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Technology
Groundbreaking AI Law: European Union Passes First Comprehensive Regulation
The EU's pioneering AI regulation law, effective by mid-2024, categorizes AI by harm potential, banning "unacceptable risk" applications and closely regulating high-risk sectors like hiring and law enforcement. Lower-risk AI necessitates minimal regulation but mandates deepfake labeling. Violators risk fines of up to 7% of global profits, with each EU country establishing its own AI oversight.
Film
We Want Original Content: Tubi Surveys Millennial and Gen Z Audiences
A Tubi survey found that last summer's box office hits highlighted a growing demand for original content among young audiences, who prioritize originality in streaming. Despite nostalgia's appeal, 74% of millennials and Gen Zers prefer original content, with 71% supporting independent creators. Yet, licensed content still dominates streaming platforms, as subscribers reconsider their subscriptions due to costs.
International
Hong Kong Embraces Virtual: New Production Studio at the Design Institute
The Hong Kong Design Institute launched a cutting-edge virtual production studio at Shaw Studios, enhancing the region's film facilities and promoting professional education. With advanced technology like Samsung microLED display and Disguise solutions, the 9,000-square-foot studio aims to elevate local virtual production standards, foster collaboration, and prepare students for film industry careers.
Streaming
The Search for Content: Gracenote Wants To Enhance Streaming Experience
Gracenote, a Nielsen subsidiary, launched three services to simplify content discovery for streaming viewers and assist platforms in curating engaging programming. These services, including Streaming Sports Catalogs, Streaming Video Catalogs, and FAST / Streaming Channels metadata, aim to enhance user experiences and optimize business for streaming platforms.
Industry
The World of Children’s Entertainment: Publishing Company Acquires Animation Outfit
Scholastic, the prominent children's media and publishing company, is acquiring full economic interest in 9 Story Media Group for $186 million, strengthening their two-decade partnership and expanding their entertainment sector. The deal, approved by both companies' boards and shareholders, is set to conclude in Scholastic's fiscal 2025 first quarter. 9 Story boasts acclaimed studios and a diverse content library, featuring titles such as Doc McStuffins and The Magic School Bus Rides Again.
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