iWorld
VOOT adds to its robust content slate, partners with Cult.Fit & Isha Foundation
MUMBAI: To help de-stress and cope up with the current situation, people are increasingly turning to digital platforms to maintain physical and mental well-being. VOOT, India’s leading streaming platform understands this, and has associated with Cult.Fit, India’s biggest health and fitness start-up and Isha Foundation, founded by Sadhguru Jaggi Vasudev that aims to bring physical, mental and spiritual wellbeing. The partnership opens doorways for its users to seamlessly access the best of fitness workouts and provide solace and guidance on how to stay calm through such trying times. With these thoughtful partnerships, VOOT, home to 70,000 hours of entertaining content across formats and genres is now diversifying the content under the larger umbrella thought of body, mind & soul, beyond the core offerings of new shows, originals and movie titles.
VOOT AVOD business head Akash Banerji said, “As we battle with uncertainty and tough times, there is a need for positivity and calmness in our daily lives. With digital consumption taking an upward swing, our aim at VOOT is to deliver content that is as diverse as it is relevant. By strengthening partnerships across industries, we believe in giving the best experiences to our consumers. Considering the implications of the on-going crisis on the direct consumer, through our collaborations with Cult.Fit, Isha Foundation and upGrad, we look forward to consistently work towards offering a wider and deeper content library to our viewers to keep them fit – mind, body and soul.”
In association with Cult.Fit, the DIY workout segment will engage its viewers with 12 episodes of workout sessions every week. The segment will include some of the most intense workout sessions such as high intensity interval training (HIIT) focusing on endurance, and mobility which have been carefully curated to help beginners achieve adequate levels of fitness.
Cult.Fit growth and marketing head Naresh Krishnaswamy said “With the pandemic, people have become more conscious and are gravitating towards working out from home. This has led to a tremendous number of users working out with us on our platform. At a time when there is such a demand for health and fitness, the partnership with VOOT will prove to be strategically viable for both businesses. Together our objective is to expand our reach and help users avail the best content we have to offer from the comfort of their homes.”
Speaking about the partnership, Isha Foundation said “The world is going through very challenging times. Many people are experiencing anxiety, fear and loneliness. This darshan series from Sadhguru is an offering to enhance inner balance and spiritual wellbeing of all. We hope it will be able to uplift people’s spirit and help them tide through this crisis.”
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.
