In today’s ExchangeWire news breakdown: US politicians beg social media giants to archive content about war in Ukraine; Elon Musk announces his deal to acquire Twitter is ‘on hold’; and Netflix relies on live streaming as Switzerland supports the “Lex Netflix” funding law.
US appeals to Big Tech to secure evidence of Russian war crimes
US politicians have written to numerous social media giants asking them to archive some content about Russia’s invasion of Ukraine, Sky News reports.
Meta, YouTube, Twitter and TikTok bosses have been asked to archive possible evidence of Russia’s war crimes against Ukraine. The motion came in the form of letters from four senior members of the Democratic Party, all of whom head prominent foreign affairs and national security committees in the House of Representatives.
Representative Carolyn Maloney, DN.Y., Chair of the Oversight Committee; Stephen Lynch, D-Mass., Chairman of the National Security Oversight and Reform Subcommittee; Gregory Meeks, DN.Y., Chairman of the Committee on Foreign Affairs; and William Keating, D-Mass, Chair of the Subcommittee on Foreign Affairs for Europe, Energy, Environment and Cyber, issued the letters with a specific request that social media companies “flag content as potential evidence of war crimes and other atrocities or should mark .”
In a letter addressed to Facebook founder and Meta CEO Mark Zuckerberg and presented to CNBC, the representatives said the representatives are “writing to encourage Meta to take steps to preserve and protect content shared on its platforms.” archive that could possibly be used as evidence”. Brief adds that doing so would help “the US government and international human rights and accountability auditors investigate Russian war crimes, crimes against humanity and other atrocities in Ukraine.”
Although the letters do not constitute legal obligations, the influence of these politicians gives their request considerable power. As NCBC reports, social media companies have honored such requests in the past.
Musk reports that the Twitter acquisition is temporarily “on hold”.
Elon Musk has announced his $44bn (£35bn) deal to buy Twitter has been paused. On the social media platform on Friday (May 13), Musk tweeted that he “awaits details supporting calculations that spam/fake accounts actually make up less than 5% of users” and the deal “on hold.” “ have laid.
Twitter has long been criticized for failing to take action to combat fake accounts on the platform. In a filing submitted in April, Twitter estimated that fake accounts made up less than 5% of its daily active users in the first quarter of 2022. The company acknowledged that this figure was based on an estimate and could be higher.
Though Musk later tweeted that he was “still determined” to acquire the social media giant, some are speculating that the billionaire may be trying to renegotiate the price for the company, or even consider withdrawing his offer entirely. “The $44 billion price tag is huge, and it could be a strategy to backtrack on the amount he’s willing to pay to acquire the platform,” said Susannah Streeter, an analyst at Hargreaves Lansdown.
Following Musk’s tweets, Twitter’s share price took a stunning hit on the New York Stock Exchange, falling 10% in morning trade. However, as the BBC reports, the company’s shares were already sold below Musk’s $54.20 (£44.20) offer, meaning markets already had little confidence that the deal would go through.
Meanwhile, after weeks of decline, shares of Musk’s electric car and clean energy company Tesla rose 5% following the SpaceX founder’s tweets.
Netflix Goes Live Streaming As Switzerland Passes Lex Netflix Law
An exclusive report from Deadline has revealed that the SVOD giant is investigating Netflix live streaming to boost its existing content. The streaming giant confirmed that the new feature is in the early stages of development and will be rolled out for upcoming stand-up specials and unscripted shows.
Netflix’s move toward live streaming could allow the platform to operate more closely with linear networks, giving the company an edge over its peers. While Netflix lost a staggering 200,000 subscribers in the first three months of the year, competitor Disney+ managed to add 7.9 million subscribers over the same period, suggesting a content overhaul is exactly what the California-based company is doing needs to keep up.
Meanwhile, Netflix faced another shock this weekend as Swiss voters backed proposals to get multinational streaming platforms to invest part of their Swiss-generated earnings in the country’s film industry.
The referendum, dubbed Lex Netflix, requires streaming giants like Netflix, Disney and Amazon to invest 4% of the money they earn in Switzerland in domestic film production. Investing can include producing shows in the country, buying locally produced programs or participating in an investment fund for the Swiss filmmakers.
In a press conference on Sunday (May 15), Swiss Interior Minister Alain Berset commented: “This result underlines the cultural importance of filmmaking in Switzerland.”
While Amazon and Disney have yet to comment, Netflix said it accepts the decision and will look to the Swiss government to implement the regulation.
“We believe good stories can come from anywhere, and we’ve invested in Swiss content in the past,” said a Netflix spokesman.
Also in the news:
– the7stars wins combined UK creative and media account for Cunard
– Adelaide and Mediahub launch first-ever media awareness training program
– smartclip acquires Realytics to form a joint offering and accelerate the convergence of video advertising ecosystems
– Making Science and Silverbullet Group announce joint venture