NEWS

Meta’s Threads Surpasses 100 Million Users in Just Five Days, Driving Stock Higher

Published

2 years ago

July 14, 2023

Meta Platforms, formerly known as Facebook, experienced a significant surge in its stock price as its new social media platform, Threads, attracted over 100 million users within a mere five days of its launch. The impressive growth rate of Threads, often likened to Twitter, has caught the attention of investors and industry observers alike.

CEO Mark Zuckerberg shared the exciting news on Monday, stating that the impressive number of sign-ups was primarily driven by organic demand, without the need for extensive promotional efforts. Meta has yet to fully unleash the platform’s promotional potential, hinting at further growth opportunities.

According to data from Quiver Quantitative published on Monday, Threads achieved the 100 million milestone, making it one of the fastest-growing apps of its kind. In comparison, it took OpenAI’s ChatGPT, supported in part by Microsoft, nearly two months to reach the same milestone.

The market responded positively to this news, with Meta’s stock rising by 1% in early Monday trading, while the Nasdaq experienced a minor decline of 0.21%. Meta shares were valued at $293.24 each, reflecting the enthusiasm surrounding Threads’ success.

Despite the rapid user growth and the attention it has garnered, Threads is not expected to have an immediate impact on Meta’s revenue. However, KeyBanc Capital Markets analyst Justine Patterson estimates that Threads, which already accounts for approximately one-third of Twitter’s active user base, could contribute between $800 million and $6.7 billion to Meta’s overall revenue in 2024.

Regulatory challenges have arisen for Meta in the form of the European Digital Markets Act rules, preventing Threads’ launch in the European Union. Given Meta’s recent legal setbacks involving the handling of user data for targeted advertising, the company is unlikely to challenge this restriction.

CFRA senior equity analyst Angelo Zino believes that despite the exclusion from the EU initially, the growth of Threads is expected to be exponential in the coming months. Zino maintains a positive outlook on Meta’s stock, holding a ‘buy’ rating with a $350 price target.

The launch of Threads followed controversial changes made to the Twitter platform, including limitations on the number of tweets users can see daily. These changes were implemented by Elon Musk, Twitter’s controlling owner, in an effort to combat data scraping and system manipulation on the microblogging website.

New Twitter CEO Linda Yaccarino, who joined the company from NBCUniversal, expressed the need for significant changes to strengthen the platform. Meta, on the other hand, has capitalized on its vast user base of 3 billion across platforms like Facebook, Instagram, and WhatsApp to fuel the growth of Threads.

In conclusion, Meta’s Threads has made an impressive debut, attracting over 100 million users within a short span of five days. The success of Threads, coupled with Meta’s existing user base, holds promise for the social media giant, although immediate revenue impact is not expected. Investors and analysts remain optimistic about the platform’s growth potential and its ability to diversify Meta’s revenue streams.

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NEWS

EeZee Tee Refutes Apostle Anselm Madubuko’s Claims, Reaffirms Transparency and Catalogue Ownership

Published

3 months ago

January 21, 2025

Baba Blow

EeZee Tee Refutes Apostle Anselm Madubuko’s Claims, Reaffirms Transparency and Catalogue Ownership

Mercy Chinwo former label EeZee Conceptz has issued an official response to Apostle Anselm Madubuko’s press statement, rejecting claims of financial impropriety and non-cooperation during mediation efforts in its ongoing dispute with former artist Mercy Chinwo.

The label has strongly reaffirmed its transparency, contractual compliance, and rightful ownership of the music catalogue created during Mercy Chinwo’s time with the label.

In its response, EeZee Conceptz highlighted key inaccuracies in Apostle Madubuko’s account of events, asserting that the mediation process has been hindered by bias and misrepresentation of facts.

According to EeZee Conceptz, while the Apostle’s press statement attempts to frame the dispute as a financial issue, the real contention has always been the ownership of master rights.

“At the mediation meetings, the artists demanded the transfer of master rights to them, despite the clear terms of their contracts, which state that the music catalogue is owned by the label in perpetuity. These demands are not only legally unfounded but also go against the principles of fairness and respect for agreements,” the label stated.

The label emphasized that the artists are entitled only to royalties from the catalogue, which have been transparently accounted for.

“No funds were diverted by EeZee Conceptz. This entire campaign against the EeZee Tee is an orchestrated attempt to forcefully claim ownership of the music catalogue we fully funded and produced. This is a clear violation of the contract terms that both parties agreed to,” the statement added.

EeZee Conceptz also addressed allegations by Apostle Madubuko that it failed to cooperate with the audit process. According to the label, it submitted its financial records to Judikay’s personal auditors to commence the process but faced roadblocks when Apostle Madubuko stopped responding to follow-up attempts to schedule meetings for appointing mutually trusted auditors.

“Contrary to the Apostle’s claims, I personally called him several times, sent messages, and even visited his house twice in an effort to reschedule the meeting for appointing new auditors. He assured me he would revert, but to date, I have received no response,” said EeZee Tee, CEO of EeZee Conceptz.

The label further revealed that it endured undue hardship during the dispute, including the nine-day detention of its CEO in Ilorin, during which all personal and corporate accounts were frozen.

However, after extensive investigations into its books, no evidence of financial misconduct was found.

“Despite the ordeal I faced, including losing access to my family and business operations during my detention, our records were thoroughly investigated, and no wrongdoing was discovered. This is a testament to the transparency and integrity with which EeZee Conceptz operates,” the EeZee Tee stated.

EeZee Conceptz expressed disappointment in what it described as Apostle Madubuko’s biased handling of the mediation process.

“When men of God are entrusted with resolving conflicts, they must approach the matter with fairness, impartiality, and a commitment to truth.

Unfortunately, Apostle Madubuko has allowed bias to cloud his role, making false claims and failing to address breaches on the part of the artist,” the label said.

The label cited examples from the first mediation meeting, where it raised issues of one of the artists boycotting scheduled events and diverting funds to personal accounts in breach of her contract. According to EeZee Conceptz, the Apostle failed to address these breaches, further questioning the neutrality of the process.

Despite the ongoing challenges, EeZee Conceptz reiterated its commitment to fairness, integrity, and adherence to contractual agreements.

“Throughout our history, EeZee Conceptz has provided periodic financial reports to all our talents, ensuring full transparency. We remain steadfast in our commitment to uphold justice, protect the integrity of our contracts, and defend the investments we have made to support gospel creatives. We trust that the truth will ultimately prevail,” the label concluded.

Background

The dispute between EeZee Conceptz and Mercy Chinwo has gained significant public attention, centered around claims of unpaid royalties, fund diversion, and disagreements over the ownership of master rights.

In a press statement dated January 18, 2025, Apostle Anselm Madubuko detailed his involvement as a mediator, accusing EeZee Conceptz of various wrongs.

The label, however, has denied these allegations, maintaining that the real issue lies in attempts to unlawfully claim ownership of its music catalogue.

The label also revealed that its CEO, EeZee Tee, was detained for nine days during the dispute, during which its accounts were thoroughly investigated, and no wrongdoing was discovered.

The dispute has seen several failed mediation attempts, including multiple sessions where the focus shifted to the demand for master rights. EeZee Conceptz has maintained that it owns the catalogue in perpetuity and is only obligated to pay royalties to the artist under the terms of their agreement.

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NEWS

Prophet Jeremiah Fufeyin’s Generous Act: Donates Over 30 Million Naira to Help Alleviate Soaring Food Prices in Nigeria (Watch Video)

Published

12 months ago

April 11, 2024

Baba Blow

Billionaire prophet and General Overseer of Christ Mercyland Deliverance Ministry in Warri, Delta State, Prophet Jeremiah Fufeyin, has given out over N30 million in charity to reduce the current economic crisis faced by the masses.

In a viral video on social media, Fufeyin, known for his philanthropic gestures, was seen giving out wads of cash to church members to ameliorate the rising price of food items in the country.

The humanitarian effort has caught the attention of netizens, capturing the hearts of many amid the current challenging times.

Fufeyin has emerged as a beacon of hope by extending a remarkable gesture of kindness towards struggling church members even as he stressed the need for well-meaning Nigerians to help assuage the challenges of the masses.

This spontaneous and substantial donation not only alleviated immediate concerns but also underscored Fufeyin’s deep empathy for those affected by economic hardship.

The response to Fufeyin’s act of benevolence has been overwhelmingly positive, with Nigerians taking to social media platforms to commend his compassion and selflessness. Amidst a climate of economic uncertainty and rising living costs, Fufeyin’s initiative has resonated deeply, sparking discussions about the importance of generosity and communal support during trying times.

Fufeyin expressed his motivation for the donation, citing a desire to alleviate the suffering of his church members and fellow Nigerians in tangible ways.

He emphasised the necessity of collective action in addressing societal challenges and urged others, particularly those in positions of influence, to contribute towards uplifting the less fortunate.

The impact of Fufeyin’s philanthropy extends beyond financial assistance, serving as a powerful reminder of the potential for positive change when individuals leverage their resources for the greater good of all.

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Entertainment

Big Dreams, is set to release his debut Single’s , ‘Vanity & Painful On January 26th

Published

1 year ago

January 19, 2024

Baba Blow

Delta State Born Singer, Big Dreams, is set to release his debut album,My Way ‘,’Coming Soon.

With they announcement of his two singles which are set to be released on 26 January 2024.

In the digital era of Afrobeats, the music superstar, Big Dreams, has established a name for himself thanks to a succession of great singles and collaborations.

They man of they moment has done great works, therefore this album will set a pathway to Greatness.

The musician made this announcement via his Twitter account. He characterized the album as everything he desires and all he stands for.

Post Views: 8,775