Tecno Launches SPARK 10 Pro Magic Magenta Edition Targeting Youth

Tecno SPARK 10 Pro Magic

Innovative technology brand TECNO has launched a groundbreaking upgrade to its popular SPARK 10 Series – the SPARK 10 Pro Magic Magenta Edition. The special edition illuminates the youth’s brilliance with an industry-first “Luminous Eco-Leather Technology”, allowing magical color-changing on a sustainable eco-leather. With eye-catching magenta, it encourages every user to unleash their true, brilliant self.

The SPARK 10C and SPARK 10 are also upgraded with new color versions. The SPARK 10 is now available in a magenta color, while the SPARK 10C boasts a fresh new orange hue, giving consumers more ways to show their fearless individuality.

Tecno Launches SPARK 10 Pro Magic
Tecno SPARK 10 Pro Magic

The SPARK 10 Pro Magic Magenta Edition is the industry’s first smartphone to realize luminous color-changing on eco-leather, illuminating an amazing and surprising new trend that outshines the darkest moments. With this Luminous eco-leather technology, the device absorbs and converts light through a color transformation from vivid magenta to a magical fluorescent glow. 

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It celebrates TECNO’s latest achievement in color-changing technologies – following others such as CAMON 19 Pro Mondrian Edition’s Sunlight Drawing and the innovative Chameleon Coloring technologies – and highlights the brand’s “Stop at Nothing” spirit of innovation and its commitment to empowering young-at-heart users around the world. 

The realization of this technically complex design is the result of TECNO’s incredible craftsmanship, following over 60 rounds of development and more than 1,200 sample revisions. The exceptional color result is accomplished through an advanced three-layer composition——the base layer is screen printed 4 times with red and white ink to create a bold base; the core layer is luminous ink screen printed 3 times and tech coating 4 times to achieve a luminous base, and a decorative layer adds transparent silicone leather to accentuate the effect. 

Injected with the energy and passion of Gen Z, the SPARK 10 Pro Magic Magenta Edition’s vibrant magenta hue captures the eye and the imagination. The spectacular vibrancy of the shade empowers users to unleash their creativity and individuality, while the magenta and white patchwork reflect the vitality of today’s youth, who embrace change and refuse to be confined to a single identity. With this trendy color, the device radiates a youthful vibe that encourages the pursuit of joy and freedom. 

While the eco-leather accentuates the device’s colorful impact, its premium texture also adds to the fantastic experience. This eco-friendly material is smooth to the touch yet durable, with resistance to sweat, scratches, and corrosion. It also provides a wipe-clean surface to guard against oil, paint, and other dirt stains, while being supremely comfortable in the hand.  

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The launch of the SPARK 10 Pro Magic Magenta Edition follows the successful launch of the SPARK 10 Pro, which achieved outstanding commercial success with the device quickly selling out in many countries. With the exception of the luminous design, the devices share the same key features, including: 

A 32MP Ultra-Clear Front Camera, a 50MP High-Resolution Photography System, dual soft lights with adjustable brightness, and smart AI modes for effortless selfies and crystal-clear photos and videos.

Smooth gaming, video viewing and daily use empowered by MediaTek’s 8-core Helio G88 gaming processor, while 256GB ROM and 16GB RAM (8GB extended RAM) make it a memory specialist in its price range.

An exquisite 6.8-inch FHD display with a high refresh rate of 90Hz, ultra-high resolution, and DCI-P3 color gamut for a rich and colorful viewing experience. It also provides a strong power supply with a 5000mAh super battery and 18W fast charge.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Threads Announce Big Changes

Facebook founder Mark Zuckerberg

Threads, the recently launched platform to compete with X, formerly Twitter has announced that it is adding four new features, including a must-requested chronological timeline. A web version is coming, too.

The micro blogging platform which earlier this month became the fastest technology platform to reach 100 million users, is adding four new features, including a much-requested chronological timeline.

Threads, competitor to Elon Musk’s newly rebranded X (previously Twitter), is getting four new features this week. The team announced the update in a blog post on Tuesday.

Facebook founder Mark Zuckerberg
Facebook founder Mark Zuckerberg

“We heard ya. We’re introducing a few new features this week,” said the team.

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Users can now curate their feeds by switching between two separate views, “for you” and “following”. The “following” feed is controlled by algorithms, while the “for you” feed shows posts from accounts that a user follows in reverse chronological order.

Additional features include improved translation capability, a new “follow” button and an “approve all” button for multiple follow requests.

Communication from Meta CEO Mark Zuckerberg and Instagram head Adam Mosseri suggests the Threads team is focused on giving users what they want.

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Power users are hoping that the Threads team is just as responsive about their request for desktop capability. Mosseri gave his reassurance about a web version in a post on Tuesday, saying: “We are already working on it.”

 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Spotify Hikes Prices in Major Markets

Spotify CEO Daniel Ek

Spotify Technology has announced the hike in prices for its premium plans across several countries, including the United State, Britain, as the music streaming company looks to boost profitability in an uncertain economy.

The move will result in a US$1 price increase for Spotify’s US plans, with the premium Individual plan now starting at $10.99, Duo at $14.99, Family at $16.99 and the Student plan at $5.99.Spotify has moved in recent months to boost margins with hundreds of layoffs and a restructuring.

In South Africa, Spotify costs R59.99/month for the Individual plan, while Duo costs R79.99/month and Family is R99.99/month. There’s also a Mini option available in South Africa, which allows streaming from one account on mobile only for R11.99/month.

Spotify CEO Daniel Ek
Spotify CEO Daniel Ek

Spotify has moved in recent months to boost margins with hundreds of layoffs and a restructuring of the podcast unit, which it had built up with billions of dollars in investment.

The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritising user growth.

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Rivals services from Apple and Amazon.com and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual premium plans in the US for the first time since the subscription service was launched in 2018. None of those plans, with the exception of Apple Music, has seen a price increase in South Africa.

Spotify, which had indicated in April that it would raise prices in 2023, had also raised prices in 46 countries last year. The Sweden-based company is due to report its results for the second quarter on Tuesday.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

As X Replaces the Iconic Bird Logo of Twitter

Twitter

The ongoing rebranding of Twitter now known as X is coming at a huge cost, according to brand analysts and experts. Elon Musk and Twitter CEO Linda Yaccarino early this week, unveiled a logo for the social media platform on Monday that featured a white “X” on a black background as a replacement for the familiar blue bird symbol.

“X is here! Let’s do this,” tweeted Yaccarino, who also posted a picture of the logo projected onto the company’s offices in San Francisco.

Both Yaccarino’s and Musk’s Twitter handles feature the X logo, although the Twitter blue bird is still visible across the platform.

Only a few brands have become verbs or seen themselves referred to in global news outlets as often as Twitter has

“#GoodbyeTwitter” was trending on the platform with reference to the old logo as some users criticised the new one.

Twitter
twitter

Musk said on a post on Sunday he wanted to change Twitter’s logo and polled his millions of followers on whether they would favour changing the site’s colour scheme from blue to black.

He posted a picture of a stylised X against a black outer space-themed background. He also referred to the “interim X logo”, and tweeted that “soon we shall bid adieu to the Twitter brand and, gradually, all the birds”. 

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In response to a tweet asking what tweets will be called under “X”, Musk replied “x’s”.

The original Twitter logo was designed in 2012 by a team of three. “The logo was designed to be simple, balanced and legible at very small sizes, almost like a lowercase ‘e’,” tweeted Martin Grasser, one of the designers.

Matt Rhodes, strategy lead at creative agency House 337, said any changes to a brand so established in popular culture was a risk. “Only a few brands have become verbs or seen themselves referred to in global news outlets as often as Twitter has,” he said. “Anything that makes it harder for people to find, or want to open the app on their cluttered phone screens risks harming usage.”

Weeks before completing his Twitter acquisition last year, Musk had said that buying the company would speed up his ambition to create an “everything app” called “X” by three to five years.

Musk bought x.com back from PayPal in 2017, saying it had “sentimental value”. Musk had co-founded x.com as an online bank in 1999 which later transformed into PayPal.

While Twitter’s official page on the platform has been renamed as “X”, the domain x.com is not active.

“X is the future state of unlimited interactivity – centred in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services and opportunities,” Yaccarino tweeted on Sunday. 

Yaccarino, the former advertising chief at NBCUniversal who started as Twitter CEO on 5 June, has taken over when the social media platform is trying to reverse a plunge in advertising revenue. Since the takeover of Twitter, the company has faced tumultuous times with layoffs, a sharp drop in advertisers and the meteoric rise of Threads, Meta’s response to Twitter.

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“The last few months have been tumultuous at Twitter, and I don’t think a new brand is going to solve everything,” Drew Benvie, CEO of social media consultancy Battenhall, said. “This is less about reinventing Twitter, and more about building a brand around Elon Musk’s empire, including SpaceX, where the ‘X’ branding really connects a little more closely.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

AWS Global Fintech Accelerator Calls For Applications

AWS Global Fintech Accelerator

Amazon Web Services (AWS) has announced the launching of its first Global Fintech Accelerator, giving fintech founders the support and mentorship they need to bring smarter financial services solutions to the market by leveraging the power of AI/ML and the cloud.

The AWS Global Fintech Accelerator will select 150 fintech startups harnessing the power of artificial intelligence and machine learning technology from across North America (NAMER), Europe, Middle East, Africa (EMEA), and Latin America (LATAM).

AWS Global Fintech Accelerator

Selected startups will join a six-week remote programme between September 18 and October 23, where they will receive one-on-one business and technical mentorship covering funding, scaling, and go-to-market strategies, as well as AWS technical fundamentals, cloud and AI/ML adoption, and much more.

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Cohort members will also receive a package of tailored benefits, including up to US$25,000 in AWS Activate credits and a range of other benefits provided by accelerator partners across fintech, venture capital (VC), and financial services.

At the end of the six weeks, the top 15 companies in the programme will be invited to participate in a demo day with a curated list of VCs, financial services institutions, potential customers, and other key market players. They will receive up to US$75,000 in additional AWS Activate credits.

“We are making big bets on the potential of generative AI to significantly change every customer experience out there, especially as it relates to financial services,” said Howard Wright, vice president (VP) and global head of startups at AWS.

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“In the long term, we expect generative AI to usher in the era of self-driving money, when every consumer with a smartphone can have access to an affordable, trusted financial advisor that will help them improve their financial health. These solutions will leverage what the cloud does best: it democratizes access for everyone.”

Applications for the AWS Global Fintech Accelerator are open here until August 14.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Starlink Launches in Kenya

Starlink

Elon Musk’s Starlink has announced the availability of its satellite broadband internet service in Kenya, with the East African nation becoming the latest on the continent to get access to a service that still hasn’t been launched officially in South Africa.

Starlink, owned by Musk’s rocket company, SpaceX, announced its immediate availability in Kenya in a tweet earlier on Tuesday.

The latest launch means Starlink is now available in six African countries: Kenya, Nigeria, Mozambique, Rwanda, Reunion and Mayotte. Many other countries on the continent are marked on Starlink’s coverage map as expected to launch between the third quarter of 2023 and the first quarter of 2024.

Starlink

The latest launch means Starlink is now available in six African countries

South Africa, though, is still not among them: the Starlink website only lists South Africa’s deployment date as “unknown”.

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In April, communications regulator Icasa said that it had met with officials from SpaceX on two separate occasions to discuss a possible launch of Starlink in South Africa. But Icasa said there is no record of Starlink applying for any of the licences it needs to operate in the local market.

Democratic Alliance MP Dianne Kohler Barnard had earlier blamed the ANC’s “archaic, irrational and ridiculous hurdles to progress” as the reason behind Starlink’s apparent loss of appetite for a South African launch.

She was referring to the empowerment requirements that form part of the Electronic Communications Act, which requires individual licensees to have a minimum of 30% equity ownership held by persons from previously disadvantaged groups, which include black people, women, youth and people with disabilities. 

Communications minister Mondli Gungubele hit back at Kohler Barnard, saying it is “not true that the government is blocking Starlink’s operation in South Africa”. 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Twitter vs Threads: Why Musk Could Prevail Yet

Elon Musk

By Casey Fiesler

Twitter’s move on 1 July to limit the number of tweets users can see in a day was the latest in a series of decisions that has spurred millions of users to sign up with alternative microblogging platforms since Elon Musk acquired Twitter last year.

In addition to a surge in numbers on Mastodon, the acquisition and subsequent changes boosted small existing platforms like Hive Social and spawned brand new upstarts like Spoutible and Spill.

Most recently, the microblogging platform backed by Twitter founder Jack Dorsey, Bluesky, saw a surge of sign-ups in the days following Twitter’s rate limit, and Meta launched its microblogging platform Threads on 5 July. Threads claimed 30 million users on its first day. Even very different forms of social media such as TikTok are benefiting from what many see as Twitter’s imminent demise.

The turmoil at Twitter is causing many of the company’s users to consider leaving the platform

As an information scientist who studies online communities, this feels like something I’ve seen before. Social media platforms tend not to last forever. Depending on your age and online habits, there’s probably some platform that you miss, even if it still exists in some form. Think of MySpace, LiveJournal, Google+ and Vine.

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When social media platforms fall, sometimes the online communities that made their homes there fade away, and sometimes they pack their bags and relocate to a new home. The turmoil at Twitter is causing many of the company’s users to consider leaving the platform. Research on previous social media platform migrations shows what might lie ahead for Twitter users who fly the coop.

CEO of Tesla, Elon Musk
CEO of Tesla, Elon Musk

Several years ago, I led a research project with Brianna Dym, now at University of Maine in the US, where we mapped the platform migrations of nearly 2 000 people over a period of almost two decades. The community we examined was transformative fandom, fans of literary and popular culture series and franchises who create art using those characters and settings.

Slow death

We chose it because it is a large community that has thrived in a number of different online spaces. Some of the same people writing Buffy the Vampire Slayer fan fiction on Usenet in the 1990s were writing Harry Potter fan fiction on LiveJournal in the 2000s and Star Wars fan fiction on Tumblr in the 2010s.

By asking participants about their experiences moving across these platforms – why they left, why they joined and the challenges they faced in doing so – we gained insights into factors that might drive the success and failure of platforms, as well as what negative consequences are likely to occur for a community when it relocates.

Regardless of how many people ultimately decide to leave Twitter, and even how many people do so around the same time, creating a community on another platform is an uphill battle. These migrations are in large part driven by network effects, meaning that the value of a new platform depends on who else is there.

In the critical early stages of migration, people must coordinate with each other to encourage contribution on the new platform, which is really hard to do. It essentially becomes, as one of our participants described it, a “game of chicken” where no one wants to leave until their friends leave, and no one wants to be first for fear of being left alone in a new place.

For this reason, the “death” of a platform – whether from a controversy, disliked change or competition – tends to be a slow, gradual process. One participant described Usenet’s decline as “like watching a shopping mall slowly go out of business”.

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The current push from some corners to leave Twitter reminded me a bit of Tumblr’s adult content ban in 2018, which reminded me of LiveJournal’s policy changes and new ownership in 2007. People who left LiveJournal in favour of other platforms like Tumblr described feeling unwelcome there. And though Musk did not walk into Twitter headquarters at the end of October and turn a virtual content moderation lever into the “off” position, there was an uptick in hate speech on the platform, as some users felt emboldened to violate the platform’s content policies under an assumption that major policy changes were on the way.

What makes Twitter Twitter isn’t the technology; it’s the particular configuration of interactions that takes place there. And there is essentially zero chance that Twitter, as it exists now, could be reconstituted on another platform. Any migration is likely to face many of the challenges previous platform migrations have faced: content loss, fragmented communities, broken social networks and shifted community norms.

But Twitter isn’t one community; it’s a collection of many communities, each with its own norms and motivations. Some communities might be able to migrate more successfully than others. So maybe K-Pop Twitter could coordinate a move to Tumblr. I’ve seen much of academic Twitter coordinating a move to Mastodon. Other communities might already simultaneously exist on Discord servers and subreddits, and can just let participation on Twitter fade away as fewer people pay attention to it. But as our study implies, migrations always have a cost, and even for smaller communities, some people will get lost along the way.

Our research also pointed to design recommendations for supporting migration and how one platform might take advantage of attrition from another platform. Cross-posting features can be important because many people hedge their bets. They might be unwilling to completely cut ties all at once, but they might dip their toes into a new platform by sharing the same content on both.

Social media lures people in with their friends, and then the threat of losing those social networks keeps people on the platforms.

Ways to import networks from another platform also help to maintain communities. For example, there are multiple ways to find people you follow on Twitter on Mastodon. Even simple welcome messages, guides for newcomers and easy ways to find other migrants could make a difference in helping resettlement attempts stick.

In this sense, Threads has an advantage over other Twitter alternatives because users sign up via their Instagram accounts. This means Threads’ social graph – who follows who – is bootstrapped by links among Instagram accounts. Users may not be able to easily bring over their communities from Twitter, but they can instantly pull follows and followers from Instagram.

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And through all of this, it’s important to remember that this is such a hard problem by design. Platforms have no incentive to help users leave. As long-time technology journalist Cory Doctorow recently wrote, this is “a hostage situation”. Social media lures people in with their friends, and then the threat of losing those social networks keeps people on the platforms.

But even if there is a price to pay for leaving a platform, communities can be incredibly resilient. Like the LiveJournal users in our study who found each other again on Tumblr, your fate is not tied to Twitter’s.

Casey Fiesler, is associate professor of information science, University of Colorado Boulder

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Luno Outlines 10 Future Crypto Trends

Marius Reitz, Luno’s GM for Africa

Luno’s country manager for South Africa, Christo de Wit has made ten predictions for the crypto industry in the coming decade. He expects certain trends to gain traction despite the cryptocurrency market’s historical unpredictability.

Here are his Top 10 future crypto trends:

Clearer regulatory frameworks for cryptocurrencies will be established. Governments and regulatory bodies in South Africa and globally will strive to strike a balance between investor protection, financial stability, and fostering innovation in the crypto space.

Price volatility, which has been a defining characteristic of the crypto market, will continue. The next Bitcoin halving is anticipated to occur in 2024, followed by likely halvings in 2028 and 2032. Some commentators predict a bull market, as previous halvings have been accompanied by such trends.

As regulations improve and infrastructure develops, institutional investors will increasingly be attracted to the crypto market. Cryptocurrencies will gain recognition as a legitimate asset class.

De Wit believes that in a few years, asset managers will allocate a portion of retirement funds to Bitcoin.

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 With the growing awareness of the environmental impact of cryptocurrency mining, the industry will focus on sustainability and green initiatives. This shift may also lead to the adoption of more proof-of-stake blockchain consensus mechanisms, which rely on a network of validators rather than miners.

 Decentralized finance (DeFi) will continue expanding and innovating, offering a wide range of financial products and services such as lending, borrowing, staking, and yield farming.

Marius Reitz, Luno’s GM for Africa
Marius Reitz, Luno’s GM for Africa

The integration of artificial intelligence (AI) and blockchain technology will increase, enabling applications like AI-powered smart contracts, decentralized autonomous organizations (DAOs), and predictive analytics for crypto markets. The emergence of AI as a mainstream concept adds an interesting dynamic to the industry.

Interoperability solutions will rise as blockchain networks grow and gain adoption in traditional finance. Interoperability allows seamless communication and transactions across different blockchain platforms. True adoption occurs when individuals unknowingly use blockchain-powered apps or technologies.

The development and adoption of Central Bank Digital Currencies (CBDCs) will accelerate. As governments worldwide create their own digital currencies backed by central banks. This could have significant implications for the crypto industry as it brings digital currencies into the mainstream for citizens.

 Non-fungible Tokens (NFTs) will expand beyond art and collectibles, venturing into industries like gaming, music, sports, and virtual real estate. This expansion is likely to give rise to more NFT marketplaces and platforms.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Threads Attract Millions of Subscribers on First Day of Launch

Facebook founder Mark Zuckerberg

Mark Zuckerberg on Wednesday launched a direct challenge to Twitter with Threads, garnering millions of users in hours as it sought to take advantage of its rival’s much-weakened state after a series of chaotic decisions from owner Elon Musk. Those quick to join the new Meta platform included celebrities such as Kim Kardashian and Jennifer Lopez.

“Let’s do this. Welcome to Threads,” Zuckerberg wrote in his first post on the app, along with a fire emoji. He said the app logged five million sign-ups in its first four hours.

Analysts have said Threads’ ties to Instagram might give it a built-in user base and advertising apparatus

He then took to Twitter, posting a well-known meme of Spiderman facing off against Spiderman — in a humorous jab at the rivalry with Musk and between the two services.

Facebook founder Mark Zuckerberg
Facebook founder Mark Zuckerberg

Analysts have said Threads’ ties to Instagram might give it a built-in user base and advertising apparatus. That could siphon ad dollars from Twitter at a time when its new CEO is trying to revive its struggling business.

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While Threads launched as a standalone app, users can log in using their Instagram credentials and follow the same accounts, potentially making it an easy addition to existing habits for Instagram’s more than two billion monthly active users.

“Investors can’t help but be a little excited about the prospect that Meta really has a ‘Twitter-killer’,” said Danni Hewson, head of financial analysis at investment firm AJ Bell.

Much like Twitter, the app features short text posts that users can like, repost and reply to, although it does not include any direct message capabilities. Posts can be up to 500 characters long and include links, photos and videos up to five minutes long, according to a Meta blog post. It is available in more than 100 countries on both Apple’s App Store and Google Play, the blog post said. 

Shares rise

Meta stock closed up 3% on Wednesday ahead of the launch, outpacing gains by rival tech firms.

Threads’ arrival comes after Zuckerberg and Musk have traded barbs for months, even threatening to fight each other in a real-life mixed martial arts cage match in Las Vegas.

Meta is taking aim at a time when Twitter is definitely on the defensive.

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Musk bought Twitter for US$44-billion last October, but its value has since plummeted amid deep staffing cuts and content moderation controversies that have alienated both users and advertisers. Its latest move involved limiting the number of tweets users can read per day.

Zuckerberg noted the challenges that big public social media forums bring. “I think there should be a public conversations app with a billion-plus people on it. Twitter has had the opportunity to do this but hasn’t nailed it. Hopefully we will,” he wrote.

The integration with Instagram included several nods to privacy considerations. Instagram users who sign up for Threads automatically have a badge affixed to their Instagram profile, but can opt to hide it. They also are given options to choose different privacy settings for each app.

Brands like Billboard, HBO, NPR and Netflix had accounts set up within minutes of launch.

To build up Threads, Meta has been making overtures to social media influencers to attract them to the new app and encouraging them to post at least twice a day, said Ryan Detert, CEO of influencer marketing company Influential.

The app also benefits from the failure of other would-be Twitter competitors to take advantage of the service’s stumbles. While a number of burgeoning competitors such as Mastodon, Post, Truth Social and T2 have tried to lure Twitter users away, all remain relatively small so far.

Bluesky, a new service backed by Twitter co-founder Jack Dorsey, launched its invite-only beta in February and initially had users clamouring to get access codes. Its website said it had 50 000 users as of April. Dorsey also backed another platform called Nostr.

Meta has, however, suffered multiple failures launching standalone copycat apps in the past, most notably its Lasso app aimed at competing with short video rival TikTok.

The company later incorporated a short video tool, Reels, directly into Instagram and more recently wound down its unit tasked with designing experimental apps.

Zuckerberg, responding to a user who predicted Twitter’s demise about an hour after the Threads launch, cautioned patience. “We’re only in the opening moments of the first round here,” he said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Canal+ Hikes Stake in MultiChoice Africa – Again

Multichoice Africa

France’s Groupe Canal+ has increased its stake in JSE-listed MultiChoice Group – the parent of DStv, SuperSport and Showmax – to 31.7%. This was disclosed in MultiChoice’s annual report, published on Friday. Canal+ is owned by French media giant Vivendi.

The last time MultiChoice declared details about the stake, on 10 February, Canal+ owned 30.3% of the group’s total ordinary shares in issue. The jury is out on the legalities on whether they can jump 35%, and what it means and what it doesn’t mean.

MultiChoice Group CEO Calvo Mawela said the broadcaster “continues to have engagements on a regular basis” with Canal+ as the two businesses “look at areas of collaboration”.

Multichoice Africa
Multichoice Africa

“We will continue to do more. We are working together on content. They still believe there is value in this company,” Mawela said. 

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Canal+ has steadily been buying shares in MultiChoice since 2020. Last September, it ramped up its buying, increasing its stake from 20.1% – disclosed last July – to 26.3%. It increased that to 30.3% by February this year.

The moves once again raise questions about Canal+’s ultimate intentions, specifically whether it plans to make an offer to MultiChoice’s minorities – a move that could be difficult to execute given South Africa’s restrictions around the foreign ownership of broadcasters.

Canal+ previously told MultiChoice that it views the stake as a financial investment. The two companies have worked together for years, sharing content between their respective markets.

Now at 31.7%, Canal+ is inching closer to the 35% threshold at which it might have to trigger a mandatory offer to other shareholders. It’s not, however, entirely clear whether a mandatory offer would be triggered as this is open to legal interpretation, said Mawela.

“The jury is out on the legalities on whether they can jump 35%, and what it means and what it doesn’t mean. It will depend on the legal position taken by the authorities.”

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According to corporate law firm Baker McKenzie, the threshold in South Africa for triggering a mandatory offer to also acquire all the securities of the remaining shareholders is the acquisition of 35% or more of the voting securities of a company or of any class of such securities.

 “For purposes of determining such holding, the holdings of all persons acting in concert are aggregated. A bidder is exempt from the requirement to make a mandatory offer if 1) the bidder would acquire voting securities in the target by means of an issue of securities (and not a direct sale from a offeree shareholder); 2) the holders of a majority of the independent shares of the target (shareholders other than the bidder and its concert parties, have agreed to waive the mandatory offer; and 3) the Takeover Regulation Panel exempts the bidder from making a mandatory offer.” 

Canal+’s 31.7% stake in MultiChoice also appears to be higher than what’s permitted under South African broadcasting legislation, which limits foreign ownership of South African broadcasters to 20%. However, MultiChoice said earlier this year that it will remain compliant with the rules around foreign ownership.

It explained that a provision in its memorandum of incorporation permits it to reduce the voting rights of shares so that the aggregate voting power of shares held by foreigners is kept below 20% of the total voting power in the company.

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“This is to ensure compliance with certain statutory requirements applicable to South Africa,” it said. For this purpose, MultiChoice will assume all shares deposited under an American Depository Receipts programme are held by foreigners, regardless of their actual nationality. Also, all shareholders with an address outside South Africa will deem to be foreigners unless they can prove otherwise, it said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry