iWorld
Amazon Prime Video presents Amazon Original docu-series Free Meek produced by Jay Z along with other new, exciting titles
MUMBAI: This week, Amazon Prime Video brings for its audience an all-new Amazon Original Free Meek. Produced by and starring Grammy winning artist Jay Z, Free Meek is a mini docuseries that chronicles the life of the Philadelphia based rap artist Meek Mill. The docu-series takes its viewers from the rise of his music to his incarceration and eventual release from prison.
Prime Members can also stream the final season of the fantasy drama- adventure series, Preacher. As the story inches closer to the finale, God's endgame for the universe begins to click into place. The popular series is created by Sam Catlin, Evan Goldberg and Seth Rogens and stars Dominic Cooper, Joseph Gilgun and Ruth Negga.
Amazon Prime Video brings its customers another fantasy series, The Rook Season 1 starring Emma Greenwell, Joely Richardson and Jon Fletcher. The series set in London, centers on a young woman pursued by shadowy paranormal adversaries while grappling with extraordinary abilities of her own.
This week, Amazon Prime Video digitally premieres four new Indian language titles, shortly after their theatrical releases. Marathi comedy, Takatak is directed by Milind Arun Kavde and stars Prathamesh Parab, Ritika Shrotri and Abhijeet Amkar as the lead. Pathinettam Padi is a Malayalam action drama starring Mammootty Prithviraj Sukumaran and Arya. Agent Sai Srinivasa Athreya the Telugu action drama is directed by Swaroop RSJ and stars Suhas, Viswanath and Darbha Appaji Ambarisha. Raatchasi a Tamil film directed by SY Gowthamraj and the drama film stars Jyotika, Hareesh Peradi and Poornima Jayaram are set to stream exclusively on Amazon Prime Video.
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.
