Spreading misinformation will no longer be profitable on X, announced Elon Musk, with his latest update in rule for content creators. Announced on October 29, this is a big win, as people were purposely spreading misinformation for cash Since the conflict started, especially fake news, giving less value. Now, for misinformed content, there will be no revenue in sharing. While a section is happy, creators are in conflict.
India's Zomato reported its first quarterly profit on Thursday, helped by a tax gain and strong orders on its food delivery and quick commerce platforms. The company reported a profit of 20 million rupees ($241,861.37) for the quarter ended June 30. Zomato, which also runs grocery delivery service Blinkit, said consolidated revenue from operations rose 70.9% to 24.16 billion rupees in the first quarter.
Courtesy: Hindustan Times
The International Cricket Council (ICC) announced the revenue share percentages of the USD 600 million pool. The Board of Control for Cricket (BCCI) expectedly got the biggest chunk, earning a whopping USD 230 million, which comes out to be 38.5 percent of the overall ICC revenue. In addition, the rival Pakistan Cricket Board received an amount of USD 34.51 million in the 2024-27 cycle, which is 5.75% of the pool.
Rummy apps and DFS games incorporated in India will soon be distributed for the pilot’s limited period on Google Playstore, for a specific duration. These games won’t be using in-app billing or be available as paid apps, under another pilot. Under this new way, Playstore allowed some apps to use an alternative billing system. Moreover, the gaming industry in India is huge, with Dream 11 alone generating 51% revenue.
Courtesy: The Free Press Journal
OTT Platforms Have Potential To Disrupt Multiplex Business, Expected To Be Worth Rs 12,000 Crore By 2023
OTT sector is poised to replicate what multiplexes did to VCR/VCP/VCD segment, growing to a Rs 12,000-crore business by 2023. According to SBI Research, OTT industry would be worth Rs 11,944 crore by 2023, up from Rs 2,590 crore in 2018. The report cautions this might lead to a replay of the 1980s' unexpected demise of VCR/VCP/DVD sector, with the exponential development of multiplexes across metro/urban regions during early 2000s.
Courtesy: India Today
Rapido Hopes To Generate $300 Million Income In Fiscal Year 2022-23, Seeks Collaboration With State Govts
Rapido, bike-taxi aggregator, is aiming for $300 million in revenue in fiscal year 2022-23. Rapido, founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, operates in over 100 locations across India. It is now looking forward to collaborating with several state governments in order to assist metro commuters and provide additional services. Rapido presently has over 3 million bike-taxi riders and over 3 lakh drivers in auto… read-more
Courtesy: DNA INDIA
India’s over-the-top OTT video market is likely to be $7 billion by 2027, according to a new report by Media Partners Asia. Currently, the online video industry is at its peak, in its second growth phase with total revenues of $3 billion in 2022. Furthermore, the industry is to grow at an 8% CAGR to reach $72.7 billion, with OTT platforms like Netflix, Amazon, Disney+Hotstar and many more.
Courtesy: Live Mint
Government may soon make digital behemoths pay for information published on their platforms. If implemented, would require tech giants like Google, Meta, Twitter, and Amazon to pay Indian newspapers and digital news publishers a share of the revenue generated by using their original content. The necessity for regulation derives from fact that, while digital companies make income from news material produced by media outlets, they do not… read-more
Courtesy: India today
Tata Motors fears adverse affect globally, due to the tough competition in automotive market, said the company. On June 17, Tata Motors, currently operating in three-units, Commercial Vehicles, Jaguar Land Rover and Passenger Vehicles, said the rising automobile industry with various companies in market is a threat to them, without any assurance of successful run in the global market. Furthermore, in FY22, Tata-Motors witnessed 11.5% high… read-more
Courtesy: The Economic Times
CRED, a credit card and money lending platform losses were increased up to 45% with a year-on-year Rs 524 crores by the end of March 2021. Earlier, the company raised almost USD 450 million in 2021. However, the revenue took a leap from Rs 18.16 crores in FY20, to Rs 95.53 crores in FY21 with a low base effect. Kunal Shah, the founder of CRED started in the year 2018.
Courtesy: Money Control