During Apple’s Q2 conference call a few weeks ago, CEO Tim Cook admitted China’s new COVID-19 lockdowns would result in supply chain disruptions causing as much as $8 billion in lost sales this year. Although Cook tried to emphasize Apple’s supply chain as “truly global,” with manufacturing in the U.S. and elsewhere, the company’s reliance on China could be problematic, and reports are surfacing that sources at the company are saying Apple is now on the hunt for production locations outside China, with India and Vietnam, where Apple already has small manufacturing operations, mentioned as candidates. Continue reading Apple Said to Be Exploring Production Options Outside China

While this year’s TV Upfronts were packed with celebrity appearances and musical performances, the focus had clearly shifted from scheduling to content that could be watched anytime and anywhere and the technologies that facilitate ad insertions and brand messaging opportunities. In addition to changing viewer habits, streaming and binge watching have resulted in new priorities for program services, now focused on libraries that amount to inventory by the ton, according to reports from the television industry’s annual New York pitch event for advertisers. Continue reading Ad Tech, Brand Messaging Take Center Stage at TV Upfronts

Chinese tech and entertainment conglomerate Tencent Holdings posted a 23 percent first quarter profit decline on earnings that inched up only 0.1 percent, its worst results since publicly listing on the Hong Kong Stock Exchange in 2004. China’s COVID-19 resurgence and the ensuing regulatory crackdown of the past year were cited as factors. The world’s largest video game developer said that it is refocusing on quality product as Beijing telegraphs it will limit the number of titles release in the coming months. Authorities suspended video game licenses and put time restrictions on game streaming in an effort to protect the nation’s youth. Continue reading Tencent Reports a Significant Profit Decline on Flat Revenues

The bottom fell out of the cryptocurrency market last week, wiping out more than $300 billion in a sell-off that underscored the risks of the unregulated digital currencies. Bitcoin fell below $27,000, its lowest point since 2020, as part of a larger trend that saw cryptocurrency exchange Coinbase lose half its value. The stablecoin TerraUSD “imploded.” The panic has been described as the biggest reset in cryptocurrencies since Bitcoin fell by 80 percent in 2018. But the current crash is more severe, since far more people and institutions are investing in digital currencies today. Continue reading Billions of Dollars Are Vaporized in Cryptocurrency Meltdown

Streaming company Chicken Soup for the Soul Entertainment has initiated a $375 million acquisition of Redbox Entertainment, which operates roughly 38,000 DVD rental kiosks located in retail locations throughout the nation. The deal includes $50 million in Chicken Soup stock and assumption of Redbox’s $325 million in debt. Redbox has about 40 million customers enrolled in its loyalty program (Redbox Perks), offers more than 130 FAST digital channels on a Free Live TV platform, and has a content library that spans TVOD and PVOD platforms, in addition to physical and digital distribution channels. Continue reading Chicken Soup for the Soul to Acquire Redbox for $375 Million

Paramount Global’s worldwide streaming subscribers for Paramount+ and Showtime rose to more than 62 million in Q1, driven by Paramount+, which added 6.8 million for a total of close to 40 million, the company said in its earnings report. Paramount+ is poised to add the United Kingdom and South Korea to its global portfolio next month, Paramount Global CEO Bob Bakish told investors Tuesday. Paramount+ plans to launch in Italy, Germany, France and Austria in the second half of 2022, and in India next year. Pluto TV also grew, launching over 102 new channels internationally, totaling more than 1,000 global channels. Continue reading Paramount Global’s Streaming Subs Exceed 62 Million in Q1

Apple’s fiscal Q2 was one of the best quarters in its 46 years of business. The company reported record revenue of $97.3 billion, up 9 percent year-over-year, far outperforming analyst expectations of $94 billion. More than $28 billion in operating cash flow and a return of nearly $27 billion to Apple shareholders resulted in the January through March period. But Apple warned that the outlook could dim in the current quarter, with China’s COVID-19 resurgence threatening to slow manufacturing, stymying sales by anywhere from $4 billion to $8 billion in fiscal Q3. Continue reading Apple Reports Record $97 Billion Quarter but Somber Outlook

Electric vehicle maker Rivian, which produced almost $12 billion in profit for Amazon last year, cratered in the January through March period, prompting the retail giant to record a $7.6 billion loss on the investment. Overall, Amazon posted a $3.8 billion quarterly loss, its first in seven years and a contrast to profit of $8.1 billion during the same period in 2021. A 7 percent increase in quarterly revenue marked the tech giant’s most anemic performance in 20 years, as consumers adopted post-pandemic habits and resumed in-store shopping. Continue reading Amazon’s $3.8 Billon Quarterly Loss Is Its First in Seven Years

National Association of Theatre Owners president and CEO John Fithian proclaimed the end of day-and-date streaming and theatrical releases in an address at CinemaCon 2022, which wraps today in Las Vegas. “I am pleased to announce that simultaneous release is dead as a serious business model, and piracy is what killed it,” Fithian declared Tuesday during his state-of-the-industry address. “When a pristine copy of a movie makes its way online and spreads, it has a very damaging impact.” Motion Picture Association chairman and CEO Charles Rivkin said that pre-release piracy reduces box office revenue by as much as 20 percent. Continue reading The Death of Day-and-Date Theatrical and Streaming Releases

Online game world Roblox draws about 50 million daily active users worldwide. Launched in 2006, the company lets users create their own games and play games created by others. As such, a generation has grown up using the Roblox Studio game engine, and now some of those Millennials are competing with professionally trained coders for jobs designing for the platform, which runs on the beginner programming language Lua. Designed for use in embedded applications, Lua is cross platform, and the Roblox API allows it to be played on anything from an Xbox to a PC, laptop or Android or iOS phone. Continue reading Roblox: User-Generated Content Competes with Pro Games

Cloud computing costs are expected to rise by 20 percent to an estimated $494.7 billion this year, according to a new report from Gartner. Infrastructure-as-a-service (IaaS) is earmarked for the most significant growth, up 30.6 percent to $119.7 billion this year. Desktop-as-a-service (DaaS) is the second most robust sector, at 26.6 projected growth, followed by platform-as-a-service (PaaS), at 26.1 percent. “Cloud-native capabilities such as containerization, database platform-as-a-service (dbPaaS) and artificial intelligence/machine learning contain richer features than commoditized compute such as IaaS or network-as-a-service,” which makes them more expensive, said Sid Nag, research VP at Gartner. Continue reading Led by SaaS, 2022 Cloud Spending to Approach $500 Billion

After a year of experimentation, Facebook appears to be cooling on podcasting. Last April, the company launched podcasts for U.S. users in addition to Live Audio Rooms and the Soundbites short story feature. Now, Facebook seems to have shifted its priorities to online shopping and the metaverse, according to reports. The news has come as a disappointment to some in the podcasting industry, who valued the exposure and potential advertising revenue that came along with Facebook integration. During its brief focus, Facebook’s podcasting efforts were lauded by some content providers. Continue reading Some Disappointed by Facebook’s Waning Podcast Interest

TSMC (Taiwan Semiconductor Manufacturing Company) is reporting first quarter 2022 revenue between $17.6 billion and $18.2 billion, a 35.5 percent increase year-over-year. Compared to Q4 2021, the first quarter results represent a 12.1 percent revenue uptick and 22 percent growth in net income. This, despite ongoing fallout from supply chain shortages that company CEO C.C. Wei says he expects will continue triggering production constraints. Russia’s invasion of Ukraine and the COVID-19 lockdown in Shanghai, where the company has a plant, were cited as the most significant stressors to the company’s semiconductor output. Continue reading TSMC Posts Record Q1 Profits Despite Continuing Shortages

Antitrust legislation pending in the U.S. and European Union is at odds with consumer privacy initiatives in those territories, Apple CEO Tim Cook told attendees of the IAPP Global Privacy Summit 2022 in Washington, D.C. on Tuesday. Speaking out against proposed “gatekeeper” rules, Cook warned that “when companies decide to leave the App Store because they want to exploit user data, it could put significant pressure on people to engage with alternate app stores — app stores where their privacy and security may not be protected.” Continue reading Proposed Antitrust Laws a Privacy Disaster Warns Tim Cook

Remote, a platform that enables companies to hire and compensate distributed employees, has secured $300 million in a new funding round, raising its valuation to $3 billion and making it one of the biggest HR players in the new world order of distributed workforces. Leading the Series C round is SoftBank Vision Fund 2. The company said funding will be used to build new tools and expand the San Francisco-based company’s geographic reach. Work from remote locations has been becoming more prevalent as a result of the COVID-19 pandemic, priming the market for Remote’s expansion. Continue reading Global Distance Workforce Firm Remote Raises $300 Million