Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.
Today:
- New Streaming Data Underline Quibi's Struggles
- John Legend Takes to Wave's Virtual Stage
- TIkTok Reportedly Rakes in $200M
- Snap Rolls Out Pride Lenses For U.S. Regions
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New Streaming Data Underline Quibi's Struggles
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vbWVkaWEucmJsLm1zL2ltYWdlP3U9JTJGUVJwNjF1THhaY2wybHQxWjJ5SmNGSDd6QXQ5dmhsMS13VWxCUVU4SWNFOTVqWWxZY3NxZkJjOWhLVEk4T2RFbmUxaUZ4NFQ5Yzc4dWR5WTlXeW9MdW1LOFExNVdpQzQ1ZC1ZT0lUWDl0aUxILU8xUmx4clJ6M0tBUWdFVmJDM244TVh3MmprQyZobz1odHRwcyUzQSUyRiUyRmxoMy5nb29nbGV1c2VyY29udGVudC5jb20mcz0xODkmaD04NDUyMTY4Mjk0YTE5OGMwOTJkZjU3YmNhZmU5OGNjNjBjOGIxZWM0ODRlMDVlN2U4Y2Y2YTc5YzIwZDE3MTk5JnNpemU9OTgweCZjPTExNzU4Mjg2MTgiLCJleHBpcmVzX2F0IjoxNTk5MzgyMTg5fQ.a-Q2gq9m-vL_Iua4-8EQquKRzs9Akc6d5ULBzBYCjbM/img.jpg" id="202ee" class="rm-shortcode" data-rm-shortcode-id="ab3309389162b7f848f0f8304aeeb8c8" /> <p>Things started so rosily for Quibi, with a fat $1.75 billion fundraise, loads of content deals with A-listers, and a <a href="https://variety.com/2019/digital/news/quibi-sells-out-advertising-inventory-150-million-1203380540/" target="_blank">sold-out advertising slate</a>. But lately it's been nothing but bad news. </p><p>Recent reports have depicted all kinds of troubles: <a href="https://www.wsj.com/articles/quibi-jeffrey-katzenbergs-on-the-go-streaming-bet-adjusts-to-life-on-the-couch-11588266129" target="_blank">low demand</a>, <a href="https://deadline.com/2020/04/quibi-marketing-megan-imbres-leaves-launch-1202915748/" target="_blank">executive departures</a>, <a href="https://www.wsj.com/articles/advertisers-seek-to-revise-deal-terms-with-streamer-quibi-11590519825" target="_blank">unhappy advertisers</a>, an <a href="https://www.latimes.com/entertainment-arts/business/story/2020-05-04/elliott-management-funds-ekos-lawsuit-against-quibi" target="_blank">ongoing intellectual property lawsuit</a>, and a <a href="https://www.wsj.com/articles/quibi-katzenberg-whitman-streaming-startup-11592157291" target="_blank">potential rift between its two chiefs</a>, Jeffrey Katzenberg and Meg Whitman. All this on top of a global pandemic that has <a href="https://www.nytimes.com/2020/05/11/business/media/jeffrey-katzenberg-quibi-coronavirus.html" target="_blank">done no favors to the company's initial value proposition</a> of serving the "on-the-go" moments of consumers' lives.</p><p>Quibi is apparently trying to respond. Variety reported on Wednesday that the L.A.-based mobile-first, short-form video platform has been <a href="https://variety.com/2020/digital/news/quibi-streaming-roku-amazon-fire-tv-1234637152/" target="_blank">negotiating with Amazon and Roku</a> to accelerate its availability onto connected devices. Company executives have also <a href="https://www.wsj.com/articles/quibi-asks-senior-executives-to-take-10-pay-cut-11591206642" target="_blank">reportedly taken pay cuts</a>. </p><p>Data provided to dot.LA by <a href="https://www.justwatch.com/us/about" target="_blank">JustWatch, an analytics firm</a> with offices in L.A. and Berlin, show that in May, Quibi and its content library captured just 0.5% of the U.S. streaming audience's interest. Netflix led the way at 31%, followed by Amazon Prime Video at 18%, Hulu at 11%, and Disney+ at 8%. </p><p>Industry observers have frequently cited Quibi's lack of a hit show, combined with its nonexistent back catalog of familiar favorites, as a key reason why it has struggled since its April launch.</p><p>JustWatch's data suggest that <em>Reno 911!</em>, which debuted on Quibi in early May, was far and away the most popular show on the app last month. The firm estimates that the rebooted police satire was four times more popular than the runner-up, <em>The Stranger</em>, and 12 times more popular than Quibi's third-ranked title, <em>Most Dangerous Game</em>.</p><p>Quibi did not immediately respond to a request for comment. </p>John Legend Takes to Wave's Virtual Stage
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQwMDU4MC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYwMzQxNzg2Nn0.EWmJ9avEF-GlUzE4JTaXXPCP_opTqqoefsDLj9HvRX8/image.jpg?width=980" id="f35ac" class="rm-shortcode" data-rm-shortcode-id="6319a8cc4e2b1540a0423135472fae0a" data-rm-shortcode-name="rebelmouse-image" /> <p><em></em>Wave, an entertainment technology company that turns performers into digital avatars and puts them on virtual stages where they can entertain and interact with fans, announced that John Legend will perform on the platform on Thursday, June 25th at 3:00pm PT.<br></p><p>Legend had previously been slated to participate in the L.A.-based entertainment firm's "One Wave" virtual concert series, but no date had been announced before Wednesday.</p><p>The performance, <a href="https://go.wave.watch/johnlegend" target="_blank">available via YouTube and Twitter</a>, will feature new songs from the EGOT winner's upcoming album, "Bigger Love." Leveraging the Wave platform's interactivity, attendees will be able to send "visual gifts" throughout the performance, with 100% of the proceeds going to Legend's FREEAMERICA criminal justice reform campaign.</p><p>Wave is partnering with PEOPLE for the Legend performance. Sponsors also include Yamaha and Valence, a "new social network addressing diversity by connecting Black talent with economic opportunity." The Ad Council will also be providing public service announcements and resources during the show for fighting racial injustice.</p><p>Fresh off <a href="https://dot.la/wave-virtual-concerts-2646166627.html" target="_blank">a $30 million Series B fundraise,</a> Wave has hosted over 50 events, for up to 400,000 people at a time.</p>TIkTok Reportedly Raked in $200M
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzI4MTA2NC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYxMTI4NDc0M30.F2EmQwLKpL0bqpvqRnKtfsESZGRp-fL7HNtQzPApv1I/img.jpg?width=980" id="f162f" class="rm-shortcode" data-rm-shortcode-id="c9e4b7ecdb23a3681081ff2365c5e5fa" data-rm-shortcode-name="rebelmouse-image" /><p><em>The Information</em> <a href="https://www.theinformation.com/articles/tiktoks-u-s-revenues-expected-to-hit-500-million-this-year" target="_blank">reported Wednesday</a> that TikTok earned between $200 million and $300 million in revenue worldwide in 2019. The news site also said the Culver City-based social media phenomenon's 2020 revenue goals are $500 million in the U.S. alone. These figures follow <a href="https://www.bloomberg.com/news/articles/2020-05-27/bytedance-is-said-to-hit-3-billion-in-profit-as-revenue-doubles?sref=QjdS4d5U" target="_blank">a separate report from</a> <em><a href="https://www.bloomberg.com/news/articles/2020-05-27/bytedance-is-said-to-hit-3-billion-in-profit-as-revenue-doubles?sref=QjdS4d5U">Bloomberg </a></em><a href="https://www.bloomberg.com/news/articles/2020-05-27/bytedance-is-said-to-hit-3-billion-in-profit-as-revenue-doubles?sref=QjdS4d5U">last month</a> that TikTok's parent company ByteDance raked in $17 billion in 2019, and pocketed over $3 billion in profit.<br></p><p>A TikTok company spokesperson would neither confirm nor deny the figures, saying "we don't publicly share company data or revenue metrics."</p><p>In response to <em>The Information's </em>report that TikTok is considering hiring an American executive to oversee its sales team, the spokesperson said, "We are always looking at new opportunities to scale and attract great talent for our teams."</p><p>TikTok, which is <a href="https://dot.la/kevin-mayer-leaves-disney-for-tiktok-chapek-regime-moves-on-2646028687.html" target="_blank">now under the leadership of former Disney streaming executive Kevin Mayer</a>, will be participating later this month in the <a href="https://www.iab.com/events/newfronts-2020/#index-1" target="_blank">NewFronts, the digital media world's jamboree of presentations to woo advertising buyers</a>, which will be virtual this year.</p>Snap Rolls Out Pride Lenses For U.S. Regions
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQwMDU4Ni9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY0MjI1MTkyM30.4r9f-Ek_dqXAquPqNEemT4LZu26rUe-0-EhYp0Nxkjc/image.png?width=980" id="9d768" class="rm-shortcode" data-rm-shortcode-id="3e2ed82098da7c317b825f37551a1847" data-rm-shortcode-name="rebelmouse-image" />Courtesy of Snap
<p>June is Pride Month, and instead of the annual in-person festivities, <a href="https://lapride.org/" target="_blank">L.A. Pride</a> has been celebrating its 50th anniversary with a series of virtual events. Now, Snap is adding augmented reality (AR) to the mix. The Santa Monica company released five new AR lenses on Wednesday in partnership with L.A.'s <a href="https://www.pridemedia.com/" target="_blank">Pride Media</a>. The "community of storytellers, innovators and influencers" reaches over 6 million monthly unique users, which Pride says surpasses any other LGBT media brand.</p><p>The new lenses, which is Snap-speak for the digital overlays that transform a camera image, "spotlight diverse, queer-identifying changemakers advancing equity for all people in every U.S. state," according to a company statement. The release is paired with the annual "<a href="https://www.advocate.com/champions-pride" target="_blank">Champions of Pride</a>" issue from <em>The Advocate</em>, a Pride Media subsidiary publication.</p><p>A Snap spokesperson describes the five new lenses as "art gallery-style spaces" that help Snap's young-leaning users learn about LGBTQ+ and BIPOC advocates. These include "Mighty" Rebekah, a 13-year-old who successfully lobbied for an LGBTQ-inclusive school curriculum in her home state of New Jersey, and Brandon Wolf, the first survivor of the 2016 Pulse nightclub shooting in Orlando to testify before Congress.</p><p>Snap tapped five designers from its official <a href="https://lensstudio.snapchat.com/creators/" target="_blank">lens creator cohort</a> to represent five U.S. regions. Each creator has regional ties and either identifies as LGBTQ+ or an ally, the company says.</p><p>Brielle Garcia, designer of the Pacific West lens, says, "I wanted to work on a Pride lens that was not just a celebration of the past, but a celebration of our future. I hope these Lenses can be an encouragement to everyone in the LGBT community. Encouragement that people as unique as you can have success in business, politics, art, or anything you can dream of. This message is important to me because this kind of success has not always been available to us. So many amazing people have come before us to pave the way and this is a celebration of their success and a guide to what you can achieve."</p><p>Joshua Keeney, repping the Northeast, says, "The takeaways that I want people to have with this Lens is that there is incredible diversity within the LGBTQ community, that everyone can be a champion in their own way, and can bring changes to their own communities."</p>From Your Site Articles
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Wave, an entertainment technology company that turns performers into digital avatars and puts them on virtual stages where they can entertain and interact with fans, announced a $30 million series B fundraise on Wednesday.
The L.A.-based company has now raised $40 million total.
Live performances typically comprise upwards of 70% of musicians' incomes. With in-person shows shuttered amid the coronavirus pandemic, the music industry has been embracing new ways to generate revenue and drive fan engagement. Wave represents one such channel.
<p>The fundraise was led by Seattle-based Maveron and SF-based Griffin Gaming Partners. L.A.-based Raised in Space also invested, as did several entrepreneurs, including Alex Rodriguez and Scooter Braun.</p><p>Braun, who manages megastars Justin Bieber and Ariana Grande, likes how Wave CEO Adam Arrigo is bringing tech to the music industry.</p><p>"The future of the industry depends on it," Braun said in the funding announcement. "Adam and his team at Wave are bridging these two very important industries to create transformative experiences for the next generation of concert-goers, with a refreshingly artist-first approach." </p><p>Maveron general partner David Wu added: "We believe Wave is perfectly positioned to build the defining consumer brand at the intersection of music, gaming, and social interactivity."</p><p class="shortcode-media shortcode-media-vimeo">
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</p><p>"My cofounder (Aaron Lemke) and I started the company four years ago to help musicians make money," Arrigo told dot.LA. "We've been touring musicians and we know how hard it is."<br/></p><p>Eventually they realized that Wave shouldn't simply try to recreate a real concert, but rather leverage the opportunities unique to the digital world. </p><p>"Our shows have rarely looked like normal concerts," Arrigo says. "Artists can be 1000x their size. Fans can be flying above the stage."</p><p>Wave has hosted more than 50 events for audiences of up to 400,000, for artists including John Legend, Imogen Heap and Tinashe. Fans can watch shows through VR headsets, via desktop, and on gaming devices. </p><p>Arrigo's career has centered on the intersection of music and gaming. He was formerly a game designer of the Rock Band video game franchise. </p><p>"From working on that game I learned that when you create new experiences you can create additional revenue streams for the industry," he says.</p><p>To that end, Arrigo doesn't imagine that Wave will replace in-person concerts; instead he hopes to complement them. He points out that although ticket prices for live shows have skyrocketed over the years, the scale of a virtual performance — where millions of people attend for free — can make it much more favorable for an artist than filling the 20,000 seats at the Staples Center. </p><p>The company's business model, Arrigo says, is based on in-app purchases, a percentage of which are shared with the performer. </p><p>"We give musicians a platform that allows them to reach fans in new ways," he says.</p><p>But Arrigo envisions growing beyond music.The platform's "new category" of performance combines elements of gaming, interactivity and social media. He thinks it can expand into theater, sports and stand-up comedy, among other events. </p><p>"We're really optimistic about the health of the business and people connecting virtually," he says. </p>
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Coronavirus Updates: Newsom Talks Businesses Opening; Wave Hosts Virtual Concerts; Film Release Rumblings
Apr 28 2020
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
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Newsom says eyeing how to reopen businesses -- at least in parts of the state
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzE3MzE2Mi9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYwMjk0OTMxMH0.fABHV2PSiRPRf-1nbHtxhe5Av4iWJlxIsmPal194bKk/image.jpg?width=980" id="67249" class="rm-shortcode" data-rm-shortcode-id="d1d2d48e1ea02842dd34b5b0d96cf3f9" data-rm-shortcode-name="rebelmouse-image" /> <p>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. </p><p>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. </p>No concerts? No problem. Wave to host virtual performance series with avatars
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzE3MzI2NS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYzNjI1OTk4N30.7VX065LaoWiYs-sthPyI5f_ZdUV2FTs1mi9nvi9Z6AE/image.png?width=980" id="f97d7" class="rm-shortcode" data-rm-shortcode-id="f600f6c286a276e6341f7ff2a49a25e9" data-rm-shortcode-name="rebelmouse-image" />Wave
<p>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."</p><p>"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.</p>Trolls scores $100 million in revenue from streaming, bypassing shuttered theaters
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzE3MzI5Ni9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYxMTY0NzMxOH0.9db4VyYX7T-u6M9HlOiI6HVYY21C8MRP_IiXXmtdTG8/image.png?width=980" id="a5d7a" class="rm-shortcode" data-rm-shortcode-id="6dd13763979eb5272b8e14b1d750a459" data-rm-shortcode-name="rebelmouse-image" /> <p>Universal Pictures' <em>Trolls World Tour </em>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 <em>Trolls</em> 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. </p><p>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." </p>From Your Site Articles
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