MEDIA STARTUPS
Are we ‘like’ done here? X’s move to hide likes is the latest sign of their declining power as social media currency
Anushka Kulkarni expresses disappointment over X's decision to hide the "Likes" tab, which she and others used to subtly vet potential romantic interests. She laments the loss of authenticity and charm in likes, questioning whether likes are now being used as private bookmarks or manipulated by bots. The trend of hiding likes has been seen across social media platforms like Instagram and YouTube, prompting varied reactions among users and raising concerns about privacy and social dynamics online.
Inside the rise and fall of Indian Twitter rival Koo
Koo, the Indian social media platform aiming to rival Twitter, has closed down due to unsuccessful acquisition negotiations. The company struggled with funding challenges and workforce reductions amidst a competitive landscape.
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
Rise & rise of secondary deals; advantage desi data centres
Happy Friday! Total funding raised by Indian startups fell in the first half of 2024, but late-stage activity showed signs of revival, as per data. Decoding this and more in today’s ETtech Morning Dispatch.
Investors pour $27.1 billion into AI startups, defying a downturn
Investors poured $27.1 billion into AI startups in the United States from April to June, accounting for nearly half of all U.S. startup funding in that period, according to PitchBook, which tracks startups. In total, U.S. startups raised $56 billion, up 57% from a year earlier and the highest three-month haul in two years.
Collective Artists Network acquires Terribly Tiny Tales
Collective Artists Network has acquired digital content creator Terribly Tiny Tales (TTT) following funding from Nikhil Kamath. The move aligns with their goal to be India's top new media company. TTT, founded by Anuj Gosalia in 2013, reaches 25 million weekly social media users. This acquisition complements Collective Artists Network's strategy to enhance storytelling and creator support. Anuj Gosalia, TTT's CEO, looks forward to leveraging Collective's resources for greater impact.
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Search party: Google's dominance in internet search wanes amid rising app queries and AI threats
The search landscape is evolving rapidly, with Google facing challenges from specialized platforms and AI-driven search experiences. Users now turn to diverse platforms like Amazon and social media for different search needs, impacting Google's heft. The future of search seems to be personalized and AI-driven, reshaping how we navigate the digital world.
Amazon is reviewing whether Perplexity AI improperly scraped online content
Perplexity AI, an AI startup, is under Amazon's review for scraping content. The company faces allegations of plagiarism and generating fake quotes. The CEO defended the practices, emphasizing proper source crediting. Perplexity AI's use of AWS servers is also under scrutiny.
Sebi framework for finfluencers; Nazara's Freaks4U deal
The Security and Exchange Board of India (Sebi) has approved a regulatory framework for financial influencers. This and more today’s ETtech Top 5.
Reddit to update web standard to block automated website scraping
AI startups face scrutiny for bypassing Reddit's updated scraping rules. Plagiarism accusations against firms like Perplexity highlight the need for stricter data usage regulations. Reddit's cooperation with TollBit and the Internet Archive ensures non-commercial access while maintaining transparency. The involvement of Alan Barona underscores the importance of ethical content sourcing in AI development.
Facial recognition startup Clearview AI settles privacy suit
The case consolidated lawsuits from around the U.S. filed against Clearview, which pulled photos from social media and elsewhere on the internet to create a database it sold to businesses, individuals and government entities.
Nvidia rises 2.5% to hit another record, solidifies position as world's most valuable company
Nvidia cemented its status as the world's most valuable company after the semiconductor bellwether's shares gained 2.5% to hit another record on Thursday, as partners Dell and Super Micro Computer received server orders for Elon Musk's AI startup.
Amazon pledges $230 million to boost generative AI startups
The initiative will offer early stage companies AWS cloud computing credits, mentorship, and education to enhance their use of AI and machine learning technologies, according to the company. Participating startups will gain access to AWS computing, storage, database, and custom AI chip services through these credits.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Google CEO Sundar Pichai testifies in Ozy Media founder's fraud trial
Pichai is the highest-profile witness to testify so far in the trial of Carlos Watson, the founder of Ozy who is accused of misrepresenting his company's financial results, funding and audience data to investors and lenders from 2018 to 2021.
Ignored Bengaluru woman leaves job, rejoins same startup after getting Ivy League degree at double pay
A woman's bold career move in Bengaluru has gone viral. Feeling undervalued at her startup job, she pursued an Ivy League education, enhancing her career prospects. Returning to her previous company, she secured a position with a salary more than double her previous earnings. Her story, shared by Adithya Venkatesan, has inspired many online, emphasizing the value of education and strategic career choices.
Unacademy cofounder and CTO Hemesh Singh quits edtech startup
Hemesh Singh, cofounder of Unacademy, transitions from CTO to advisory role after a decade. Singh's exit is the latest in a series of high profile exits from the edtech startup, which now primarily focuses on offline test preparation. Despite multiple layoffs, Unacademy reduced its net loss by 41% in fiscal 2023.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
Google's AI search leaves publishers scrambling
The New York Times article discusses concerns from publishing executives like Frank Pine regarding Google's AI-generated summaries, emphasizing the impact on traffic and the need for direct reader relationships to reduce reliance on search engines.
Oyo’s maiden annual profit; RBI guidelines for fintech SRO
In a significant turnaround, hospitality startup Oyo reported its first annual profitable fiscal on Thursday. This and more in today’s ETtech Top 5.
Startups are driving job growth for freshers: Foundit Insights Tracker
A recent report by foundit, formerly Monster APAC & ME, highlights India's booming startup ecosystem and job opportunities for freshers.
Elon Musk plans largest-ever supercomputer for xAI startup: report
Billionaire tech mogul Elon Musk has told investors he plans to build a supercomputer dubbed "gigafactory of compute" to support the development of his artificial intelligence startup xAI, an industry news outlet reported Saturday. The planned supercomputer would be "at least four times the size of the biggest GPU clusters that exist today," such as those used by Meta to train its AI models, Musk was quoted as saying during a presentation to investors this month.
Startup Vision Group head slams alarmist predictions about Bengaluru, says the city is under transformation
"Everyone has multiple responsibilities and is stretched thin. Increasing staff strength of BBMP is crucial - our ratio of municipal workers is far below that of a city like Mumbai, for example," Prakash, who is also the state's statartup vision group chairman, said in a post on X.
Voice of pod: Why entrepreneurs are turning into popular hosts of podcasts
A marketing expert, who has worked with a unicorn founder on their podcast, points to two factors behind this chat show zeal. “Capital is scarce. It goes to people with high visibility. Also, while it takes crores of rupees to pull off traditional advertising, podcasts are low-cost with a massive impact because they work as content,” he says, requesting anonymity.
Cabin pressure: Are corporate leaders trying to be all-round performers?
CEOs face pressure to prove superhero status beyond the office, managing personal brand and productivity. Balancing fitness routines and social media presence is crucial. Finding time for rest and recovery is essential for overall well-being. Many entrepreneurs do feel the need to constantly stay productive, even during their downtime.
Is ONDC’s gamble paying off?
The ambitious project has gained visible traction through the past year. But what are the challenges that must be addressed before it truly democratises web commerce?
Paytm gets nod to become third-party UPI app; Govt cracks down on OTT platforms
Paytm parent One 97 Communications Ltd has secured approval from the National Payments Corporation of India to become a third party UPI app. This and more in today’s ETtech Top 5.
Handful of digital startups find success in a gloomy media landscape
A small cohort of for-profit digital media companies that sprang up during the pandemic have found success - at least for the moment - by taking the opposite approach of many predecessors, such as BuzzFeed and Vice, which fatefully relied on huge amounts of investor money to prioritise growth.
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