The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

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Recent Editions

An advertisement for Crytpo Wolves Club NFT in Times Square, New York. Photo: Bloomberg

Creator Economy

How the SEC Could Rattle NFT Startups; India’s YouTuber Boom

By Mahira Dayal · Mar 3, 2022 4:08pm PST

A Securities and Exchange Commission probe into the developers of non-fungible tokens and the marketplaces that sell them poses ramifications for several creator economy startups. At least nine in The Information’s Creator Economy Database are focused on these NFTs, which became wildly popular collectible and trading assets last year. An... A Securities and Exchange Commission probe into the developers of non-fungible tokens and...

Disney CEO Bob Chapek. Photo by Bloomberg.

Disney Discusses Launching Ad-Supported Tier of Disney+ in U.S.

By Jessica Toonkel · Mar 3, 2022 12:58pm PST

Disney is discussing launching a cheaper, ad-supported tier of its Disney+ streaming service in the U.S., according to a person involved in the discussions. The entertainment giant seeks to hit its goal of profitability for its direct-to-consumer business in 2024, and the move could fire up slowing subscriber growth for the service. Disney would... Disney is discussing launching a cheaper, ad-supported tier of its Disney+ streaming service in...

One World Trade Center in New York. Hyperscience plans to move into a top floor of the building. Photo by Bloomberg

Automation Firm Hyperscience Slashes Staff, Loses CEO as Startups Face Growing Pressure

By Kate Clark · Mar 3, 2022 11:50am PST

In December, automation-software startup Hyperscience said it raised $100 million in venture capital from Tiger Global Management, Bessemer Venture Partners and other firms at a post-investment valuation of $1.65 billion. Then last week, less than three months later, a harsh reality set in: The eight-year-old company laid off 100 workers, or 25%... In December, automation-software startup Hyperscience said it raised $100 million in venture...

A Vive Flow headset next to a smartphone. Credit: HTC.

A $10 Million Raise for AI “Native Inhabitants” of the Metaverse

By Mathew Olson · Mar 3, 2022 11:06am PST

A Vive Flow headset next to a smartphone. Credit: HTC.

A $10 Million Raise for AI “Native Inhabitants” of the Metaverse

By Mathew Olson · Mar 3, 2022 11:06am PST

Regardless of who you talk to or the degree of company spin you’re dealing with, most discussions and pitches involving the metaverse will touch upon the idea of feeling present with your fellow users, i.e. with other real people on the platform. But there’s also a strong push—backed by proven talent and reputable investment—to populate virtual... Regardless of who you talk to or the degree of company spin you’re dealing with, most discussions...

Tobias Lütke, founder and CEO of Shopify. Photo by Bloomberg

Shopify Doubles Down on ‘Pay Isn’t Everything’ Approach

By Malique Morris and Mark Di Stefano · Mar 3, 2022 6:02am PST · 2 comments

In the mind of Shopify CEO Tobias Lütke, working at the e-commerce firm shouldn’t be about making lots of money. Lately, that’s been a reality for at least some employees. Shopify has historically offered low base salaries, in line with Canadian nontech firms, an approach that has been offset by stock awards whose value has... In the mind of Shopify CEO Tobias Lütke, working at the e-commerce firm shouldn’t be...

Photo: Bloomberg

The Ukraine Lawyer Trying to Freeze Russians’ Crypto Wallets

By Aidan Ryan · Mar 2, 2022 6:03pm PST

Ukraine’s embattled government has called on crypto exchanges to block Russian users from using their crypto wallets to try to evade global sanctions. To find out how that effort is working, I talked to a Ukrainian lawyer who has been helping collect information about the crypto assets of Russian politicians.“This is our personal war, because,... Ukraine’s embattled government has called on crypto exchanges to block Russian users from using...

An Amazon Books store in New York. Photo by Bloomberg.

What Amazon’s Store Closures Tell Us

By Martin Peers · Mar 2, 2022 5:00pm PST · 1 comment

What a sign of the times. For years, Amazon has been blamed for brick-and-mortar retail chains closing stores and in some cases going out of business all together. Today, Amazon got a taste of its own medicine. The e-commerce giant said it would close 68 of its physical stores, Reuters reported, including a chain of shops called 4-star that... What a sign of the times. For years, Amazon has been blamed for brick-and-mortar retail chains...

Chart: Mike Sullivan

TikTok Video Limits, Once Similar to Vines, Are Now More Like YouTube

By Mahira Dayal · Mar 2, 2022 4:19pm PST

Chart: Mike Sullivan

Creator Economy

TikTok Video Limits, Once Similar to Vines, Are Now More Like YouTube

By Mahira Dayal · Mar 2, 2022 4:19pm PST

When ByteDance launched TikTok in the U.S. in 2018, videos on the app were just 15 seconds long, or about twice the length of popular looping videos on Vine, the short-form video app Twitter shut down in 2016. As our latest chart shows, TikTok videos have been steadily increasing ever since. This week TikTok said users could upload videos as... When ByteDance launched TikTok in the U.S. in 2018, videos on the app were just 15 seconds long,...

Photo by Bloomberg.

Sony in Talks to Buy ‘American Idol’ Production Company

By Jessica Toonkel · Mar 2, 2022 1:20pm PST · 1 comment

Industrial Media, the production company behind ABC’s “American Idol” and TLC’s “90 Day Fiancé,” is exploring a sale and Sony Pictures has expressed interest, according to two people familiar with the situation. A deal could value the production company at as much as $300 million, the people said.... Industrial Media, the production company behind ABC’s “American Idol” and...

A rendering of Snap's developer-only AR Spectacles. Credit: Snap.

Snap’s Ukrainian AR Roots; The Void Teases Return With “Bigger” VR Ambitions

By Mathew Olson · Mar 2, 2022 11:00am PST

As Russia continues to lay siege to Ukraine, we’re continuing to see an outpouring of statements and support from tech companies the world over. Snap, for instance, pledged over $15 million to relief organizations in Ukraine. In doing so, Snap has also recognized that its long-ago purchase of a young Ukrainian startup helped lay “the foundation”... As Russia continues to lay siege to Ukraine, we’re continuing to see an outpouring of statements...

Cisco Chief People Officer Francine Katsoudas

Q&A

Cisco Tries to Keep Workers by Asking: Bigger Bonus or Higher Salary?

By Mark Matousek · Mar 2, 2022 6:09am PST · 2 comments

Last year, a rise in the rate of workers leaving Cisco Systems caught the attention of the top human resources executive at the networking gear giant. To address this concern, the company is asking workers how frequently they want to be paid and their preferences regarding bonuses. Those moves are designed to retain more of the... Last year, a rise in the rate of workers leaving Cisco Systems caught the attention of...

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

What Salesforce's Q4 Says About Tech's Information War

By Martin Peers · Mar 1, 2022 5:00pm PST

Salesforce co-CEO Marc Benioff. Photo by Bloomberg.

What Salesforce's Q4 Says About Tech's Information War

By Martin Peers · Mar 1, 2022 5:00pm PST

Tech companies, like other U.S. businesses, are pulling out all the stops to respond to the horror of Russia’s attack on Ukraine. As we outlined in this report today, more than a dozen companies are doing everything from helping Ukrainians wage information warfare against Russia to cutting financial ties with the country. Microsoft and others... Tech companies, like other U.S. businesses, are pulling out all the stops to respond to the...

Alchemy CEO Nikil Viswanathan and Lightning Labs CEO Elizabeth Stark. Photo: Wikipedia, Bloomberg and Mike Sullivan

These Startup Founders and Investors Are Crypto’s Rising Stars

By Aidan Ryan · Mar 1, 2022 4:40pm PST

On Tuesday morning, we announced The Information’s inaugural Crypto Power List. We spoke to dozens of our closest contacts in the sector and put together our view of the 10 founders, 10 investors and 10 up-and-comers with the most power in the industry.Some of the names you may recognize. The heads of the major crypto exchanges—Coinbase, Binance... On Tuesday morning, we announced The Information’s inaugural Crypto Power List. We spoke to...

Disco co-founder Candice Faktor. Photo: Disco

Creator Economy

Disco Raises Series A From GSV to Expand Online Courses; Interview With a Ukrainian-American Influencer

By Kaya Yurieff · Mar 1, 2022 2:29pm PST

The pandemic made influencer-led online courses a hit with a population stuck at home. Even as people have started to leave their houses, one young startup has been able to raise more money to expand. Disco, a software startup for creating and selling live courses, events and workshops, raised $15 million in Series A funding led by GSV... The pandemic made influencer-led online courses a hit with a population stuck at home. Even as...

Russian President Vladimir Putin. Photo by Bloomberg

What 15 Big Tech and Media Companies Are Doing in Response to Putin’s War

By The Information Staff · Mar 1, 2022 1:15pm PST · 10 comments

Social media apps including Facebook, Twitter and TikTok have long been pilloried for allowing the spread of blatant misinformation aimed at subverting democracy. In recent days, however, these apps have been used to great effect in an information war benefiting Ukraine in its fight to protect its democracy. Ukrainian officials and citizens, as... Social media apps including Facebook, Twitter and TikTok have long been pilloried for allowing...

One of the main streets in Kyiv, photographed during the capital's curfew. Photo: AP

A Ukrainian AR/VR Founder’s Call For Support

By Mathew Olson · Mar 1, 2022 11:00am PST

One of the main streets in Kyiv, photographed during the capital's curfew. Photo: AP

A Ukrainian AR/VR Founder’s Call For Support

By Mathew Olson · Mar 1, 2022 11:00am PST

On the second day of the Russian invasion of Ukraine, Daria Fedko left her house in a town near Ukraine’s capital Kyiv for a town about 200 km southeast. From there, the co-founder and CEO of WE/AR Studio, an AR and VR developer, is trying to keep in touch with her 27 employees to ensure they’re safe.“Some of them left the country, and some of... On the second day of the Russian invasion of Ukraine, Daria Fedko left her house in a town near...

Art by Haejin Park / Typography by Justin Bihan via VTF

Introducing the Crypto Power List, the Industry’s 30 Most Influential People

By Akash Pasricha · Mar 1, 2022 7:04am PST · 6 comments

Money alone doesn’t buy you power in crypto, nor does having the largest social media following. But the $32 billion that flowed into crypto startups last year—plus the $1.9 trillion in combined cryptocurrency value—can make it hard to cut through the noise. The Information’s inaugural Crypto Power List seeks to make... Money alone doesn’t buy you power in crypto, nor does having the largest social media...

A Bitcoin cryptocurrency exchange store in Kyiv, Ukraine, on Tuesday, Feb. 15, 2022. Photo: Bloomberg

The Startup Founders Who Made Ukraine a Crypto Stronghold

By Aidan Ryan · Feb 28, 2022 5:45pm PST

As Ukraine crowdsources millions of dollars worth of digital currency to fund its defense against Russia, the nation’s early adoption of crypto appears to be paying dividends. Ukraine’s government has so far raised more than $13 million worth of bitcoin and other tokens, according to data from Elliptic. “Stand with the people of... As Ukraine crowdsources millions of dollars worth of digital currency to fund its defense against...

Taxis operated by the Yandex-Uber joint venture in Moscow last week. Photo by Bloomberg.

Uber and Others Learn the Cost of Doing Business in Russia

By Martin Peers · Feb 28, 2022 5:00pm PST · 1 comment

First China, now Russia. The Russian invasion of Ukraine in the past week, like China’s tech crackdown before it, has reminded U.S. tech companies just how little they understood these authoritarian regimes. And when things turn ugly, the cost of operating in those countries—both financially and reputationally—can be enormous. (For another angle... First China, now Russia. The Russian invasion of Ukraine in the past week, like China’s tech...

FTC Chair Lina Khan. Credit: New America/Flickr

FTC Preparing Challenge to Amazon’s $8.5 Billion MGM Purchase

By Josh Sisco and Jessica Toonkel · Feb 28, 2022 4:43pm PST · 1 comment

FTC Chair Lina Khan. Credit: New America/Flickr

FTC Preparing Challenge to Amazon’s $8.5 Billion MGM Purchase

By Josh Sisco and Jessica Toonkel · Feb 28, 2022 4:43pm PST · 1 comment

The Federal Trade Commission is gearing up for a potential antitrust lawsuit challenging Amazon’s $8.5 billion takeover of MGM Studios by exploring actions including hiring expert witnesses to appear in an eventual trial, according to people familiar with the situation. The agency expects to decide whether to bring the case in the... The Federal Trade Commission is gearing up for a potential antitrust lawsuit challenging...