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Revolut launches early salary feature in the UK and web app - techcrunch

Revolut launches early salary feature in the UK and web app

Fintech startup Revolut has two new features this week. First, the company is launching a web app for its regular users — not just business users. Second, in the U.K., Revolut has partnered with Modulr to let you receive your salary a day early. Revolut has historically focused its efforts on its mobile app. If […]
techcrunch - 2 hours ago
Eat Just to sell lab-grown meat in Singapore after gaining “world first” regulatory approval - techcrunch

Eat Just to sell lab-grown meat in Singapore after gaining “world first” regulatory approval

Eat Just will start offering lab-grown chicken meat in Singapore after gaining regulatory approval from the Singapore Food Agency (SFA). The cell-cultured chicken will eventually be produced under Eat Just’s new GOOD Meat brand through partnerships with local manufacturers and go on sale to restaurants before it is available to consumers. No chickens were killed […]
techcrunch - 3 hours ago
Extra Crunch membership now available to readers in Israel - techcrunch

Extra Crunch membership now available to readers in Israel

We’re excited to announce that Extra Crunch memberships are now available in Israel. That adds to our existing support in: United States Canada Argentina, Brazil, Mexico UK and select European countries Australia Sign up for Extra Crunch membership here. Use the code ISRAEL122020 during checkout for an additional 25% off an annual or 2-year plan. […]
techcrunch - 5 hours ago
Apple’s MagSafe Duo charger is now available - techcrunch

Apple’s MagSafe Duo charger is now available

Back in October Apple announced the MagSafe Duo, a folding travel charger capable of charging both the iPhone and the Apple Watch simultaneously and wirelessly. In an unusual move, the company didn’t specify exactly when it’d start shipping — or even when it’d go up for sale. Some rumors suggested late December, while others were […]
techcrunch - 8 hours ago
Longtime investor and operator Adam Nash says he just launched a new fintech startup - techcrunch

Longtime investor and operator Adam Nash says he just launched a new fintech startup

Adam Nash, a Silicon Valley-born-and-bred operator and investor, is back at it again. Today, on his personal blog, he announced that he has started a consumer fintech company that has already garnered initial funding from Ribbit Capital, along with other “friends and angels” who appear to have also pitched into the round, including Box CEO […]
techcrunch - 8 hours ago
Massachusetts lawmakers vote to pass a statewide police ban on facial recognition - techcrunch

Massachusetts lawmakers vote to pass a statewide police ban on facial recognition

Massachusetts lawmakers have voted to pass a new police reform bill that will ban police departments and public agencies from using facial recognition technology across the state. The bill was passed by both the state’s House and Senate on Tuesday, a day after senior lawmakers announced an agreement that ended months of deadlock. The police […]
techcrunch - 9 hours ago
Equity Shot: Salesforce’s $27.7 billion-dollar Slack message - techcrunch

Equity Shot: Salesforce’s $27.7 billion-dollar Slack message

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines. Welcome to an Equity Shot all about the huge, and hugely interesting Salesforce -Slack deal, in which the enterprise social company will be subsumed for the mere price of $27.7 billion. TechCrunch has notes on the deal here, […]
techcrunch - 9 hours ago
Daily Crunch: Salesforce buys Slack for $27.7B - techcrunch

Daily Crunch: Salesforce buys Slack for $27.7B

Salesforce announces its acquisition of Slack, Amazon brings the Mac mini to the cloud and Google Maps gets a newsfeed. This is your Daily Crunch for December 1, 2020. The big story: Salesforce buys Slack for $27.7B The acquisition, which was first reported last month, is now official. “This is a match made in heaven,” […]
techcrunch - 9 hours ago
Lightspeed acquires restaurant software company Upserve for $430M - techcrunch

Lightspeed acquires restaurant software company Upserve for $430M

Lightspeed POS just announced the acquisition of Upserve, expanding Lightspeed’s presence in the restaurant industry. The company already offers cloud-based point-of-sale software for restaurants and other businesses. It went public in Canada last year before recently debuting on the New York Stock Exchange and acquiring another point-of-sale company, ShopKeep, for $440 million. The Upserve acquisition is […]
techcrunch - 10 hours ago
Elon Musk would consider having Tesla acquire a legacy automaker - techcrunch

Elon Musk would consider having Tesla acquire a legacy automaker

Elon Musk would consider leveraging Tesla’s mega $554 billion market cap to buy a legacy automaker, but only if it was on friendly terms, the billionaire entrepreneur said Tuesday in a wide-ranging interview with Axel Springer CEO Mathias Döpfner. Musk who received an award Tuesday from the media giant discussed his various interests and businesses, […]
techcrunch - 10 hours ago
Scale AI hits $3.5B valuation as its turns the AI boom into a venture bonanza - techcrunch

Scale AI hits $3.5B valuation as its turns the AI boom into a venture bonanza

Scale AI, the four-year-old data labeling startup, has discovered that selling the picks and shovels needed to develop and apply artificial intelligence is big business. The company, which created a visual data labeling platform that uses software and people to label image, text, voice and video data for companies building machine learning algorithms, has raised […]
techcrunch - 11 hours ago
Salesforce beats growth expectations, as investors digest the Slack acquisition - techcrunch

Salesforce beats growth expectations, as investors digest the Slack acquisition

Today after the bell, Salesforce reported its third-quarter earnings for its fiscal 2021, a period that ended October 31, 2020. The CRM giant reported top-line revenue of $5.42 billion, up 20% from the year-ago period. Salesforce also had net income of $1.08 billion and earnings per share of $1.15. Analysts had expected the company to […]
techcrunch - 11 hours ago
Announcing TechCrunch’s 2021 Event Calendar - techcrunch

Announcing TechCrunch’s 2021 Event Calendar

We know that you’re hard at work building the next great startup so we want to get our events on your radar early for next year. We’re excited to announce our 2021 fully virtual events line-up. Mark your calendars! TC Sessions: Justice March 3, 2021 Join us virtually while we explore inclusive hiring, access to […]
techcrunch - 11 hours ago
Salesforce buys Slack in a $27.7B megadeal - techcrunch

Salesforce buys Slack in a $27.7B megadeal

Salesforce, the CRM powerhouse that recently surpassed $20 billion in annual revenue, announced today it is wading deeper into enterprise social by acquiring Slack in a $27.7 billion megadeal. Salesforce co-founder and CEO Marc Benioff didn’t mince words on his latest purchase. “This is a match made in heaven. Together, Salesforce and Slack will shape […]
techcrunch - 11 hours ago
Elon Musk says SpaceX will attempt uncrewed Mars flight in two years, human landing in four to six - techcrunch

Elon Musk says SpaceX will attempt uncrewed Mars flight in two years, human landing in four to six

SpaceX founder and CEO Elon Musk was given an award from media giant Axel Springer on Tuesday, and he sat down to provide a wide-ranging interview that covered topics including space, Tesla, AI and even underpopulation. Musk addressed SpaceX’s Mars ambitions first, providing current timelines he’s working toward for reaching the red planet with SpaceX’s […]
techcrunch - 12 hours ago
Google Maps takes on Facebook with launch of its own news feed - techcrunch

Google Maps takes on Facebook with launch of its own news feed

People are getting frustrated that Stories are everywhere now, but Google Maps is keeping it old school. Instead of adding tiny circles to the top of the app’s screen, Google Maps is introducing its own news feed. Technically, Google calls its new feature the “Community Feed,” as it includes posts from a local area. However, […]
techcrunch - 12 hours ago
Ivanti has acquired security firms MobileIron and Pulse Secure - techcrunch

Ivanti has acquired security firms MobileIron and Pulse Secure

IT security software company Ivanti has acquired two security companies: enterprise mobile security firm MobileIron, and corporate virtual network provider Pulse Secure. In a statement on Tuesday, Ivanti said it bought MobileIron for $872 million in stock, with 91% of the shareholders voting in favor of the deal; and acquired Pulse Secure from its parent […]
techcrunch - 12 hours ago
Bottom-up SaaS: A framework for mapping pricing to customer value - techcrunch

Bottom-up SaaS: A framework for mapping pricing to customer value

Competitive advantage will go to the players who understand what truly motivates their customers and connect their pricing to that engine.
techcrunch - 13 hours ago
AWS announces Panorama a device adds machine learning technology to any camera - techcrunch

AWS announces Panorama a device adds machine learning technology to any camera

AWS has launched a new hardware device, the AWS Panorama Appliance, which, alongside the AWS Panorama SDK, will transform existing on-premises cameras into computer vision enabled super-powered surveillance devices. Pitching the hardware as a new way for customers to inspect parts on manufacturing lines, ensure that safety protocols are being followed, or analyze traffic in retail […]
techcrunch - 13 hours ago
Amazon announces a bunch of products aimed at industrial sector - techcrunch

Amazon announces a bunch of products aimed at industrial sector

One of the areas that is often left behind when it comes to cloud computing is the industrial sector. That’s because these facilities often have older equipment or proprietary systems that aren’t well suited to the cloud. Amazon wants to change that, and today the company announced a slew of new services at AWS re:Invent […]
techcrunch - 13 hours ago
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techcrunch
The short, strange life of Quibi

The short, strange life of Quibi

techcrunch - 1 month ago

All that is left now is to offer a profound apology for disappointing you and, ultimately, for letting you down, Jeffrey Katzenberg and Meg Whitman wrote, closing out an open letter posted to Medium. We cannot thank you enough for being there with us, and for us, every step of the way.

With that, the founding executives confirmed the rumors and put Quibi to bed, a little more than six months after launching the service.

Starting a business is an impossibly difficult task under nearly any conditions, but even in a world thats littered with high-profile failures, the streaming services swan song was remarkable for both its dramatically brief lifespan and the amount of money the company managed to raise (and spend) during that time.

A month ahead of its commercial launch, Quibi announced that it had raised another $750 million. That second round of funding brought the yet-to-launch streaming services funding up to $1.75 billion roughly the same as the gross domestic product of Belize, give or take $100 million.

We concluded a very successful second raise which will provide Quibi with a strong cash runway, CFO Ambereen Toubassy told the press at the time. This round of $750 million gives us tremendous flexibility and the financial wherewithal to build content and technology that consumers embrace.

Quibi’s second funding round brought the yet-to-launch streaming services funding up to $1.75 billion roughly the same as the gross domestic product of Belize, give or take $100 million.

From a financial perspective, Quibi had reason to be hopeful. Its fundraising ambitions were matched only by the aggressiveness with which it planned to spend that money. At the beginning of the year, Whitman touted the companys plans to spend up to $100,000 per minute of programming $6 million per hour. The executive proudly contrasted the jaw-dropping sum to the estimated $500 to $5,000 an hour spent by YouTube creators.

For Whitman and Katzenberg best known for their respective reigns at HP and Disney money was key to success in an already crowded marketplace. $1 billion was a drop in the bucket compared to the $17.3 billion Netflix was expected to spend on original content in 2020, but it was a start.

Following in the footsteps of Apple, who had also recently announced plans to spend $1 billion to launch its own fledgling streaming service, the company was enlisting A-List talent, from Steven Spielberg, Guillermo del Toro and Ridley Scott to Reese Witherspoon, Jennifer Lopez and LeBron James. If your name carried any sort of clout in Hollywood boardrooms, Quibi would happily cut you a check, seemingly regardless of content specifics.

Quibi’s strategy primarily defined itself by itself by its constraints. In hopes of attracting younger millennial and Gen Z, the companys content would be not just mobile-first, but mobile-only. There would be no smart TV app, no Chromecast or AirPlay compatibility. Pricing, while low compared to the competition, was similarly off-putting. After a 90-day free trial, $4.99 got you an ad-supported subscription. And boy howdy, were there ads. Ads upon ads. Ads all the way down. Paying another $3 a month would make them go away.

Technological constraints and Terms of Service fine print forbade screen shots a fundamental understanding of how content goes viral in 2020 (though, to be fair, one shared with other competing streaming services). Amusingly, the inability to share content led to videos like this one of director Sam Raimis perplexingly earnest “The Golden Arm.”

It features a built-on laugh track from viewers as Emmy winner Rachel Brosnahan lies in a hospital bed after refusing to remove a golden prosthetic. It’s an allegory, surely, but not one intentionally played for laughs. Many of the videos that did ultimately make the rounds on social media were regarded as a curiosity — strange artifacts from a nascent streaming service that made little sense on paper.

Most notable of all, however, were the quick bites that gave the service its confusingly pronounced name. Each program would be served in 5-10 minute chunks. The list included films acquired by the service, sliced up into chapters. Notably, the service didnt actually purchase the content outright; instead, rights were set to revert to their creators after seven years. Meanwhile, after two years, content partners were able to reassemble the chunks back into a movie for distribution.

sauce: techcrunch
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