iWorld
Mythik brings Disney and Amazon veteran Gunjan Bhow on board
MUMBAI: Mythik, the tech-first entertainment company aiming to become the “Disney from the East”, has appointed Gunjan Bhow, a veteran of Disney Plus, Amazon Prime Video and Fire TV, to its global advisory board.
Bhow joins an illustrious panel of leaders from Softbank, Disney, Marvel, Amazon, BBC and Crunchyroll, who together bring decades of experience in scaling some of the world’s biggest media, entertainment and technology businesses.
A global figure in digital entertainment, Bhow served as senior vice president and general manager at The Walt Disney Company, where he led direct-to-consumer platforms including Disney Plus, Disney Movies Anywhere and Disney Movie Club. Before that, he played a key role at Amazon in shaping the growth of Prime Video, Fire TV and Fire TV Stick, redefining subscription models in the process.
Currently a board member at the BBC and broadband company Wide Open West, Bhow also advises organisations on AI, media innovation and customer experience. He has held senior roles at Microsoft and Walgreens Boots Alliance and is an inventor on over 20 patents.
“Gunjan’s leadership in scaling iconic direct-to-consumer businesses makes him an exceptional addition to Mythik’s advisory board,” said Mythik founder and chief executive Jason Kothari. “He embodies the mix of technology, creativity and consumer focus that defines our vision.”
Bhow added, “Mythik stands at the intersection of technology, storytelling and audience behaviour. I’m excited to help bring timeless stories from the East to the global stage.”
He joins a powerhouse board that includes Alok Sama (Softbank), Kun Gao (Crunchyroll), Nick Van Dyk (Disney), Bill Jemas (Marvel), John Lynch (Amazon Studios) and Gui Karyo (Marvel and Dapper Labs).
Mythik aims to reimagine Eastern mythology, history and folktales for global audiences through technology-led storytelling, backed by a founding team drawn from Disney, Netflix, Amazon Studios, Jio and Tencent.
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.
