Friday 39 Business Friday, June 22, 2018 With billion users, takes on YouTube in video IGTV built to be used on a smartphone

SAN FRANCISCO: Instagram said Wednesday it now has rise to a number of YouTube “stars”. “Anyone can be a creator more than one billion active users, as it unveiled a new long- - you can upload your own IGTV videos in the app or on the form video feature in a bid to attract “creators” like those on web to start your own channel,” Systrom said. YouTube. It becomes the fourth platform to hit the billion-user mark, including the namesake with Built for smartphones more than two billion users, and the messaging applications Systrom said IGTV is built to be used on a smartphone, and WhatsApp and Messenger. Instagram, which had some 800 boosts the time for videos from the previous limit of one million users as of September, has been outpacing rival social minute. “The way we are watching video is changing,” Systrom networks such as and told the event. He added that IGTV is and has been gaining younger users “built for how you actually use your even as Facebook itself has seen de- phone, so videos are full screen and clines in the youth segment. Platform now vertical”. The launch comes amid a shift counts at one hour. Systrom described the new app as “a sep- Instagram chief executive Kevin Sys- in video viewing habits away from tra- arate space, a dedicated space to enjoy video without being trom announced the milestone as he un- has more than ditional television to online platforms in- distracted”. veiled the new video application known 1bn active users cluding Netflix and Hulu, and with more Facebook acquired Instagram in April 2012 for a combina- as IGTV. “We have now a community of people watching both professional and tion of cash and stock worth some $1 billion at the time. Since one billion users,” Systrom told the user content on services like YouTube. then it has become a strong engineer of growth for Facebook event in San Francisco. “Since our launch According to the research firm in terms of users and ad revenues. While Facebook offers no in 2010, we’ve watched with amazement eMarketer, 181.7 million Americans will detailed revenue breakdown, eMarketer estimates Instagram as the community has flourished and grown.” As Facebook it- watch video content on their smartphones at least once a will generate $5.48 billion in net US ad revenue this year, up self has moved deeper into video, Instagram will become a di- month this year, up 6.1 percent from a year ago. Product man- 70.4 percent from last year and accounting for more than one- rect competitor to YouTube with IGTV. ager Ashley Yuki told the event that IGTV “is an open platform fourth of Facebook’s net mobile ad revenue. Facebook itself is IGTV will enable any user to upload long-form videos and from day one, so everyone can become a creator.” Rolling out also ramping up its video offerings with original shows and will also include “channels” from video “creators,” similar to a for the iOS and Android apps, IGTV will allow any user to up- this week announced new formats including interactive game format employed by Google-owned YouTube which has given load videos up to 10 minutes long, with the limit for larger ac- shows, quizzes and polls. — AFP

Bloomberg News, which values it at about Xiaomi lowers $53.9-$69.8 billion. local authorities, nor private operator Bollore Xiaomi had hoped to be the first company Electric scooters are prepared to absorb. to list shares in Hong Kong at the same time as target as it launching new Chinese Depository Receipts Car service sputters (CDRs) in Shanghai under new rules announced launch in Paris, to The public body that oversees the car kicks off IPO in April by mainland authorities to open up system was set to meet yesterday and could markets in the world’s number two economy. spread in Europe vote to cancel the contract with Bollore, HONG KONG: Chinese smartphone maker Xi- But on Tuesday it put off its decision on listing which would leave its 150,000 users in the aomi kicked off its initial public offering yester- the CDRs until it completes its IPO in Hong PARIS: The boulevards of Paris, already lurch. Paris city authorities estimate the loss day but the firm is likely to pull in about $6.1 Kong. The China Securities Regulatory Com- bustling with a dizzying range of transport incurred from cancelling the deal at “several billion, far less than originally expected, with in- mission said it has cancelled a listing review devices, are set to feature a new shared tens of millions of euros” while Bollore, vestors having mixed views about its main originally scheduled for June 19. electric scooter system that has swept the owned by French magnate Vincent Bollore, business. Xiaomi had hoped to raise $10 billion This delay, as well as differing market views US and is now heading for Europe. Califor- expects it to be up to 300 million. Autolib with the Hong Kong IPO, making it the biggest about Xiaomi’s business model, were also nia-based Lime launched a pilot scheme for was never adopted by Parisians in the way since Alibaba’s $25 billion New York debut in among reasons for the lower valuation. CEO Lei the two-wheeled powered scooters on they took to the shared bikes, meaning that 2014 and valuing the company at about $100 Jun claimed it was an services com- Thursday in several districts of the French the number of subscribers was lower than billion. However, the firm is offering 2.18 billion pany making money via online games and ad- capital and will roll them out across the city. expected while new taxi apps such as Uber shares at HK$17-HK$22 apiece, according to vertisements despite 70 percent of its revenues “Very quickly our fleet will grow to respond undercut it on cost. coming from selling hardware, particularly to demand,” Lime’s director for France, Lime and other private operators of new smartphones. The firm, which mainly sells cheap Arthur-Louis Jacquier, told AFP. transport-sharing solutions are looking to but high-quality smartphones in China, is look- The US start-up, which already operates capitalise on the problems with Velib’ and Au- ing to push into Europe - recently opening its bike-sharing schemes in Berlin and Frankfurt, tolib’, which are both backed by public first flagship store in Paris - as the home market has big ambitions in Europe as it competes money. Chinese bike-sharing groups such as reaches saturation point. with other fast-expanding American rivals GoBee and Ofo as well as Singapore’s Obike China Mobile Ltd and US wireless-chip such as Bird. The new e-scooters arrive as have piled into the French market, adding to giant Qualcomm are among the cornerstone in- Paris faces problems with two of its flagship the ever-expanding range of options available vestors and it is expected to list on July 9. Chi- transport innovations over the last decade to commuters and travellers. They have also nese authorities devised the CDR program, which forged the city’s reputation as a pio- added to congestion on pavements and led to under which homegrown companies listed neer for new forms of commuting. The city’s criticism from pedestrians who must often abroad can simultaneously list at home, after bike-sharing scheme Velib’, launched in 2007 weave around bikes that have been badly watching technology heavyweights Alibaba and since copied around the world, is in dis- parked or scattered on streets. and Baidu list on Wall Street. The objectives of array after a change of contractor led to major As well as pedal-bikes, electric bikes, elec- the plan include helping to develop China’s still problems and a shortage of bikes. An electric tric mopeds, motorbikes and cars and buses, BEIJING: This file picture taken on May 3, 2018 relatively immature and volatile share markets car-sharing system known as Autolib, Paris’ streets are also awash with skateboards, shows a customer looking at a Xiaomi smart- while allowing domestic investors to invest in launched in 2011, could be at the end of the scooters and increasing numbers of battery- phone in a shop. — AFP the country’s big tech champions.—AFP road after it ran up major losses that neither operated unicycles.—AFP