Eight of the largest cinema chains in the U.S. and Canada have committed to investing more than $2.2 billion to modernize theaters over the next three years. The announcement was made by the National Association of Theatre Owners (NATO), which says the eight investors represent over 21,000 screens and 67 percent of the box office. The funds will be used to improve everything from picture and sound to air quality, dining, concessions and additional entertainment options. “This investment reflects that commitment in a tangible way that every moviegoer will see and enjoy,” said NATO President and CEO Michael O’Leary. Read more

Amazon will become the newest member of the Motion Picture Association (MPA), a move that is likely to have significant ramifications as the e-commerce giant throws its weight behind the global entertainment trade and lobbying organization. As the parent of both the Prime Video streaming service and MGM Studios, as well as the force behind Amazon Web Services, the company has clout across both entertainment and technology at a level that is unparalleled among MPA principals. At $2 trillion, it becomes the largest MPA member by market cap. Netflix, which joined in 2019, is capped at $300 billion. Read more

BlackRock has joined forces with Microsoft to launch what will initially be a $30 billion investment fund to finance AI infrastructure — concentrating primarily on building data centers and developing energy projects. The amount could quickly scale to about $100 billion. Abu Dhabi-based tech investment firm MGX is also participating, as is Global Infrastructure Partners (GIP), which owns, operates and invests across energy, transport, digital and waste management. BlackRock announced it is in the process of acquiring GIP, and says a deal expected to close next month. The new fund is called Global AI Infrastructure Investment Partnership (GAIIP). Read more

YouTube is going all in on generative AI with nine new generative features announced at the Made on YouTube creator event in New York. Google DeepMind’s AI video generation model, Veo, is coming to YouTube Shorts later this year, enabling “even more incredible video backgrounds, breathing life into concepts that were once impossible to visualize,” as well as six-second standalone AI segments that can be incorporated into short videos. “Imagine a BookTuber stepping into the pages of the classic novel ‘The Secret Garden,’” suggests YouTube Chief Product Officer Johanna Voolich in describing the new AI-powered features. Read more

A newly redesigned Snapchat experience is built around a three-tab user interface called Simple Snapchat. As part of that effort, the social platform is launching more generative video features, including text-to-video as part of the app’s Lens Studio AR authoring tool. Easy Lens allows the quick generation of Lenses by typing text prompts, making it possible to do things like experiment with Halloween costumes or explore looks for back to school. Launching in beta for select creators, Snap says the new features are designed for all ability levels. The company is also updating its GenAI Suite and adding an Animation Library of “hundreds of high-quality movements.” Read more