iWorld
nexGTv launches mobile TV entertainment packs in India
MUMBAI: nexGTv has launched mobile TV entertainment packs for subscription driven video entertainment platform in the Over-The-Top (OTT) domain for the first time in India.
It will offer multi-duration packs to expand portfolio, provide consumer choice and boost subscriber retention.
The packs vary in subscription duration for covering three months, six months, and twelve months are priced Rs 349, Rs 699 and Rs 1199 respectively. The packs, containing download, subscription and activation-related information will enable consumers to start their subscriptions on the mobile platform within minutes.
Digivive Services director and CEO GD Singh said, “Mobile VAS, especially TV-on-mobile is fast approaching an inflection point with consumers seeking empowerment and the ability to own their buying decision in terms of opting-in for product and service subscriptions. At the same time, convenience remains paramount for every consumer. Our entertainment packs meet both these needs and will help in not only smoothing and extending the customer’s experience and life cycle on nexGTv but also bring-to-life the entire mobile entertainment experience, which until now, was solely driven via telco partnerships.”
Singh added, “As an OTT industry pioneer and market leader having served more than 20 million customers, we are expected by our customers to keep innovating and stay ahead of the curve. The industry is rapidly transitioning into an FMCG- avatar and our extended duration packs complement this development, as consumers can now not only buy entertainment off the shelf but, can even gift it to one another. With mass 4G around the corner and 3G & smart phones becoming almost default modes of connectivity across key markets, Mobile TV & video entertainment is permeating people’s lives like never before and we are on the cusp of massive growth in this area.”
nexGTv operates on freemium model and offers multiple options to stay subscribed to its entertainment mix, which includes over 130 plus live TV channels, Hindi films, television shows as well as VOD content.
Apart from revitalizing consumer engagement, these newly-launched subscription packs will enable nexGTv to target current and upcoming consumer touch points across both retail and e-tail markets. It will undertake alliance partnerships with leading industry brands and will empower customers, enabling voluntary subscription opt-ins.
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.
