iWorld
Online VOD platform The Viral Fever gains one million subscribers
MUMBAI: The recent past has seen a large number of video on demand (VOD) mushrooming in the country, with each of them trying to differentiate itself from the other with unique content. Youth entertainment network The Viral Fever (TVF), which is one of these platforms, scored a recent milestone. The platform has gained one million subscribers on its online network.
Speaking to Indiantelevision.com, The Viral Fever founder and CEO Arunabh Kumar says that it is a very special achievement for the online network because India is globally known as the least subscriber savvy country. “No matter how much content you produce, audiences and viewers generally do not have the tendency to subscribe,” he says.
When quizzed about the reason for success, Kumar says, “Besides great content, we were also able to evolve with our content and stay relevant. Our attitude is to stay new.”
Kumar says the number holds significance as usually it is established names such as Sony, T-Series and Yash Raj Films who have 5,000 to 10,000 videos that gain million plus subscribers, but TVF as a small network has just 126 videos for now.
Close to 30 videos of the network have gone viral so far. Sharing an interesting insight, Kumar says, “One of TVF’s shows titled Rowdies, (which is a spoof on the popular MTV Roadies show) received more than a million views sometime back, but it took 36 months before the network saw one million subscribers latching onto the online network.”
The network currently has close to two to three million unique visitors lapping up its content every month. “Additionally three to five million also come on board who visit our site regularly and are not subscribers,” he adds.
Going forward, the company is looking at strengthening their non-fiction property, Recycle Bin. “I wish that TVF’s Live Shows reach the magic figure of one million too. I would also want one million to register on TVF InBox, which showcases films,” Kumar says.
The company’s next target is to get at least five to 10 million viewers every month.
The Viral Fever’s subsidiary network TVF 1 is looking at breaking even and making a profit this year. Currently the company operates out of the profits from its parent company The Viral Fever Media Labs.
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.
