Business Bulletin Weekly 24 April 2023
Fantasy Sports: A Game-Changer in India's Sports Economy with Expected 18 Crore Users and 25,000 Crore FDI
FIFS (Federation of Indian Fantasy Sports) and Deloitte India have released a report titled "Fantasy Sports: A Game-Changer for the Sports Economy," highlighting the strong growth of the Indian fantasy sports industry. According to the report, India has over 300 fantasy sports platforms and more than 18 crore (180 million) users, making it the fastest-growing fantasy sports market in the world. The industry has generated a profit of INR 15,000 crores (150 billion) by FY22, expecting to reach INR 25,000 crores (250 billion) by FY27. The report also states that the industry has created high-skill job opportunities for 12,800 individuals, providing jobs to 7,500 people in FY22 and an expected increase to 10,500 jobs by FY27. The industry has grown up to 31% in FY22, with an expected revenue of INR 6,800 crores (68 billion), projected to reach INR 25,240 crores (252.4 billion) by FY27. The report further highlights that 60% of the consumers are from tier 2 and tier 3 cities, with women constituting 30% of the user base, and the younger generation and Gen Z actively engaged, representing 75% of the consumer base. The report acknowledges the Indian government's "Atma Nirbhar Bharat" vision, which has positioned innovation as a crucial focus and supported advanced technologies such as algorithms and the web3 space.
Apple CEO Tim Cook Opens First Official Store in Delhi, Explores Investment Opportunities in India
Apple CEO Tim Cook opened the company's first official store in Delhi, following Mumbai. The store is located in Select Citywalk Mall, Saket, and draws design inspiration from various doors in Delhi, India.
The Saket store is smaller than the Apple store in Mumbai's Jio World Drive at Bandra Kurla Complex. It boasts a retail team of over 70 highly skilled members from 18 different states of India, capable of communicating in more than 15 languages.
During his visit, Tim Cook also met with Indian Prime Minister Narendra Modi. Apple, the creator of the iPhone, is considering increasing its investment in the world's second-largest smartphone market. According to government sources, iPhone manufacturers may double their employment base with contract manufacturers to nearly 200,000.
This is not Tim Cook's first visit to India. He had previously visited the country in 2016 when Apple began expanding its business here, taking inspiration from China's growth in Apple's business over the past 15 years. With a growing middle class, there is hope for increased sales in India, and Apple can also benefit from producing devices for the middle-class market.
During his trip, Tim Cook also met with the Indian Minister of Railways and Minister of Communications Ashwini Vaishnaw and Rajeev Chandrasekhar. Reports suggest Cook sought government support to expand Apple's component suppliers base in India. He also discussed production facilities, app design, and development accelerators in Bangalore with both ministers.
Title: Tim Cook, Apple CEO, Impresses India with Retail Stores, Cultural Visits, and Political Meetings!
Tim Cook, CEO of Apple, recently embarked on a tour of India after 7 years, starting with the opening of Apple's first retail store in Mumbai and then traveling to Delhi. In Mumbai, Cook visited the iconic Lodhi Art District, where he admired the mesmerizing murals created by local artists and praised the work of St+art India Foundation in showcasing Indian culture. He also visited the National Crafts Museum and Handicrafts Academy, where he appreciated the craftsmanship of Indian textiles and woodwork.
In addition to cultural excursions, Cook also met with renowned badminton players such as Gopichand and Saina Nehwal, discussing their training with the help of Apple Watch. He also met with Indian classical vocalist and software engineer, Sandeep Ranade, and visited Akanksha Foundation school, which provides opportunities for underprivileged children to fulfill their dreams.
Tim Cook's visit to India aims to further expand Apple's presence in one of the world's largest smartphone markets. India is also an important manufacturing center for Apple. Cook's tour reflects Apple's commitment to India and its culture.
Elon Musk's TruthGPT: Launch of AI for Truth-seeking Could Revolutionize the World of AI
Billionaire Elon Musk has made an intriguing announcement about an AI platform called "TruthGPT" during a Fox News interview. He shared his vision of an AI that focuses on seeking truth to better understand the nature of the universe, which he believes would be less dangerous for humanity.
Musk believes that ChatGPT is politically biased and leans towards liberalism. He is confident that an AI capable of understanding the universe would perceive it as an interesting phenomenon, rather than a threat to be eliminated. Although there is limited information about TruthGPT at present, Musk considers it a powerful tool that could unravel the mysteries of the universe. He has emphasized the potential ethical implications of AI's powerful capabilities, cautioning that it should be handled with care to avoid "cultural destruction."
Musk founded OpenAI in 2015 but resigned from its board in 2018. Recently, he registered a new company called X.AI Corp. Reports suggest that he has hired AI researchers from Google's Alphabet Inc. for this new project.
With Musk's ambitious plans, the development of an AI platform has generated excitement in the technology world. The launch of TruthGPT could potentially revolutionize the field of artificial intelligence and raise important ethical questions about AI development.
Meta Platforms Announces Company-Wide Layoffs in Restructuring Effort for Greater Efficiency
Meta Platforms, the parent company of Facebook, is set to carry out company-wide layoffs. CEO Mark Zuckerberg announced that 10,000 jobs would be cut in March, and 11,000 had already been cut in November. Teams across Facebook, WhatsApp, Instagram, and Reality Labs, which focuses on virtual reality, will be affected.
A memo informed managers that teams will be reorganized, and remaining employees will be assigned to work under new supervisors. To understand the impact of this news, all North American employees were asked on Wednesday to be prepared to work from home.
Zuckerberg explained that the company needs to become leaner and more agile and balance the ratio of technologists and engineers with business and administrative staff. This decision comes as Meta Platforms faces increasing competition and regulatory scrutiny, and has faced criticism for its impact on misinformation, data privacy, and mental health.
This development represents a major change for Meta Platforms as it seeks to understand industry challenges and position itself for the future.