Coronavirus Updates: Quibi's Possible Ad Woes; Warner's IPO Hopes; Disney Plans to Open Florida Theme Park

Coronavirus Updates: Quibi's Possible Ad Woes; Warner's IPO Hopes; Disney Plans to Open Florida Theme Park

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.

  • Quibi may be struggling in advertising amid concerns about COVID-19 expenses
  • Disney to propose the opening of Florida's Disney World, could be blueprint for California
  • Are IPOs poised to make a comeback? Warner Music Group hopes so

    Quibi may be struggling in advertising amid concerns about COVID-19 expenses

    Quibi's struggles continue, as several major advertisers are asking to defer or extend their payment, the Wall Street Journal reported Tuesday. The requests come from Pepsi, Taco Bell, Anheuser-Busch and Walmart, and stem from the impact the coronavirus has had on the advertisers' business or concerns that the short-form video service launched in April is struggling to meet its viewer targets.

    Either way, it's more bad news for the startup that previously blazed its way to $1.75 billion in funding before ever acquiring a customer. The ability of Jeffrey Katzenberg and Meg Whitman, Quibi's leaders, to charm content creators and woo advertisers was widely considered the platform's secret sauce leading up to launch.

    The private, Hollywood-based company raised $150 million worth of advertising from 10 companies that were presumably excited by Quibi's attempt to turn consumers' "on-the-go" moments into viewing time. But it's been a bumpy seven weeks. Subscriber numbers have disappointed, a patent infringement lawsuit lingers, and the service's core value proposition has been effectively wiped out by the stay-at-home reality ushered in by the coronavirus. The Journal also reported that Whitman, who has told dot.LA that she is committed to playing a long game, has instituted cost-cutting measures, including slowing down hiring.

    Are IPOs poised to make a comeback? Warner Music Group hopes so

    upload.wikimedia.org


    Warner Music Group announced is moving forward with its IPO, selling 13.7% of the company's common stock at $23 to $26 a share. That would bring the value of the Los Angeles-based company to about $13.3 billion. The company plans to offer 70 million shares at the launch, but no date has been set yet.

    The IPO would be one of the first big L.A. companies to wade into the public markets, and may represent a bit more optimism that the music industry is moving toward a streaming world — a pivot that is already paying off amid the pandemic for companies like Netflix, Amazon, and Hulu. HBO, the cable channeled owned by AT&T, launches its HBO Max service on Wednesday.

    Warner Music represents hundreds of top artists, ranging from Cardi B to David Bowie, and may use the IPO to position itself in a COVID-19 world where artists aren't able to perform in arenas or stadiums. Live Nation, a Beverly Hills-based entertainment company, recently furloughed hundreds of staff as the company was unable to sell tickets to events.

    Disney to propose opening Florida's Disney World, could be blueprint for California parks

    upload.wikimedia.org

    The Walt Disney Co. announced that Walt Disney World Resort executives will submit a proposal Wednesday to the Orange County Economic Recovery Task Force in Florida for a phased reopening of the resort's theme parks. Jim MacPhee, Senior Vice President of Operations, will give a virtual presentation of the proposed approach during the task force's online meeting

    The results could pave the way for Disney and other California theme parks closed by COVID-19 may reopen once the state hits the third stage of reopening. The state is currently on stage two, and there is no exact time frame when other non-essential business can open their doors — or turnstiles at Disneyland, Universal Studios Hollywood, Knott's Berry Farm, Six Flags Magic Mountain, SeaWorld San Diego, Legoland California.

    "Theme parks are slated to open in Stage 3 if the rate of spread of COVID-19 and hospitalizations remain stable," according to California Health and Human Services Agency spokesperson Kate Folmar.

    🌴🧑‍💻 Your Guide to LA Tech Week 2024

    🔦 Spotlight

    Happy Friday Los Angeles,

    As many of you know, LA Tech Week is right around the corner, kicking off next Monday October 14th bringing together founders, creatives, investors, and engineers for a week of immersive events, panels, and socials across the city. From blockchain and AI to biotech and design, LA Tech Week is a chance to dive into the ideas shaping today’s technology landscape.


    What to Look Forward To

    Insights from Visionary Leaders: Hear firsthand from industry trailblazers as they share stories, challenges, and key lessons from their experiences. Expect fresh perspectives on AI, venture capital, biotech, and the ethical questions around emerging technologies.

    Interactive Panels: This week isn’t about watching from the sidelines; it’s about engaging directly with the tech community. Participate in hands-on panels discussing everything from startup scaling to ethical AI, with honest insights from those actively shaping these fields.

    Networking Mixers & Social Events: Meet and connect with founders, VCs, developers, designers, and fellow techies across LA. Rooftop mixers, lunch meetups, and creative gatherings offer the perfect chance to spark ideas and collaborate.

    Plan your week with the daily lineup, organized by location for easy navigation:

    For updates or more event information, visit the official Tech Week calendar.

    Enjoy LA Tech Week 2024!


    🤝 Venture Deals

    LA Companies

    • Clout Kitchen, a Los Angeles and Manila based startup, has raised $4.45M in seed funding, co-led by a16z SPEEDRUN and Peak XV’s Surge, to develop AI-powered digital twins, which enables gaming creators to produce realistic virtual avatars for content and fan engagement. - learn more
    • MeWe, a privacy-focused social media platform, has raised an initial $6M in Series B funding led by McCourt Global to support Web3 integration and expand its decentralized network for 20 millions users. - learn more

      LA Venture Funds
      • EGB Capital participated in a $10M Series A funding round for MiLaboratories, which develops software that enables biologists to independently analyze complex genomic data, accelerating research and discovery in fields like drug development. - learn more
      • Crosscut Ventures participated in the $13.75M seed round for Airloom Energy, a company focused on developing airborne wind energy technology to harness high-altitude winds, with plans to accelerate a pilot project in Wyoming. - learn more
      • Overture VC participated in a $5.5M Seed funding round for Molg Inc., a company developing robotics and software for circular manufacturing, designed to disassemble electronics efficiently and recover valuable materials to reduce e-waste and support sustainable production. - learn more


        LA Exits

        • Options MD, a Los Angeles based telemedicine platform that provides care for people suffering from severe and treatment-resistant mental illness, is set to be acquired by Resilience Lab, an AI-driven provider focused on enhancing mental health care access. - learn more

        Download the dot.LA App

        LA Tech Week 2024: Saturday-Sunday Event Lineup
        tech-week

        Here’s what’s happening during the closing weekend (Oct 19 - Oct 20) of LA Tech Week 2024! Events are organized by location so you can easily catch the sessions that interest you most.

        SATURDAY EVENTS

        BEVERLY HILLS

        12:00 PM

        • BIG Showcase (Invite Only):

        BIG Showcase (Invite Only)

        2:00 PM

        Light Dao

        Struck Capital, Seahorse Express

        EAGLE ROCK

        12:00 PM

        Sunrise Integration, Shopify

        EL SEGUNDO

        9:00 PM

        Administratum, Valar Atomics

        HOLLYWOOD

        10:00 AM

        Passes

        MALIBU

        6:00 PM

        • Malibu Beachfront Investors Networking & Wine Tasting:See Details

        Gaya Ventures

        MARINA DEL RAY

        6:00 PM

        • Awaken Your Spirit: A Journey of Transformation (Invite Only)

        Sagos Distro, Alma Wellness

        SANTA MONICA

        7:00 AM

        Founders Running Club

        8:30 AM

        Techstars

        9:00 AM

        Magic Mind

        StartupStarter, Inc., City of Santa Monica

        10:00 AM

        Gen She

        AI LA

        Crea, Barry's, Unsubscribe

        10:30 AM

        Plantologist

        11:30 AM

        • Pickleball Palooza (Invite Only)

        YouTube

        1:00 PM

        • Realfren Games: From strangers to an inner Realfren within 52 weekends: See Details

        Office for Humanity and Circuit Works

        • Talking blockchain technology with special guests: See Details

        LadyDayDao

        5:00 PM

        KARD, What's Plots

        THE VALLEY

        7:00 AM

        Camino5

        VENICE

        9:00 AM

        Westside Yogis

        11:00 AM

        Open App

        1:00 PM

        Ripe and Teddy's Hot House

        4:00 PM

        • Fashion Forward: How AI is Redefining the Fashion Industry: See Details

        VIAVIA, BNTO.RENT, ALMA.AI

        VIRTUAL

        11:00 AM

        BLCK UNICRN

        WEST HOLLYWOOD

        7:00 PM

        Next Sequence

        SUNDAY EVENTS

        INGLEWOOD

        12:00 PM

        Entrepreneur Ventures, VCPE GROUPS

        PLAYA DEL RAY

        2:00 PM

        AI LA, DELL, NVIDIA

        SANTA MONICA

        10:00 AM

        • Women Founders, Cold Brew & Beach View, Rooftop: See Details

        Clutch Talent

        11:00 AM

        11DollarSunglasses.com, Less Litter Foundation

        12:00 PM

        Data in LA, Amplitude

        12:30 AM

        New Moon, Warner UK Innovations

        TOPANGA CANYON

        3:00 PM

        Dreamore

        VENICE

        8:00 AM

        • Surf session with founders, investors, creators: See Details

        Surfed Club, Bow Shock

        12:00 PM

        • Podcast Panel and Brunch: LA Tech Community Builders: See Details

        WeAreLATech.com, Blankspaces.com

        VIRTUAL

        2:00 PM

        BLCK UNICRN


        For updates or more event information, visit the official Tech Week calendar.

        Enjoy LA Tech Week 2024!


        Download the dot.LA App

        LA Tech Week 2024: Friday’s Event Lineup
        tech-week

        Check out Friday, October 18th's schedule for LA Tech Week 2024! Events are sorted by location so you can easily find what matches your goals for the day.

        BEVERLY HILLS

        8:00 AM

        Scrappy

        BRENTWOOD

        7:30 AM

        Seaside Ventures

        CULVER CITY

        9:00 AM

        Intersections LA

        1:30 PM

        • Showcasing Bioscience Innovation in LA County (Invite Only)

        BioscienceLA, County o LA, Larta Institute, LAEDC

        5:00 PM

        Grid110

        6:00 PM

        ACT House, Sip & Sonder

        EL SEGUNDO

        7:00 PM

        Dirac, Inc.

        INGLEWOOD

        10:00 AM

        Zoo Corporation, Embedded Ventures

        12:00 PM

        • Tech & The Built Environment Series: LA28 Roundtable & SoFi Stadium Tour: See Details Here

        Blended Impact

        MARINA DEL REY

        9:00 AM

        USC ISI

        PACIFIC PALISADES

        4:00 PM

        Silicon Valley Bank, Emmeline Ventures

        PLAYA DEL REY

        8:00 AM

        AI LA

        5:30 PM

        AI LA

        PLAYA VISTA

        12:00 PM

        • Women In Gaming Lunch at Google (Invite Only)

        Google

        4:00 PM

        Verizon, Infinity Festival

        SANTA MONICA

        11:00 AM

        SVRN Ventures

        Headline, Slow Ventures, Karat

        2:00 PM

        Glyf

        Botanical, Panoptic

        The American South Asian Network (ASAN)

        4:00 PM

        • Pizza, Wine, & Connectivity: Celebrating the Nomadic App Revolution:See Details Here

        Synadia

        The American South Asian Network (ASAN)

        Dory Consulting

        • Women in Tech: Beachfront Rooftop at Sunset - Wine-up & Unwind: See Details Here

        Clutch Talent

        Cohere Commerce

        5:00 PM

        Clutch Talent

        Pirros

        6:00 PM

        • Unlocking Capital with Angels & Advisors | No Pressure Networking + Panel:See Details Here

        No Pressure Networking

        Tech Pitch Roast Comedy LLC

        6:15 PM

        • Navigating Intersections: Empowering Leaders in Challenging Times: See Details Here

        Intersectional Ventures

        7:00 PM

        Mantis VC, Lightspeed Venture Partners

        Medusa Ai, Marco Di Luca Event Design

        SOUTH LA

        9:00 AM

        USC Lloyd Greif Center for Entrepreneurial Studies, Cap Table Coalition, PledgeLA, Sisters with Ventures

        UCLA

        1:30 PM

        CrownData.AI

        2:00 PM

        Taisu Ventures, Quotient Ventures

        VENICE

        7:30 AM

        Run Tech Club

        9:00 AM

        Google

        12:00 PM

        Ripe and Teddy's Hot House

        5:30 PM

        Spire Circles

        7:00 PM

        Moss Venice, Yuzulabs, JPMorgan Chase

        8:00 PM

        Truffle

        VIRTUAL

        2:00 PM

        BLCK UNICRN

        WEST HOLLYWOOD

        7:30 PM

        Legendary Ventures, Day Dream Ventures

        WESTSIDE

        9:30 AM

        A16Z GAMES

        7:00 PM

        • Female Funders & Founders (Invite Only)

        L'ATTITUDE Ventures

        WESTWOOD

        9:00 AM

        Fedtech, National Security Innovation Network (NSIN)


        For updates or more event information, visit the official Tech Week calendar.

        Enjoy LA Tech Week 2024!

        Download the dot.LA App

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