The news network’s subscription offering hadn’t even been operating for a month before Warner Bros. Discovery announced this week that it would be shutting down on April 30.
“It’s going to be in the Top 10,” said Steve Rosenbaum, executive director of the NYC Media Lab and an expert in business innovation, surveying the lengthy history of products that went belly-up.
While “CNN minus” comments quickly proliferated, it’s no joke to the more than 300 people hired for CNN+, which was in development for two years. CNN is expected to absorb some of those jobs but there will be layoffs — a clear picture on those numbers is still emerging.
The company spent hundreds of millions of dollars on the project and no one knew when, or if, losses would be replaced by profits.
Old-timers remember the Edsel, a new car model introduced by Ford in 1957 that was poorly made and too expensive. It was discontinued after two years, costing Ford an estimated $250 million, the name remembered as a synonym for business failure long after the car itself was forgotten.
Coca-Cola’s attempt to introduce a new flavor in 1985 was dropped in weeks. Except for its cameo role in the “Back to the Future” movies, the DeLorean didn’t make a dent. Inventors of the Segway found in 1999 that not many people wanted to spend around $5,000 for a glorified scooter.
This story is from the April 29, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 29, 2022 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Apple Set to Unveil New iPads at
Apple Inc. has officially announced its upcoming “Let Loose” event scheduled for May 7, signaling a significant showcase of new hardware, specifically focusing on the iPad line.
AMAZON REPORTS STRONG 10 RESULTS DRIVEN BY ITS CLOUD-COMPUTING UNIT AND PRIME VIDEO AD DOLLARS
Amazon reported this week strong results for the first quarter, driven by growth in its cloud computing unit and new advertising dollars from its Prime Video streaming service.
META UNDER FIRE FROM EUROPEAN UNION FOR NOT DOING ENOUGH ABOUT ELECTION DISINFORMATION
The European Union said this week that it’s investigating Facebook and Instagram for suspected violations of the bloc’s digital rulebook, including not doing enough to protect users from foreign disinformation ahead of EU-wide elections.
THE TIKTOK LAW KICKS OFF A NEW SHOWDOWN BETWEEN BEIJING AND WASHINGTON.WHAT'S COMING NEXT?
TikTok is gearing up for a legal fight against a U.S. law that would force the social media platform to break ties with its China-based parent company, a move almost certainly backed by Chinese authorities as the bitter U.S.China rivalry threatens the future of a wildly popular way for young people in America to connect online.
SCAMMERS STOLE MORE THAN $3.4 BILLION FROM OLDER AMERICANS LAST YEAR, AN FBI REPORT SAYS
Scammers stole more than $3.4 billion from older Americans last year, according to an FBI report released this week that shows a rise in losses through increasingly sophisticated criminal tactics to trick the vulnerable into giving up their life savings.
SAMSUNG REPORTS A 10-FOLD INCREASE IN PROFIT AS AI DRIVES REBOUND IN MEMORY CHIP MARKETS
Samsung Electronics reported this week a 10fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.
LAWMAKERS AND ADVOCATES MAKE LAST-DITCH PUSH TO EXTEND AFFORDABLE INTERNET SUBSIDY
Twenty-three million families in the U.S. will have bigger internet bills starting in May. That’s because a federal broadband subsidy program they’re enrolled in is nearly out of money.
ELIMINATION OF TESLA'S CHARGING DEPARTMENT RAISES WORRIES AS EVS FROM OTHER AUTOMAKERS JOIN NETWORK
Elon Musk’s move to lay off the department responsible for Tesla’s electric vehicle chargers has touched off worries in the auto industry that EVs from other automakers will have trouble joining Tesla’s network.
US TO REQUIRE AUTOMATIC EMERGENCY BRAKING ON NEW VEHICLES IN 5 YEARS AND SET PERFORMANCE STANDARDS PASS
In the not-too-distant future, automatic emergency braking will have to come standard on all new passenger vehicles in the United States, a requirement that the government says will save hundreds of lives and prevent thousands of injuries every year.
'SHARDLAKE' IS A TUDOR-ERA MYSTERY SERIES.IT'S ALSO A WIN FOR DISABLED CHARACTERS ITS STAR SAYS
Matthew Shardlake steps out of the pages of the late C.J. Sansom’s popular historical mystery novels and into a new show, bringing with him disability representation.