iWorld
Shotformats launches Tiny TV for music video lovers on mobile
MUMBAI: Tiny TV is another media product from the house of Shotformats and as the name suggests is a data product which offers music video streaming and downloads.
The product is amplified with the huge library of 10,000 videos across 13 languages and covering genres like Bollywood/pop/devotional and regional. Tiny TV will support most of the media player irrespective of consumer handsets.
In the user-friendly platform, the layout is designed in a style that provides an optimal viewing experience, easy reading & navigation with minimal resizing, panning and scrolling, across a wide range of devices. A user can enjoy music of all genres, as per their interests and can share the same on social media platforms too. There is a subscription to this video streaming service. With one time purchase model available for listed price points, user can also subscribe to pre-set packs for streaming videos on Tiny TV and downloading the same on their mobile phones.
Shotformats MD & CEO Niyati Shah exclaims, “Shotformats has always been trendsetters in launching rich media products with high quality content for our consumers. Tiny TV is our initiative for the music video lovers; it offers 10,000 music videos across seven languages with Bollywood dominating the mix. It’s a unique service which offers both downloads and streaming, Shotformats has developed in-house compressing technology which allows us to compress videos keeping the quality intact and allowing the users quick downloads. “
Sony Music India director digital Hari Nair says, “This is a great digital product that allow users to download and stream the videos of their favorite songs. With this generation being on the move, we believe this is a great initiative.”
Aditya Music business head Aditya Gupta adds, “It is a brilliant platform provided for Indian music industry, especially having a full length music video in 2G and 3G format. This enables music aficionados to enjoy the audio and video on the go, in a seamless manner, hassle-free and in various languages. “
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.
