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Walt Disney Co. has shut down the division that was developing its metaverse strategies. Microsoft recently shut down a social virtual-reality platform it acquired in 2017. And Mark Zuckerberg, who renamed Facebook as Meta Platforms to signal his seriousness about the metaverse, focused more on artificial intelligence on an earnings call last month. Meanwhile, the price for virtual real estate in some online worlds, where users can hang out as avatars, has cratered.

Source: The Metaverse Is Quickly Turning Into the Meh-taverse

The major music companies are battling a deluge of tracks released by independent artists for listener attention. In his comments, Universal’s Sir Lucian Grainge calls for the music industry to focus on building “an environment in which great music is not drowned out by an ocean of noise.” Sony’s Rob Stringer, committing to Sony’s “high quality” output, encourages his music biz peers to remain “vigilant against any race to the bottom offered up to consumers.”

Source: The major record companies release around 3,900 tracks every day. Their problem? That’s a drop in the ocean.

While CEO Robert Kyncl has spoken broadly of the industry’s and the company’s needs to evolve in an ever-changing environment — the financial boom the music business has seen from streaming is leveling off, whether executives admit it or not — he has demurred from specifics, saying he needs to study the situation more thoroughly before making moves. It would appear that Wednesday’s announcement is one of the first such moves.

Source: Warner Music to Lay Off 270 Staffers, Making ‘Hard Choices in Order to Evolve’

The bill marks the next step in long-planned legislation that, once passed, could see the likes of Netflix, Disney+ and Amazon Prime Video fined up to £250,000 ($308,000) or restricted in the UK entirely if they break rules around harmful material that have applied to the public broadcasters for decades. The White Paper that laid out plans for the bill in April 2022 had initially floated the idea that these streamers either be fined the £250,000 maximum or 5% of their local revenues, whichever was higher, but the latter option has been removed from today’s draft bill.

Source: UK Government Publishes Long-Awaited Media Bill To Help Bring Netflix, Disney+, Prime Video Under Regulatory Framework

By banning the platform, the government risks prioritizing alleged national security interests at the expense of its antitrust agenda. Meta and Google, fighting lawsuits from competition enforcers seeking to break up the companies, stand to gain the most if TikTok is banned. Users likely would flock to the only viable alternatives in Instagram Reels and YouTube Shorts.

Source: Biden’s TikTok Dilemma: Go After China or Pursue Social Media Antitrust Claims

For Apple and Amazon, the move is not exactly a benevolent bid to help out beleaguered movie theaters; it’s a way to promote their respective streaming services. Ideally, the more attention that a movie gets on the big screen, the more people will want to see what else is available online — and sign up for (or keep paying) monthly subscriptions to AppleTV+ or Prime Video.

Source: Apple and Amazon Plan to Spend Billions on Movies for the Big Screen. Will the Pricey Gamble Pay Off?

Since the last time the U.S. government considered banning TikTok in 2020, the app has evolved from a social platform supporting content creators to an entertainment powerhouse. A ban now would threaten not the livelihoods of TikTok’s biggest stars and thousands of small businesses, it could deal a massive blow to the entertainment industry, forcing movie studios, record labels, casting directors, Hollywood agents, and actors to radically shift the way they do business.

Source: Hollywood, music industry brace for a TikTok ban

Most audiobooks are narrated renditions of already-published print or ebooks, but the category’s success has led to increased experimentation, with “audiobook originals” or “audio first” productions gaining traction — and fans. But defining what makes an audiobook an “original” is not easy. Audible co-opted the term early on to describe any title that was its “exclusive,” regardless of whether it had a print life as well.

Source: Just What Makes An Audiobook “Original”?

In a video posted to the app, TikTok CEO Shou Chew said that the number of users in the US works out to “almost half of the US coming to TikTok.” TikTok also said it has spent $1.5 billion over the last two years in setting up TikTok US Data Security and in building a comprehensive framework to protect American users’ data.

Source: TikTok CEO: ‘Almost half’ of US population uses the app, and a ban would ‘damage’ the country’s economy

The video game live streaming platform, in a blog post on Monday, said the decision to let go of “over 400 people… was incredibly difficult and one we did not make without considerable thought.” Twitch has been intertwined with the music industry in recent years.  Twitch has existing partnerships with independent label agencies like Merlin and with major record labels like Universal Music Group and Warner Music Group, as well as with music publishers.

Source: Twitch cuts over 400 roles amid widespread layoffs at parent company Amazon