TikTok has now raised the ante in the social media war with a plan to offer creators $2 billion globally in the next three years as it fights rivals like Instagram and YouTube.
The TikTok move comes after the media said Instagram is reportedly offering financial incentives to some popular TikTok creators in a bid to make them use Reels, a video-music remix feature that the Facebook-owned platform plans to unveil next month in the US.
In an update on Wednesday, TikTok said that its Creator Fund is expected to grow to over $1 billion in the US in the next three years, and more than double that globally.
TikTok said that it will be sharing more information about the application process soon.
This was an update to an announcement that the short video-sharing platform made last week about a $200 million fund to offer financial support to top creators in the US.
Called the TikTok Creator Fund, it will encourage those who “dream of using their voices and creativity to spark inspirational careers”.
“The US fund will start with $200 million to help support ambitious creators who are seeking opportunities to foster a livelihood through their innovative content,” Vanessa Pappas, General Manager, TikTok US, said in the blog post last week.
Google-owned YouTube last month said that it had now started testing a way to record multi-segment videos that run up to a maximum length of 15 seconds.
The 15-second video format has been made popular by TikTok.
TikTok CEO Kevin Mayer slammed Facebook for launching Reels which he termed a copycat product in a blog post on Wednesday.
Reels has been extended in its test phase to India which was until now the biggest market for TikTok, which has now been banned along with other Chinese apps over national security concerns.
In a blog post on Wednesday, Nikhil Gandhi, India Head, TikTok, said that the platform submitted its response to the Indian government and is working with it to provide clarifications to allay the concerns that the government has.
“We have not shared any information of our users in India with any foreign governments, nor have we used such data in any manner that would compromise the integrity of India. Further, even if we are requested to in the future, we would not do so,” he said.
“We remain committed to our creator community in India, that entertains millions of TikTok users worldwide with their talent, enabling cross-cultural exchanges and truly global engagements,” he said.
Godrej Properties logs Rs 20 crore consolidated net loss in Q1
Godrej. (Photo: twitter@GodrejGroup)
Godrej Properties on Wednesday reported a consolidated net loss of Rs 20.23 crore for the April-June quarter of FY 2020-21.
During the corresponding period of the last fiscal, the company had reported a consolidated net profit of Rs 89.87 crore.
The real estate major reported an 88.63 per cent fall in its revenues from operations during the first quarter of FY 2020-21 at Rs 72.29 crore.
In its investor presentation, the company said that due to the Covid-induced lockdown, there was very limited construction activity during the quarter and as a result, no new projects achieved revenue recognition. Cash collections, which depend on construction milestones, were also impacted, it added.
“This led to an accounting loss and negative operating cash flow for the quarter,” the company said.
Commenting on the performance, Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: “While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact it has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year.”
He added that that the current crisis will add further momentum to the process of consolidation that is underway in the sector and the company will continue to focus on rapidly growing its market share.
Shares of the company plunged nearly 3 per cent post the earnings announcement. Currently its shares on the BSE are trading at Rs 902.50, lower by Rs 28.70 or 3.08 per cent from its previous close.
Indian Railways changes freight policy to boost economy
With an aim to boost economic activities in the country during unlock 3.0, the Indian Railways is offering a slew of incentives, including 50 per cent concession in terminal access charges for covered wagons, to boost freight traffic.
A Railway Ministry spokesperson said that its new policy measures will further boost the incentives for all suppliers to transport their goods through railways.
In the revised policy, the Railways has worked on the alternate goods shed policy, under which terminal charge will not be levied on consignments booked from alternate goods sheds, instead of identified busy goods shed, the official said.
The railways has already surpassed the freight loading figures in August so far, adding that 8.64 million tonnes of freight had been loaded compared with 8.37 million tonnes during the corresponding period last year.
The official said that under the free-time relaxation for covered wagons, zonal railways are empowered to relax the free time up to double the normal free time and/or non-levy of demurrage/wharfage in case of covered stock up to September 30.
The official said that to boost the freight traffic, the railways has decided to give 50 per cent concession in terminal access charge on container traffic handled at Group-III Container Rail Terminals.
The Ministry has decided to not collect the stabling charges on container traffic from May 18 to October 31.
A discount of 5 per cent on haulage charge per 20-foot equivalent unit (TEU) is being given on loaded containers from August 4 to April 30, 2021, the official said.
The official said permission to accept road weighbridge weight figures to certain goods sheds of South Central Railway for loading granite-all documents and data to be captured in the system.
The railways has also decided to give a concession of 40 per cent for loading in open wagons covered with tarpaulin.
Maruti Suzuki launches new S-Cross Petrol
Automobile major Maruti Suzuki India on Wednesday launched the all new S-Cross Petrol with a starting price of Rs 8.39 lakh.
As per the company, the SUV has been engineered with a ‘1.5 Litre K series BS6’ petrol engine.
“The new refined engine delivers a peak power of ’77KW@6000 rpm’ with a top-end torque of ‘138Nm@4400rpm’ that de livers an energetic driving experience.”
“The engine offers superior NVH characteristics powered by a pendulum mount engine, offering unmatched best in-class fuel efficiency (18.55km/l) and an improved cooling performance.”
According to the company, the new S-Cross Petrol is available with 5-speed m anual and 4-speed automatic transmission.
“Automatic variants are equipped with hill hold assist feature, as standard. These help enhance the driving experience through optimal acceleration and performance,” the statement said.
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