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

Amazon streaming chief Mike Hopkins. Photos: AP; MGM

Mike Hopkins Wants to Make Amazon a Hollywood Powerhouse. MGM is Just the Start.

By Jessica Toonkel · Jul 22, 2021 6:01am PDT

Mike Hopkins had barely gotten his Amazon employee badge when Prime Video, the streaming service he oversaw for the internet retailer, had a possible crisis on its hands. Months after Hopkins joined Amazon in February 2020, one of the largest media and entertainment companies, WarnerMedia, started hinting it would no longer sell its television... Mike Hopkins had barely gotten his Amazon employee badge when Prime Video, the streaming service...

Salesforce CEO Marc Benioff. Photo by Bloomberg.

Salesforce Faces Skeptical Wall Street as Slack Deal closes

By Martin Peers · Jul 21, 2021 5:00pm PDT

Salesforce completed its $27.7 billion purchase of Slack Technologies today, thus ending Slack’s roughly two-year sojourn as a public company. No one who bought Slack at the beginning would put it down as a barn burner of an investment. Slack shares began trading in June 2019 at just above $38 and the effective sales price is around $45.50. That... Salesforce completed its $27.7 billion purchase of Slack Technologies today, thus ending Slack’s...

Images of live-shopping app NTWRK. Photo: NTWRK

Creator Economy

How Live-Shopping Startups Compete

By Kaya Yurieff · Jul 21, 2021 4:00pm PDT

As our latest table below shows, the race to find the modern version of QVC is getting crowded. At least six startups are competing to win customers with live shopping. And Amazon and Facebook are also making inroads.Here’s how the field looks: Most live-shopping services share features such as creator or celebrity hosts, commenting in real-time... As our latest table below shows, the race to find the modern version of QVC is getting crowded....

Autograph co-founder Tom Brady at the White House on Tuesday.

Tom Brady’s NFT Bump, Elon Musk’s SpaceX Bitcoin ‘Pump’

By Hannah Miller · Jul 21, 2021 3:27pm PDT

Autograph co-founder Tom Brady at the White House on Tuesday.

Tom Brady’s NFT Bump, Elon Musk’s SpaceX Bitcoin ‘Pump’

By Hannah Miller · Jul 21, 2021 3:27pm PDT

While Elon Musk, Jack Dorsey and other high-profile crypto cheerleaders tried to shore up confidence in bitcoin during an online event on Wednesday, several sports stars made a bigger splash. Tiger Woods, Wayne Gretzky, Derek Jeter, Naomi Osaka and Tony Hawk said they signed exclusive, multi-year deals to produce non-fungible tokens with... While Elon Musk, Jack Dorsey and other high-profile crypto cheerleaders tried to shore up...

How SketchFab announced it was being acquired by Epic Games. Image by SketchFab

Epic Games Pushes Further Into AR and VR; a Swan Song for Oculus Rift

By Mathew Olson · Jul 21, 2021 11:00am PDT

Epic Games’ planned purchase of Sketchfab, announced this morning, is the clearest sign yet that the maker of Fortnite takes AR and VR seriously.Sketchfab is a New York-based startup best known for its 3D asset marketplace where users can upload and sell ready-made 3D models for use in videogames, 3D animations or AR and VR experiences. Since... Epic Games’ planned purchase of Sketchfab, announced this morning, is the clearest sign yet that...

Robinhood’s Biggest IPO Winners

By Kate Clark · Jul 21, 2021 6:00am PDT · 4 comments

When Robinhood was raising its early funding rounds, co-founder Baiju Bhatt kept a journal. In it were pages filled with the names of over 100 investors, most of them accompanied by an “X” mark to indicate they had passed on the investment, said an early investor who saw the journal. Those who were less skeptical of a commission-free... When Robinhood was raising its early funding rounds, co-founder Baiju Bhatt kept a journal. In it...

Netflix CEO Reed Hastings. Photo by Bloomberg

Netflix’s Domestic Subscriber Dip Might Be Worse News for Rivals

By Martin Peers · Jul 20, 2021 5:00pm PDT · 2 comments

Things are getting interesting in video streaming. Netflix reported today that it lost 430,000 subscribers in North America in the second quarter. On top of The Information’s report from a few weeks ago that Disney’s flagship service Disney+ has essentially flatlined in the U.S. this year, it implies the two of the biggest players have hit a... Things are getting interesting in video streaming. Netflix reported today that it lost 430,000...

Photos of Simsim, courtesy of the company.

What YouTube’s Shopping Deal Means for the Creator Wars

By Kaya Yurieff · Jul 20, 2021 4:00pm PDT · 1 comment

Photos of Simsim, courtesy of the company.

Creator Economy

What YouTube’s Shopping Deal Means for the Creator Wars

By Kaya Yurieff · Jul 20, 2021 4:00pm PDT · 1 comment

For years, YouTube was the lone platform offering social media creators a way to make money directly. But now social networks are trying to woo internet personalities with splashy creator funds, tipping, marketplaces to connect them with advertisers for deals, and even giving cash for using certain products like Instagram... For years, YouTube was the lone platform offering social media creators a way to make money...

Bolt CEO Ryan Breslow. Photo: Bolt

Online Checkout Startup Bolt Valued at $4 Billion

By Kate Clark and Malique Morris · Jul 20, 2021 3:22pm PDT · 5 comments

Bolt, a San Francisco-based startup that offers software for online shopping, is raising $333 million in Series D funding at a post-investment valuation of $4 billion, nearly five times its valuation in December, according to three people familiar with the matter. London-based venture firm Hedosophia is leading the round, said one of the people.... Bolt, a San Francisco-based startup that offers software for online shopping, is raising $333...

FTX’s New Clout; Elusive Bitcoin ETFs

By Hannah Miller · Jul 20, 2021 3:03pm PDT

Crypto exchange FTX’s blockbuster fundraising reveals a sharp contradiction within the cryptocurrency world. Even as bitcoin prices fall below $30,000 and speculation abounds that we’re in a crypto bubble, venture capital firms are convinced that this industry has real promise. The funding round is the largest in history for a crypto... Crypto exchange FTX’s blockbuster fundraising reveals a sharp contradiction within the...

Vice CEO Nancy Dubuc. Photo: Bloomberg

Vice Media’s SPAC Talks Stall

By Jessica Toonkel · Jul 20, 2021 11:07am PDT

Vice Media’s plan to go public by merging with a special purpose acquisition company has stalled as the company struggles to raise additional financing for the deal amid questions about Vice’s valuation, according to people familiar with the situation. In early discussions with SPACs such as one backed by 7GC & Co, Vice was... Vice Media’s plan to go public by merging with a special purpose acquisition company has...

A HaptX virtual reality glove designed to emulate realistic touch. Photo by HaptX

VR Glove Maker Expands its Reach

By Mathew Olson · Jul 20, 2021 11:00am PDT

A HaptX virtual reality glove designed to emulate realistic touch. Photo by HaptX

VR Glove Maker Expands its Reach

By Mathew Olson · Jul 20, 2021 11:00am PDT

On Tuesday morning, HaptX, a startup that specializes in creating haptic gloves for VR, announced a $12 million Series A-1 funding round with participation from Verizon Ventures, among others. It’s a promising sign of life for a part of the VR industry that has yet to make a real appeal to consumers despite questions some have about its... On Tuesday morning, HaptX, a startup that specializes in creating haptic gloves for VR, announced...

The People With Power at Disney’s Media Distribution Group

By Jessica Toonkel and Wayne Ma · Jul 20, 2021 6:00am PDT

Hulu, one of the pioneers of video streaming, has become a training ground for the entire industry as key executives flock to newer rival services. And that raises potential challenges for Disney’s own streaming ambitions. Since Walt Disney Co. took control of Hulu two years ago, a slew of key Hulu executives in engineering, marketing and... Hulu, one of the pioneers of video streaming, has become a training ground for the entire...

Zoom CEO Eric Yuan. Photo by Bloomberg

Zoom’s Five9 Deal Begs Question of What Comes Next

By Martin Peers · Jul 19, 2021 5:01pm PDT

Zoom Video kicked off its long-expected expansion, unveiling plans to acquire contact center software provider Five9 Inc. for $14.7 billion in stock. That gives Zoom a second business to complement its original videoconferencing service, which proved vital for companies and consumers during the pandemic. Contact center software, which helps... Zoom Video kicked off its long-expected expansion, unveiling plans to acquire contact center...

Rex Woodbury. Photo: Index Ventures

Creator Economy

Rebuild America’s Economy for ‘Solopreneurs,’ Says Index’s Woodbury

By Kaya Yurieff · Jul 19, 2021 4:00pm PDT

Rex Woodbury, a 27-year-old principal at venture capital firm Index Ventures in San Francisco, started out as an influencer in college, amassing 236,000 Instagram followers. Posts about his daily life led to deals for sponsored posts with BMW, Under Armour and Marriott. That experience laid the foundation for his work as an investor, where... Rex Woodbury, a 27-year-old principal at venture capital firm Index Ventures in San Francisco,...

Stablecoins Under Scrutiny; an Interview With Tezos’ Co-Founder

By Hannah Miller · Jul 19, 2021 3:05pm PDT

Stablecoins Under Scrutiny; an Interview With Tezos’ Co-Founder

By Hannah Miller · Jul 19, 2021 3:05pm PDT

Cryptocurrency once again demonstrated that it isn’t immune to global market jitters, as prices of bitcoin, ether and other digital assets fell alongside U.S. stocks Monday. The price of bitcoin sank some 3% to around $30,700.Bitcoin has long been portrayed as a hedge against uncertainty due to its scarcity, since its circulation is capped at 21... Cryptocurrency once again demonstrated that it isn’t immune to global market jitters, as prices...

A screenshot via YouTube from an Amazon video about employee Covid-19 testing.

Amazon to Stop Covid Testing in U.S. Warehouses

By Mark Di Stefano · Jul 19, 2021 2:20pm PDT · 1 comment

Amazon on Monday told employees that it will soon stop on-site Covid testing for its legions of warehouse workers, despite a surge of cases in parts of the United States. The company told employees in a note circulated to them through an internal company app that it will discontinue Covid-19 testing for them after July 30, according to an image... Amazon on Monday told employees that it will soon stop on-site Covid testing for its legions of...

A person wearing Campfire's AR/VR headset. Image by Campfire

Why AR and VR Still Struggle to Go Wireless

By Mathew Olson · Jul 19, 2021 11:02am PDT · 1 comment

A slew of recent AR and VR devices are hitting the market without cables, most notably Facebook’s Oculus Quest headsets. To fulfill the promise of all-day use, headsets and glasses need to be wireless eventually. But after seeing some of the new hardware coming later this year, it’s clear to me that the freedom of wireless may not be worth the... A slew of recent AR and VR devices are hitting the market without cables, most notably Facebook’s...

The Information’s Tech Pay Survey Shows Power Shift to Employees

By Sylvia Varnham O'Regan and Sarah Krouse · Jul 19, 2021 6:00am PDT · 3 comments

The technology-business boom is giving white-collar workers more of what they want. At tech companies, the traditional practice of allowing employees’ shares to vest only after a worker reaches a full year of employment, known as a one-year “cliff,” appears to be eroding. More than 20% of managers and employees surveyed by The... The technology-business boom is giving white-collar workers more of what they want. At tech...

Why Elon Musk Has Bet on Asian Battery Makers Over American Battery Startups

By Steve LeVine · Jul 18, 2021 2:31pm PDT

Why Elon Musk Has Bet on Asian Battery Makers Over American Battery Startups

By Steve LeVine · Jul 18, 2021 2:31pm PDT

American battery pioneer John Goodenough in 2019. Photo by APGood evening and welcome to the second issue of The Electric! (The first issue can be found here.)In 1980, John Goodenough, an American professor running the inorganic chemistry lab at Oxford University, discovered the lithium-cobalt-oxide cathode, a battery electrode whose unusual... American battery pioneer John Goodenough in 2019. Photo by APGood evening and welcome to the...