iWorld
Locomotive Global Media appoints Kanupriya A Iyer as head of business affairs and senior producer
Mumbai: With a focus on developing, producing, and distributing content for India and across the globe, Locomotive Global Media, an international production company based in Mumbai, has strengthened its senior leadership team by appointing Kanupriya A Iyer as head of business affairs and senior producer. Kanupriya’s appointment is with immediate effect.
In her new role, Kanupriya will work closely with Sunder Aaron to set up and lead Locomotive Global Media’s film division as well as oversee all business operations. Locomotive Global Media is growing rapidly with an ambitious roster of projects in active development. Iyer will be responsible for driving the company’s growth through all aspects of content development and production, which are required to scale up the company’s position and meet its objective to become the leading content production company in India.
Kanupriya joins Locomotive Global Media from Colour Yellow Productions, where she worked as a co-producer and played a pivotal role in identifying content that matched the brand’s ethos. During her tenure there, she presided over successful releases such as “Tanu Weds Manu Returns,” “Manmarziyaan,” “Newton” and “Tumbbad.” She now brings to LGM her 12 years of experience in the Indian entertainment industry, both as a management executive and a producer. Kanupriya combines her sharp business acumen with a belief that the world can be changed, one film at a time. Her in-depth expertise in content and business development makes Kanupriya a key asset for Locomotive Global Media.
Speaking on the new appointment, Locomotive Global co-founder Sunder Aaron said, “We are delighted to welcome Kanupriya to our leadership team. She is a unique executive talent whose knowledge and expertise in the film business will enable us to immediately make a splash in the feature business. Our ambition is to produce content that has an impact both in India and the globe, and Kanupriya will no doubt help us achieve that and fast.”
Commenting on her appointment, Locomotive Global Media head-business affairs and senior producer Kanupriya A Iyer said, “I feel a sense of pride as a part of the team at Locomotive Global. The collective ethos of creating world-class content along with building a company with integrity and passion really spoke to me. Sunder is a wonderful leader who encourages unique voices. I’m ready to help add value with my experience in development, production, and distribution to set up clutter-breaking films and television content.”
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.
