Although ByteDance’s TikTok missed a Thursday deadline to complete its deal with Oracle and Walmart, the Commerce Department did not enforce the shutdown order, citing last month’s preliminary injunction from U.S. District Judge Wendy Beetlestone. That suit was brought by three TikTok stars who charged that the government exceeded its authority by threatening the “robust exchange of informational materials.” President Trump initiated the effort to get TikTok to divest itself of its U.S. operations based on national security concerns. Now the deadline has been extended to November 27. Continue reading Government Extends Deadline for ByteDance to Divest TikTok

ByteDance, the Chinese parent company of TikTok, asked the U.S. Court of Appeals for the D.C. Circuit for more time to work out the preliminary deal to sell its U.S. operations to Oracle and Walmart. November 12 is the deadline for the deal to be completed. The company also stated it had been in discussions with the Committee on Foreign Investments in the United States (CFIUS), but “feedback had stopped” in recent weeks despite the approaching deadline. App Annie reports that TikTok’s substantial growth is expected to continue throughout 2021. Continue reading TikTok Popularity Surge Continues as U.S. Ultimatum Looms

Although the Ant Group suspended its high-profile IPO last week, Kuaishou Technology, a popular short-video and streaming media platform founded in 2011, is moving ahead. According to sources, the company, whose platform competes with ByteDance’s Douyin (TikTok in China), aims to raise about $5 billion and reach a valuation of about $50 billion by filing for an initial public offering in Hong Kong as soon as January 2021. The company was founded by engineers Su Hua, formerly at Google China, and Cheng Yixiao, a Hewlett Packard veteran. Continue reading Kuaishou, Rival to ByteDance’s Douyin, Plans Hong Kong IPO

The Future of Television is a 3-day event focused on streaming, digital video creation, monetization and distribution, connected entertainment and more. The event is designed for broadcasters, studios, cable networks, digital distribution networks, ad firms, VCs, social networks, tech providers and analysts. This year’s Future of Television is scheduled for November 10-12 and ETC members qualify for a 20 percent registration discount for access to all speaking sessions and panels. Click here to register with the discount. Continue reading ETC Members Receive 20% Discount to Future of Television

Spotify is testing a new service that gives artists more power over how their music is discovered on its platform. First, it will allow artists and labels to identify the music that matters most to them, and Spotify will add a “signal” to help the music be found by its personalization algorithms. Spotify has created a model in which artists, labels and rights holders will be paid a “promotional recording royalty rate” for streams that it provides, although the service does not require an upfront budget for artists and labels. Continue reading Spotify Tests Service That Helps Artists Promote Their Music

Three years after Apple released its simple video creation app named Clips, the company is updating the app to Clips 3.0, now available in the App Store. Apple streamlined the interface with the intent of making it faster and easier to add effects. Also new are full-screen browsers on the iPhone to make it easier to record and include effects. Version 3.0 lets video creators access multiple aspect ratios, including vertical and horizontal, to accommodate Instagram Stories, Snapchat, YouTube and other popular platforms. Continue reading Apple Clips 3.0: New Interface, Multiple Aspect Ratios, HDR

Microsoft’s sales rose 12 percent to $37.2 billion, with a net profit of $13.9 billion for Q1 of its fiscal year, exceeding Wall Street expectations. Its cloud unit Azure’s revenue jumped 48 percent from the same quarter last year, driving the quarter’s results, said chief financial officer Amy Hood. Much of the dramatic leap in Azure’s use can be attributed to online demands created by the COVID-19 pandemic. Likewise, the company’s gaming content business showed a 30 percent increase in sales from last year. Continue reading Microsoft Q1 Revenues Rise in Part Due to Azure Cloud Unit

TikTok’s lawyers filed suit with U.S. District Judge Carl Nichols to prevent the federal government from imposing a shutdown of operations on November 12, when companies will be banned from providing Internet hosting to TikTok. An attorney stated that, “competitors have already taken advantage of the government’s highly-publicized intention to shut down the app to entice TikTok creators and users to switch platforms.” Cloud platform provider Fastly saw its shares plummet after ByteDance, owner of TikTok, spent less than predicted in Q3. Continue reading TikTok Takes Government to Court Over Potential Shutdown

Basketball legend Shaquille O’Neal, Martin Luther King III, and former Disney executives Tom Staggs, Kevin Mayer and Salil Mehta are among those who have formed a new special-purpose acquisition company. SPACs, often dubbed blank check companies, are a popular financial tool to raise money and list a company publicly without having to file for an initial public offering. According to a Security and Exchange Commission filing, the SPAC, Forest Road Acquisition, plans to raise $250 million for new media and entertainment deals. Continue reading High Profile Team Joins Forest Road in Pursuit of M&E Deals

Small social video app Triller saw an opportunity to grow in July when news of a potential TikTok ban was brewing. Triller’s first “get” was the Sway Boys, a group of TikTok influencers who had been mulling over the idea of starting their own app but were convinced to join Triller by its majority owner, entertainment executive Ryan Kavanaugh. He offered them a juicy deal: In exchange for joining, he told them, he’d give them equity and roles within Triller. And they could still post on TikTok, just less frequently. Continue reading Triller Rolls Out the Red Carpet to Attract TikTok Influencers

As part of ongoing security concerns focused on technology, the Trump administration is now re-examining investments in U.S. tech startups by Chinese and other foreign groups, even investments that are years old. Heading the investigation is the Committee on Foreign Investment in the United States (CFIUS) which, after gathering information, can decide whether to probe specific deals more deeply and even demand that the foreign investor divest. The probe is based on the government’s belief that the United States did not sufficiently scrutinize these investments from China and other countries. Continue reading Federal Government Probes Foreign Investments in U.S. Tech

With its new deal to invest in TikTok (with Oracle), Walmart is taking big steps to create a transformative digital-centric future and a company that can successfully compete with its closest rival, Amazon. One analyst predicted the TikTok deal could “redefine retail” and Cowen retail analyst Oliver Chen called it a “bigger-picture opportunity.” Although it’s not yet clear what Walmart will do with TikTok, it now has another way to engage with consumers not actively shopping online, perhaps gathering data or serving ads. Continue reading Walmart Propels Its Digital Future with Walmart+ and TikTok

Pinterest is debuting two features intended for lifestyle influencers: Story Pins, which is similar to the increasingly popular stories feature available on Snapchat, Instagram and other platforms; and “creator profiles,” which allow influencers to show off their work. For Story Pins, which is already available to a select group of influencers, the creator can post photos and vertical videos with overlaid text and voice-over narration but doesn’t need to link to an outside website. Story Pins are not ephemeral, and followers can comment and react to them. Creator Profiles highlight projects via Story Pins. Continue reading Pinterest Debuts Story Pins, Other Tools Aimed at Influencers

Quibi, the OTT streaming service focused on short-form mobile video founded by Jeffrey Katzenberg and launched in April 2020, is struggling to gain subscribers in a crowded marketplace. According to sources, the company is considering its options, including raising more money, going public via a merger with a special-purpose acquisition company (SPAC) that helps fund deals, or a sale. Sources added that the company has enough cash for several months and is not expected to shut down in the near future. Continue reading Quibi Misses Paid Subscriber Goal, Looks at Funding Options

In its deal with Oracle, ByteDance is angling for majority ownership of TikTok. “Conceptually, I can tell you I don’t like that,” responded President Donald Trump, who is still in favor of U.S. majority ownership of the app’s operations. Although Trump admitted he hadn’t been briefed on the specifics of the deal, Senate Republicans and others are concerned that it falls short of the original goal. A source stated that Treasury Secretary Steven Mnuchin aims to ensure that U.S. ownership is “well over 50 percent.” Meanwhile, the Commerce Department, at President Trump’s direction, announced this morning that TikTok and WeChat will be banned from app stores in the U.S. beginning on Sunday. Continue reading TikTok-Oracle Deal Rests on Data Security, Ownership Details