Coronavirus Updates: Saudis Invest in Live Nation; YouTube Holds Global Film Fest

Coronavirus Updates: Saudis Invest in Live Nation; YouTube Holds Global Film Fest

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.

  • Live Nation gets $500 million from Saudi investment fund as concerts remain in lockdown
  • YouTube to host 10-day film festival as partners like Cannes, Sundance shutter events

    Live Nation gets $500 million from Saudi investment fund as concerts remain in lockdown

    Saudi Arabia's sovereign wealth fund acquired a nearly 6% stake in Live Nation, one of the world's largest events companies that is the parent of Ticketmaster. The investment is valued at about $500 million, and pushed Live Nation shares up roughly 10% to $42 in midday trading on the New York Stock Exchange. The Saudi Public Investment Fund is now the third-largest shareholder of the Los Angeles-based company, and comes at an uncertain time as the COVID-19 pandemic has shuttered concerts and sporting events around the world, according to a form it filed. The company's executives have also taken pay cuts during the past few months as a way to trim costs.

    The investment does not come without some controversy. Companies have been heavily criticized for accepting cash from companies tied to the Saudi royal family after the 2018 murder of Jamal Khashoggi, a journalist who was critical of the Saudi government.

    YouTube to host 10-day film festival as partners like Cannes, Sundance shutter events

    YouTube

    YouTube is partnering with 20 of the top oil festivals -- include Cannes, Tribeca, Berlin, Venice and Sundance -- to present a 10-day digital event that will stream awards contenders for free. We Are One: A Global Film Festival will run from May 29-June 7, and feature shorts, documentaries, and panels. The online event launches as most of the world's biggest film festivals, where many of the Academy awards contenders begin picking up traction with critics, have been canceled because of the novel coronavirus pandemic. YouTube, which operates out of a 41,000-square-foot aircraft hanger in Playa Del Ray, plans to use proceeds to benefit the World Health Organization's COVID-19 Solidarity Response Fund and local relief providers. "We are proud to join with our partner festivals to spotlight truly extraordinary films and talent, allowing audiences to experience both the nuances of storytelling from around the world and the artistic personalities of each festival," said Pierre Lescure and Thierry Frémaux of the Cannes Film Festival in a statement.

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    SXSW Transportation Event Shows the EV Industry Still Doesn’t Have Answers to It’s Most Pressing Questions

    David Shultz

    David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

    SXSW Transportation Event Shows the EV Industry Still Doesn’t Have Answers to It’s Most Pressing Questions

    It’s day two of the transportation events at SXSW and I don’t really get it. It’s my first time at the tech conference here in Austin, but so far, these panels don’t seem like they’re worth the carbon emissions of the plane ride to get here.

    There’s a lot of talk about how autonomous vehicles are going to change the world.

    There’s a lot of talk about how EVs are the future.

    While I personally believe those are pretty safe predictions, there’s been a conspicuous lack of discussion about how we’ll get there and what it will cost.

    Yesterday afternoon, Kyle Vogt, CEO of autonomous vehicle company Cruise, spoke with General Motors CEO Mary Barra. If you didn’t know any better, you’d have left that panel thinking that Cruise’s coming fleet of driverless cars could have the climate crisis pretty much wrapped up by 2025.

    I’m not trying to discount how impressive the company’s tech is or how autonomous vehicles will revolutionize society. But scientists have shown that rideshare services increase congestion, and autonomous vehicles could potentially double carbon emissions in the United States, if the tech is implemented the wrong way. While Vogt may be keenly aware of these pitfalls, the discussion never ventured anywhere near the edge of these waters.

    I also have yet to hear a substantive conversation about how we’re going to source the astronomical amounts of lithium and other metals necessary to power this transition. I haven’t heard anyone talk about how to decarbonize the mining process. Nobody has dared to bring up the millions of rideshare workers who will lose their jobs as autonomous vehicles expand their reach, save for when Vogt pointed out that the human was the most expensive part of Uber and Lyft’s business model.

    These are, admittedly, hard questions, and I certainly don’t have answers for them. But it would be both more interesting and somewhat reassuring to watch these industry leaders debate or at least acknowledge them. I’m not asking for a 4-hour lecture on the optimal way to distribute federal funding, but my kingdom for a panel moderator who asks “Where do you see the biggest challenges?” or “What are you the most worried about?” or “How do we make sure this technology doesn’t worsen the inequality in this country?”

    In a nearly full session this morning Shailen Bhatt, the Administrator of the Federal Highway Administration, joked that his time slot on Transforming America’s Highways and Transportation Infrastructure was competing against Ryan Gosling interviewing Keanu Reeves.

    Which is to say the people attending these panels care about transportation and emissions and infrastructure. They aren’t dumb and their time is valuable. They recognize the potential afforded by these technologies and the opportunity in Biden’s $1.2 trillion infrastructure plan. I think we’re ready for a slightly more nuanced discussion here.

    FaZe Clan is Finally Embracing Women’s Esports Over a Decade After its Founding

    Samson Amore

    Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

    FaZe Clan is Finally Embracing Women’s Esports Over a Decade After its Founding
    Photo: FaZe Clan

    FaZe Clan signed its first all-female esports team last week, and the five-woman team will begin competing this year in a spinoff of Riot Games’ “Valorant” pro league.

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