Adobe Will Purchase Digital Design Rival Figma for $20 Billion

Adobe announced it plans to purchase rival digital design suite Figma for $20 billion in cash and stock. The news was disclosed as part of its Q3 earnings report, which saw revenue of $4.43 billion, exceeding analysts’ expectations. Despite the healthy cashflow, Adobe says it may have to finance part of the deal, which will have to clear regulatory hurdles in a very pro-competition environment. Founded in 2011, Figma released its first product in 2015, leveraging the WebGL API to create real-time collaborative tools for web-based design teams “working together beyond company walls.” Figma lists Airbnb, Conde Nast and Github among its users. Continue reading Adobe Will Purchase Digital Design Rival Figma for $20 Billion

Funding for Startups Faces Downturn After 10-Year Bull Run

Following a decade-long boom, funding for startups is in decline, according to PitchBook, which says investments in fledgling U.S. tech firms has dropped by 23 percent in Q2 to $62.3 billion, the biggest fall since 2019. In another dire indicator, startup sales and IPOs have fallen to $49 billion the first six months of 2022, plunging 88 percent compared to the same period in 2021. The slump comes amidst an overall stock market downturn that has seen the technology sector take a particularly brutal hit that appears to have affected private startup valuations. Continue reading Funding for Startups Faces Downturn After 10-Year Bull Run

NBCUniversal Teams with TikTok to Promote Winter Olympics

NBCUniversal is expanding its partnership with social video platform TikTok to include a joint promotion for the 2022 Olympic Winter Games in Beijing, set to kick off on February 4, and the 2022 Paralympic Winter Games, beginning March 4. NBC Winter Games advertisers will reportedly have first crack at piggybacking onto what is being couched as a new type of brand experience that lets them draw from NBC 2022 Winter Games clips as they try to connect with sports fans. TikTok videos with Olympic-related hashtags have resulted in 18 billion views on the platform thus far, according to NBC. Continue reading NBCUniversal Teams with TikTok to Promote Winter Olympics

CES: Identifying Consumer Trends Shaping the New Normal

The Harris Poll’s CEO John Gerzema and Mastercard’s EVP of North America marketing and communications Cheryl Guerin presented data from their recent joint market research study of COVID-19’s impact on digital commerce. They grouped their findings around four key trends: The Touchless Revolution, The Betterment Boom, The Rise of Revenge Spending and The Uncalendared Year. The presentation was followed by a 30-minute discussion with panelists Julia Hammond of MDC Partners, DyShaun Muhammad of Uber, Lou Paskalis of Bank of America and Katie Riccio Puris of TikTok. Continue reading CES: Identifying Consumer Trends Shaping the New Normal

Pandemic, Rising Costs Ignite Tech Exodus From Silicon Valley

In Silicon Valley, some tech companies, investors and venture capital firms are relocating to cities with lower costs and less traffic. Oracle is pulling up stakes in Redwood City, California and heading to Austin, Texas, saying it plans to implement remote-work policies. Hewlett Packard Enterprise is moving its headquarters to Houston, Texas, where Elon Musk, long a Los Angeleno, has also moved. Although the reasons for leaving vary, many relocations seem to have been triggered by rising costs and the COVID-19 pandemic. Continue reading Pandemic, Rising Costs Ignite Tech Exodus From Silicon Valley

Kuaishou, Rival to ByteDance’s Douyin, Plans Hong Kong IPO

Although the Ant Group suspended its high-profile IPO last week, Kuaishou Technology, a popular short-video and streaming media platform founded in 2011, is moving ahead. According to sources, the company, whose platform competes with ByteDance’s Douyin (TikTok in China), aims to raise about $5 billion and reach a valuation of about $50 billion by filing for an initial public offering in Hong Kong as soon as January 2021. The company was founded by engineers Su Hua, formerly at Google China, and Cheng Yixiao, a Hewlett Packard veteran. Continue reading Kuaishou, Rival to ByteDance’s Douyin, Plans Hong Kong IPO

Silicon Valley Firms Remain Flexible with Remote Workforce

When the COVID-19 pandemic began in the U.S., companies sent their employees home to work. Since then, the return-to-work date changed from “a few weeks” to September, and then January. Now, with the virus still problematic in many parts of the country, Google became the first to tell employees they’ll be back July 2021, followed by Airbnb, Slack and Uber and, more recently, Ford Motor Company. Microsoft, Target and The New York Times also plan to return in summer 2021, while Dropbox has made remote working the default for employees. Continue reading Silicon Valley Firms Remain Flexible with Remote Workforce

Amazon Explore Platform Delivers Unique Virtual Experiences

Amazon debuted Explore, a platform for live classes, sightseeing tours, personal shoppers and other virtual experiences hosted by local experts. The video is one-way but the audio is two-way so the user can ask questions and make requests of the video’s host. Among the offerings are a $129 bagel cooking class and, for $70, a 45-minute virtual tour of a Lima, Peru mansion. At launch, Explore offers 86 experiences across 16 countries, but the platform has potential for significant growth. Other companies offering virtual experiences include Airbnb and fitness company ClassPass. Continue reading Amazon Explore Platform Delivers Unique Virtual Experiences

Apple Under Increasing Pressure to Change App Store Fees

Apple’s 30 percent commission on digital goods and services in its App Store has raised the ire of numerous companies, including Netflix and Spotify, which have formed a coalition to promote legal and regulatory changes for app marketplaces. Apple and Epic Games are battling the issue in court, and Spotify filed an antitrust suit in Europe last year, with claims that it unfairly harms competitors. Apple is, however, giving a brief COVID-19-related reprieve on fees to some companies selling virtual experiences. Continue reading Apple Under Increasing Pressure to Change App Store Fees

Federal Payroll Loans Unevenly Distributed to Tech Startups

According to a Treasury Department report, a number of tech startups have received funds from the federal government’s Paycheck Protection Program, forgivable loans intended to pay workers’ salaries. Cloud software company C3.ai, for example, valued at $3.3 billion, got a $5 million Paycheck Protection Program loan. Other startups have been denied loans, however, when the federal authorities deemed their venture capital partners an “affiliated business.” Meanwhile, almost 70,000 employees of tech startups recently lost their jobs. Continue reading Federal Payroll Loans Unevenly Distributed to Tech Startups

Big Tech Responds to Coronavirus, Improving Its Public Image

With the advent of the coronavirus, companies such as Facebook, Twitter and Google quickly responded, featuring links to “high-quality information” from the Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO). Big Tech has now donated thousands of N95 masks to healthcare providers and continues to highlight accurate news. Facebook committed $100 million in small business grants and Amazon put out the call for 100,000 new employees. Overall, Big Tech isn’t just doing good but doing well, with business holding steady. Continue reading Big Tech Responds to Coronavirus, Improving Its Public Image

JPMorgan Intros E-Wallet for Gig Economy, Online Markets

JPMorgan Chase has developed an e-wallet for Airbnb, Amazon, Lyft and the like, to allow them to offer customers virtual bank accounts, car loans and home rental discounts. In doing so, these online marketplaces and gig economy companies will end up spending less on payment processing fees to third parties — including JPMorgan. That might sound counterintuitive, but the catch is that the companies can only avail themselves of the offerings if they let JPMorgan handle all the payment processing and cash exchanges. Continue reading JPMorgan Intros E-Wallet for Gig Economy, Online Markets

Password-Free Logins Getting Closer to Becoming a Reality

WebAuthn, with the approval of the World Wide Web Consortium (W3C) and the FIDO Alliance, just became an official web standard for password-free logins. After W3C and the FIDO Alliance first introduced it in November 2015, WebAuthn gained the support of many W3C contributors including Airbnb, Alibaba, Apple, Google, IBM, Intel, Microsoft, Mozilla, PayPal, SoftBank, Tencent and Yubico. With WebAuthn, which is supported by Android and Windows 10, users can log-in via biometrics, mobile devices or FIDO security keys. Continue reading Password-Free Logins Getting Closer to Becoming a Reality

CES Panel: Possibilities of Marrying 5G with Edge Computing

What is edge computing and what can it bring when married with 5G, asked TechRepublic editor-in-chief Jason Hiner, who moderated a CES panel on the topic. AT&T vice president Alicia Abella described edge computing in historical context, as the pendulum has swung back and forth from centralized computing (in the 1960s to 1980s) to compute power on the desktop (with the advent of the desktop PC), back again to a centralized notion with the cloud, and now back to a distributed model with edge computing. Continue reading CES Panel: Possibilities of Marrying 5G with Edge Computing

CES Panel: Envisioning Entertainment in the 5G Ecosystem

UTA chief innovation officer Brent Weinstein convened technology and entertainment honchos to parse out 5G’s impact on a range of M&E applications. Intel senior vice president/general manager of the network platforms group Sandra Rivera opined that, “it’s never too early to be on the forefront of innovation.” “The work we did on 4G created the environment that drew in investment and services from Airbnb to Netflix and Uber,” she said. “We’re not quite at 5G, but the excitement is attracting the entrepreneurs and engineers.” Continue reading CES Panel: Envisioning Entertainment in the 5G Ecosystem