iWorld
Viacom18 christens VOD platform as VOOT
MUMBAI: The digital space in India is going through a revolution of sorts. Broadcasters as well as content companies are firming up their plans to provide content to consumers on the go. The latest to join the bandwagon is Viacom18 Digital Ventures, which has christened its new digital video-on-demand (VOD) platform as VOOT, going by the popular expression used by today’s digital generation to express happiness, enthusiasm and triumph.
Besides being the singular and exclusive destination for Viacom 18 network’s content portfolio, VOOT will also have an aggressive original programming strategy.
The brand identity for VOOT, which is expected to go live in the coming months, has been created by Brand Gym and Elephant Design.
Over the past few months, Viacom18 Digital Ventures has been working with a set of strategic partners on the brand design and logo with the aim of keeping it distinctive, differentiated and in-sync with the brand mission to create a fun filled world of entertainment.
In July, Viacom18 appointed IndiaCast Media Distribution group COO Gaurav Gandhi as the chief operating officer of Viacom18 Digital Ventures. The company also recently mandated Monika Shergill to drive content and programming strategy as content head for the digital business.
Viacom 18 group CEO Sudhanshu Vats said, “As one of the fastest growing media companies in the country, for us at Viacom18, digital content creation, delivery and access are essential focus areas for driving growth. With VOOT, we set out to leverage an already digitally engaged audience with our content offerings. VOOT will not only be the singular and exclusive destination for Viacom18’s content portfolio, but will have an equally strong focus on original programming created especially for the platform. The brand mission of VOOT is to create a whole new world of entertainment, filled with happy discoveries and addictive content.”
Gandhi added, “The idea of creating this new brand VOOT comes from our desire to create a new, alternate and differentiated world of entertainment for audiences in the digital space. The core essence of the brand is ‘infectious fun’ and ‘happiness’, and this is something that not only flows through in our bright and colourful logo, but will also resonate in our content philosophy. Just like the expression VOOT, the entire philosophy and experience of the service promises to be joyous and celebratory in nature. The digital video market, both in terms of audiences and revenues, is set to explode over the coming years. VOOT will not only target to gain a sizeable share of this market over the years, but also lead the way and set new trends in original content creation in this space.”
Working with technology, content and branding partners in India and across the globe, VOOT will deliver high quality content to consumers on a wide variety of connected devices over Wi-Fi, 4G, 3G and 2G networks.
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.
