iWorld
Sony Liv signs distribution deal with BoxTV
MUMBAI: Multi Screen Media’s video on demand service Sony Liv has inked a deal with Times Internet’s BoxTV to make its video content available on BoxTV’s website. The service will be available to BoxTV users worldwide.
Speaking on the development, Sony Entertainment Network executive VP – new media, business development and digital/syndication Nitesh Kripalani said in a press statement, “Our vision is to make Sony Liv the leader in Video Entertainment and to reach audiences, both organically and inorganically. We need to expand our reach and be where our consumers are. This distribution partnership with Box TV is a step in fulfilling our vision.”
BoxTV users will get to see over 18 years of content from Sony’s stable, covering genres including drama, comedy, thriller and many more on the platform. The content will include currently running shows that BoxTV users can watch across MSM’s leading channels – Sony and Sab. In addition to original complete content, the deal will also include content made specifically for the web that include sneak peek videos, “Quickisodes” and “Short-crunch” episodes.
BoxTV business head Pandurang Nayak added, “We are very happy to bring Sony Liv’s content for BoxTV users. The association is also a big new leap for BoxTV where we’re building more and more on the platform through aggregation of content via unique tie-ups with existing digital brands like Sony Liv. We believe that this enhances the experience for users to get more at a single destination and enables content brands like Sony Liv to reach out to wider base of audience, creating a win-win for both our services, with the end-user reaping the maximum benefit. It is an exciting step forward for us to build BoxTV as a platform of choice for both premium content owners and users alike.”
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.
