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Fox News Plans a Streaming Service for ‘Superfans’

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Thanks to a relentless news cycle — and a dedicated fan in the Oval Office — Fox News has defied the downward trends in the television business, notching its highest-rated year in 2017 even as audiences dwindled for many networks.

But the mass migration of viewers away from traditional cable and satellite packages is accelerating. And now Fox News is plotting a leap into the uncertain digital future that rivals like CNN have so far put off.

On Tuesday, Fox News is set to announce Fox Nation, a stand-alone subscription service available without a cable package. The streaming service, expected to start by the end of the year, would focus primarily on right-leaning commentary, with original shows and cameos by popular personalities like Sean Hannity.

It would not overlap with Fox News’s 24-hour cable broadcast — not even reruns — because of the channel’s contractual agreements with cable operators. Instead, the network is planning to develop hours of new daily programming with a mostly fresh slate of anchors and commentators.

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“Fox Nation is designed to appeal to the Fox superfan,” John Finley, who oversees program development and production for Fox News, said in an interview. “These are the folks who watch Fox News every night for hours at a time, the dedicated audience that really wants more of what we have to offer.”

Mr. Finley said the network was still discussing the cost of a subscription.

The Fox News venture joins an increasingly crowded — and increasingly niche — marketplace for web-only streaming television.

ESPN is starting its subscription service, ESPN Plus, in the spring. About five million viewers signed up last year for HBO and Cinemax digital subscriptions. Last week, CBS said it counted five million subscriptions to its CBS and Showtime streaming services, and it plans to add two more stand-alone products, CBS Sports HQ and an offering branded for “Entertainment Tonight.”

Fox Nation, depending on its popularity, may prove more consequential to the country’s political life than the average streaming service.

Fox News already commands the attention of President Trump and many voters in his base. The digital product would bring viewers an additional dose of opinion programming beyond staples like “Hannity” and “Fox & Friends.” Live events, like question-and-answer forums, would encourage more direct interaction with anchors and commentators.

Fox News viewers “value our product so much, they go to hotels and if they can’t have Fox, they send us emails. They go on cruises, and if they can’t have Fox, they send us emails,” Mr. Finley said. “This is a way for us to meet that demand.”

Whether the venture would be a moneymaker is up in the air.

Fox News reaps more than $1 billion in annual profit, providing ample funds to hire a new team for Fox Nation, which is not expected to initially carry advertising. Mr. Finley declined to estimate his start-up costs, and streaming services in conservative media have had a mixed record of success.

The Blaze, a web-only service founded by the host Glenn Beck in 2011 after he left Fox News, struggled to attract interest and eventually morphed into a more traditional network distributed by cable and satellite providers. Bill O’Reilly, who was fired by Fox News in April, started a subscription service on his website that has earned little attention.

Mr. Finley said Fox Nation was not comparable to a personality-driven product. “This is not starting from scratch here,” he said. “Glenn Beck had a ton of viewers when he was here on Fox. When he left, it didn’t seem to me that they followed him. People are loyal to the Fox brand.”

The median Fox News viewer is 65 years old, according to Nielsen, but the network points to its website traffic and heavy presence on Facebook and other social media platforms as evidence that a web-only service can appeal to its audience.

Among Fox News’s main rivals, MSNBC has no stand-alone product. CNN has a streaming service, CNNgo, which offers some free original programming, but it otherwise requires an existing cable or satellite subscription. Jeff Zucker, CNN’s president, said in December that he was considering a digital product for the channel’s “Great Big Story” brand, which is aimed at younger viewers.

Fox News, though, is facing some new competition on its conservative flank. The potential expansion of the Sinclair Broadcast Group may bring more conservative programming to local television stations. Peter Thiel, the technology investor and Trump supporter, is said to be interested in creating a right-leaning media organization based in Los Angeles.

Asked if Fox Nation was a response to pressures from cord-cutting and other industry trends, Mr. Finley said Fox News loyalists “are not cutting the cord anytime soon.”

“I don’t think this is about competing with our rivals. It’s about serving our audience,” he added. “We know who our audience is. We know what they want.”

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China may test digital yuan with foreign visitors at Beijing Olympics

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BOAO, China — China is trying to make it possible for foreign athletes and visitors to use its digital currency during the Beijing Winter Olympics in 2022, a top central bank official said on Sunday.

It could be the first test for China’s digital currency with international users.

Li Bo, deputy governor of the People’s Bank of China (PBOC), also said the aim of the digital yuan or e-CNY (electronic Chinese yuan) is not to replace the U.S. dollar’s dominance on the international stage.

For the upcoming Beijing Winter Olympics, we were trying to make e-CNY available not only to domestic users, but also to international athletes and like visitors.

Li Bo

deputy governor, People’s Bank of China

The PBOC began researching the digital yuan in 2014 and has recently launched a number of pilot projects around China which allow residents of cities including Shenzhen and Beijing to test the currency with retailers. The e-CNY is aimed at replacing cash and coins in circulation and boosting cashless payments in China. It is not a cryptocurrency and not designed like bitcoin.

“For the upcoming Beijing Winter Olympics, we were trying to make e-CNY available not only to domestic users, but also to international athletes and like visitors,” Li said during a panel moderated by CNBC at the Boao Forum for Asia on the island of Hainan.

Li said the Chinese central bank will include “more scenarios and more cities” to test the digital yuan.

The deputy governor said there is no timeline yet for a nationwide rollout of the digital yuan but that the PBOC needs to increase the scope of its pilot projects and “strengthen” the technology infrastructure underpinning the digital currency.

Challenge to U.S. dollar?

Various commentators have suggested that China’s digital yuan could be a way to internationalize the renminbi and also challenge the U.S. dollar as the world’s reserve currency. Much of international commerce happens in U.S. dollars.

But Li reiterated that the PBOC is focused on the domestic use of the digital currency.

“For the internationalization of renminbi, we have said many times that it’s a natural process and our goal is not to replace (the) U.S. dollar or any other international currency,” Li said. “I think our goal is to allow the market to choose and to facilitate international trade and investment.”

A digital Chinese currency red packet is seen on a mobile phone in an arranged photograph as Chengdu city starts to distribute 200,000 E-CNY ‘red packets’ worth 40 million yuan on February 24, 2021 in Yichang, Hubei Province of China.

VCG | Visual China Group | Getty Images

However, the PBOC is working with other central banks — including those from Thailand, the United Arab Emirates and Hong Kong — to explore the use of the digital yuan in cross-border trade.

“Our focus again is that we want to establish a very solid domestic e-CNY first, and build up a healthy ecosystem.  At the same time, working with our international partners. Hopefully, in the long term, we have a cross border solution as well,” Li said.

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Singapore’s DBS bank on financing coal projects, avoiding ‘greenwashing’

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SINGAPORE — Singapore’s largest bank DBS Group Holdings said it’s not practical to cut off clients with coal exposure in the short term.

DBS on Friday announced that it aims to eliminate thermal coal exposure by 2039.

To get there, DBS will cease taking on new clients that derive more than 25% of their revenue from thermal coal with immediate effect. And from January 2026, the bank will stop financing clients with more than 50% of their revenue from thermal coal — except for their non-thermal coal or renewable energy activities.

Explaining the 50% threshold, DBS Chief Executive Piyush Gupta cited how it’s “impossible” to expect energy majors BP, Exxon Mobil and Shell to reduce their oil business significantly in the next five years.

Piyush Gupta, chief executive officer of DBS Group Holdings.

Bryan van der Beek | Bloomberg | Getty Images

“Similarly the whole bunch of conglomerates that we deal with, for whom coal is one part of their business but they’re increasingly trying to do other stuff, they’re trying to build a renewable business, they’re trying to get into other forms of activities,” he told CNBC’s “Squawk Box Asia” on Friday.

“For us to say that we won’t deal with any client if your coal is more than 50% of business becomes very hard and that’s just the practical reality. You do want to help them do the other things, you do want to help them build a wind plant, you do want help them continue and diversify their business, you want to help them in the transition,” said Gupta, who’s a member of CNBC’s ESG Council.

Avoiding ‘greenwashing’

Banks globally have come under pressure by shareholders and lobbyists to stop financing coal and play a larger role in promoting sustainability practices among their clients.

Gupta acknowledged that it’s “very hard” to make sure that businesses are not “greenwashing” — a term used to describe giving a misleading impression of green credentials.

Part of the problem is not having a clear framework to measure how companies are living up to their ESG — environmental, sustainability and governance — targets, said the CEO.

ESG is a set of criteria used to measure a company’s performance in areas ranging from carbon emissions to contributions to society and staff diversity.

“The reality is we rely on our clients in many cases to disclose what they’re doing. I can’t physically go to every mine they have around the world, to every plant they have around the world,” he said, adding that DBS also uses third-party consultants to audit and check on its clients.

As attention on ESG practices grows, disclosure standards will likely improve, said Gupta.

“So while there will be greenwashing at the margin, I think the degree of scrutiny is increasing and that will allow people to get more and more comfortable that what is being done is indeed the right stuff,” he said.

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European Super League announces 12 football clubs, 6 from England

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Trent Alexander-Arnold of Liverpool controls the ball during the UEFA Champions League Quarter Final Second Leg match between Liverpool FC and Real Madrid at Anfield on April 14, 2021 in Liverpool, England.

Shaun Botterill | Getty Images Sport | Getty Images

Twelve of Europe’s leading football clubs have agreed to establish a Super League, despite widespread criticism of the plans.

A statement from the new competition said: “AC Milan, Arsenal, Atlético Madrid, Chelsea, Barcelona, Inter Milan, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur have all joined as founding clubs.

“It is anticipated that a further three clubs will join ahead of the inaugural season, which is intended to commence as soon as practicable.”

Florentino Pérez, president of Real Madrid and the first chairman of the Super League, said: “We will help football at every level and take it to its rightful place in the world. Football is the only global sport in the world with more than four billion fans and our responsibility as big clubs is to respond to their desires.”

The project is being launched to rival UEFA’s Champions League format which currently dominates European football and it comes as UEFA was due to sign off on plans for an expanded and restructured Champions League on Monday.

The new Super League has been criticized by politicians, such as Prime Minister Boris Johnson and Labour Party leader Sir Keir Starmer, as well as former players such as Gary Neville.

Mr Johnson said the new league would “strike at the heart of the domestic game, and will concern fans across the country.”

He added: “The clubs involved must answer to their fans and the wider footballing community before taking any further steps.”

Sir Keir said the plans had ignored the fans, adding: “Football in empty stadiums hasn’t been the same over the last year. I can’t wait to get back to games. But this proposal risks shutting the door on fans for good, reducing them to mere spectators and consumers.

“The clubs involved in this proposal should rethink immediately. And if they don’t, they should face the consequences of their actions. Because football without fans is nothing.”

Former Manchester United defender Gary Neville told Sky Sports: “I’m not against the modernisation of football competitions, we have the Premier League, the Champions League, but I think to bring forward proposals in the midst of COVID and the economic crisis for all clubs is an absolute scandal.

“United and the rest of the ‘Big Six’ that have signed up to it against the rest of the Premier League should be ashamed of themselves.”

Neville added: “They should deduct six points off all six teams that have signed up to it. Deduct points off them all. To do it during a season? It’s a joke.”

UEFA, the FA, and the Premier League are among others to have expressed opposition, saying in a joint statement that they “remain united in our efforts to stop this cynical project”, adding: “We thank those clubs in other countries, especially the French and German clubs, who have refused to sign up to this.

“This persistent self-interest of a few has been going on for too long. Enough is enough.”

The English FA said: “We would not provide permission to any competition that would be damaging to English football, and will take any legal and/or regulatory action necessary to protect the broader interests of the game.”

The Super League competition will see 20 participating clubs – 15 founding clubs and a further five teams able to qualify annually based on their achievements during the previous season.

It will begin in August with clubs participating in two groups of 10, playing home and away fixtures, some during the week, with the top three in each group qualifying for the quarter-finals.

Teams finishing fourth and fifth will compete in a two-legged play-off for the remaining quarter-final spots before a knockout format is used to reach the final at the end of May, which will be staged as a single fixture at a neutral venue.

Club players will be able to continue competing in their national leagues and, as soon as possible after the men’s competition begins, a women’s league will also be launched.

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