iWorld
Hungama Digital Media unveils new shows at Hungama Originals success party
Mumbai: Hungama Digital Media, a digital entertainment company, celebrated the success of its streaming service Hungama OTT with an exclusive success party. The event assembled the biggest names from the entertainment world including Daisy Shah, Kanika Mann, Helly Shah, Tina Datta, Nyra Banerjee, Ali Gony, Yukti Kapoor, Krissann Barretto, Rohan Mehra, Karan Sharma, Aabhaas Mehta, Monalisa, Shilpa Tulaskar, Himanshu Malhotra, Shaleen, Rohit Khandelwal, Sanam Johar and Abigail, amongst others. Held in the evening of 25 September, an exciting slate of new web series for the coming weeks were also unveiled at the event.
Hungama OTT has captivated audiences with its diverse range of original shows, films, and music. The upcoming content lineup promises to continue this trend, offering viewers an engaging mix of genres. The platform will offer something to cater to every taste, from gripping dramas to heartwarming comedies and everything in between. Its latest lineup includes highly anticipated shows such as Red Room, Khadaan, Personal Trainer, Checkmate, Pyramid, Mona Ki Manohar Kahaaniyan and Hasratein 2 and Ratri Ke Yatri 3.
Talking about the success of Hungama OTT platform and the upcoming web series lineup, Hungama Digital Media founder & managing director Neeraj Roy said, “Hungama Originals’ success demonstrates the incredible support from our viewers and our team’s dedication. As we celebrate this milestone, we’re excited to announce our upcoming lineup, which promises to push creative boundaries. Our new shows will deliver fresh, diverse narratives resonating with audiences across India and beyond.”
Hungama OTT for the upcoming releases and much more, as we continue to redefine digital entertainment in India.
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.
