Business

THE NEWS WRAP: Netflix rules out offline viewing

Broede Carmody /

A Netflix executive has ruled out offering customers the ability to view popular television shows and films offline.

 

“It’s never going to happen,” Netflix’s director of corporate communications and technology Cliff Edwards told TechRadar.

 

The statement has shot down hopes the popular video streaming service would allow customers to download videos to watch offline in a similar fashion to music streaming service Spotify.

 

Instead, Edwards argues better Wi-Fi coverage – particularly on public transport – is a more suitable long-term solution as opposed to offline viewing.

 

Last month Netflix confirmed it would expand into Australia and New Zealand in March 2015. The company has more than 50 million members worldwide.

 

Leaked emails reveal Snapchat acquisitions

 

Emails leaked during the Sony Pictures hack have revealed multimillion-dollar acquisitions made by Snapchat, as well as the startup’s plans to include a music feature.

 

TechCrunch reports that emails leaked between Sony Entertainment chief executive Michael Lynton and Snapchat board member Mitch Lansky reveal the picture and video-sharing app acquired QR scanning startup Scan.me for $14 million in cash, $3 million in restricted stock units and $33 million in Class B common Snapchat stock.

 

Other emails reveal Snapchat reportedly paid $10 million in cash and $20 million in stock and bonuses for startup AddLive.

 

Dating startup Zoosk puts IPO plans on hold

 

Online dating platform Zoosk has backed away from its IPO plans and will revisit its options at a later date, according to TechCrunch.

 

The company launched in 2007 and filed for a $100 million IPO in April.

 

The news comes at the same time as a leadership reshuffle, with chief financial officer Kelly Steckelberg replacing cofounder Shayan Zadeh as chief executive. Zadeh will be taking up a position on the company’s board.

 

According to IBIS World, the dating services market is work $113 million in Australia.

 

Overnight


The Dow Jones Industrial Average is up 312.33 points or 1.83% to 17,381.2. The Aussie dollar is currently trading at US81 cents.

 

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Broede Carmody

Broede Carmody is a former senior reporter at SmartCompany. Previously, he was a co-editor of RMIT University's student magazine Catalyst.

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