In today's ExchangeWire news digest: digital video content is set to overtake linear TV in the US; EU regulators prepare to investigate Amazon's purchase of Roomba-maker iRobot Corp.; and Reddit faces legal action from the founder of WallStreetBets.
A report from Insider Intelligence has forecast that US adults will spend more time watching content on platforms like Netflix, TikTok, and YouTube than on traditional TV. Published on Wednesday (15th February), the report expects that linear TV viewing will drop to under three hours a day. Digital video, by contrast, is anticipated to reach three hours and eleven minutes.
Insider Intelligence principal analyst Paul Verna said of the findings, "This milestone is driven by people spending more and more time watching video on their biggest and smallest screens, whether it's an immersive drama on a connected TV or a viral clip on a smartphone.”
The EU is gearing up to launch an antitrust case against Amazon over its USD$1.7bn (~£1.4bn) purchase of Roomba-maker iRobot Corp. According to Financial Times, Brussels has sent the USD$1tn (~£827.9bn) company a series of detailed questions about the deal, signalling a formal probe is on the horizon.
According to Financial Times sources, “EU officials are trying to determine how important this deal is to Amazon and how it might use it to combine data it already gathers with Alexa [the company’s voice assistant technology] to gain a competitive advantage.”
The founder of WallStreetBets, a Reddit forum credited for prompting a frenzy of investments in “meme” stocks, is taking legal action against the company over accusations it wrongly banned him from moderating the community.
Jaime Rogozinski claims that Reddit falsely banned him for “attempting to monetise a community”, with the company really ousting him to gain control of "a famous brand that helped Reddit rise to a $10 billion valuation". In a statement, Reddit described Rogozinski’s lawsuit as “another transparent attempt to enrich himself”.
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