iWorld
Times Internet acquires digital video rights of ICC Events for US & Canada
MUMBAI: Times Internet owned Cricbuzz.com has become the exclusive licensee for digital video clip rights for United States and Canada for all ICC events for a period of four years.
The digital rights for all events scheduled to take place between 2016 and 2019, including the ICC World Twenty20 which begins in March in India will vest with Cricbuzz.com.
The four-year deal includes seven ICC events starting with the ICC World Twenty20 2016.
The deal gives Times Internet exclusive rights to deliver a comprehensive video package that includes video clips of pre-match, in-match and post-match coverage.
In the first agreement of this nature, the ICC is providing in-match video clips to digital licensees and Times Internet will have exclusive access to six minutes’ video clips from every hour of match coverage starting with the first ball and ending with the winning moment.
As the exclusive video clips licensee for these two North American markets, Times Internet will also get access to key moments from all matches in the ICC archive.
Times Internet Limited’s newly acquired digital clips rights in the United States and Canada will supplement Cricbuzz.com’s existing live coverage in the form of text, scorecard and infographics across its digital platforms.
“North America has traditionally been our largest audience base outside of India and we are thrilled to be able to offer an enhanced experience of the ICC events to cricket fans across that region with near-live in-match clips. We are excited to partner with the ICC to grow the sport in the region through our coverage of the premier competitions in the sport of cricket,” said Times Internet CEO Satyan Gajwani.
The other events included in the package are ICC Champions Trophy 2017, ICC Women’s World Cup 2017, ICC U19 Cricket World Cup 2018, ICC Cricket World Cup Qualifier 2018, ICC Women’s World Twenty20 2018 and ICC Cricket World Cup 2019.
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.
