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<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22863440" type="General" weightage="20" keywordseo="Animation-and-VFX" source="keywords">Animation and VFX</keyword> segment is expected to surge from USD 1.3 billion in 2023 to USD 2.2 billion by 2026, according to a CII GT report released on Wednesday. This will increase the share of the Animation and VFX segment India's Animation and VFX segment to reach at USD 2.2 billion by 2026: reportin the <keyword id="20018821" type="General" weightage="20" keywordseo="media-and-entertainment" source="keywords">media and entertainment</keyword> (M&amp;E) industry from 5 per cent to 6 per cent during the same period, the report added which was released by Information and Broadcasting secretary, Sanjay Jaju on Wednesday. Currently, the <keyword id="22345339" type="General" weightage="20" keywordseo="AVGC-XR" source="keywords">AVGC-XR</keyword> sector accounts for approximately 20 per cent of India's media and entertainment (M&amp;E) industry and is poised for further expansion, as per the CII GT report. AVGC-XR stands for Animation, Visual Effects, Gaming, Comics, and Extended Reality. The report further anticipated that the Indian <keyword id="20349295" type="General" weightage="20" keywordseo="online-gaming-industry" source="keywords">online gaming industry</keyword> will reach to USD 4.6 billion by 2026, with its contribution to the M&amp;E sector rising from 10 per cent to 13 per cent. Currently, the online gaming industry is valued at USD 2.62 billion, as per the report. The report underscores the sector's potential as a major employment driver. The sector is expected to create of over 160,000 new jobs annually, with a total of 20 lakh new jobs anticipated by 2030. The report calls for the swift implementation of the National Draft Policy Framework for AVGC-XR. The report further added that a push in the AVGC-XR sector could accelerate growth, paving the way for a larger, more vibrant creative economy. India's AVGC sector had an overall market size of USD 2.3 billion in 2019, which was about 0.7 per cent of the global market size. The sector is expected to grow 2.2 times over the next four years driven by market forces and constitute about 1.5 per cent of the global AVGC market as per Draft National Policy, AVGC-XR, according to the report. Further, the CII GT report advocates for enhanced Intellectual Property Rights to retain talent and content and the introduction of clear regulatory definitions within the gaming industry. The report also calls for enhanced support for AVGC-XR entrepreneurs through Start-Up India and strategic investments in the National Centre of Excellence to foster innovation and global competitiveness. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

India's Animation and VFX segment to reach at $2.2 billion by 2026: report

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/best-video-games-metacritic-2017-11">Video games</a> are a huge business — even bigger than Hollywood by some measures.</li><li>But if you dig into the numbers, you'll see the video game industry is in trouble.</li></ul>Even if you don't play video games, you probably know that <a target="_blank" href="https://www.insiderintelligence.com/insights/us-gaming-industry-ecosystem/">video games are a really big business</a>. And if you pay attention to the media business, you may also know that by some measures, the video game industry dwarfs Hollywood in terms of <a target="_blank" href="https://www.marketwatch.com/story/videogames-are-a-bigger-industry-than-sports-and-movies-combined-thanks-to-the-pandemic-11608654990">revenue</a>.But unless you're very deep into the games business, you may not know that the industry has hit a real rough patch in the last couple of years: Sales are down, usage is down, and <a target="_blank" href="https://www.businessinsider.com/microsoft-activision-xbox-gaming-job-cuts-2024-1">layoffs are spiking</a>. And there isn't an obvious solution showing up anytime soon.That's the picture painted by investor and analyst Matthew Ball in a 16,000-word industry deep-dive, which <a target="_blank" href="https://www.matthewball.vc/all/gaming2024">you can read for yourself</a>. But if you want a summary, I'm happy to oblige.First, the symptoms:Sales are slumping: Game sales shot up during the pandemic. But since then, after factoring in inflation, game revenues have been falling off. In 2023, US gaming revenue fell 2.3% over the previous year.<div type="image" title="A chart describing the gaming industry's sales slump" height="1268" width="2248" msid="107335126" hostid="261"></div>Gaming usage is down, too: In 2021, the average gamer was spending 16.5 hours a week on games. A year later, that number fell to 13 hours.Meanwhile, the share of the population that plays games has shrunk as well.<div type="image" title="A chart describing slumping game usage" height="1246" width="2234" msid="107335128" hostid="261"></div>Which leads to layoffs: The games industry shed 8,500 jobs in 2022 and a record 10,500 in 2023, Ball reports. That record could easily get eclipsed in 2024, which saw <a target="_blank" href="https://kotaku.com/game-industry-layoffs-how-many-2024-unity-twitch-1851155818">6,200 layoffs</a> in January alone.This is all a bit counterintuitive. If you know any kids, you know that gaming and gaming culture is a huge deal, even if you can't understand what they're doing or talking about.And even if the adults in your life don't identify as gamers, there's a good chance at least some of them are taking out their phone and playing some kind of Candy Crush-style timewaster when they're bored.So why the shrinkage? Ball has a couple of suggestions.It's a post-pandemic slump: This one is the easiest to understand and, in some ways, the most hopeful argument the industry could make: Gaming, like lots of other online activities — notably <a target="_blank" href="https://www.businessinsider.com/e-commerce-startups-where-experts-are-looking-for-investments-2023-4">e-commerce — spiked a lot in the early days of the pandemic</a> and is now falling back to a more normal rate.Apple blew up the mobile ad industry — and games along with it. In 2021, <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> introduced <a target="_blank" href="https://www.vox.com/recode/2020/8/26/21402457/apple-facebook-advertising-tracking-ios14">new rules</a> for its phones that made it incredibly difficult for app-makers to track user behavior as they moved around the web. That change has had a huge impact on the mobile ad business —<a target="_blank" href="https://www.vox.com/recode/22929715/facebook-apple-ads-meta-privacy"> just ask Meta</a>, which said it lost $10 billion in revenue because of the change in 2022. And that also affects the mobile games business, since game-makers use mobile ads to distribute their apps, and to advertise to players once they've downloaded the apps. Now, mobile game ads are more expensive and less precise, which makes it harder to find new customers and harder to make money from the customers they do have.Games are getting more expensive to make, which makes it harder for new games to break through. We're used to the idea that in a digital world, costs decline as technology improves. But Ball argues that as games get more complex and sophisticated, costs are ballooning.For example, Ball explains: The <a target="_blank" href="https://www.businessinsider.com/sony-spent-229-million-for-spider-man-insomniac-games-2020-2">original Spider-Man game</a> for the PlayStation, released in 2018, cost $100 million to build. A 2020 sequel cost $156 million. The newest version of the game, released last year, cost $315 million, and the next one coming down the line has a reported budget of $385 million. Meanwhile, the cost of building "live" games like <a target="_blank" href="https://www.businessinsider.com/category/fortnite">Fortnite</a>, which require huge staffs to build and maintain, is so prohibitive many developers bail on the games they've created or decide not to make them at all.All of which means that a handful of big-budget titles and sequels dominate the sales rankings year after year, and it's incredibly hard for new entrants to break through. The list of top-performing games in 2023 looks a lot like the list from the year before and the year before that.Ball: "Gaming's ossification creates a vicious cycle — studios don't take (or are sometimes punished for) risk-taking, which means less innovation … and less likelihood of expanding the market by appealing to new gamers or increasing engagement from occasional ones."Does that sound familiar? It does to me: It sounds a lot like most people's critique of <a target="_blank" href="https://www.businessinsider.com/predict-mergers-acquisitions-hollywood-dealmaking-after-strikes-2023-10">Hollywood, which is going through its own upheaval and consolidation</a> — and often points to the games business as its future.Maybe the media moguls will need a better idea.

The video game industry is in trouble. Here's why.

<ul class="summary-list"><li><keyword id="22530361" type="General" weightage="20" keywordseo="Ahmed-Al-Sharif" source="Orion">Ahmed Al Sharif</keyword> works in software engineering and <keyword id="6361185" type="General" weightage="20" keywordseo="consumer-electronics" source="Orion">consumer electronics</keyword> and previously worked for <keyword id="19911549" type="General" weightage="20" keywordseo="Meta" source="keywords" meta.keywordsubtype="org" meta.entityname="Meta" meta.hostid="261" meta.entityid="Meta">Meta</keyword>.</li><li>The CTO found himself caught up in the outage-induced travel chaos on Friday.</li></ul>This as-told-to essay is based on a transcribed conversation with Ahmed Al Sharif, the CTO of Sandsoft, a game developer. Al Sharif was stranded at Barcelona airport on Friday because of the <keyword id="20972526" type="General" weightage="100" keywordseo="IT-outage" source="keywords">IT outage</keyword> disrupting travel and other services. The following has been edited for length and clarity. I've worked in tech for close to two decades. I've been a <keyword id="19945384" type="General" weightage="20" keywordseo="software-engineer" source="keywords">software engineer</keyword> and startup founder, and have worked for large companies like Electronic Arts and <a target="_blank" href="https://www.businessinsider.com/meta-ends-restrictions-donald-trump-account-social-media-2024-7">Meta</a>. I was supposed to be flying from Barcelona-El Prat Airport to London Heathrow on business at 11 a.m. local time. I was surprised to arrive and find the flights shuttered. I was also surprised to learn there had been significant <a target="_blank" href="https://www.businessinsider.com/crowdstrike-global-it-outage-one-defective-it-update-sparked-chaos-2024-7">malfunctions across multiple Windows-based systems</a> at the airport. It took some digging to find out that it was a global event. Even as an engineer, the outage has been strange to witness. I didn't believe there was this much dependency on a single piece of third-party software or that pushing an update irresponsibly would cause this much havoc. <h2>I realized the IT outage was happening after I arrived to chaos at the airport</h2>I left for the airport at 8 a.m. Before I got there, there were some early signs of something being wrong. I couldn't log in to my online banking app, and things were a bit slow when I logged into my Outlook-based email, but I chalked it up to my hotel WiFi. When I got to the airport at around 8:20 a.m., it was packed. The queues were endless. Several check-in desks displayed blue screens, and no one was being processed. I realized something bigger was happening. I couldn't understand where to queue, and when I asked an airport advisor, they said there was no point queuing now because there was a problem with the ticketing, booking, and reservation systems. I asked if our airport was the only one affected, and they told me that it was happening everywhere. That's when my furious Googling began. I realized that the <a target="_blank" href="https://www.businessinsider.com/crowdstrike-outage-why-taking-time-companies-recover-2024-7">issue was with CrowdStrike</a>, and it was happening globally. <h2>Disruptions at the airport continued throughout the day</h2>Over the course of the day, baggage-drop machines, vending machines, and most display boards at the airport weren't working. Check-ins were being done manually. Before I was given a handwritten paper ticket, I had to prove I had booked a flight for that day by showing staff my emails as proof of payment. Anyone with checked luggage had to bring it to the gate, and airport staff were throwing it into the cargo hold by hand. <div type="image" title="A handwritten boarding pass" height="565" width="1280" msid="111870426" hostid="261"></div>My own <a target="_blank" href="https://www.businessinsider.com/mass-it-outage-microsoft-chaos-delays-distruption-shown-in-photos-2024-7">flight has been delayed</a> by six hours, and I'm still in the airport as we're speaking. It's been annoying and inconvenient, but thankfully, the company is covering my travel, and they understand the situation is out of my control. I've spoken to people waiting in the airport for 11 hours. People seem pretty frustrated. <h2>I was surprised to learn about <keyword id="20424191" type="General" weightage="20" keywordseo="CrowdStrike" source="keywords">CrowdStrike</keyword>'s dominance on <keyword id="19895622" type="General" weightage="20" keywordseo="microsoft" source="keywords">Microsoft</keyword> devices</h2>During my delay, I've been trying to understand the situation more. It's quite intriguing and reveals that we've taken for granted how interconnected our world is and how dependent we are. I was surprised to learn that the cascading failures were caused by an update CrowdStrike pushed early Friday morning. CrowdStrike is well-known in the <a target="_blank" href="https://www.businessinsider.com/how-to-work-in-cybersecurity-expert-advice-2022-1">cybersecurity industry</a>, but until today, I don't think anyone was aware of its dominance as a platform on Windows. It didn't cross my mind that a third-party solution could cause this much damage to Windows-based machines. One of the cardinal rules of <a target="_blank" href="https://www.businessinsider.com/software-engineers-tech-panicking-golden-age-over-chatgpt-ai-blind-2023-4">software development</a> is that you typically don't want to push a fix later in the week or on a Friday. You'll have less support trying to fix any issues and the weekend is gone. It feels like cardinal rules were broken. However, CrowdStrike might have evidence to suggest that this is a freak accident, so I don't think it's fair to point fingers too much. I've seen people comment on this situation about diversification and companies not relying on just one or two providers. I don't think that's realistic. Windows is commonly used. In any free market economy, the best-performing and most suitable product will dominate the market. We need more stringent reviewing and a better understanding of the tools we use on critical infrastructure. The impact here was so big because it affected infrastructure like airports, railway stations, and hospitals. It's going to cost the economy a lot. Had there been more due diligence or even government regulation, I don't think this would have happened. I'd expect that after this, government authorities will expect widely used platforms like CrowdStrike to notify them before they push changes like this. <h2>Technology will shape our future, so we need to consider how we regulate it</h2>We haven't seen the full impact of this outage, and it's definitely put into perspective how the little devices we keep in our pockets dictate the rhythms of our lives. I don't think anyone really understood the true scope and presence of CrowdStrike before Friday. I still see our future becoming increasingly automated. There will probably be many more situations like this, especially as our society pushes toward more automation. I still think technology is a good thing, but it's made me want to get my bills in the post now and then. It usually takes a horizon event like this for lessons to be learned. I don't think technology is intrinsically good or evil; it depends on how it's used and regulated. Correction: July 20, 2024 — An earlier version of the story misstated how long Al Sharif had worked in tech. He has worked in tech roles for close to two decades, including as a teenager, not "decades," as originally stated.

I'm a software engineer stranded in the IT-outage airport chaos. CrowdStrike broke a cardinal rule of software development, and I can't believe the fallout.     

<ul class="summary-list"><li>SemiAnalysis has grown from three analysts to 12 experts across five countries in two years.</li><li>The firm provides deep insight into GPUs and AI models and has become essential for major companies.</li></ul>Nvidia CEO Jensen Huang isn't the only one who has gone from uber-nerd to <a target="_blank" class="" href="https://www.businessinsider.com/jensen-huang-signed-womans-chest-tech-conference-nvidia-rockstar-leather-2024-6">tech luminary</a> in the space of a few years. Dylan Patel may be less of a household name, but for those watching Huang's moves closely, Patel's firm SemiAnalysis has become a <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-chip-blackwell-delay-new-annual-product-launch-2024-8">central source</a> of intel.OpenAI cofounder Sam Altman even called him "<a target="_blank" class="" href="https://www.businessinsider.com/google-gemini-ai-model-smashes-gpt4-says-semianalysis-2023-8">that semianalysis guy</a>" in a post on X, formerly Twitter, last year. Patel responded with an edited image of Google CEO Sundar Pichai pouring milk into Altman's mouth while holding him by the hair. Is there any greater sign of tech prowess than a high-profile online feud?SemiAnalysis gets deep into the weeds on graphics processing units, from the <a target="_blank" class="" href="https://www.businessinsider.com/ai-taiwan-china-chip-war-2024-6">base of the supply chain</a> to the end-users building the AI models that require so many specialized chips. That exchange with Altman was just a year ago, but it might as well have been in a different lifetime.In the last two years, SemiAnalysis has grown from a team of three analysts in two countries to a team of 12 subject matter experts in the US, Japan, Singapore, Taiwan, and France."We had some major companies that were customers, but now almost every major company in the AI infrastructure, server, model, space from sub-components all the way through to clouds and hyperscalers have become customers, which is a big shift," Patel told Business Insider.The firm's newsletter, launched in 2020, and its blog have become mandatory reading since they connect the semiconductor industry to the tech it enables in a way few do.News that Nvidia's next chip launch, <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-chip-blackwell-delay-new-annual-product-launch-2024-8">Blackwell, would be delayed</a> stirred up many questions about how AI hardware from the largest player in the game is rolling out. Patel spoke to BI about the impact of the delay, and how to observe Nvidia like a pro.This Q&amp;A has been edited for clarity and length.BI: Where do you get your information?The team consists of people across the entire supply chain, geographically and technically. We have someone who previously worked as low as ASML (Advanced Semiconductor Materials Lithography), the largest equipment company, and then all the way through to companies upstream, such as former employees of Microsoft, Nvidia, etc. So we have the entire view of the supply chain, from manufacturing, up to models. Also, several people on the team are from hedge fund backgrounds.I think the team goes to more than 50 technical conferences across the entire stack — not just the trade shows, which are not really as valuable, but more the technical conferences where people are presenting papers and advancements in the field.When you establish all these research and consulting relationships, you end up with a large well of information. That is how we're able to get disparate pieces of information that may be known and even common in one part of the supply chain but don't spread far outside it. Engineering especially, is very horizontal. Trying to draw the lines between all the different parts of the stack is very important.BI: There was a recent report about Nvidia's next-generation<a target="_blank" href="https://www.businessinsider.com/nvidia-ai-chip-blackwell-delay-new-annual-product-launch-2024-8"> Blackwell chip being delayed</a>. How common is a delay like this in the semi-world?In semiconductor manufacturing, there's this loop of the design being sent to <a target="_blank" class="" href="https://www.businessinsider.com/chip-tsmc-taiwan-semiconductor-trillion-market-cap-nvidia-ai-asml-2024-7">TSMC</a>, which manufactures. Once you have the stencils, it's a multi-month process to produce chips. Then you send those wafers out to customers.Customers test them to make sure everything works. More often than not, it doesn't. Why? Take, for example, a modern iPhone chip. It has 25 billion transistors and 15 layers of metal. Twenty-five billion transistors are 25 billion on-off switches, and they're perfectly timed and organized so that everything you do on your iPhone happens.AI chips are even more complicated than that. It's impossible to perfectly simulate everything, so you are always going to have issues. Then they'll need to make a few modifications to the design and send it back. That has always happened. And the range of modifications can be major to minor.Nvidia has always had an incredibly aggressive timeline. They've always been really good about shipping either the first or second revision of the chip. Whereas, other companies can go through 12 revisions. Even big companies like AMD (Advanced Micro Devices) tend to go through two, or three, or four revisions.The fact that Nvidia wanted to ramp so fast — this Blackwell ramp was supposed to be the first chip with $100 billion in sales — meant there were some minor delays. It's just a few months at most.But because so many people are affected by that delay, it shakes the entire world. In the past, the customers affected by this would know, and it wouldn't shake up all the way to the top levels of every company.BI: What are your favorite non-revenue indicators to watch at Nvidia?One is the size and use of models.Meta releases a new model, and it's now 405 billion parameters, right? These new models continue to increase the demand for compute voraciously. Now that Meta released this new model, and now that everyone uses these open-source models and doesn't develop their own, everyone switches to this bigger, newer model, and that creates a significant increase in demand.On the flip side, all the way downstream, companies in Taiwan have to report their revenue monthly. You can see the exact ramp of everything as soon as you want to see it.So there's a lot of information all the way upstream in terms of the models and deployments, and all the way downstream to the various sub-component suppliers.The other place I like to look a lot is random suppliers that are very small in niche parts of the supply chain, or suppliers of suppliers.Maybe Nvidia suppliers are very hush-hush, but maybe TSMC's suppliers are very open about what TSMC is ordering and you can estimate what's going to happen to Nvidia's production capacity or ability to sell servers from there.BI: Assuming the initial Blackwell rollout will indeed be smaller than promised, what do you know about who gets to be first in line for the new chips? And why do they get to be first in line?How Nvidia decides who gets to be first in line is a very complicated decision matrix — especially now with the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-mergers-and-acquisition-startup-buying-spree-ftc-investigation-2024-8">investigation by the FTC</a>.There are all sorts of reports that if you purchase their networking equipment, they will push you first in line or similar allegations like that.So, the question is who are they going to prioritize? My sense is that customers who have no choice or are smaller and, therefore need more support from Nvidia would probably be de-prioritized relative to customers who are much larger and have options.For example, Microsoft and Meta are their two largest customers. They also have chip programs internally, but they're not as successful as, say, Amazon and especially Google. But they also went out and bought AMD GPUs. If you're Nvidia, it makes sense to prioritize your biggest customers because they're the ones who are going to purchase the most products. They have a backup plan of <a target="_blank" class="" href="https://www.businessinsider.com/companies-using-ai-bain-survey-roi-2024-6">buying from your competitor</a>, and they require the least support.The calculus around allocations is difficult. But it would make sense that they prioritize their biggest customers, who purchase from other people and may purchase their networking equipment, whereas companies like Amazon don't purchase their networking equipment. You can go down the list and think about why you would provide hardware to one customer over another. Got a tip or an insight to share? Contact Senior Reporter Emma Cosgrove at <a target="_blank" href="mailto:ecosgrove@businessinsider.com">ecosgrove@businessinsider.com</a> or use the secure messaging app Signal: 443-333-9088

How Analyst Dylan Patel gets inside Nvidia to make connections from the semiconductor industry to the tech it enables

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! Attention Chappell Roan fans: Be careful approaching the Midwest Princess in public. <a target="_blank" href="https://www.businessinsider.com/chappell-roan-calls-fans-creepy-2024-8">She might not want the attention</a>. (If none of this makes sense, here's some background on <a target="_blank" href="https://www.businessinsider.com/new-music-artists-you-need-to-know-2024-1#chappell-roan-is-a-cult-favorite-singer-whos-already-got-an-acclaimed-album-under-her-belt-1">your favorite artist's favorite artist</a>.)In today's big story, a new sports streamer hit a major snag. But the fallout <a target="_blank" href="https://www.businessinsider.com/venu-fubo-tv-cable-bundle-cord-cutting-disney-fox-wbd-2024-8">could ultimately upend the way TV is packaged</a>.What's on deck:<ul><li>Markets: Here's how Wall Street is picking sides <a target="_blank" href="https://www.businessinsider.com/wall-street-political-contributions-by-name-for-trump-vs-harris-2024-8">ahead of November's election</a>.</li><li>Tech: An <a target="_blank" href="https://www.businessinsider.com/google-org-chart-android-pixel-chrome-devices-2024-8">internal org chart highlights the top execs</a> in Google's new Pixel and Android super-unit.</li><li>Business: If you need a counteroffer to negotiate a raise, <a target="_blank" href="https://www.businessinsider.com/should-employees-seek-counteroffer-at-work-never-2024-8">you're better off just leaving</a>.</li></ul>But first, looks like there's a flag on the play.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="92bffb44-a996-4994-9f67-05320c8399be">The big story</h3><h2 id="e9f0d5f0-01e8-4390-8ce7-b6fc3d361625">A false start</h2><div type="image" title="A TV with a smashed screen" height="1000" width="2000" msid="112685936" hostid="261" sizebytes="116394"></div>A bid to launch a new sports streamer has opened a can of worms for the media industry.Venu Sports, a joint venture between Disney, Fox, and Warner Bros. Discovery, faced a major setback when a judge blocked its launch on the eve of football season's kickoff. But the issue isn't specific to Venu, as <a target="_blank" href="https://www.businessinsider.com/venu-fubo-tv-cable-bundle-cord-cutting-disney-fox-wbd-2024-8">how media companies bundle services for customers</a> could eventually be called into question, writes Business Insider's James Faris.Some background: Initial details of Venu <a target="_blank" href="https://www.businessinsider.com/espn-warner-disney-fox-launch-sports-streaming-platform-change-tv-2024-2">turned plenty of heads</a> in February. Sports are media companies' crown jewels since they're one of the few things people still watch live.But there were also signs of potential roadblocks. BI's Peter Kafka spoke to industry execs at the time who said sports leagues and pay-TV providers blindsided by the news <a target="_blank" href="https://www.businessinsider.com/sports-streaming-app-disney-warner-fox-pay-cable-tv-nfl-2024-2">might push back on the endeavor</a>.FuboTV, a virtual pay-TV provider, eventually filed a lawsuit, alleging Venu had an unfair advantage. Not unlike Venu, Fubo tried to launch a sports-specific streamer. But the media giants required it to include non-sports channels that ballooned the price to $80.But when the media giants launched their sports streamer, the same rules didn't apply. They didn't force non-sports channels in, <a target="_blank" href="https://www.businessinsider.com/venu-fubo-tv-cable-bundle-cord-cutting-disney-fox-wbd-2024-8">allowing them to keep the price to just $43</a>.Last week a judge granted Fubo a preliminary injunction, halting Venu's launch. But if things escalate to a jury trial, the tried-and-true practice of creating forced bundles could eventually be called into question.<div type="image" title="A football with a TV antenna" height="1500" width="3000" msid="112685942" hostid="261" sizebytes="187370"></div>Venu's delayed launch has some immediate impacts, but others will take time to develop.While Venu's plans haven't been completely crushed, the significance of facing a delay on the cusp of America's favorite sport's season — football — can't be overstated. College football starts Week 0 this Saturday while the NFL season opener is September 5, meaning fans will have figured out alternative streaming options long before Venu resolves its issues.(Even if Venu got the green light, it's still missing a ton of important sports, including NFL games on CBS and NBC, <a target="_blank" href="https://www.businessinsider.com/sports-streamer-new-nfl-games-who-will-subscribe-lachlan-murdoch-2024-3">as Peter previously pointed out</a>.)But the broader implications on how television is, or isn't, bundled will take a bit more time. The Venu-Fubo dispute will likely be a drawn-out legal fight. (The real winners are always the lawyers.)The TV bundle <a target="_blank" href="https://www.businessinsider.com/how-david-zaslav-could-save-warner-bros-discovery-cable-collapses-2024-8">has faced a ton of pressure in recent years</a>. Bundling can also lead to some unique consequences, like Disney+ adding Hulu shows only for parents to freak out about their kids <a target="_blank" href="https://www.businessinsider.com/disney-plus-hulu-content-parent-controls-kid-accounts-pg-rating-2024-8">getting unintentionally exposed to more mature content</a>, writes BI's Katie Notopoulos.But you don't last this long as a business model without having some resiliency. And…dare I say…bundles aren't that bad. I'm signed up to so many streaming services that cutting the cord was almost a wash from a financial perspective.The end result could be media giants offering a concession that'll keep bundles alive, <a target="_blank" href="https://corporate.charter.com/newsroom/the-walt-disney-company-and-charter-communications-announce-transformative-agreement-2023">like Charter and Disney's arrangement last year</a>, which Peter pointed out to me.Fubo's sports-focused bundle initially was geared toward soccer fans — a sport that's not really the core of Venu's offering — which potentially leaves room for some type of compromise.<h2 id="65e83505-bd4e-4b9f-aebb-f283e9553270">News brief</h2><h2 id="e0b56648-cf1c-4745-b7ac-aeb97f51c8d7">Top headlines</h2><ul><li>Obama's DNC speech showed he wants a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/obama-democratic-convention-speech-biden-relationship-hillary-clinton-2024-8">2016 do-over</a>.</li><li>Memo: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/goldman-sachs-names-madsen-new-chief-tech-officer-24-8">Goldman names new CTO</a> as top tech exec exits for Citadel</li><li>VMware customers report massive price increases since Broadcom takeover: <a target="_blank" href="https://www.businessinsider.com/vmware-customers-report-massive-price-increases-since-broadcom-deal-2024-8">'Feels quite a bit like being held for ransom.'</a></li><li>Ukraine says it kept its plans for the Kursk offensive secret even from the Pentagon. <a target="_blank" href="https://www.businessinsider.com/why-zelenskyy-kept-ukraine-kursk-offensive-secret-from-us-russia-2024-8">Here's why</a>.</li><li>A 15,000-word profile on billionaire Palmer Luckey is making waves. <a target="_blank" href="https://www.businessinsider.com/billionaire-palmer-luckey-profile-trump-facebook-meta-ten-takeaways-2024-8">Here are 10 key takeaways</a>.</li><li>OpenAI unveiled its first <a target="_blank" href="https://www.businessinsider.com/openai-first-customer-within-the-federal-government-2024-8">customer within the federal government</a>.</li></ul><h2 id="fb9327ef-6556-4530-b49b-32f17eb3c82b">3 things in markets</h2><div type="image" title="elon money" height="900" width="1200" msid="112685940" hostid="261" sizebytes="138674"></div><ol><li>Elon Musk is Too Big to Fail 2.0. Musk's Twitter takeover is the <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-twitter-debt-financing-banks-2008-financial-crisis-2024-8">worst buyout deal for banks</a> since the 2008 financial crisis. The $13 billion Musk took out in loans has been stuck on banks' balance sheets, largely due to X's poor performance. That's cut into bankers' pay and their ability to finance other deals. And yet, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-banks-love-after-13-billion-twitter-disaster-2024-8">Wall Street still wants to work with him</a>.</li><li>Wall Street weighs in on the presidential election. Executives are opening their wallets for what is shaping up to be one of the most contentious presidential elections. Here's a rundown of <a target="_blank" href="https://www.businessinsider.com/wall-street-political-contributions-by-name-for-trump-vs-harris-2024-8">the recent donations and endorsements given</a> by more than a dozen Wall Street leaders.</li><li>Adam Neumann's startup is having some trouble. (No, this isn't 2019.) The WeWork cofounder's new venture, Flow, has a stake in a struggling Nashville building. The property, in which Flow is a minority, non-controlling shareholder, <a target="_blank" href="https://www.businessinsider.com/adam-neumanns-startup-flow-faces-trouble-in-nashville-2024-8">is at risk of wiping out its equity investors</a>.</li></ol><h2 id="af61a640-d32b-4e9d-869e-103f5f9a2e2b">3 things in tech</h2><div type="image" title="Happy cloud with Amazon logo on it." height="1500" width="2000" msid="112685938" hostid="261" sizebytes="156180"></div><ol><li>AWS CEO hints engineers may need to tap into new skills as AI takes over. In a leaked recording, Amazon Web Services' CEO Matt Garman told employees that "<a target="_blank" href="https://www.businessinsider.com/aws-ceo-developers-stop-coding-ai-takes-over-2024-8">it's possible that most developers are not coding</a>" as AI advances. His message wasn't a dire warning; rather, he was sharing advice with workers.</li><li>An AI-powered mental health startup just scored $30 million from A16z. <a target="_blank" href="https://www.businessinsider.com/scoop-slingshot-ai-raises-30-million-a16z-menlo-follow-2024-8">The money didn't stop there</a>: Slingshot AI grabbed a fast-follow from Menlo Ventures shortly after leading VC Andreessen Horowitz made it rain. The firm operates an AI-powered chatbot for mental healthcare and was valued around $220 million after the deal, according to one source.</li><li>Leaked doc shows the power players in Google's new Pixel and Android super-unit. A leadership reorg within the search giant saw the company's Pixel, Chrome, and Android groups combine earlier this year. BI reviewed an internal document that reveals <a target="_blank" href="https://www.businessinsider.com/google-org-chart-android-pixel-chrome-devices-2024-8">who holds the chips</a> in the ambitious new unit.</li></ol><h2 id="0890804b-3354-49af-906b-c8eb87aaff21">3 things in business</h2><div type="image" title="A house placed as bait in a bear trap" height="1500" width="2000" msid="112685935" hostid="261" sizebytes="236460"></div><ol><li>Too much heat, not enough homes. Cool, coastal cities tend to be the safest places in a heat wave. But they're also nearly impossible to build new housing in. That shortage is pushing middle-class and working-class families into more dangerous areas, where they face <a target="_blank" href="https://www.businessinsider.com/affordable-home-house-prices-americans-danger-death-climate-change-2024-8">elevated risk from climate change</a> and the extreme heat it brings.</li><li>Childcare probably won't get cheaper anytime soon. Prices have skyrocketed in the last 25 years, and they're <a target="_blank" href="https://www.businessinsider.com/healthcare-childcare-expensive-costs-wage-growth-employment-ai-risks-2024-8">unlikely to come down</a> in the near future. But the issue is of interest to both the Harris and Trump campaigns, which have <a target="_blank" href="https://www.businessinsider.com/harris-trump-proposals-boost-child-tax-credit-give-parents-money-2024-8">each supported tax credits</a> to parents.</li><li>Think twice before seeking a counteroffer at work. Using a competing job offer to negotiate a raise at work may seem like a quick fix for more money. According to a former Microsoft VP, however, it can leave your employer feeling betrayed — and may even <a target="_blank" href="https://www.businessinsider.com/should-employees-seek-counteroffer-at-work-never-2024-8">ruin your chances for future raises and promotions</a>.</li></ol><h2 id="3d4112d6-f072-48ee-899c-f7b4532d8ee6">In other news</h2><ul><li>The tricky way the government <a target="_blank" href="https://www.businessinsider.com/how-to-lower-grocery-prices-inflation-harris-price-gouging-proposal-2024-8">could lower grocery prices</a>.</li><li>Meta's new web-crawling bots have some <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meta-web-crawler-bots-robots-txt-ai-2024-8">sneaky ways of scraping online content</a>.</li><li>3 ways to use ChatGPT to up your sales game, <a target="_blank" href="https://www.businessinsider.com/chatgpt-ai-tips-for-sales-2024-8">according to a consulting CEO</a>.</li><li>A data center landlord shares what he expects for the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/ai-data-center-demand-nvidia-databank-2024-8">future of AI demand and revenue</a>.</li></ul><h2 id="09735a64-6c71-4241-9863-233d88916193">What's happening today</h2><ul><li>Federal Open Market Committee meeting minutes published.</li><li>Zoom, Target, Macy's, and other companies report earnings.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

A new sports streamer's setback could pose problems for the wider media industry and change how we watch TV

<ul class="summary-list"><li>Mark Weinstein is a dad of three kids under 9.</li><li>He was an early investor in a social media company.</li></ul>This as-told-to essay is based on a conversation with<a target="_blank" href="https://www.markweinsteininventor.com/"> Mark Weinstein</a>, author of<a target="_blank" href="https://affiliate.insider.com?h=9208c15dd48705a079452acf43cc89670528cdbcaf041ca1cb7046d5085ecbd2&amp;postID=66fec92ee5b5408300449b37&amp;postSlug=online-privacy-expert-and-dad-shares-how-protect-kids-online-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FRestoring-Our-Sanity-Online-Revolutionary%2Fdp%2F1394273967"> Restoring Our Sanity Online</a>. It has been edited for length and clarity.Back in 1998, I launched two social media companies: SuperFamily and SuperFriends. I wanted to help <a target="_blank" class="" href="https://www.businessinsider.com/online-games-apps-play-with-family-kids-multiplayer">connect families online</a>. Social media at that time felt so beautiful and wholesome to me.Now I'm a <a target="_blank" class="" href="https://www.businessinsider.com/what-not-to-ask-chatgpt-gemini-claude-privacy-security-confidential-2024-6">privacy expert</a>, and I talk about the dangers of surveillance capitalism, where Big Tech companies make money from selling your data.I'm also a dad of three kids under 9. That's intentionally vague because I share as little information about them as possible.I have <a target="_blank" class="" href="https://www.businessinsider.com/how-bill-gates-limits-tech-use-for-his-kids-2018-1">strict rules for my kids</a>, friends, and family to keep my children safe online and around technology.<h2 id="3e356a0e-cce3-4e0f-ba8a-eda98eeac7cb">I never allow pictures to be posted</h2>I <a target="_blank" class="" href="https://www.businessinsider.com/why-parents-shouldnt-post-back-to-school-photos-therapist-explains-2022-8">don't ever post pictures of my kids</a>. If your privacy settings are locked down, strangers might not see a lot, but social media platforms still see (and store) everything. I don't want that algorithm to be able to identify my children.When I talk with family and friends about this policy, it's a simple conversation. If I see someone taking a picture, I ask them not to post it. Sometimes, that opens a bigger conversation about why we have that rule. It has never led to friction.<h2 id="c5422b24-d221-42f4-bf10-df0b72a158cf">I rely on group texts instead</h2>For me, group texting is what social media was five years ago.<a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/how-to-name-a-group-chat-on-iphone">In a group text</a>, I can share a cute update about the kids or send a picture to another parent on a playdate.It's private, secure, and an effective way of building connections without the risk of exposing the kids' faces and their data (including who they spend time with) on social media.<h2 id="9ee298a9-c4db-4b12-8bce-5c2c32e7f1a7">My tots have 0 screens — not even FaceTime</h2>My two younger <a target="_blank" class="" href="https://www.businessinsider.com/working-mom-zero-screen-time-toddler-2023-8">children have zero screen time</a>. In fact, we don't even FaceTime with family. I think it's very unsettling for kids to see their loved ones behind a screen. Personally, I don't think toddlers are equipped to understand why their loved one (who they normally see in person) is now on the screen. I worry it can be disorienting, and I don't think the benefits of a FaceTime chat are worth the possible emotional confusion for my kids.My older child has just started using one of my two phones to text me when I'm out. That's the only thing they're allowed to use the phone for.It gives me the same sense of security that I used to have with a landline. I monitor their phone use very carefully and encourage other parents to do the same.<h2 id="e17f3bf0-a619-4c8e-bdd7-8fc28649a204">We have tech-free playdates but don't try to force our rules on others' houses</h2>When my child has friends over, we have a no-tech rule. They have so much more fun outside or doing art projects. But when my kid goes to a friend's house, I know they might be exposed to YouTube or online games.I don't try to enforce my rules at other people's houses — in the same way, my kid might get more sugary treats at a friend's than at home.Luckily, my eldest child has realized they have more fun playing offline, so I don't have to worry about too much exposure with friends.<h2 id="2dd02ff2-cbc7-47af-9734-415368e97420">I teach my kids about online privacy and critical thinking</h2>Just like I teach my children about physical privacy within the home, I talk with them about online privacy, too.I also touch on the dangers of being online. I'll say something like, "This is a new industry, and we need to figure out how to filter it so that it's right for kids." Or, "Social media can lock you inside your head and expose you to ideas you're not ready for."This language helps kids feel like they're being protected, not punished.<h2 id="d019108a-1f90-487e-bc6c-801ad4f9234f">I flip the script on sharing</h2>As kids get older, there's more opportunity for friends to tag them on social media or share pictures online.I'm not at that stage yet, but I hope to talk with my children so they're confident asking friends not to share their pictures if that's their preference. I want to create allure around being an offline kid.<h2 id="0a3e7f8e-2d05-44eb-a7d0-3f6f6c3f0501">I model tech-free time</h2>Kids do what their parents do, not what their parents say. That's why it's important to me not to use my phone or technology in front of the kids. When they're around, I keep my phone up high and well out of reach.With some practical steps, we can navigate this world of screens to keep our kids and ourselves healthy and protected online.After all, everything that's good for our kids when it comes to online privacy is also good for us.

I invested in early social media startups. After having 3 kids, here's why I never share my kids' photos online and prefer group chats instead.

<ul class="summary-list"><li>Arizona opened the doors for outside investors in law firms, and Steve German had high hopes.</li><li>But he says his co-owner, 777 Partners, was hit by scandal and didn't invest the millions it promised.</li></ul>Two years ago, Steve German was optimistic.He'd done well for himself as a trial lawyer in Phoenix, suing insurance companies on behalf of workers who were denied benefits. And he'd just launched a venture with the Miami investment firm 777 Partners that he hoped would revolutionize the legal business.Arizona had recently begun permitting nonlawyers to invest in law firms, which is banned in nearly every other state. German seemed poised to ride the wave of deregulation and build what he'd later describe as "generational wealth."State bar associations have long restricted lawyers from selling stakes in their firms to outside investors, out of a desire to protect consumers from bad advice, to keep financiers from distorting firms' ethical obligations to their clients — and to keep profits in the hands of lawyers. That meant that firms basically had to eat what they killed: Any investments in marketing, technology, or building cases had to come from client fees or the firm's cut of jury awards and settlements.Allowing private-equity riches to pour into law firms looked like it could be a game changer. When he spoke with Business Insider <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">in 2022</a>, German excitedly described how he might use 777's money to take lower fees and allow clients to designate charities they'd like to benefit. He was making connections with referral sources and said he'd hired BerlinRosen, one of the better-known public-relations firms that work with plaintiffs' lawyers."It was something that was revolutionary in many ways, and it was something I saw as a way to do good," German said. The firm, called Scout Law Group, was one of the first such firms — known as an <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">alternative business structure</a> — to be approved by state regulators."The ABS program reminds me of when Uber first came to town and everyone was like, 'Oh, my god, that's crazy,'" Andy Kvesic, who serves on the state committee that approves ABS applications, said.German's optimism was short-lived. Before 2022 came to an end, his relationship with 777 had begun to sour amid disputes over funding. Now, German has become a vocal critic of Arizona's hands-off approach to regulating these new entities.German said 777 didn't supply money on the terms or timeline it promised and planned. While he got some funding and was able to build a portfolio of about 300 to 400 cases, German said the millions that his partner had promised never flowed in. He had to whip out his own checkbook to pay vendors and employees, he said in a <a target="_blank" href="https://www.documentcloud.org/documents/24752517-german-v-scout-law-group-and-777-partners-et-al">lawsuit filed in April</a> alleging fraud, breach of contract, and unpaid wages. It's one of several lawsuits involving 777, which, according to <a target="_blank" href="https://www.semafor.com/article/11/30/2023/feds-probe-sports-investor-777-over-money-flows">Semafor,</a> has also been under Justice Department scrutiny.777 has not yet filed an answer to German's complaint. The firm did not respond to a request for comment.He first decided to resign from Scout last summer, a few months after the firm and its leaders filed licensing paperwork with state regulators that he said he now believed was incomplete. But he told BI that after he forwarded his "break-up letter" to state regulators, he came to regret the decision; it touched off a bar investigation and resulted, for a period, in the suspension of Scout's license. He ended up rescinding the resignation and sticking around until 777 picked a new compliance lawyer in December, he said.After all that, he expected that the firm and its new leaders' license application would be closely scrutinized. He said the steady drumbeat of negative reporting made it clear that 777 hadn't been up front about the controversies it was involved in.But, he said, the committee that reviews ABS applications renewed Scout's license with barely any discussion. German also sits on the committee, and he was recused from the decision. But he said that and subsequent board decisions, like giving a pass to a lawyer who failed to mention that he'd been suspended in another state, unsettled him."What we're doing is sending the wrong message," he said. "What we're saying is, don't disclose your bad stuff."<h2 id="36d168a2-3b57-4875-b8ab-b0c81b9db7d8">Regulators approved 777 Partners despite litigation, DOJ probe</h2>German isn't the first business partner to sue 777 Partners, and he may not be the last. After the firm began investing in soccer clubs, Brazil's news outlet O Globo reported that one of its owners, Josh Wander, was on probation until 2018 for a cocaine-related charge. (At the time, 777 called it "ancient history.") The firm's reliance on insurance premiums, which are normally invested conservatively to ensure future claims can be paid, to fund its risky bets in sports teams and other speculative investments was <a target="_blank" href="https://www.semafor.com/article/11/15/2023/mystery-investor-777-partners-bought-european-sports-teams-with-insurance-customers-cash">unearthed</a> by Semafor, and insurance regulators and business partners have been asking questions and filing lawsuits.But German said on some level, it's about more than money. Revelations about 777's other business lines — for instance, its work with online payday lenders that charge sky-high interest rates and pay Native American tribes to use their sovereign immunity as a legal shield — repulsed him when he learned about them in July after reading about the firm in the soccer publication Josimar, he said.Asked how he didn't know about the controversies until 2023, German said he'd asked Steven Pasko, one of 777's principals, whether the firm was the subject of any lawsuits while he was filling out ABS licensing paperwork, and he had denied it. He said he still didn't know how the controversies didn't come to the attention of ABS committee staff."These people are the exact opposite of who should be approved," he said. "We're supposed to be looking out for the public interest, and we're letting in guys who are sued for RICO?"The ABS committee's minutes <a target="_blank" href="https://www.azcourts.gov/Portals/26/ABS%20Regular%20Minutes.pdf">show</a> that Scout's renewal application passed 5-1, with two recusals and two absences. According to the committee's <a target="_blank" href="https://www.azcourts.gov/Portals/26/ABS%20Committee%20Annual%20Report%20to%20Supreme%20Court%20for%202023%20-%20FINAL.pdf">most recent annual report</a>, 25 new entities got a green light last year; one application was denied. The number of complaints jumped from zero in 2022 to 24 in 2023, though no discipline was imposed on any of the four entities that were the subject of complaints.Lynda Shely, an Arizona legal-ethics lawyer who is also a member of the committee, said she would not comment specifically on German's dispute with 777 and Scout, which she has advised. She was also recused from the vote on Scout's renewal application. But she pushed back on the idea that Arizona was being too permissive, saying many applications didn't even make it to a vote because of the heavy scrutiny applied by committee staff. Funding and marketing firms were cutting deals with law firms in nonpublic arrangements for years before Arizona changed its rules, she added."There's a whole lot of disclosure that occurs through our model," she said. "There's more transparency about the relationship with an ABS."As BI reported in 2022, <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">Arizona's ABS structure</a> has unleashed a wave of experimentation. In some entities, lawyers and accountants are working side by side to serve clients better, and in others, technologists are helping traditional law firms work more efficiently, with the potential to share in the upside. Advocates see it as a way for lawyers to sell packages of valuable services, instead of selling billable hours.But one of the most common uses of an ABS has been for personal-injury and mass-tort attorneys to team up with funders and marketers more directly than is possible under legal-ethics rules in other states.Defenders of traditional law-firm structures say lawyers take an oath to do what's best for their clients. They argue that involving outside funders in firm management creates a risk that profits come first and clients come second.But some advocates for systems like Arizona's say those risks can be managed by requiring lawyers to have the final say, keeping a close eye on the new firms, and taking complaints seriously. They say there's nothing wrong with lawyers using outside money to reach more injured clients, who may not know where to turn when facing medical bills from car wrecks and dangerous drugs."So far, it is a success," Shely said. As with any new initiative, she said, it "will have growing pains and need to adjust and tweak things as we go."For much of 2023, German said, he expressed his discontent with 777's leadership, including its then-general counsel, Ed Gehres, and its chief financial officer, Damien Alfalla. He said he had conversations with other investors about buying 777's stake in Scout, but the talks ultimately went nowhere. He said other investors wanted to borrow money against Scout's unearned contingency fees, which could have made it impossible for those clients to find a new lawyer if they had to leave Scout for some reason.Gehres and Alfalla didn't respond to emails seeking comment.In the wake of his own dispute with 777, he said, he has become alarmed by the permissive approach the state has taken toward licensing and thinks more scrutiny is needed. He still believes that the ABS model has the potential to fill gaps in the legal marketplace, he said, but that greenlighting any applicant — many of which have little connection to Arizona — is a mistake.Allowing outside investment into law firms, he said, "is a privilege." "It serves a purpose for access to justice," he added. "It's not for a billionaire equity fund to use to game the process."Correction: June 18, 2024 — An earlier version of this story misspelled the name of 777 Partners' former chief financial officer. He is Damien Alfalla, not Damian Alfalla.

A lawyer dreamed of disrupting the legal industry with private equity. It turned into a nightmare.

<ul class="summary-list"><li><keyword id="20254334" type="General" weightage="20" keywordseo="Richemont" source="keywords" meta.keywordsubtype="org" meta.entityname="Richemont" meta.hostid="261" meta.entityid="Richemont">Richemont</keyword>, the conglomerate behind brands like <keyword id="20006766" type="General" weightage="100" keywordseo="Cartier" source="keywords" meta.keywordsubtype="org" meta.entityname="Cartier" meta.hostid="261" meta.entityid="Cartier">Cartier</keyword>, is outperforming its competition.</li><li>Its focus on <keyword id="22159441" type="General" weightage="20" keywordseo="hard-luxury" source="keywords">hard luxury</keyword>, like jewelry and watches, has helped it through a rough economic climate.</li></ul><keyword id="20018817" type="General" weightage="20" keywordseo="LVMH" source="keywords" meta.keywordsubtype="org" meta.entityname="LVMH" meta.hostid="261" meta.entityid="LVMH">LVMH</keyword> is the biggest <keyword id="21183725" type="General" weightage="20" keywordseo="luxury-conglomerate" source="keywords">luxury conglomerate</keyword> in the world. As the owner of brands like Louis Vuitton, Moët &amp; Chandon, and Bulgari, the French company has become synonymous with luxury — and made a lot of money doing it, as demonstrated by <a target="_blank" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">CEO Bernard Arnault's</a> position as the third-richest man in the world. But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef &amp; Arpels, and Piaget, is having a moment. Its stock has climbed more than 20% since the start of the year, outperforming LVMH as well as <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Kering, which sells brands like Gucci</a> and Saint Laurent. It's a boon for investors seeking reassurance that European luxury stocks aren't over — especially in China. "Richemont has provided reassurance to investors on several points. Cartier and Van Cleef are continuing to show very strong momentum and notable growth," Chiara Battistini, JPMorgan's head of European luxury and sporting goods research, told Business Insider over email. One major benefit in this uncertain economic climate: Richemont is skewed to hard luxury, including the <a target="_blank" href="https://www.businessinsider.com/cartier-history-luxury-jewelry-watchmaker-worth">iconic designs of Cartier</a>, which has been creating jewelry for high-flying members of society for more than 150 years, as well as Van Cleef. "In tough times, because we are in tough times right now in luxury, there is a tendency to buy less, buy better," Erwan Rambourg, the global cohead of consumer and retail research at HSBC, told BI. "At the end of the day, if you have to buy one piece of jewelry from one jeweler, it's going to be Cartier." In the first quarter of this year, Richemont's largest brands all saw positive year-over-year growth on Google Trends and an increase in website visits, according to a JPMorgan report from May. Meantime, brands like Louis Vuitton and Gucci saw declines in both areas. Even LVMH's Arnault has noticed: "In the competition, there's a very good group, that is the Richemont Group," he said in January, going on to compliment the group's chairman, fellow billionaire Johann Rupert. "Rupert, we consider as an outstanding leader. And I don't, in the slightest, wish to upset his strategy." <h2>All that glitters is gold</h2>Unlike <a target="_blank" href="https://www.businessinsider.com/lvmh-creating-neighborhoods-around-its-brands-2024-4">luxury conglomerates LVMH</a> and Kering, Richemont focuses disproportionately on hard luxury — literally, the stuff made from hard materials like gold, gemstones, and diamonds. In the 2024 fiscal year, jewelry made up 69% of its revenue and watches 18%. It's a good time to be in that business. During difficult macroeconomic times or when people are squeezed, they are more likely to splurge on something they know will hold value, like metals and gems, than on something less durable and more trend-driven, like clothing or handbags (<a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">with Hermès being a notable exception</a>). "At times of economic crisis — I mean, not that everyone runs out and buys a Cartier watch or a Van Cleef &amp; Arpels necklace — but they are a safer bet," Fflur Roberts, the head of global luxury goods at Euromonitor, told BI. Part of the reason is that a classic Cartier piece — like the rectangular Tank watch launched in 1919 or the three-banded Trinity ring, which debuted five years later — is unlikely to go out of style. The <a target="_blank" href="https://www.businessinsider.com/cartier-love-bracelet-popular-again-2015-12">Love collection, a Cartier classic</a> featuring a screw motif, has been around for five decades and still makes up more than 20% of the company's revenue, HSBC's Rambourg said. <div type="image" title="A picture of Princess Diana with her hands folded in a namaste post, wearing a long white dress." height="968" width="1180" msid="111117084" hostid="261"></div>"It doesn't have the fashion risk to the same extent as, for instance, apparel and even leather goods," Jelena Sokolova, a senior equity analyst for Morningstar, told BI of the fine jewelry business. "All of this favors the most established brands: Cartier and Van Cleef." Jewelry is also a good investment. A 2022study by Credit Suisse and Deloitte called fine jewelry and watches "safe havens" in "uncertain times," with steady single-digit returns and low volatility. "The world might come to an end, and your piece of jewelry might still be worth something," Rambourg said. And when it comes to <a target="_blank" href="https://www.businessinsider.com/jewelry-whats-popular-and-out-of-style-right-now-2024#long-lasting-classics-are-becoming-more-popular-2">buying bling as an investment</a>, no one wants to roll the dice on something new. "When people are concerned about putting their money in other, more traditional financial assets, then jewelry has become an area where people are investing," Euromonitor's Roberts said. "Spending a bit more and getting a really true heritage luxury brand like Cartier" is safer, she added. <h2>China cha-ching</h2>Last month, rumors swirled that <a target="_blank" href="https://www.businessinsider.com/status-symbols-people-at-new-york-fashion-week-see-everywhere-2024-2">Van Cleef</a> planned to raise its prices in China — and chaos ensued. Local news <a target="_blank" href="https://jingdaily.com/posts/van-cleef-and-arpels-price-hike-sparks-chinese-buyer-frenzy">outlets</a> reported lines forming at the country's 30-plus stores as customers rushed to buy Alhambra bracelets, which cost anywhere from $1,420 for a single clover on a yellow gold chain to $61,500 for a five-clover diamond design. The frenzy shows just how devoted Chinese consumers are to the now-iconic clover pieces, which can be seen on the wrists and necks of the country's influencers and street-style inspirations. The popularity is reflected in the data. Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. <div type="image" title="van cleef necklace" height="683" width="1024" msid="111117077" hostid="261"></div>Meanwhile, <a target="_blank" href="https://www.businessinsider.com/rich-chinese-millennials-solo-travel-no-kids-new-status-symbols-2024-5">some luxury conglomerates, like Gucci's parent company Kering</a>, have struggled in that market. While Richemont's results in the country have been touch-and-go depending on the quarter, the company is still beating out the competition. "They are over-indexed in China compared to their peers," Sokolova said. Part of that is related to the <a target="_blank" href="https://www.businessinsider.com/china-economy-gold-rush-consumer-spending-money-savings-starbucks-gucci-2024-5">increasing popularity of jewelry</a> in the country. In 2023, jewelry and watches overtook handbags as the top-spending category in China, according to a <a target="_blank" href="https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion#/">McKinsey report</a>. By 2027, its share of discretionary spending is expected to gain another four percentage points. On top of that, the philosophy of buying a tried and true brand — and specifically recognizable items from one of these brands — is even stronger in China. Branded jewelry is expected to increase from 15% of the market in 2019 to 25% to 30% in 2025, according to a 2021 McKinsey report. That growth is driven by customers in Asia. From the aforementioned Alhambra line, which was called out on Richemont's earnings call, or Cartier's Love collection, no one does branded like Richemont. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef. You can recognize the Love ring or the Love bracelet or the Trinity," Rambourg said. "It's the equivalent of putting a big fat logo on a bag." <h2>Passing down the crown jewels</h2>There's another piece of hardware that Richemont has handled well: its scepter. In May, the company announced a new CEO, Nicolas Bos, a Cartier veteran who transformed Van Cleef from an unprofitable brand to Richemont's second-biggest cash driver. It was welcome news in an industry in which many <a target="_blank" href="https://www.businessinsider.com/bernard-arnault-lvmh-adds-nepo-baby-children-to-board-luxury-2024-4">companies remain family-run</a> — a model accompanied by uncertainty. <a target="_blank" href="https://www.businessinsider.com/bernard-arnault-lvmh-children-delphine-antoine-alexandre-frederic-jean-dior-2023-1">LVMH</a> and Prada have both been caught up in media speculation around who will take over when their patriarch and matriarch, respectively, step aside. While chairman Rupert is still staying on — the controlling shareholder, he founded the company by spinning the international brands off of his father's South African conglomerate in 1988 — Bos' appointment provides some relief for investors. The company's announcement caused shares to tick up 6%. <div type="image" title="Nicholas Bos" height="684" width="1024" msid="111117074" hostid="261"></div>"The No. 1 question I've had for the past two years is who's going to replace Rupert? What's the post-Rupert world?" Rambourg said. "They just bought themselves a lot of time" by nominating someone in their 50s to run the group, he said. The appointment also included a restructuring of the company, naming one CEO for the entire conglomerate, which "provided better clarity and more straightforward structure on corporate governance," JPMorgan's Battistini said. That said, Bos does have his work cut out for him, particularly regarding the YNAP, the group's online fashion retailer that owns sites like Net-A-Porter. It's a lossmaker for a company, and a deal to offload it fell apart in December. Last week, it was reported that the platform would pull out of China amid dwindling sales. But as they say, heavy is the head that wears that crown — but perhaps not the arm that wears the Cartier Love bracelet. Correction: June 20, 2024 — An earlier version of this story had misstated Nicholas Bos' age. He is about 53, not 51.

The luxury conglomerate behind Cartier is beating LVMH at its own game

New Delhi, The central government on Friday will seek the introduction and passage of the Central Goods and Services Tax (Amendment) Bill, 2023 and <keyword id="4742340" type="General" weightage="80" keywordseo="integrated-goods-and-services-tax" source="Orion">Integrated Goods and Services Tax</keyword> (Amendment) Bill, 2023 in the Lok Sabha. The union cabinet earlier this week had cleared the two bills. The amendment in the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> will allow introduction of a 28 per cent goods and services tax rate on horse racing, online gaming and casinos. Similarly, states too will have to amend their individual GST legislations separately. If the bill is passed in the day, the new tax system will become applicable from October 1, as was decided in the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST council</keyword> meeting held earlier this month. It was decided in that meeting that 28 per cent levy on online gaming, casinos and horse racing will become applicable from October 1 onwards and will be reviewed for six months, and if need arises, changes could bemade in the tax structure after that. Friday being the last day of the monsoon session of Parliament, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will introduce the two bills and if the House business continues, then it will also seek to get the two bills passed. Considering the fact that the GST council had to meet twice within a month owing to continuous representations from the gaming industry, seeking to ease the 28 per cent tax slab on gaming, the bills are likely to be pushed for passing as the applicability of the new tax slab is October 1. --IANSans/dpb

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

Scammers are using ChatGPT to infiltrate online games for a quick cash grabMost of the furious speculation on how artificial intelligence will shape our lives is far off possibilities — humanity-destroying pitfalls or world-altering solutions that will take years to manifest. But there is one place where AI is already starting to shape people's experiences in noticeable ways: online games.In massively multiplayer online role-playing games, millions of people meet up to explore, compete, and collaborate in expansive virtual universes. MMO hype has cooled since the aughts, but the games still cater to sizable, committed audiences that have helped launch <a href="https://headphonesaddict.com/world-of-warcraft-player-count/" target="_blank" rel="noopener">powerful franchises</a> such as "World of Warcraft," "Guild Wars 2," and "Path of Exile." These communities even have built-in game cultures and economies complex enough to spawn a litany of <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1655084" target="_blank" rel="noopener">academic research</a>.But these worlds are hounded by a growing problem: bots. Since many MMOs use simple point-and-click interfaces and reward players for completing repetitive tasks, nefarious actors can easily use automated scripts to reap in-game rewards at an inhuman pace. And those rewards can then be sold for real cash on secondary markets. While bots have long been a scourge to gaming communities, their inability to hold a conversation with players had made them easy to spot. But a new ChatGPT plug-in that hit the market in March has made it possible for bots to more realistically mimic human players, leaving the real human players unable to report bad actors and developers scrambling to find a solution. The AI-driven technology not only threatens to transform these decadesold games but also offers a glimpse into a strange, new reality in which it is virtually impossible to distinguish humans from robots.<h2>'You won't be able to tell if you're talking with a bot'</h2>No game is plagued with bots today as much as "Old School RuneScape," a nostalgia-rich 2013 relaunch of the genre-defining adventure game by the British developer Jagex. In "OSRS," players inhabit the fantasy world of Gielinor, where they can slay monsters, build homes, mine, farm, and complete quests. In the decade since its launch, "OSRS" has grown to nearly 2 million active players, and the MMO Populations <a href="https://mmo-population.com/top/2023" target="_blank" rel="noopener">project</a> ranks it as one of the busiest MMOs."OSRS" is appealing for bot operators, or "botters," because the game is fairly simple — it rewards repetitive tasks with digital gold, and the rudimentary enemies make it easy to create a program to slay predictable monsters with valuable loot. Add in <a href="https://www.polygon.com/features/2020/5/27/21265613/runescape-is-helping-venezuelans-survive" target="_blank" rel="noopener">a large black market in which players resell virtual currency or powerful items for real cash</a>, and there's a significant incentive to deploy bots. While it's hard to nail down the exact number of nonhuman accounts, according to players I've spoken with and estimates based on the number of accounts Jagex bans each week, roughly one-quarter to one-third of the players logged on at any given moment are bots. While Jagex officially prohibits both bot farms and real-world trading of in-game goods, <a href="https://www.economist.com/the-americas/2019/11/21/venezuelas-paper-currency-is-worthless-so-its-people-seek-virtual-gold" target="_blank" rel="noopener">both have persisted despite periodic clampdowns</a>. SirPugger, a YouTuber who reports on bots, has documented bot farms that rake in hundreds of thousands of dollars a year. Based on the scams he's weeded out, he said there could be millions of dollars traded across the various websites that comprise the "RuneScape" <a href="https://www.theguardian.com/world/2011/may/25/china-prisoners-internet-gaming-scam" target="_blank" rel="noopener">black market</a> each year. Since his videos cause problems for people who make money in a legal gray area and violate the game's terms of service, SirPugger declined to share his real name.Botters generally fall into two categories, SirPugger told me. One is the average-Joe player who uses automated bot services to cheat their way to a higher skill level and skip less-interesting parts of the game. The other is organized operations that run "bot farms," or large groups of bots, to collect in-game currency en masse to sell on the secondary markets. According to SirPugger's research, people can make up to six figures a year on the game's black market.In "OSRS," botting hotspots have overrun areas of the game that are home to profitable loot-earning activities, making them inaccessible to legitimate players. Bots also make it virtually impossible for human players to place on leaderboards that track in-game accomplishments.These headaches have forced Jagex's anti-cheating team into an arms race with bot developers. It rolls out increasingly sophisticated mechanisms for identifying and banning their accounts that are inevitably met with countermoves from botters. Given the technological dance, the company's most reliable bot-detection tool has been the community itself: Players can report accounts that they suspect of being run by third-party scripts. But ChatGPT integration threatens to make this grassroots solution a thing of the past.Almost immediately after OpenAI released an update in early March, botters started hooking their scripts up to ChatGPT. Less than two weeks later, a developer at OSBot — which bills itself as "the most popular" bot provider for "Old School RuneScape" — <a href="https://osbot.org/forum/topic/175653-script-factory-chatgpt-support/" target="_blank" rel="noopener">posted</a> on an internal forum advertising a new capacity to run scripts that hold coherent conversations.At first, these "conversational bots" were clunky, SirPugger said — if you asked a bot the same question twice, it wouldn't notice. But the bots using ChatGPT began to rapidly improve, and SirPugger realized the automated players would soon become almost indistinguishable from human players. "Now it's able to read previous conversations, so it has context for whatever you're talking about," SirPugger told me recently about the talking bots. "Now it would be like, 'Why are you asking me that again?' Or like, 'I already told you, but here's some more supplemental information.'"Using third-party apps such as Bot Detector, which operate similar to how an AI text-generation checker works, some players have been able to <a href="https://www.youtube.com/watch?v=RbTsHEPMQoo" target="_blank" rel="noopener">document</a> interactions with likely GPT-integrated bot scripts. In some cases, these AI-powered bots seemed to commiserate with real players, even complaining about the overabundance of bots. In one interaction SirPugger saw, a bot mimed a grouchy longtimer who ribbed and insulted nearby players: "We're quickly approaching a state where you won't be able to tell if you're talking with a bot." <h2>Human or AI? Does it matter?</h2>In his 2010 novella, "The Lifecycle of Software Objects," the science-fiction writer Ted Chiang imagined a near future of digital worlds — something like a functional version of Mark Zuckerberg's disastrously underwhelming <a href="https://www.businessinsider.com/metaverse-dead-obituary-facebook-mark-zuckerberg-tech-fad-ai-chatgpt-2023-5">metaverse</a> — populated by human-piloted avatars and AI beings. The story asks: If interacting with a digital "life-form" could be as complex as the real thing, does it matter whether you're interacting with a real person?Today's chatbots are nowhere near as lifelike as the AI of Chiang's imagination, but MMO players are already beginning to face the question he posed. If bots were truly indistinguishable from human players — to the extent that they could maintain long-term friendships and partake in social activities in MMOs — would it be a bad thing? Or would they actually make the world feel more enriching?On one hand, making bots impossible to weed out would permanently warp the economics of these games. Even without the ability to communicate and socialize, bots have come to <a href="https://partnerkin.com/en/blog/case_study/bot-farming-world-of-warcraft" target="_blank" rel="noopener">dominate substantial portions</a> of the largest in-game MMO economies. At the same time, bot scripts could eventually enhance rather than detract from the social aspects of online games. Online shooters like "PUBG" and "Fortnite" already populate their multiplayer lobbies with AI bots, but the social emphasis of MMOs means that they are uniquely well positioned to reap the prospective benefits of chatbot integration. Worlds would appear to become more populous, and though "real" players might still be cheated out of leaderboard slots, they wouldn't necessarily know it. As SirPugger put it, "I like multiplayer games because of the player interaction. So all of a sudden, you have more 'players' in the game because you can't tell that they're bots. Bots are suddenly kind of this positive externality."Some hobbyists and industry players have already picked up on the prospective upsides to AI-scripted bots in games — not rogue bots run by nefarious players trying to make money but intentionally placed characters called "nonplayer characters" that have been beefed up with an AI chat function. A fan-made ChatGPT-powered modification for the popular <a href="https://opendatascience.com/skyrim-mod-powered-by-chatgpt-gives-npcs-memories/" target="_blank" rel="noopener">"Elder Scrolls V: Skyrim" game, for example,</a> allows the in-game characters to form memories of past interactions with the player. On the industry side, Replica Studios <a href="https://venturebeat.com/games/replica-unveils-ai-powered-smart-npcs-for-unreal-engine/" target="_blank" rel="noopener">recently unveiled</a> AI-powered NPCs that could hold complex conversations with players. And gamers are open to the idea of improving the feel of games via AI. A <a href="https://inworld.ai/whitepapers/future-of-npcs" target="_blank" rel="noopener">report</a> published by Inworld AI, a developer platform that is trying to bring AI to gaming, said 99% of gamers it surveyed said they believed that incorporating AI NPCs would positively affect gameplay, while 78% said they would spend more time playing a game with it."Humans are storytellers," Kylan Gibbs, a cofounder and the chief product officer of Inworld AI, said in an <a href="https://aimagazine.com/articles/gamers-want-to-spend-more-time-and-money-talking-to-ai-npcs" target="_blank" rel="noopener">interview</a> with AI Magazine. "We're drawn to narratives that help us to make sense of the world around us. The same thing is true in the gaming world — the more immersive and believable a story is, the more we want to stay inside it."Whatever one makes of Gibbs' "Matrix"-esque idea, significant hurdles to widespread integration remain. AI language models are still prone to dispensing false and inconsistent information, which would make it tough for major video-game developers to add them to games. And while a player might feel more engaged talking to an AI player than clicking through scripted dialogue, a free-form interaction would be far less likely to give them relevant information to advance in the storyline.Given the murkiness of AI's potential, the present substance is such that people can see almost anything they want to see. But the rapid integration of ChatGPT and other AI technologies into games in nonsanctioned ways shows some of the pitfalls — and potential — of creating virtual spaces that humans can cohabit on apparently equal footing with highly responsive robots. Moving forward, these will likely continue to serve as test cases, sites of experimentation and indicators of how to deploy the technology in helpful or harmful ways.<a href="https://www.businessinsider.com/author/evan-malmgren" rel="">Evan Malmgren</a> is a writer who covers power and infrastructure and is currently working on a book about American off-gridders.

Online games offer a disturbing preview of our dystopian AI future

The panel of state finance ministers is likely to recommend a uniform <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> levy of 28 per cent on <keyword id="6422069" type="General" weightage="20" keywordseo="Online-gaming" source="Orion">online gaming</keyword> irrespective of whether it is a game of skill or game of chance, sources said. However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals. Sources said that the GoM report is almost final and would be submitted to the GST Council soon for consideration. The Group of Ministers (GoM), chaired by <keyword id="6355772" type="General" weightage="50" keywordseo="meghalaya" source="Orion">Meghalaya</keyword> Chief Minister Conrad Sangma, had in its earlier report submitted to the Council in June suggested a 28 per cent GST on on the full value of the consideration, including contest entry fee, paid by the player, without making a distinction such as games of skill or chance. However, the Council had asked the GoM to reconsider its report. Following that the GoM took the views of the Attorney General and also met stakeholders from the online gaming industry. Although the GoM deliberated on separate definitions for 'games of skill' and 'games of chance', it finally decided to tax both as demerit goods attracting a 28 per cent GST. The message has to be clear that online gaming is a demerit good. However, some relaxation in valuation methods could be provided, sources told PTI. The GoM report in June had suggested that the GST should be levied on the entire amount received as consideration from the participant. Charging 28 per cent GST on the entire amount, which a player deposits for a game for both categories of online game, would reduce the prize money left for distribution and drive away players from legitimate tax deducting portals. This may also encourage online gamers towards unlawful portals that do not deduct tax, sector experts had said. Online gaming witnessed a spurt during the time of Covid lockdown with the number of users in India rising substantially. As per a KPMG report, the online gaming sector would grow to Rs 29,000 crore by 2024-25 from Rs 13,600 crore in 2021. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-markets-open-mixed-tracking-global-cues-reliance-industries-kaynes-technology-ndtv-nykaa-among-stocks-to-watch-out-for/articleshow/95674551.cms">Indian markets open mixed tracking global cues – Reliance Industries, Kaynes Technology, NDTV, Nykaa among stocks to watch out for</a> <a href="https://www.businessinsider.in/stock-market/news/kaynes-technology-debuts-at-32-premium-on-exchanges-tops-grey-market-expectations/articleshow/95675099.cms">Kaynes Technology debuts at 32% premium on exchanges, tops grey market expectations</a> <a href="https://www.businessinsider.in/india/news/government-issues-guidelines-to-guard-against-fake-reviews-of-products/articleshow/95676593.cms">Government issues guidelines to guard against fake reviews of products</a>

Ministers' panel may recommend 28% GST on online gaming with a revised calculation formula

New Delhi, Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic &amp; Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs paying 18 per cent on platform fee/commission are disputing the 28 per cent levy on actionable claims in the form of betting and gambling before various legal fora. "It is anticipated that the levy of 28 per cent on full face value, as recommended in the 50th <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> meeting, will result in increase of revenue from current levels," Sitharaman added.

You Searched For "online gaming industry" and got 12 results

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