iWorld
Netflix Hosts LA screening of Heeramandi with Sanjay Leela Bhansali Q&A
Mumbai: On Monday, 29 April (PST), Netflix hosted a special screening and Q&A with series creator, director, and producer Sanjay Leela Bhansali, moderated by Lilly Singh to celebrate the upcoming series, Heeramandi: The Diamond Bazaar.
Created and directed by one of India’s most celebrated filmmakers, Sanjay Leela Bhansali, Heeramandi: The Diamond Bazaar is his first-ever series premiering globally on 1 May only on Netflix.
Sanjay Leela Bhansali’s series debut marks the first Indian series to be showcased at the historic theater, The Egyptian. The evening began with opening remarks from Netflix chief content officer, Bela Bajaria, followed by a screening of the first episode of the series and a lighthearted Q&A moderated by Lilly Singh. Notable attendees included Rushi Kota , Punam Patel, Nisha Ganatra, Joya Kazi, Tesher, Radhi Devlukia-Shetty, Kevin Kreider and many more.
Speaking to Sanjay Leela Bhansali, Lilly Singh shared her admiration for the upcoming series and how she was mesmerised after watching the two episodes of the show. She expressed, “On behalf of all the audiences here, I can say that it was spectacular and so visually stunning.”
Reflecting on the project’s journey, Bhansali revealed, “The script for Heeramandi was charming, vast, and epic. The story was too long for a film, and I had the concept 18 years ago, but there were no OTT platforms then. I finally saw an opportunity to do it properly on an OTT platform, where you can develop it and enjoy each character. This story has taken the longest—18 years of nurturing, cherishing, and living it.”
Bhansali continued “Working with Netflix on my first series was a completely different experience. In 30 years of my career, I have never met producers as beautiful as them. They are tough, and relentless, and ask for honest directors to create content with the same passion. It’s good karma as a filmmaker to meet such producers, and I’m grateful to them.”
Heeramandi: The Diamond Bazaar releases globally on 1 May only on Netflix.
http://www.netflix.com/Heeramandi
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.
