In a private meeting with no media in attendance, more than 100 executives from some of the world’s largest financial institutions met at NASDAQ’s New York City office. They gathered to delve deeper into the promise of blockchain, the technology behind Bitcoin, which became active in 2009. These financial institutions have been wary of Bitcoin, because users are anonymous and can engage in money-laundering and other banking violations. What they looked at was digital U.S. dollars, a “fiat currency” that avoids those risks. Continue reading Wall Street Firms Gather to Discuss Blockchain, Digital Dollars

According to an SEC filing, PayPal-owned peer-to-peer payment service Venmo is under investigation by the Federal Trade Commission to determine whether the company “engaged in deceptive or unfair practices in violation of the Federal Trade Commission Act.” PayPal received a Civil Investigative Demand (CID) from the FTC on March 28. “The CID could lead to an enforcement action and/or one or more consent orders,” explains PayPal, “which may result in substantial costs, including legal fees, fines, penalties, and remediation expenses and actions, and could require us to change aspects of the manner in which we operate Venmo.” Continue reading Popular Payment Service Venmo Under Federal Investigation

Apple’s 13-year run of quarterly revenue growth has come to an end; the company reported that revenue for its second fiscal quarter, ending March, declined 13 percent to $50.6 billion. The reasons are many: its huge size makes sustained momentum difficult; it has suffered setbacks in China, its second largest market; it lacks a hot new product; and, with iPhones accounting for half the smartphones in the U.S., phones have likely reached a saturation point. Sales of iPhones fell 16 percent in Q1 2016 compared to the same quarter last year. Continue reading Apple’s Growth Stalls, China Shutdown Could Signal Trouble

Twitter reported revenue of $595 million for Q1 2016, below Wall Street expectations, adding to its growing list of woes. User growth, an area of concern since its 2013 IPO, remains modest, with an average 310 million monthly users in Q1 2016, up from 305 in Q4 2015. But most of the growth came from outside the U.S., where markets are less mature and therefore less lucrative. One ray of hope is Twitter’s deal with the NFL to live-stream Thursday Night Football games, which has drawn interest from other sports leagues. Continue reading Twitter Hopes to Prove Live-Streaming Value with NFL Games

In Q4 2015, Twitter’s monthly active users declined by about 2 million, to 305 million worldwide, an indication of the social media company’s malaise that has dampened Wall Street enthusiasm. But Twitter just completed new research, using analytics firm Crimson Hexagon, resulting in data it hopes may turn around investors’ lukewarm perceptions. Analyzing tweets for 33 movies released in 2015, from trailer release to post-premiere, Crimson Hexagon came up with results that put a more positive spin on Twitter use. Continue reading Tweets and Seats: Twitter Studies Link to Box Office Success

Since Jack Dorsey returned last year as chief executive of Twitter, he has done everything he could think of to improve the company’s fortunes, including lay-offs, new executives and a board shake-up. Recent numbers, however, have shown that not much has changed — its monthly 320 million visitors in Q4 2015 are the same as the previous quarter. The pressure is on to find a formula that works, and Dorsey is betting that tweaking existing features and adding an algorithmic timeline might help sustain and build the user base. Continue reading Twitter Hopes to Attract Users with Improved Timeline Feature

Traditional TV networks are pulling out all stops to succeed with their non-traditional streaming platforms. CBS is launching a new “Star Trek” series in 2017, which will air exclusively on its CBS All Access app; HBO inked a deal with former “Daily Show” host Jon Stewart to create new content for HBO Now; and NBCUniversal is cranking out original series and specials for its Seeso comedy channel, due to launch in January. Meanwhile, Vice Media plans a 24/7-cable channel with A+E Networks. Continue reading Programming Free-for-All Favors Consumer Power of Choice

On the first day of Variety’s Big Data Summit, the main takeaway was that data — from online, set-top boxes, smartphones and even retail sales — has become a tidal wave that threatens to overwhelm even data experts. The industry needs data scientists capable of searching through the mass of data to find nuggets of insight and actionable data, making them highly sought-after, or, as AOL Publisher Platforms global head Tim Mahlman said, “rock stars.” “You can get lost (in data) if you’re not smart about it,” he said. Continue reading Big Data Summit: “Data Is a Tidal Wave” Overwhelming Experts

Twitter hasn’t kept up with other social media platforms with advertising offerings, say some critics, but newly reappointed chief executive Jack Dorsey hopes to buoy the company’s fortunes with an array of new video advertising products. One of Twitter’s major advantages from the advertiser’s point of view is its emphasis on international, national and local live events. Whether Dorsey’s bid to curry favor among advertisers works to appease Wall Street, however, remains to be seen. Continue reading Twitter Expands Video Ad Tools with Generous Revenue Share

Apple broke its first-weekend sales record, after selling 13 million iPhone 6s and 6s Plus phones since Friday. That figure bests the 10 million iPhone 6 and 6 Plus devices sold last year during the first weekend. The increase is likely the result of market selections; this year the new phones were made available in China, one of Apple’s biggest markets, but last year China was not included in the first weekend. The sales figures were in line with some analysts’ expectations. Daniel Ives at FBR Capital projected 13 million in sales, while Gene Munster of Piper Jaffray predicted 12 to 13 million. Continue reading Apple’s New iPhones Set a New First-Weekend Sales Record

In the wake of pay TV subscriber losses and a falloff in content stocks, industry news has recently focused on the impact of the Internet, mobile apps and streaming services on traditional television. Disney chief operating officer Tom Staggs, who most analysts believe will be the successor to CEO Bob Iger, defended the future of ESPN and the programming bundle at an industry conference in Beverly Hills on Thursday. Staggs also suggested that Wall Street had overreacted to recent changes in the business and should not be so quick to dismiss the current model. Continue reading Disney COO Defends the Programming Bundle as TV Evolves

Nielsen is rolling out a program to track views of almost 1,000 shows on Netflix, Amazon’s Prime Instant Video and Hulu, relying on the same 25,000 U.S. households used to track traditional TV ratings. The idea is that, by having access to that data, large media companies such as Comcast NBCUniversal can hammer out better content licensing deals, especially with Netflix. Currently, Nielsen provides data only to studios that own the programs and pay for the information, but it plans to syndicate the data in the future. Continue reading Nielsen to Track Viewership Across Netflix, Amazon and Hulu

In a move that surprised Wall Street, Google created Alphabet Inc., a new publicly traded parent company. Google will be a subsidiary of Alphabet, with Google executive Sundar Pichai as its new CEO. Co-founders Larry Page and Sergey Brin will run Alphabet, which will include all of Google’s other ancillary businesses. Brin will also run Google X, the company’s experimental laboratory. Since the announcement was made after the close of trading on Wall Street, Google shares rose 6 percent in after-hours trading. Continue reading Google Now a Subsidiary of New Parent Company, Alphabet Inc.

Apple reported a 38 percent increase in profits — which equals $10.7 billion — from a year ago. Revenue rocketed 33 percent to $49.6 billion, and the iPhone, the company’s biggest source of revenue and profit, jumped up 35 percent to 47.5 million units. Still, on hearing the news, Apple’s stock plummeted. Why? Investors and Wall Street analysts expected Apple to wildly exceed its projections. Instead, when stratospheric sales of iPhones and Apple Watches didn’t materialize, Apple fans and shareholders were disappointed. Continue reading Apple Stock Declines on News of 38 Percent Growth in Profits

Twitter announced that CEO Dick Costolo plans to leave the company at the end of the month. Co-founder and former CEO Jack Dorsey will serve as interim CEO starting July 1 until a successor is found. Twitter shares jumped eight percent following the announcement. Since the company went public in 2013, Twitter has experienced numerous challenges, including an effective means of attracting new users and developing revenue streams based on advertising. Some are speculating that Twitter is ripe for acquisition, with Google listed as one of the interested parties. Continue reading Besieged Twitter CEO Dick Costolo to Step Down This Month