iWorld
Netflix, The Duffer Brothers announce a new production company Upside Down Pictures
Mumbai: The Duffer Brothers announced its new production company Upside Down Pictures for film and television projects. This is a part of their overall deal with OTT platform Netflix.
Overseeing this operation is Hilary Leavitt, an executive who has helped develop such hit shows as Orphan Black and Ozark in the past.
According to a statement, The Duffer Brothers said, “The Upside Down Pictures will aim to create the kind of stories that inspired the Duffers growing up – stories that take place at that beautiful crossroads where the ordinary meets the extraordinary, where big spectacle co-exists with intimate character work, where heart wins out over cynicism.”
The Duffer Brothers and Netflix also announced their growing slate of projects in active development including a new live-action television adaptation of the Japanese manga and anime series Death Note, a series from creators Jeffrey Addiss and Will Matthews (Dark Crystal: Age of Resistance), a series adaptation of Stephen King and Peter Straub‘s The Talisman alongside Steven Spielberg’s Amblin Entertainment and Paramount Television to be created by Curtis Gwinn, a new stage play set within the world and mythology of Stranger Things, produced by prolific and multi award-winning producers Sonia Friedman, Stephen Daldry (The Crown, Billy Elliot, The Reader), and Netflix. Daldry will direct the series and 21 Laps will be the associate producer and lastly, a live-action Stranger Things spin-off series based on an original idea by The Duffer Brothers, with Upside Down and 21 Laps as producers.
The Duffer Brothers most recently released the fourth season of their hit Netflix series Stranger Things, which is now the number one on Netflix’s (all time) most popular English TV list with 1.15 billion hours viewed in its first 28 days – only the second series to cross the billion hour viewing mark, with the final tally expected to be higher as volume 2 reaches the 28-day viewing period.
The third season released in 2019 still holds at number three.
Speaking on the occasion, Matt and Ross Duffer said, “It didn’t take long into our first meeting with Hilary, where we bonded over films like Jaws, Home Alone, and Speed, to know we had found a kindred spirit. Hilary’s passion for storytelling is perhaps matched only by her passion for the storytellers themselves, for whom she is fiercely protective. No wonder so many writers and directors are drawn to working with her. She is a rare talent indeed, and we feel extremely grateful to have her at our side as we build Upside Down Pictures.”
Netflix co-CEO Ted Sarandos said, “Matt and Ross are an exceptionally unique talent with a vision so crisp and clear. They are all about the details — it’s no accident that Stranger Things has pierced the zeitgeist to become the epic pop culture phenomenon it is today. We’re excited to continue telling new stories with them as they grow Upside Down Pictures and to welcome Hilary as creative partner.”
Leavitt added, “I remember the first movie I saw in the theatre, the first VHS tape I got for Christmas, the first international one-sheet I bid for on ebay because it was cooler than the domestic. And the first time I met Matt and Ross. All of these seminal moments have led to this ridiculously cool opportunity to build a company with the Duffer Brothers where we produce movies and television because we love movies and television. This love is at the core of Upside Down Pictures, where we’re able to collaborate with other artists on projects across the full spectrum of genre. We all love what we do and are excited to do more and more.”
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.
