Google Project 'Magi'🔍, Fantasy gaming to grow at 30%🏏, Netflix to exit the DVD biz📀
Google Project 'Magi'🔍, Fantasy gaming to grow at 30%🏏, Netflix to exit the DVD biz📀
Google looks to take on Bing, Fantasy gaming to grow at 30% CAGR till 2027, Netflix to exit the business after 25 years, Funding Deals and more.
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Today, we are covering:
Google Project 'Magi': Search to get an AI makeover to take on Bing chatbot
Fantasy gaming to grow at 30% CAGR till 2027, clarity on GST to help
Netflix to exit the DVD delivery business after 25 years
Funding Deals
Project 'Magi': Google looks to take on Bing with AI-powered search engine🔍
Google is working on a new search engine powered by artificial intelligence (AI) technology aiming to provide users with a more personalised experience.
After the launch of ChatGPT last November, Google maintained that it didn’t want to be the first because it “wanted to do it right”, referring to the rapid adoption of AI by several tech majors.
However, it looks like the tech giant is now rushing to revamp its products with the latest AI technology in view of competition from Microsoft’s Bing search engine, which is now powered by OpenAI's GPT-4.
According to a New York Times (NYT) report, Google is working on a new project called ‘Magi’ after learning that smartphone maker Samsung was considering replacing Google search as the default search engine with Microsoft Bing.😲
Fantasy gaming to grow at 30% CAGR till 2027, regulatory clarity on GST to help: Report🏏
The fantasy gaming industry is projected to attain a revenue of Rs 25,240 crore by FY27, up from Rs 6,800 crore FY22, while the user base is likely to grow from 18 crores to 50 crores by the end of FY27, a joint report from Deloitte and Federation of Indian Fantasy Sports (FIFS) said.
Overall, the fantasy gaming industry is expected to grow at a 30% compound annual growth rate till FY27, the report said.
Indian fantasy gamers also tend to explore sports other than cricket on these platforms, the report said.
Clarity on certain aspects such as the goods and services tax to be levied on the industry will help sustain “sustainable growth” for the sector. These changes, however, should be in line with the representations made by the industry.
Netflix to exit the DVD delivery business after 25 years📀
Netflix Inc. is shutting down its original business of delivering DVDs by mail, 25 years after introducing a revolution in at-home TV viewing.
The company will ship its final discs on Sept. 29, according to a statement Tuesday.
“Our goal has always been to provide the best service for our members, but as the business continues to shrink that’s going to become increasingly difficult," Co-Chief Executive Officer Ted Sarandos said.
The business, hatched by co-founders Reed Hastings and Marc Randolph, became a ritual for tens of millions of subscribers who got the red envelopes containing the discs in the mail. Some of the company’s earliest original productions were created in the DVD era.
Funding Deals💰
Didn’t have any funding/acquisition deals in India. So here are a few International ones.
Abu Dhabi-based renewable energy player Ryse Energy raised $15 million in a growth funding round led by RWE Energy Transition Investments to fuel its expansion in international markets.
Saudi fintech startup Hakbah raised $2 million in a pre-Series A round to fuel expansion in Saudi Arabia and invest in its tech platform. The round was led by Global Ventures and Aditum Investment Management.
Turkish media localization startup Ollang raised $1.5 million in seed funding to expand globally and continue the development of its workflow management system Olabs.
Flyksoft, a UAE-based business management software provider for salons and spas, raised $55,000 in seed funding from angel investors.
Tweet of the day🐥
What else?
📺 Revival TV channels, streaming cos unfazed with IPL splash
🚗 VW plans to electrify 30% of its cars in India
"Accept what is, let go of what was, and have faith in what will be."
Thanks for reading till the end!