iWorld
India’s Porus Rises In the land of the Rising Sun- Japan
MUMBAI: One Life Studios premium historical drama series Porus, which depicts the legendary warriors battle against the world’s biggest conqueror Alexander the great will now be showcased in one of the top premium OTT platforms in Japan- Hulu.
"Porus is the first Indian series to be aired in Japan, this is really special for all of us. We had dreamt to make Porus as India's first global series and now covering 11 countries and 14 territories. We are moving in the right direction" says Siddharth Kumar Tewary, Writer, Director & Producer – Porus.
“We are thrilled to introduce our first acquisition of an Indian drama series “Porus" to the audience in Japan. We are keen to introduce unique and outstanding shows which Japanese audience will not have a chance to watch if Hulu Japan does not exist.”
Says- Kazufumi Nagasawa – Chief Content Officer of Hulu Japan
“ Being the first premier Indian television content to be associated with one of the top premier OTT platforms in Japan- HULU, it proves that quality content can be of any language- if made well it will relate with the audiences’ worldwide. We are sure our audience in Japan with similar culture will appreciate Porus”
Says Rahul Kumar Tewary – Managing Director
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.
