billion in investment and burns through approximately $500m in cash annually. Snap is pressing ahead regardless, with a consumer product expected later this year, even as Meta leads the market in the segment.
Spiegel is betting that leaner teams, smarter machines and a consumer AR play can restore Snap’s credibility with investors who have run out of patience. The redundancy notices have gone out. The harder restructuring, the one that requires a hit product rather than a headcount reduction, is still very much pending.
