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Media must do self-regulation to tackle fake news: I&B minister Prakash Javadekar
KOLKATA: Fake news has become a huge issue in the age of social media. While the mass easily falls prey to it, Information and Broadcasting minister Prakash Javadekar called for self-regulation while publishing digital content to curb the menace.
Addressing the delegates at the 16th Marketing Conclave organised by the Internet and Mobile Association of India (IAMAI), he said that fake news is a deadly virus, and emphasised on the importance of self-regulation.
Terming fake news as more dangerous than paid news, the minister said that the government has taken an initiative to curb fake news by setting up a fact check team which checks and verifies information being floated in the digital medium.
"We are definitely taking note of fake news and therefore we started one attempt in 2019 October, PIB Fact Check Unit. We have established PIB Fact Check units in all the states," Javadekar said.
Seeking greater accountability from social media platforms, he said misinformation weakens the functioning of a democracy and there should be a calibrated approach to thwart the spread of lies and misinformation. With all villages in India set to be connected through Bharatnet, there is a greater need to educate the masses about the detection of fake news.
Speaking about the importance of the digital medium, the minister said, “We must understand the pace with which it is growing and with the increasing number of smartphones users, digital content and advertising has become very important because of its reach and speed. Even the government has started to leverage the medium and using it to advertise.”
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.
