1. Woz not all too concerned about the rise of AI
What's the news?
Years before tech visionaries such as Bill Gates and Elon Musk sounded warnings about artificial intelligence (AI), Stephen Wozniak, the co-founder of Apple, had raised an alarm over its increasing use and a possible threat to humankind.
But the grizzled, soft-spoken Wozniak, 67, popularly known as the Woz, is not too concerned anymore. “I believe in the A–artificial — of AI but not in the I–intelligence,” he said.
Machines are not even close to intelligence since they can’t compete with the human brain, he said in a fireside chat that was one of the most popular sessions at the Economic Times Global Summit, which concluded on Saturday.
What else did Woz say?
Woz said AI will not make jobs disappear. On the contrary, it will generate more employment. His favourite entrepreneur of the present times is Elon Musk.
As for his views on the current US president, Wozniak said he cannot “stand” him, especially as “the way he treats people is very negative”. Read more.
2. India is a key part of international subscription growth, says Netflix chief Reed Hastings
What's the news?
Streaming service Netflix is disrupting the entertainment business across the world, producing cult hits like ‘House of Cards’ and ‘Stranger Things’ with a budget of $8 billion to produce original shows in 2018.
With over 117.5 million subscribers in over 190 countries who consume over 140 million hours of TV shows and movies per day, the company was able to grow its streaming revenue by 36% to over $11.6 billion, adding 24 million new members.
On the back of this growth, the company has seen its share price double in the last 12 months, helping it reach a market capitalisation of $120 billion.
What did Hastings say?
Netflix's international segment as a whole is over 60 million subscribers and grown over 40% year over year. India is a key part of that segment.
There will not be a change in strategy of the company and they will not venture into a freemium model. The budget for content will be higher than the current $8 billion. Read more.
3. Local knowledge gives desi companies the advantage
What's the news?
Understanding nuances of the local market and focusing on segments which matter are helping Indian internet companies such as Flipkart and Ola to pull away from their deep-pocketed global competitors like Amazon and Uber, respectively.
But even as these internet companies successfully take on the biggest players in the world, India’s top startups urged the government to take steps to create an enabling environment for these companies to become the next Infosys.
A panel consisting of MakeMyTrip's Deep Kalra along with Flipkart CEO Kalyan Krishnamurthy, Ola’s founder & CEO Bhavish Aggarwal and Info Edge founder & vice chairman Sanjeev Bikhchandani, was speaking at The Economic Times Global Business Summit 2018 on Saturday.
What else did the panelists talk about?
Panelists touched upon multiple facets of surviving in a hyper-competitive environment wherein survival challenges are only escalating in the midst of competition from global majors which continue to pump in big dollars in their India business.
However, Indian startup stalwarts said understanding the local business dynamics is going to be the key strength and differentiation vis-a-vis international competitors, going forward.
Flipkart CEO Kalyan Krishnamurthy said the company’s competitive strategy is to segregate areas where the company would do anything to win the number one spot, and other areas where it is content with being number two.
Flipkart has done this by focusing on two of the largest categories in online retail -- smartphones and fashion – by building a significant leadership against Amazon India.
Panelists also touched upon the pertinent point of having a strong board to drive the growth of their companies and have good governance practices. Read more.
4. Oyo and Zostel Hospitality trade blows
What's the news?
Online hotel aggregators OYO and Zostel Hospitality, which owns the Zo Rooms brand of budget hotels, traded barbs through their legal representatives on Sunday, with the former claiming that a court had rejected the startup’s suit alleging data theft, and reneging on an earlier agreement to acquire it.
What have the companies said?
OYO, in a statement, said that Zostel had filed a “frivolous arbitration petition in District Court, Gurugram earlier on February 2, 2018, as a counterblast to OYO’s rightful legal case”.
“This arbitration petition filed by Zostel against OYO has been rejected for want of jurisdiction with the court as per order pronounced by the court on Friday, February 23,” it further added.
According to the company-issued missive, OYO will continue to pursue its criminal cases under various sections of the Indian Penal Code filed in January earlier this year, and other implications under IT and Copyright Acts with the Economic Offences Wing and Cybercrime department, filed in 2015, against senior employees of Zostel for stealing data and other assets including laptops.
OYO’s statement followed an earlier communication from Zo Rooms, in which the firm alleged that OYO, in October last year, had failed to honour its commitment to acquire the latter, even after conducting rigorous due diligence and agreeing in writing to the all-stock transaction.
Zo, through a statement sent by Amit Kumar Mishra, partner P&A Law Offices, has also claimed that OYO was using its “strong public relations and financial muzzle to muzzle its voice and hide behind technicalities”.
Zostel Hospitality has alleged that OYO has acquired data of employees, assets, and hotel properties under the pretext of accelerating the process of acquisition and is now refusing to pay the dues for the business acquired. Read more.
5. Flipkart beats Amazon in smartphone sales in 2017
What's the news?
Flipkart now sells more than half the smartphones online, taking a bigger lead over Amazon in the crucial category.
Flipkart grew its market share of online smartphone shipments to 51% in 2017, from 44% the year before, while Amazon's increased marginally to 33% in 2017 from 31%, according to a report by Counterpoint Research. Flipkart’s smartphone volumes grew by 43% in 2017, compared to Amazon’s growth of 33%, said the report released on Friday.
What does the online smartphone market look like?
Overall online smartphone shipments grew 23% annually, faster than the overall smartphone market in 2017, with Flipkart and Amazon capturing a combined 84% of the total volume and 87% of the total value.
Chinese brand Xiaomi’s mi.com is also aggressively pushing sales through its own platform, now contributing 10% to overall online smartphone shipments.
Exclusive smartphone deals on online platforms pushed sales for both platforms, with nearly 100 exclusive smartphones launched online last year, Counterpoint said. Flipkart, however, contested the numbers, citing a larger market share and growth. Read more.
What's the news?
Years before tech visionaries such as Bill Gates and Elon Musk sounded warnings about artificial intelligence (AI), Stephen Wozniak, the co-founder of Apple, had raised an alarm over its increasing use and a possible threat to humankind.
But the grizzled, soft-spoken Wozniak, 67, popularly known as the Woz, is not too concerned anymore. “I believe in the A–artificial — of AI but not in the I–intelligence,” he said.
Machines are not even close to intelligence since they can’t compete with the human brain, he said in a fireside chat that was one of the most popular sessions at the Economic Times Global Summit, which concluded on Saturday.
What else did Woz say?
Woz said AI will not make jobs disappear. On the contrary, it will generate more employment. His favourite entrepreneur of the present times is Elon Musk.
As for his views on the current US president, Wozniak said he cannot “stand” him, especially as “the way he treats people is very negative”. Read more.
2. India is a key part of international subscription growth, says Netflix chief Reed Hastings
What's the news?
Streaming service Netflix is disrupting the entertainment business across the world, producing cult hits like ‘House of Cards’ and ‘Stranger Things’ with a budget of $8 billion to produce original shows in 2018.
With over 117.5 million subscribers in over 190 countries who consume over 140 million hours of TV shows and movies per day, the company was able to grow its streaming revenue by 36% to over $11.6 billion, adding 24 million new members.
On the back of this growth, the company has seen its share price double in the last 12 months, helping it reach a market capitalisation of $120 billion.
What did Hastings say?
Netflix's international segment as a whole is over 60 million subscribers and grown over 40% year over year. India is a key part of that segment.
There will not be a change in strategy of the company and they will not venture into a freemium model. The budget for content will be higher than the current $8 billion. Read more.
3. Local knowledge gives desi companies the advantage
What's the news?
Understanding nuances of the local market and focusing on segments which matter are helping Indian internet companies such as Flipkart and Ola to pull away from their deep-pocketed global competitors like Amazon and Uber, respectively.
But even as these internet companies successfully take on the biggest players in the world, India’s top startups urged the government to take steps to create an enabling environment for these companies to become the next Infosys.
A panel consisting of MakeMyTrip's Deep Kalra along with Flipkart CEO Kalyan Krishnamurthy, Ola’s founder & CEO Bhavish Aggarwal and Info Edge founder & vice chairman Sanjeev Bikhchandani, was speaking at The Economic Times Global Business Summit 2018 on Saturday.
What else did the panelists talk about?
Panelists touched upon multiple facets of surviving in a hyper-competitive environment wherein survival challenges are only escalating in the midst of competition from global majors which continue to pump in big dollars in their India business.
However, Indian startup stalwarts said understanding the local business dynamics is going to be the key strength and differentiation vis-a-vis international competitors, going forward.
Flipkart CEO Kalyan Krishnamurthy said the company’s competitive strategy is to segregate areas where the company would do anything to win the number one spot, and other areas where it is content with being number two.
Flipkart has done this by focusing on two of the largest categories in online retail -- smartphones and fashion – by building a significant leadership against Amazon India.
Panelists also touched upon the pertinent point of having a strong board to drive the growth of their companies and have good governance practices. Read more.
4. Oyo and Zostel Hospitality trade blows
What's the news?
Online hotel aggregators OYO and Zostel Hospitality, which owns the Zo Rooms brand of budget hotels, traded barbs through their legal representatives on Sunday, with the former claiming that a court had rejected the startup’s suit alleging data theft, and reneging on an earlier agreement to acquire it.
What have the companies said?
OYO, in a statement, said that Zostel had filed a “frivolous arbitration petition in District Court, Gurugram earlier on February 2, 2018, as a counterblast to OYO’s rightful legal case”.
“This arbitration petition filed by Zostel against OYO has been rejected for want of jurisdiction with the court as per order pronounced by the court on Friday, February 23,” it further added.
According to the company-issued missive, OYO will continue to pursue its criminal cases under various sections of the Indian Penal Code filed in January earlier this year, and other implications under IT and Copyright Acts with the Economic Offences Wing and Cybercrime department, filed in 2015, against senior employees of Zostel for stealing data and other assets including laptops.
OYO’s statement followed an earlier communication from Zo Rooms, in which the firm alleged that OYO, in October last year, had failed to honour its commitment to acquire the latter, even after conducting rigorous due diligence and agreeing in writing to the all-stock transaction.
Zo, through a statement sent by Amit Kumar Mishra, partner P&A Law Offices, has also claimed that OYO was using its “strong public relations and financial muzzle to muzzle its voice and hide behind technicalities”.
Zostel Hospitality has alleged that OYO has acquired data of employees, assets, and hotel properties under the pretext of accelerating the process of acquisition and is now refusing to pay the dues for the business acquired. Read more.
5. Flipkart beats Amazon in smartphone sales in 2017
What's the news?
Flipkart now sells more than half the smartphones online, taking a bigger lead over Amazon in the crucial category.
Flipkart grew its market share of online smartphone shipments to 51% in 2017, from 44% the year before, while Amazon's increased marginally to 33% in 2017 from 31%, according to a report by Counterpoint Research. Flipkart’s smartphone volumes grew by 43% in 2017, compared to Amazon’s growth of 33%, said the report released on Friday.
What does the online smartphone market look like?
Overall online smartphone shipments grew 23% annually, faster than the overall smartphone market in 2017, with Flipkart and Amazon capturing a combined 84% of the total volume and 87% of the total value.
Chinese brand Xiaomi’s mi.com is also aggressively pushing sales through its own platform, now contributing 10% to overall online smartphone shipments.
Exclusive smartphone deals on online platforms pushed sales for both platforms, with nearly 100 exclusive smartphones launched online last year, Counterpoint said. Flipkart, however, contested the numbers, citing a larger market share and growth. Read more.
