đ¶e8: You Want The News? Youâre Going To Have To Pay!
đ¶e8: You Want The News? Youâre Going To Have To Pay!
đ Good Morning and Happy Sunday! Welcome to the e8 newsletter, a hand-picked collection of business and start-up news, resources for entrepreneurs, job/internship postings, and noteworthy trends that are happening this week! I hope you find this weekly newsletter informative and engaging!
Business/Start-Up News
đ° You Want The News? Youâre Going To Have To Pay!
Remember when people would get their daily news by way of a local newspaper stand or a little box requiring a 50 cent deposit? Oh, the good olâ times. I canât even remember the last time I saw someone reading their morning post at the coffee shop. (Well, hopefully itâs because now they just reading that e8 ;)) With the Fourth Industrial Revolution, itâs become common place to get our news and magazines delivered straight to our devices. Thereâs almost always a free way to read something off Google. But, if youâre living in Australia, it seems things are about to change! Tech giant Google has threatened to shut down services in the country if Australiaâs proposed law isnât amended. Letâs dive deeper into what this means!
Whatâs the Law?
As big tech keeps pocketing traffic from their search engines (ad revenue and site visits), it is no news that media companies want a piece of the pie. Australia is at the forefront of setting new precedents for how publishers should be compensated for their releases on Google (and Facebook). What makes the proposed law scarier for both companies as well as the publishers is that during the three month of negotiation period between Australia's Parliament and big tech, if there is no agreement reached, an independent arbitrator will finalize the decision about their compensation packages. So what are these Media Companies exactly getting paid for? âGoogle would have to pay publishers for links to news articles that appear in search resultsâ according to the WSJ. Â
Evâs Take
This isnât the first time the tech giants have threatened to pull out over a proposed law. Remember what happened over in Uber and Lyft vs CA? While laws are laws, remember big tech giants are big tech giants and they wield a lot of power. Last year, Facebook and Google stated they would shut down their services in Australia if these laws were passed. What could this mean? Well, while it would suck not being able to rely on Facebook for birthday reminders, just think about all of the small businesses that rely so heavily on the platforms given to them by Facebook and Google. They would be SCREWED and this could have a significant effect on the economy. So, a compromise is likely bound to happen.Â
Although a compromise is what weâre most likely expecting, what could happen if both sides start getting hard-headed? Well, it could get messy real fast⊠Assuming the law is ratified with its current terminology, Google and Facebook could play to stall until the independent arbitrator step where they would be able to threaten a shutdown of their services again, leaving Australia in an awkward position. Now if the tech bros do manage to find a compensation plan with publishers, could this open a wormhole for other countries and publishers to start demanding compensation for their journalism? Last year, we did hear that both Google and Facebook started paying out cash to certain publishers and news organizations to license their headlines and news summaries, but is Australia pushing it one step further?
All in all, I do think it is only fair for these billion dollar corporations to share their profits. I mean, without media outlets, would there be as much traffic on these sites? In all actuality, they would prob take a big hit in revenue. With that being said, I have high hopes especially as we start to see these large tech giants make deals with certain publishers globally.Â
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đ When SPACs Attack! A New Force Is Invading Wall Street.
đŒ Jobs/Internships
New York
Production Intern (Discovery Communications)
Private Equity Intern (Star Mountain Capital)
Creative Services Intern (HBO)
Data Engineering Intern (Squarespace)
Investment Banking Summer Intern (Stout Risius Ross, Inc.)
Corporate Banking/Global Credit Summer Analyst (RBC) / 2022
Los Angeles
Corporate Banking/Global Credit Summer Analyst (RBC) / 2022
Private Equity Business Development Intern (Gallant Capital)
Summer Intern (TCW)
Respawn Analytics Intern (Electronic Arts)
Production Strategy Intern (Amazon)
San Francisco
Technical Writing, Mulesoft Intern (Salesforce)
Software Development Intern (Amazon)
Social Media Intern (DocuSign)
Engineering Intern (Stripe)
Chicago
Information Technology Intern (PepsiCo)
Remote
Marketing Intern (Amazon)
Data Analyst Intern (Red Hat Software)
Max Content Strategy Intern (HBO)
đ· Fresh Finds
đŻThank You For Reading, See You Next Week!
What's up, my name is Evan Hiltunen! I am a recent finance grad from Indiana University and financial analyst @ Goldman Sachs. I have a strong passion for start-ups, finance, and technology, and I hope you find this newsletter informative!
Iâd love your feedback - feel free to email me at thee8newsletter@gmail.com
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