iWorld
Sony LIV to launch two new online shows
MUMBAI: Buoyed by the response to its recently launched original content online show, Multi Screen Media (MSM’s) digital video entertainment brand Sony LIV is all set to roll out its two new exclusive digital web series.
The first one is called LIV Shutter and will go online on 21 October. Viewers can watch the show’s episodes every Wednesday on the Sony LIV mobile app as well as on the website.
The second exclusive digital web series is called Tan Lines will also be launched soon. Its theme, flavor and medium of consumption are tailored exclusively for Sony LIV’s viewers between the ages of 15 – 24.
LIV Shutter is centred on self-realisation and inspiration. It turns the spotlight on how the youth can push the limits of achievement and with a little positive nudge can overcome any shortcomings that they believe they possess.
According to Sony LIV, this is also the first ‘social’ show on a digital platform, which invites viewers to be a part of a show that gives them once-in-a-lifetime opportunity to shed their inhibitions, shatter their fears, pick up the self-esteem and show the world what they got.
MSM EVP and head – digital entertainment Uday Sodhi said, “LIV Shutter’s format is refreshingly new and something that our young and cosmopolitan audiences will connect with instantly. It is a show about finding your own hidden talent and unleashing your full potential. It is inspirational, snappy and extremely engaging, making it the perfect kind of entertainment to catch on-the-go on one’s preferred mobile device. Moreover, it is a show where the audience can move from behind the scenes, into the show; thereby making it the first of its kind interactive show.“
“With this show and its unique treatment, Sony LIV has established its deep commitment to enthralling viewers with original content tailored specifically for the digital medium,“ he added.
Sony LIV launched its original show exclusively for the online platform earlier this year called Love Bytes.
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.
