Coronavirus Updates: Newsom Talks Businesses Opening; Wave Hosts Virtual Concerts; Film Release Rumblings
Here are the latest headlines regarding how the novel coronavirus is impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- Newsom eyeing how to reopen businesses -- at least in parts of the state
- No concerts? No problem. Wave to host virtual performance series with avatars
- Trolls scores $100 million in revenue from streaming, bypassing shuttered theaters; AMC lashes out
Newsom says eyeing how to reopen businesses -- at least in parts of the state
Los Angeles startups like Bird, ZipRecruiter, Shipsi and Tender Greens have been slammed in the fallout of the COVID-19 pandemic, being forced to layoff and furlough vast portions of their workforce. There was a glimmer of hope Tuesday that perhaps some businesses are getting closer to getting back to work. Gov. Gavin Newsom said Tuesday that he believes the state is "weeks, not months, away from making meaningful modifications" to its current shelter-at-home restrictions.
However, Newsom's announcement of a four-phase plan did not mention any specific dates in which non-essential business can open their doors. He said the state is examining data, and that additional progress needs to be made. During the same press conference, he said California education and health officials are examining even opening up school districts in certain parts of the state in late July or August. However, he is leaving many of the major decisions to regions of the state. Los Angeles County announced it surpassed 1,000 deaths on Tuesday from the coronavirus.
No concerts? No problem. Wave to host virtual performance series with avatars
Wave, an L.A.-based entertainment technology company, announced it will host a series of virtual concerts throughout the spring and summer. Performers will include John Legend, Tinashe, and Galantis, the last of whom will kick off the "One Wave" series on Thursday, April 30. "Through our proprietary technology and core gaming capabilities," said Wave CEO Adam Arrigo in a statement, "Wave can go beyond the traditional live streaming concerts and create artist avatars, virtual environments and interactive experiences that truly immerse audiences at the nexus of gaming and entertainment."
"Performances will stream across various social media and gaming platforms, so fans can socialize and interact with the artists as they perform, cheer as part of a global avatar audience, voting on key show moments, play mini games, and socialize with each other," the statement continued. Wave, founded in 2016, claims that up to 500,000 fans have tuned in to its past virtual concerts. Proceeds from the One Wave series will go to non-profit organizations that could use a hand during the coronavirus pandemic, the company said.
Trolls scores $100 million in revenue from streaming, bypassing shuttered theaters
Universal Pictures' Trolls World Tour earned nearly $100 million in revenue over three weeks via streaming, The Wall Street Journal reported today. The sequel reportedly has already earned more revenue than the original Trolls film did over the five months of its traditional-style theatrical release. Theater owners have long fought for exclusive exhibition windows at the beginning of a film's release cycle, but with venues shuttered due to the coronavirus, studios have begun to look at streaming as an option to circumvent this entrenched arrangement.
The encouraging figures (which may have been boosted by circumstances) could add momentum to the theater-window paradigm's further unraveling. But not if the theater owners have their say. AMC, the nation's largest theater chain, already threw down the gauntlet pledging to boycott all Universal movies: "Effectively (sic) immediately AMC will no longer play any Universal movies in any of our theatres in the United States, Europe or the Middle East," AMC CEO and President Adam Aron said in a statement. "This policy affects any and all Universal movies per se, goes into effect today and as our theatres reopen, and is not some hollow or ill-considered threat."
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Luxury electric car company Karma is in talks with investment banks to help it go public, company officials told dot.LA.
Karma is hoping to ride the Tesla wave of success and capitalize on the soaring valuations of its competitors.
"We want to take advantage of the fact that the market is red hot right now, so we want to be fast," said Mikael Elley, chief of staff at Karma Automotive.
Courtesy of Karma
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El Segundo-based telemedicine technology provider Cloudbreak Health and Florida-based UpHealth Holdings, a digital healthcare provider, announced they will combine and go public via a SPAC in a deal that values the combined companies at $1.35 billion.
Named UpHealth, Inc., the new company aims to streamline online health care by becoming a single provider of four different services: telehealth, teletherapy, a health care appointment and management system and an online pharmacy.
Jamey Edwards, co-founder and executive director of Cloudbreak
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