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Telegram rolls out story feature on its platform

Telegram Messenger. (Photo: Twitter/@telegram)

Telegram has raised $210 million from several investors via bond sales. The investors include its founder and CEO Pavel Durov…reports Asian Lite News

Encrypted messaging platform Telegram on Friday announced the roll-out of a new Story feature on its platform.

The new feature will allow premium users of the app to post stories that can be seen by the audience of their choice, including non-premium users.

The Story feature is now available in the latest version of Telegram for Android, iOS, and Desktop. The new feature will appear at the top of the screen, right above the global chat search, which will allow users to share photos, videos, and text that disappear after 6, 12, 24 or 48 hours, or can be set to remain permanently on the user’s profile.

Users can separately choose people who can see the story. Telegram’s Stories will also support dual camera functionality, enabling users to capture photos and videos simultaneously with both the front and rear cameras.

Moreover, premium users can add more features to their stories, such as animated stickers, polls, and quizzes, allowing premium users to create more engaging and interactive stories.

Meanwhile, Telegram has raised $210 million from several investors via bond sales. The investors include its founder and CEO Pavel Durov.

John Hyman, Telegram Chief Investment Adviser, told TechCrunch that the platform raised the capital by issuing bonds worth $270 million because “interest rates have gone up significantly since 2021, the bonds have a different issue price”.

ALSO READ-Threads set to cross 100 mn users as Twitter traffic dips

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-Top News Media USA

Meta overhauls Facebook fact-check controls for US users

Facebook meta.(photo:Pixabay.com)

This move, according to the platform, aims to provide users with more power over its algorithm….reports Asian Lite News

Facebook’s parent company, Meta, has made a significant move by giving US users control over fact-checked content.

This move, according to the platform, aims to provide users with more power over its algorithm. However, some analysts argue that it could benefit purveyors of misinformation, AFP reported.

Previously, Facebook’s algorithm automatically downranked flagged posts, reducing the visibility of false or misleading content. Now, with the new “content reduced by fact-checking” option in settings, users can choose to make debunked posts appear higher or lower in their feed.

They can also maintain the status quo. The option “reduce more” makes fact-checked posts less visible, potentially moving them even lower or out of the feed entirely. Conversely, the “don’t reduce” option boosts the visibility of such content.

Meta stated that this update is a response to users’ desire for greater control over their feed. The fact-checking option was rolled out in May, with users discovering it in the settings.

This development takes place against the backdrop of a politically polarized climate in the US, where content moderation on social media platforms has become a contentious issue.

Conservative advocates claim that the government has coerced or colluded with platforms like Facebook and Twitter to censor or suppress right-leaning content under the pretense of fact-checking.

ALSO READ: US lawmakers call for safety of Indian diplomats

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Lite Blogs Media

Enlightening Generations: The Enduring Legacy of Gita Press

Located in Gorakhpur, Uttar Pradesh, Gita Press finds its home in an iconic temple-like building where the sounds of prayers and chants reverberate through narrow lanes…reports Khushboo Agrahari who is a senior Journalist based in India…reports Asian Lite News

Being a proud member of the Gita Press family fills me with immense pride as I witness the recognition and gratitude expressed for the prestigious organization by the Prime Minister of India. The recent presentation of the prestigious Gandhi Peace Award to Gita Press further cements its position as a pioneering force in promoting peace, harmony, and non-violence. This esteemed accolade emphasizes the significant impact Geeta Press has made in fostering social cohesion and disseminating the teachings of Mahatma Gandhi, whose ideals continue to steer us towards a more compassionate and improved world.

This milestone serves as a testament to the unwavering commitment and passion exhibited by the founders, staff, and supporters of Gita Press, who have devoted themselves tirelessly to upholding the values and teachings of Sanatan Dharma. Lalmani Tiwari ji, our manager, expressed deep gratitude, stating, “As we celebrate Gita Press’s century of service and its reception of the Gandhi Peace Award, we extend our heartfelt thanks to all those involved in this noble endeavor. The unwavering dedication, vision, and commitment to preserving and disseminating the wisdom of our ancient scriptures have enriched countless lives and inspired generations.”

Located in Gorakhpur, Uttar Pradesh, Gita Press finds its home in an iconic temple-like building where the sounds of prayers and chants reverberate through narrow lanes. Established in 1923 by Late Shri Jaydayal Goyandka and Ghanshyamdas Jalan, it has played a pivotal role in spreading the principles of Sanatan Dharma to the masses through the publication of revered texts such as the Bhagavad Gita, Ramayana, and Puranas. Over the years, it has built an enduring legacy, solidifying its position as one of the most renowned publishing houses for religious books globally.

Starting humbly by renting a place for Rs 10 and purchasing a printing machine for Rs 600, Gita Press printed 5,000 copies of the Bhagavad Gita, all of which were quickly sold out. Since then, Gita Press has sold an estimated 410 million copies of the Bhagavad Gita and 70 million copies of Ramcharitmanas, ensuring that these sacred texts are accessible to people from all walks of life at a subsidized rate.

In 1926, during a marwari community session, Ghanshyamdas Birla, impressed by the ideology of Jaydayal Goyandka and Hanuman Prasad Poddar, proposed the idea of starting a journal to maximize the reach and impact of their work. This led to the establishment of the renowned journal “Kalyan.” Serving as a platform for religious, cultural, and moral thoughts, Kalyan also provides insights into the social and political landscape of the time. Notably, the journal refrains from carrying any advertisements or reviews, focusing solely on promoting spiritual teachings and values.

Recognizing the importance of visual representation in literature, Gita Press established the in-house art gallery, “Leela Chitra Mandir.” This gallery showcases timeless artwork depicting events from the Ramleela, Krishna Leela, and various gods and goddesses. It also houses significant artifacts such as the first printing press of Geeta Press, letters by Mahatma Gandhi, and ancient copies of the Bhagavad Gita. Shlokas from the Gita are inscribed on marble blocks, enhancing the gallery’s artistic and historical significance.

Throughout its century-long journey, the organization has witnessed technological advancements while remaining steadfast in its core ideology. The institution utilizes automated machines for most processes, with the exception of the “case making” stage in the post-press division. This manual process is retained due to religious considerations, as the use of animal glue in most case-making machines is not acceptable to them. With publications available in over 15 languages and a collection of approximately 1,800 religious books, Gita Press continues to flourish, publishing around 25 million copies annually, which are sold through various outlets and branches.

The impact of its publications extends beyond adult readership. Recognizing the significance of providing reading material for all age groups, the institution introduced “Bal Sahitya” in 1937, focusing on literature for children. This initiative encompasses books that cover topics ranging from Hindi and English alphabets to daily routines, character-building, inspiring stories from Hindu epics, and biographies of sages and devotees. Its journey, marked by millions of copies sold and its profound influence on the nation’s psyche, exemplifies its stature as a beacon of Hindu culture. Here’s to another century of success, growth, and the invaluable contribution of Gita Press to the spiritual and cultural fabric of our nation, as it continues to shine as a guiding light, enlightening hearts and minds with its profound publications and unwavering dedication to the timeless principles of Sanatan Dharma.

ALSO READ-UN stops printing press releases, goes paperless

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Media Social Media USA

Musk-Zuckerberg cage fight ‘cancelled’, says Maye Musk

Musk-Zuckerberg

In a series of tweets, Maye Musk said that it is a “great relief” that “the fight has now been cancelled”….reports Asian Lite News

Dubbed as the fight of the century, the anticipated showdown between Elon Musk and Meta Founder and CEO Mark Zuckerberg has apparently been cancelled, the Tesla CEO’s mother Maye Musk said on Friday.

Musk earlier tweeted that he would be “up for a cage match” with Zuckerberg, to which Meta founder posted a screenshot of Musk’s tweet with the caption “send me location”.

Controversial online influencer Andrew Tate had offered to train Musk, seeking revenge against Meta for banning him from their platforms.

In a series of tweets, Maye Musk said that it is a “great relief” that “the fight has now been cancelled”.



“Actually, I cancelled the fight. I haven’t told them yet. But I will continue to say the fight is cancelled, just in case,” she further posted.

Lex Fridman, the host of the famous Lex Fridman Podcast, said, “A jiu jitsu match between Zuck and Elon would definitely be a fun plot twist in this simulation. I’m all for it.”

Musk replied: “Let’s go full MMA (mixed martial arts)”.

Maye Musk intervened, saying “don’t encourage this match” and his tech billionaire son was seen with a “crying” emoji.

Her tweets came as a surprise to social media users who were expecting at least a few bouts between the two tech billionaires.

It all started when Musk replied to a tweet about news that Meta will release a Twitter competitor.

“I’m sure Earth can’t wait to be exclusively under Zuck’s thumb with no other options. At least it will be ‘sane’. Was worried there for a moment,” Musk said.

To this, a user replied, “Better be careful @elonmusk I heard he does the jiu jitsu now.”

“I’m up for a cage match if he is lol,” the Twitter-owner replied.

Earlier this month, Musk had posted, “Zuck my *tongue emoji*.

In March, he mocked Meta for planning to launch a dedicated Twitter-like social media application and called it “copy cat”.

ALSO READ: Modi Meets Musk, Dignitaries on Day 1 of US Visit

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Dubai Education Media

Dubai launches scholarship for media students

Sheikh Ahmed also announced the ‘Mohammed Bin Rashid Scholarship for Emirati Media Students’, a new initiative to foster the development of exceptional young media talent…reports Asian Lite News

H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, and Chairman of the Dubai Media Council, today chaired a meeting of the Council held to discuss various key initiatives aimed at accelerating the development of the Dubai media sector. The meeting was attended by Mona Al Marri, Vice Chairperson and Managing Director of the Council, and other members of the Council.

The meeting discussed new projects focused on achieving the Council’s strategic goals in the new phase of Dubai’s growth, in line with the objectives of the Dubai Economic Agenda D33 and the Dubai 2040 Urban Master Plan.

Sheikh Ahmed said, guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, the emirate seeks to further strengthen its status as a regional media hub by promoting innovation, enhancing its creative ecosystem and fostering the development of high-quality content. His Highness said Dubai’s commitment to identifying exceptional talent and nurturing them by providing outstanding training reflects the leadership’s belief in the vital role human capital plays in sustainable development.

During the meeting, Sheikh Ahmed also announced the ‘Mohammed Bin Rashid Scholarship for Emirati Media Students’, a new initiative to foster the development of exceptional young media talent. In line with the vision of His Highness Sheikh Mohammed bin Rashid and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, the new scholarship programme, offered under the umbrella of the Dubai Media Council, seeks to empower young Emirati talent to contribute to the media sector’s growth.

Aligned with the objectives of the Dubai Media Council outlined in Law No. (5) of 2022, the scholarship programme forms part of efforts to enhance Dubai’s status as a global media talent hub and raise the competitiveness of Dubai-based media.

Mona Al Marri said the new initiative reflects the leadership’s commitment to equipping Emiratis with the knowledge and professional skills needed to achieve global standards of excellence. Providing further details of the new programme, she said the scholarship will cover the full tuition fees of the programme to which the selected media students have been accepted.

She said the Council will work to further enhance the supportive environment for scholarship recipients as well as the Mohammed Bin Rashid School of Communication through strategic partnerships with council members and media partners, especially Dubai Media Incorporated (DMI). The Council will also accelerate efforts to raise the enrollment of Emirati students in the Mohammed Bin Rashid School of Communication through promotional campaigns and awareness workshops.

During the meeting, the Council also reviewed the new law pertaining to the Government of Dubai Media Office (GDMO).

During the meeting, Sheikh Ahmed bin Mohammed approved the appointment of Dr. Abdulla Al Karam, Director General of the Knowledge and Human Development Authority (KHDA), as a member of the Dubai Media Council. This decision recognises his significant role in the development of the academic sector and the media industry.

Nehal Badri, Secretary General of the Dubai Media Council, highlighted the need to develop a skilled local workforce adept in using advanced technologies, especially at a time when new technological innovations are accelerating the industry’s transformation. Effective strategies to raise the capabilities of local media talent and encourage their contributions to the growth of the sector are critical to ensure the local media industry remains globally competitive, she said.

The meeting was attended by Malek Sultan Al Malek; Dr. Abdulla Al Karam; Abdullah Humaid Belhoul; Younes Al Nasser; Amal Ahmed bin Shabib; Mohammed Sulaiman Al Mulla; and Nehal Badri, Secretary General of Dubai Media Council.

The Council also reviewed the findings of a study conducted in partnership with the Dubai Future Foundation’s Dubai Future Labs to explore new ways to enhance opportunities for Emirati media talent. Amal bin Shabeeb, CEO of Dubai Future Labs, said the study identified three main challenges faced in this regard: the lack of media awareness among the younger generation, the absence of an integrated approach to developing media talent, and the limited participation of media experts in decision making related to talent development in the industry

The CEO of Dubai Future Labs presented several proposed initiatives aimed at developing young media talent based on the outcomes of the study. The study’s three main recommendations included integration of talent into the media sector at an early age, creation of more opportunities for outstanding young media talent, and the development of frameworks that enable young talent to contribute to the development of high-quality media content.

The Dubai Media Council meeting discussed Dubai Press Club’s preparations for the forthcoming 21st edition of the Arab Media Forum, scheduled to be held on 26 and 27 September.

The Council also discussed ways to enhance the implementation of Dubai media campaigns focused on promoting national and community events. The Dubai Media Council has assumed the responsibility of running these campaigns. By combining the resources of the Council’s members and various entities, the Council will seek to enhance the effectiveness of these campaigns

The meeting also featured a discussion on Brand Dubai’s upcoming DubaiDestinations summer campaign.

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Business India News Media

Sony unhappy with Zee developments

Sony.(photo:@Sony)

Zee Entertainment Enterprises has written to SEBI that “continuous and repetitive” investigations can potentially impact the merger process…reports Asian Lite News

Sony’s board of directors is said to be unhappy with developments and is looking at invoking force majeure and material adverse clause in the shareholder agreement in the proposed merger with Zee Entertainment in India.

The lawyers on both sides, Shardul Shroff representing Sony Pictures Entertainment India and Economic Law Practice for Zee will be busy in the next few days as the unravelling of one of the expected biggest entertainment media mergers takes place.

Whether this will lead to Damages for Reps and Warranties Breaches remains a matter of conjecture?

In its reply to the Securities Appellate Tribunal (SAT), the Securities and Exchange Board of India (Sebi) said urgent action was warranted against the promoters of Zee Entertainment Enterprises Limited (ZEEL) in the alleged fund diversion case to safeguard the management and protect investors and other stakeholders.

It termed the applications made by Essel Group Chairman Subhash Chandra and ZEEL Managing Director (MD) and Chief Executive Officer (CEO) Punit Goenka as “completely false and misleading” in its response submitted to SAT on June 17.

“We have a situation before us where the chairman emeritus and the MD and CEO of this large listed company are involved in a myriad of different schemes and transactions through which vast amounts of public money belonging to listed companies are diverted to private entities owned and controlled by these persons. The appellant’s conduct is telling in this regard. Not only have there been violations but also the issuance of multiple false disclosures and submission of statements to cover up such wrongdoings,” Sebi said in a 197-page affidavit to SAT.

Zee Entertainment Enterprises has written to SEBI that “continuous and repetitive” investigations on the same cause of action creates prejudice for the Company and Shareholders and can potentially impact the merger process.

SEBI has given a No Objection Certificate (NOC) to the Composite Scheme of Merger in the matter of ZEEL and Sony Pictures Networks India Pvt. Ltd. (Sony), which is one of the largest integrations of industry majors in the media industry and entails an incoming foreign direct investment of $1.7 billion (approx.) into India.

In a letter to SEBI, Zee said, “please note that the said merger is at an advanced stage post receipt approvals from various regulators (including SEBI, Stock Exchanges and CCI etc.) and the scheme is also approved by 99.9 percent of the equity shareholders of ZEEL”.

Zee said it may also be noted that the transactions in the present matter pertain to the year 2019 and a detailed explanation has already been provided to Stock Exchanges and SEBI.

“It is beyond our comprehension as to why the present matter is being re-investigating/re-examining, when the cause of action pertaining to the matter is around 4 years old,” the company said.

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Lite Blogs Media

Sreenivasan Jain joins Jindal School of Journalism & Communication faculty

Award-winning journalist Sreenivasan Jain joins Jindal School of Journalism & Communication faculty

Sreenivasan Jain is the recipient of ‘Journalist of the Year’ by the Ramnath Goenka Awards in 2014, the Red Ink Awards in 2015, and Anchor of the Year at ENBA Awards, 2016…reports Asian Lite News

Sreenivasan Jain, the multiple award winning Indian investigative journalist and former Group Editor of NDTV, has joined India’s first global journalism school, Jindal School of Journalism and Communication (JSJC) of O.P. Jindal Global University (JGU) in Sonipat.

Announcing the appointment, JGU’s founding Vice Chancellor Professor (Dr.) C. Raj Kumar said, “Sreenivasan Jain is an outstanding journalist in the best traditions of the practice and his experience will enrich JSJC and JGU in many ways. He has spoken truth to power during his career as a journalist and his joining our university as a faculty member will instil confidence among the students in pursuing a career in journalism and public affairs on the edifice of ethics and integrity.

“The students of JSJC have had a unique experience of studying at an exciting school with an innovative and interdisciplinary curriculum in cinema, journalism and communication that offers a wide range of national and international opportunities.”

Sreenivasan Jain is the recipient of ‘Journalist of the Year’ by the Ramnath Goenka Awards in 2014, the Red Ink Awards in 2015, and Anchor of the Year at ENBA Awards, 2016. Other awards include the World Media Summit Awards in Beijing, the World Silver Medal at the New York Festivals, the Hero Honda Indian Television Academy Awards, the Indian Telly Awards, the ENBA Awards, and the GQ Man of the Year (Media) in 2009. He was a recipient of the Eisenhower Fellowship in 2000.

In the world of the news media, investigative journalism is considered the highest calling. It comes closest to the core mission of the press in a democracy — of uncovering uncomfortable truths that hold power holders to account. JGU and JSJC is excited to welcome the award-winning broadcast journalist, Sreenivasan Jain who will provide a masterclass into the techniques and skills needed to produce top-notch investigative reportage, drawing from his three-decade long experience in reporting — and uncovering — some of the biggest stories of our time.

Expressing his excitement in taking up the faculty appointment at JSJC, Sreenivasan Jain said, “In my three decades in TV news and journalism, one of the most rewarding aspects of the experience was the opportunity to work with and train younger entrants into our newsroom. I look forward to extending that experience in this new innings as a faculty member at the Jindal School of Journalism & Communication of O.P. Jindal Global University.”

Professor Kishalay Bhattacharjee, Dean, JSJC, himself an award-winning former broadcast journalist, who has made several documentaries and reported widely from India’s conflict zones, said, “JSJC students will benefit immensely from Sreenivasan’s experience. Sreenivasan has been a colleague for decades and a comrade in reporting the underreported stories. We have often collaborated on investigative reports and it gives me immense joy in welcoming him to JSJC.

“We need more and more journalists and truth-tellers to help make sense of what is happening around us. We try to offer innovative, sustainable, market-driven training focusing on niche reporting and new media skills. Whether they report news or write a screenplay or manage communication, we encourage our students to always challenge the status quo and seek truth.”

In 2023, JSJC will have the first class of its third programme, Corporate Communication and Public Affairs. Already quite popular among prospective students, the course will allow JSJC to cover the entire spectrum of undergraduate communication education in India. It has a robust pedagogy, through consultation with leading industry professionals and academics. The school looks forward to delivering the best education to students as it grows from strength to strength.

JSJC launched its second undergraduate programme, Bachelor of Arts (Hons.) in Film & New Media in 2022. With state-of-the-art facilities, including the latest equipment, studios, and pedagogy, the course has become the most-desired destination for aspiring filmmakers around the country.

This year JSJC’s older programme, Bachelor of Arts (Hons.) in Journalism & Media Studies is graduating its 4th batch. Despite the challenges due to Covid-19, JSJC graduates secured jobs in leading media companies such as NDTV, Business Standard, Global Data, London, Indian Express, the Press Trust of India, and Al Jazeera.

While JSJC prides itself on producing working journalists through its skill-intensive, studio-based curriculum, many students have gone on to pursuing Masters’ degree programmes in universities such as the London School of Economics and Political Science (LSE), School of Oriental and African Studies (SOAS), Toronto Film School, Columbia University and King’s College, London. Frequently, journalism students go on to diverse areas of study such as human rights, law, policy, design and film.

JSJC students intern in leading production companies and OTT platforms, and they enter the industry as well-trained filmmakers and professionals. JSJC has a stellar faculty considered the best amongst journalism schools drawing from top journalists, editors, filmmakers and academicians who have more than 20 books, 10 films and 1000+ articles to their credit. It is home to global collaborative research in emerging technologies and hosts important calendar events in Delhi in the world of arts, cinema and communication.

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Business Media Tech Lite

Linda Yaccarino takes over as new Twitter CEO

Elon Musk confirms Linda Yaccarino as new Twitter CEO

Yaccarino said last month that she is prepared to build Twitter 2.0 and transform the business together with Musk and millions of platform users…reports Asian Lite News

Linda Yaccarino is set to take over as the new Twitter CEO from Monday, as Elon Musk aims to focus more on Tesla and SpaceX, the media reported.

Yaccarino, former Chairman of Global Advertising and Partnerships at NBC Universal, has also hired Joe Benarroch, executive vice-president at NBC Universal, to work along with her at Twitter.

According to a report in the Wall Street Journal (WSJ) late on Sunday, Benarroch has been a trusted adviser to Yaccarino.

“Tomorrow, I start a different professional adventure at Twitter, taking on a role focusing on business operations,” Benarroch wrote in the memo seen by WSJ.

“I am looking forward to bringing my experience to Twitter, and to working with the entire team to build Twitter 2.0 together,” he added.

Yaccarino said last month that she is prepared to build Twitter 2.0 and transform the business together with Musk and millions of platform users.

“I’ve long been inspired by your vision to create a brighter future. I’m excited to help bring this vision to Twitter and transform this business together,” she posted on Twitter.

“I’m just as committed to the future of this platform. Your feedback is VITAL to that future. I’m here for all of it. Let’s keep the conversation going and build Twitter 2.0 together,” Yaccarino also commented.

Musk is looking forward to working with Yaccarino to transform the platform into X, the everything app, just like China’s WeChat.

Yaccarino oversaw about 2,000 workers at NBC Universal. Her team generated more than $100 billion in ad sales and entered partnerships with companies, including Apple, Snapchat, BuzzFeed, Twitter and YouTube.

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-Top News Media USA

TikTok sues Montana for banning app

TikTok. (Photo:Unsplash)

Five TikTok creators in Montana also sued Montana last week over the ban, claiming First Amendment safeguards…reports Asian Lite News

TikTok on Monday filed a lawsuit in a US federal court to prevent Montana from outright banning the video-sharing social media app, The Washington Post reported.

TikTok said in the lawsuit that the unprecedented prohibition, which is scheduled to go into effect in 2024, violates the constitutionally guaranteed right to free expression. The well-known video app TikTok filed a lawsuit against Montana on Monday, claiming that the country’s First Amendment right to free speech will be violated by the state’s new law prohibiting the app nationwide, reported The Washington Post.

The lawsuit attempts to invalidate the legislation, which was signed last week by Republican Governor of the state Greg Gianforte and is scheduled to take effect on January 1. The proposal will probably be delayed by the legal argument.

In its complaint, TikTok, which estimates 150 million US users, said that the state’s “extraordinary and unprecedented measures [are] based on nothing more than unfounded speculation..”

Five TikTok creators in Montana also sued Montana last week over the ban, claiming First Amendment safeguards, as per The Washington Post.

Taking to Twitter last week, the Governor of Montana, Greg Gianforte announced the ban on TikTok in Montana saying that it is done to protect Montanans’ personal and private data from the Chinese Communist Party.

“TikTok is just one app tied to foreign adversaries. Today I directed the state’s Chief Information Officer to ban any application that provides personal information or data to foreign adversaries from the state network,” Gianforte tweeted.

“I prohibited the use of TikTok on state devices which poses a significant risk to the security of our state and Montanans’ sensitive data.”

Gianforte said that TikTok posed a “significant risk” to confidential state information when Montana banned the app on devices used by the government in December 2022. Both the federal government and more than half of the states in the US have a comparable ban on video-sharing social networking platforms.

Gianforte also said that as of June 1, no social media platforms linked to foreign enemies would be allowed to be used on government property or for official activities in Montana.

He mentioned a number of apps, including WeChat, whose parent business is based in China, and Telegram Messenger, which was established in Russia. (ANI)

ALSO READ: Biden says Putin will not break US resolve on Ukraine war

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Business Media

Disney+ loses suffers huge subscriber loss

Disney+ Hotstar.

The key reason behind the decline was Disney+Hotstar, which lost 8 per cent of its subscriber base — from 57.5 million in Q1 2023 to 52.9 million in Q2…reports Asian Lite News

Entertainment giant The Walt Disney Company’s flagship streaming service Disney+ lost four million subscribers in its second quarter that ended April 1, as the company approached its third round of layoffs.

In its Q2 2023, the company reported 157.8 million subscribers, compared to 161.8 million in the previous quarter.

The key reason behind the decline was Disney+Hotstar, which lost 8 per cent of its subscriber base — from 57.5 million in Q1 2023 to 52.9 million in Q2.

“Disney+Hotstar average monthly revenue per paid subscriber decreased from $0.74 to $0.59 due to lower per-subscriber advertising revenue,” the company said in a statement.

The drop in the Indian subscribers is mainly because the platform did not retain streaming rights for the Indian Premier Cricket (IPL) League.

Overall for the company, the revenues for the quarter and six months grew 13 per cent and 10 per cent, respectively.

“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success,” said Robert Iger, CEO, The Walt Disney Company.

Disney plans to reduce its workforce by 7,000 jobs as part of a larger reorganisation that will see the company cut $5.5 billion in costs.

The fresh round of job cuts is likely to affect Disney Entertainment and ESPN, as well as Disney Parks, Experiences and Products.

“I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes,” Iger had said.

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