Los Angeles-based production company Pressman Film is turning to crowdfunding to finance its latest slate. The indie studio behind films including “American Psycho,” “Wall Street” and “The Crow” is targeting $1.5 million in the first tranche, hosted by investment firm Republic. As the movie industry continues to regain its footing following the impact of COVID-19 and the Hollywood strikes, companies continue to seek innovative ways to move forward. “Get in on the ground floor of the filmmaking process, get exclusive insider perks, and share in the returns,” explains Republic’s website. Minimum buy-in is $200. Continue reading Pressman Film Joins Republic on Crowdfunding Capital Raise

Sony Pictures Entertainment has agreed to purchase Alamo Drafthouse Cinema, a 35-location U.S. theater chain known for creative cocktails and craft food service as well as “no talking, no texting” policies. To manage the acquisition, SPE has established Sony Pictures Experiences, which will be headed by Alamo Drafthouse CEO Michael Kustermann. The exhibitor chain was purchased from founder Tim League, Altamont Capital Partners and Fortress Investment Group, who had quietly been shopping it this past year. Established in Austin, Texas in 1997, Alamo operates in 25 U.S. metropolitan areas and is the seventh-largest theater chain in North America. Continue reading Sony Is Purchasing Popular Alamo Drafthouse Theater Chain

Samsung Electronics grew net profit by more than 400 percent in Q1, to $4.91 billion, on revenue of about $52.3 billion, a nearly 13 percent increase year-over-year. The results were credited mainly to higher memory chip prices resulting from AI demand buoying the company’s semiconductor business. Solid performance in smartphones — with the launch of its Galaxy S24 series, the first to pack AI-optimized chips — supported the stellar performance. It was a dramatic rebound from 2023, when post-COVID economic fallout drove Samsung to a 15-year profit low and semiconductor losses of almost $11 billion. Continue reading Samsung Chip Rebound Sends Q1 Net Profit Up 400 Percent

Micron Technology has been selected to receive up to $6.14 billion in CHIPS and Science Act funding from the federal government. The Boise, Idaho-based tech firm says it will use the funds to construct four new fabrication plants — two in its hometown and two in New York State. Micron has committed an investment of up to $125 billion across both states over the next two decades as it endeavors to build a leading-edge memory manufacturing ecosystem. President Biden announced the preliminary funding agreement during a trip to the Milton J. Rubenstein Museum of Science & Technology in Syracuse, New York. Continue reading Micron Awarded CHIPS Funds for Fabs in Idaho and New York

Netflix has added 9.33 million paid subscribers in Q1, a 16 percent year-over-year increase to 269.6 million worldwide. The growth, attributed largely to a password-sharing crackdown, has delivered the company’s strongest first-quarter customer expansion since the height of the COVID-19 pandemic. The dominant global streamer boosted Q1 revenue by nearly 15 percent year-over-year, to $9.37 billion, and drove profits to more than $2.3 billion for the quarter, a 78.7 percent gain over the same period last year (and a 148 percent leap from Q4’s $938 million). A surprise to many, Netflix announced it will cease reporting quarterly subscriber gains in Q1 2025. Continue reading Netflix Adds 9.3 Million Subscribers, $2.3 Billion in Profit in Q1

After announcing in 2020 plans to launch a movie and TV show rental marketplace, media streaming platform Plex is finally taking the plunge. Following what has been described as “false starts,” including delays due to COVID-19, news broke at CES 2024 that the company will go public with its rental offering in February. The streaming media software maker has confirmed it will enter the TVOD (transactional video on demand) market to augment the ad-supported streaming that is its primary revenue source. Plex reportedly has “most studios” onboard, though it has yet to specify which ones. Continue reading FAST Platform Plex to Roll Out Movie, TV Rentals Next Month

Japanese triple-A game publisher Square Enix rang in the New Year with an open letter from President Takashi Kiryu emphasizing that the 20-year-old firm intends to reinforce its core business of content development and game publishing while aggressively exploring new areas like artificial intelligence and extended reality. In the short term, AI will be used “to enhance our development productivity and achieve greater sophistication in our marketing efforts,” Kiryu wrote in his letter, explaining that “in the longer term, we hope to leverage those technologies to create new forms of content.” Continue reading Square Enix to Explore New Content Possibilities with AI, XR

U.S. consumers are consolidating their devices, eliminating outdated ones to make room for new ones that better serve their needs, according to the fourth annual Deloitte Connected Consumer survey. The study found that while 48 percent of consumers purchased a minimum of one new connected device this year, the average number of devices per household fell to 21 in 2023 from 25 in 2021, “when many loaded up on technology during the COVID-19 pandemic.” Although many consumers may be attempting to streamline their digital lives, they remain very interested in virtual experiences and tech innovation. Continue reading Deloitte: Consumer Views of Connected Devices Are Changing

Salesforce suggests “the retail industry is again on the precipice of major disruption” based on consumer adoption of artificial intelligence, which is being used to change shopping habits and inform purchases through things like personalization, browsing suggestions and recommendations based on past habits and visualizations. Other popular use cases include AI-generated marketing assets and customer service agents. Based on a study conducted in May and June of this year involving 2,400 shoppers and 1,125 retail decision makers, Salesforce notes that one in six shoppers, or 17 percent, have already used generative AI for “purchase inspiration.” Continue reading Salesforce: 17 Percent of Shoppers Have Used Generative AI

Amazon’s AWS cloud-computing unit generated $22.1 billion in Q2, a 12 percent year-over-year gain that was a highlight in a strong quarter for the e-commerce giant. The company generated a total of $134.4 billion in revenue for the period ending in June, an 11 percent increase over the prior year. Advertising was also strong, jumping 22 percent to $10.68 billion. Cost-cutting and rebounding e-commerce helped propel the Seattle-based company to a quarterly profit of $6.75 billion (its strongest performance since Q4 2021), which contrasted sharply with a loss in the same period last year. Continue reading AWS, Advertising Drive Amazon to 11 Percent Revenue Gain

Social image pinboarding and shopping inspiration platform Pinterest touted its recently announced Amazon partnership and AI efforts as part of its Q2 2023 earnings, which showed a 6 percent gain in year-over-year revenue of $708 million, beating analyst expectations. Pinterest announced the multiyear partnership with Amazon that marked a Pinterest first for third-party ads. On the investor call, Pinterest CEO Bill Ready told analysts the company has been testing Amazon ads traffic and is “very pleased” with the early results. When users click on Amazon ads on Pinterest they land on Amazon’s site to complete their purchase. Continue reading Pinterest Touts AI and Amazon Partnership with Q2 Earnings

Amazon says it achieved its “fastest Prime speeds ever” for deliveries across the 60 largest U.S. metro areas in Q2, when more than half its member orders arrived “the same or next day.” The benchmark announcement precedes this week’s earnings statement and was couched as fulfillment and transportation investments that have paid off. Amazon says it will in two years double the number of same-day delivery sites. So far in 2023 it has “delivered more than 1.8 billion units to U.S. Prime members the same or next day,” almost four times the shipments delivered at that rate during the same period in in 2019. Continue reading Amazon Boosts Efforts to Ship its Prime Deliveries in One Day

AMC Theatres is closing its on-demand movie streaming service and transferring users and their content libraries to Vudu, a digital rental and sales streaming platform owned by NBCUniversal’s Fandango. Beginning last week, customers were invited to transfer their AMC Theatres On Demand accounts to Vudu, where they will be “upgraded to the highest-quality format” the platform offers, including 4K Ultra HD. Migrating customers will also receive 15 percent off any titles purchased within their first month of Vudu service. Since 2019 the theater chain has been offering AMC Stubs loyalty members on-demand movie delivery. Continue reading AMC Theatres Ends Streaming and Ports Customers to Vudu

Apple is reportedly planning at least 15 new retail stores in the Asia-Pacific market, as well as five more outlets in Europe and the Middle East, and four additional locations in North America. Initial reports indicate the expansion is expected to run through 2027 and will also include refurbishing or relocating existing stores in the U.S., Europe and Asia. Overall, the company is exploring 53 new, remodeled or relocated stores over the next four years. Revitalization of the 22-year-old retail operation arrives in the wake of Apple contending with the COVID-19 pandemic downturn and labor unrest at some of its locations. Continue reading Apple Is Planning Expansion and Updates to Retail Presence

The European Commission has come out with a list of countries whose problematic copyright policies pose the biggest threat to EU interests. China is “Priority 1” among nations lacking intellectual property and trademark protections. Categorized as “Priority 2” are India, Indonesia, Russia, Turkey and Ukraine. Less troubling but still problematic are Argentina, Brazil, Ecuador, Malaysia, Nigeria, Saudi Arabia and Thailand, which fall into “Priority 3.” Several reports noted U.S. absence from the list, but the fact that this hotbed of piracy has aggressively implemented website blocking was viewed as mitigating. Continue reading EU Report Identifies China as Bloc’s Biggest Piracy Problem