Mark Zuckerberg’s controversial cryptocurrency initiative is dead in the water amid resistance from the Federal Reserve — and Meta is looking to sell off its crypto assets altogether, according to a report. The Diem Association — a crypto project formerly known as Libra that has been backed by the parent company of Facebook and Instagram — planned to issue a so-called stablecoin that would have been pegged to the US dollar.
AT&T topped Wall Street estimates for the fourth quarter of 2021, with WarnerMedia revenue gains driving top-line results — helped by strong growth of HBO Max — although the division’s operating income dropped 38% on higher costs. The company also announced that it expects the WarnerMedia spinoff and merger with Discovery to close in the second quarter (previously, it pegged the close for mid-2022).
The Spanish Competition Authority (CNMC) plans to initiate antitrust proceedings against Spanish Authors society SGAE, for alleged “abuse of dominant position.” The investigation is being launched at the request of Unison, a Barcelona-based Independent Management Entity (IME) organization.
Digital rights startup SuperBam announced it has paid out more than $10 million in reclaimed ad revenue to content creators who make their livings on YouTube, TikTok, Twitch, and Facebook. SuperBam, works with creators and companies to help them track down those mashups, compilations, reuploads, and reposts on YouTube and claim the revenue those videos generate.
Investors apparently decided all at once that they’re not into deficit-financed companies, in streaming video or any other wildly overvalued corner of technology. What that means when all the major streaming services plan to spend billions more than they’re bringing in to fuel a brutal arms race for attention is suddenly much more complicated.
Whether you’re a novice or veteran filmmaker, for a film to go from script to screen, there must be an adequate source of funding from various investors, grants, and other third parties. With the rise of NFTs, filmmakers have found an opportunity to use blockchain technology to acquire the necessary funds to bring their vision to life.
Microsoft described the $75 billion acquisition of videogame giant as a pathway to the metaverse, a future vision of the internet that is the subject of growing hype. “When we think about our vision for what a metaverse can be, we believe there won’t be a single centralized metaverse,” Microsoft Chief Executive Officer Satya Nadella said on the call. “We need to support many metaverse platforms.”
Netflix’s subscriber growth again came in limper than predicted in the last three months of 2021 — and the company predicts growth will slow way more than Wall Street was expecting in the first months of 2022, the latest bumps on the road for the world’s biggest subscription streaming service. Shares plummeted 18% to $415.01 early in after-hours trading.
Microsoft’s acquisition of Activision Blizzard is aimed at shaking up the game industry by building out the software giant’s library of blockbuster videogames and bolstering its efforts to entice consumers onto its cloud-gaming service. The planned $75 billion deal would be Microsoft’s biggest ever and its most ambitious investment yet in its plan to turn its Game Pass subscription service into the Netflix of gaming.
Research from PwC indicates that deal activity in the media and entertainment space will continue at a “vigorous pace” in 2022, powered by the demand for content from streaming platforms, 5G rollouts and strong interest from private equity buyers. In 2021, there were 804 M&A deals in the media and telecommunications sector, a 27 percent gain on 2020, with deal value at $233 billion.