Tencent is prepared to take the next significant step and enter the expanding market for metaverse products and services. Tencent is in the process of establishing its own metaverse-focused business, which will be known as the extended reality unit. The phrase “extended reality” can refer to a number of different immersive technologies, such as augmented reality and virtual reality. This unit will be responsible for all tasks pertaining to the metaverse, including the development of software and hardware.
The corporation intends to bring on more than 300 new employees in order to fulfill the requirements of the unit. Given that Tencent was just recently in the news for taking significant cost-cutting measures, some people have been caught off guard by the statement. However, according to the company, the plans for hiring new employees for the division are still subject to change. This is because the company is still in the beginning stages of putting its business plan into action, and the number of employees may go up or down depending on how well the business does.
According to various reports, the group was first established earlier this year; however, the corporation did not disclose this fact to anyone. It is anticipated that Li Shen, who now serves as Chief Technology Officer for Global, will take the helm of the business. Tencent’s entertainment division will be responsible for its operation.
More on the Subject of Tencent
Tencent is a Chinese multinational corporation that dominates the entertainment and technology industries around the world. It is prepared to go even bigger with the launch of this new unit, and it is ready to compete against other firms such as Microsoft and Meta which are already producing XI and AR devices.
Tencent, which is best known for its production of video games, is currently the most successful corporation in the gaming industry. Smartphones, social networks, electronic commerce, music, mobile games, web portals, internet services, payment systems, and online games are some of the products and services that it offers.
The company has been in operation for more than twenty years and maintains very healthy financial reserves.
Where Exactly Is the Metaverse Going?
It is estimated that Mark Zuckerberg of Facebook is responsible for the widespread adoption of the Metaverse, which currently has a value of forty billion dollars. With a CAGR of over 50 percent, it is anticipated that it would reach the milestone of USD 1,607 billion by the year 2030.
There is a steady influx of new competitors, both with unfamiliar names and well-known brands. Facebook, which has since changed its name to META, is already hard at work on developing a future based on the idea of a metaverse. It has been stated that even Disney is working on initiatives connected to the metaverse, and other Chinese businesses such as TikTok are not far behind them either.
Apple, the world’s largest technology company, has also decided to hop on the XR bandwagon and is employing XR technologies to construct gear, including headset units. Companies who are first to join a market will have a competitive advantage known as the early entrant advantage. However, spending significant sums on research and development in this field is essential, and as a result, a number of these businesses are operating at a loss. In point of fact, Meta has only just lately admitted this fact, but the company maintains its conviction that the metaverse is the future, and that making this investment would ultimately provide very favorable returns.
Meta Is Fined $275 Million By The Irish Data Privacy Authorities
In a data breach that occurred in 2019, Meta was issued a fine of approximately $275 million by Ireland’s data privacy commission for its failure to prevent hackers from stealing the personal information of more than 500 million Facebook users.
The announcement made on Monday marked the fourth time in about a year that Facebook (FBparent )’s corporation had been punished by the Irish Data Protection Commission. The Irish Data Protection Commission is the major privacy regulator monitoring Meta’s operations in Europe. According to the commission’s statement, the decision to issue the fine was reached on Friday of last week.
Meta has been hit with fines totaling 912 million euros by the Data Protection Commission of Ireland (DPC) since the fall of 2021. The DPC is pursuing the social media giant and its other subsidiaries, Instagram and WhatsApp, for alleged violations of the General Data Protection Regulation, which is Europe’s signature data privacy law (GDPR).
In the early fall of this year, Meta was handed the second-largest GDPR fine in history, which was for the way in which Instagram handled the data of children. The fine was 405 million euros. Additional enforcement procedures, which took place in March 2022 and September 2021, respectively, resulted in the imposition of fines totaling 17 million and 225 million euros.
A representative for Meta issued a statement on Monday stating that the company was “seriously” analyzing the decision made by the DPC and that it had cooperated fully with the investigation being conducted by the agency. The investigation was kicked out in April of last year after it was reported by Business Insider that the personal information of more than half a billion Facebook users had been published on a hacker website. At the time, Facebook stated that hostile actors had used its contact importer tool in order to match known phone numbers to the accounts of Facebook users before extracting more information from their profiles. According to a statement released by Meta on Monday, “Protecting the privacy and security of people’s data is crucial to how our business works.” [Citation needed] “During the time in question, we implemented a number of changes to our systems, one of which was the removal of the capability to scrape our features in this manner by using phone numbers. The scraping of data without authorization is against both our policy and our terms of service, and we will continue to collaborate with our competitors to find a solution to this industry problem.
This judgment was made by the Irish Data Protection Commissioner in the midst of widespread criticism from privacy activists who claim that regulators have proceeded slowly and tentatively to enforce GDPR, which became law in 2018.
Privacy regulators in Luxembourg issued a punishment of 746 million euros to e-commerce giant Amazon (AMZN) in accordance with the General Data Protection Regulation (GDPR) last year. They did so on the grounds that the manner in which Amazon processes personal data is in violation of the law. Amazon (AMZN) is attempting to get the penalty overturned.
Musk Alleges Apple “Threatening To Withhold” Twitter From Its App Store
Elon Musk said that Apple has “threatened” to remove Twitter from its iOS app store, which might devastate the $44 billion firm he acquired.
Musk tweeted Monday that Apple (AAPL) and its CEO had threatened to remove Twitter from its App Store without explaining why.
Musk tweeted that Apple had basically discontinued Twitter advertising. “Do they detest free speech in America?” he asked, referring to his repeated calls for platform free speech. “What’s up, Tim Cook?” Musk tweeted again. He also blasted Apple’s scale, “restriction,” and 30% transaction fee for large app creators in its app store.
Musk’s tweetstorm emphasizes his tense relationship with Apple, which along with Google controls mobile app distribution. Before taking over Twitter, the Tesla CEO stated he explored selling the firm to Apple, but Cook refused to meet with him. Twitter, which has lost advertisers since Musk’s takeover and struggled to grow its subscription business, would suffer if it were removed from Apple’s or Google’s app stores.
Musk’s tweets were unanswered by Apple. The business has already indicated it’s willing to delete apps from its app store over worries about their ability to filter dangerous content or if they attempt to evade the cut Apple takes from in-app sales and subscriptions. After the US Capitol attack, Apple withdrew Parler, a conservative app, from its app store over concerns about its capacity to recognize and filter hate speech and incitement. After improving its content moderation, Apple reinstated Parler three months later.
Apple’s app store review criteria require apps to prevent “material that is unpleasant, insensitive, distressing, intended to disgust, in extraordinarily poor taste, or just plain creepy” such hate speech, pornography, and terrorism. The guidelines declare that the App Store is not the place for apps that shock and offend.
After extensive layoffs and large employee departures, civil society groups, researchers, and industry watchers have voiced worries about Twitter’s ability to monitor dangerous content and keep the network safe. Musk also wants to promote “free expression” on Twitter by restoring banned or suspended accounts. Musk has tweeted a conspiracy theory and other controversial messages since taking over Twitter.
Since becoming CEO, Musk, a prolific and aggressive tweeter, has continued. He claims engagement has compensated for revenue losses. The objective appears to be persistently targeting enemies of his or “free speech.” Cook was questioned in an interview earlier this month if Twitter might alter to make Apple remove it from the app store. “They say they’ll moderate and so… “I trust them,” Cook said. Because no one wants hate speech on their platform. I expect them to continue.”
Last week, Twitter’s former head of trust and safety, Yoel Roth, who departed the business earlier this month, wrote in the New York Times that app store operators had started calling Twitter after Musk’s takeover. Roth called violating Google and Apple’s app store guidelines “catastrophic.”
Last Sunday, Apple app store boss Phil Schiller canceled his Twitter account.
Apple ran Black Friday adverts on Twitter on Thursday, though their relationship is unclear.
As the economy has weakened, many corporations have cut digital ad expenditure, and Twitter has likely always been a modest part of Apple’s budget. If Musk succeeds in converting Twitter’s core business to subscription revenue and needs to give Apple a 30% cut, Apple’s impact on Twitter may be considerably greater.
Musk tweeted, “Apple charges a concealed 30% tax on anything you buy through their App Store?” In another tweet, he showed a motorway exit with two lanes: “pay 30%” and “go to war.” Elon’s ancient automobile slid toward him.
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Returning Disney CEO Bob Iger Outlines His Objectives
After shocking the media industry with his return as CEO of Disney the previous week, Bob Iger visited the company’s headquarters on Monday to speak with employees for the very first time since making the announcement.
Iger addressed a variety of concerns that have been raised about the corporation, including the current hiring moratorium at Disney and the areas of concentration for the Disney+ streaming service that he has in mind. In addition to this, he emphasized that the most important thing for him to focus on as he regains control is creativity.
During a town hall meeting held at the company’s headquarters in Burbank, California, Iger informed staff that Disney’s hiring freeze would continue to be in effect – at least for the time being. His predecessor, Bob Chapek, made the announcement of the hiring freeze at the beginning of this month. Iger took over as CEO of Disney after Chapek, whose time in that role was brief but fraught with conflict. Iger has stated that maintaining the freeze is the “sensible thing to do” in light of the issues that are now facing the corporation. When addressing Disney’s overall “cost structure,” he also said that the length of time the employment freeze will be in effect will be a consideration for him.
The announcement of Iger’s return comes at a time when Disney is facing a great deal of hardship and criticism across its entire media empire. Disney is currently facing challenges in both the film and television industries. This includes a share price that has remained flat during the entire year as well as a streaming business that is expanding but is still losing money. Iger stated that when he departed the firm a year ago, Disney’s performance in streaming was being judged by a variety of criteria; nonetheless, growth was the primary element being considered. Since then, the emphasis has switched to “the bottom line” and “how much we are losing and when we will be profitable,” according to Iger’s statement.
He stated that the corporation should begin “chasing profitability” rather than “chasing subs with aggressive marketing and aggressive spend on content.” He stated that in order for Disney to accomplish this goal, the company must do a “very, very serious look” at the cost structure of all of its companies. However, Iger emphasized that “creativity” should be the primary focus of the corporation, as the returning CEO already stated that this endeavor will be his top priority.
Iger was asked about Disney’s creative muscle, and he responded by saying, “A number of you who worked with me know I’m obsessed with that.” “However, there is a logic behind my fixation on that. It is the engine that keeps the business going.
Iger stated that the quantity of content that Disney develops is not as important as the “greatness of the things that we do make.”
Iger wasted no time in making his stamp on the corporation and did so immediately. Soon after it was announced that he would be taking over as CEO, he reorganized Disney’s content distribution structure and announced that Kareem Daniel, chairman of the company’s Media and Entertainment Distribution unit, would be leaving Disney. Kareem Daniel had been the person responsible for overseeing the distribution of Disney’s content.
Iger tweeted a picture of Disney’s offices early on Monday morning, which was his first day back on the Walt Disney Studio lot. He captioned the image with the phrase “full with gratitude and delight to be back.”
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