Top Stories

Wall Street Responds to Backlash Over Snapchat’s Redesign

It remains to be seen if recent outcry over the new version of Snapchat will negatively affect Snap Inc.’s numbers in the long term. The company is in the middle of contending with backlash from its users, of whom 1.2 million signed a petition to revert the social media app to its former version. Snap Inc. launched the new version last month with the intention of expanding its business beyond the teen and young adult audience — its current core audience. While many are concerned, specific negative effects are not yet evident.

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Radio Company iHeartMedia Files for Bankruptcy Protection

The largest owner of radio stations in the U.S., iHeartMedia Inc., filed for Chapter 11 bankruptcy last week to address $20 billion in debt. “The company said the agreement it ‍reached with holders of more than $10 billion of its outstanding debt would restructure its balance sheet by transferring 94 percent of the stock in the reorganized company to its lenders,” reports Reuters. The company has struggled with significant debt since its $17.9 billion leveraged buyout of Clear Channel Communications in 2008. Radio company Cumulus Media filed for Chapter 11 less than four months ago. Read more

FAA: Number of Commercial Drones Will Quadruple by 2022

In positive news for the drone industry, recently updated Federal Aviation Administration (FAA) numbers project significant growth in commercial drone use by 2022, at which point the current numbers are expected to quadruple. By that year, 450,000 unmanned drones will operate within domestic airspace. Today, there are roughly 110,000 in use. These increases are projected even if federal restrictions are loosened more slowly than expected or desired by advocates and others.

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Debate Erupts After Reports of Access to Facebook User Data

Lawmakers in the U.S. and U.K. are demanding answers from Facebook and CEO Mark Zuckerberg after reports surfaced over the weekend that data analytics company Cambridge Analytica was able to exploit the personal data of 50 million Facebook users without their permission — data that was reportedly used in the 2016 Trump presidential campaign and the Brexit referendum. Facebook announced that it suspended Cambridge Analytica after learning Facebook policies specifying how third-party developers can deploy user data had been violated. Read more

Internal Numbers Reveal the Success of Amazon Prime Video

For the first time, numbers are available to demonstrate how Amazon’s original video strategy is paying off. Thanks to internal documents read by Reuters, the general public can see evidence that Amazon’s top shows enticed over 5 million people to sign up for its Prime shopping membership by 2017. Using video to create shoppers is a key to Amazon’s strategy, and chief executive Jeff Bezos has been open about that approach. In total, Amazon’s U.S. audience for video (original and licensed) is about 26 million.

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