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Epic Games Acquires Online Music 🎶 Marketplace Bandcamp
Epic Games is acquiring online music storefront Bandcamp in an attempt to broaden its outreach. The news of the acquisition emerged via press releases from both Bandcamp and Epic without disclosing the financial terms.
Epic Games confirmed the acquisition saying, “Today, we are thrilled to announce that Bandcamp will become part of Epic Games.” It added saying, “Bandcamp will play an important role in Epic’s vision to build out a creator marketplace ecosystem for content, technology, games, art, music and more.”
An announcement from Bandcamp co-founder and CEO Ethan Diamond said, “We share a vision of building the most open, artist-friendly ecosystem in the world, and together we’ll be able to create even more opportunities for artists to be compensated fairly for their work.”
As part of the deal, Bandcamp will keep operating as a standalone marketplace and community but will use the resources of Epic Games to expand internationally and develop better front-end experiences.
In recent years, Epic Games has dipped heavily into the music scene, and this move follows its aggressive steps to become a unique kind of digital media company in the near future.
Ford Motors to Invest $50 Billion 💰 in EV Business by 2026
Ford Motors has announced to increase its investment in the electric vehicle (EV) business to $50 billion through 2026, up from the previous $30 billion investment announcement by 2025.
In addition, the automaker will run its EV unit separately from its legacy combustion engine business, in a move aimed at competing with industry leader Tesla.
The company aims to manufacture over 2 million EVs annually by 2026, which will represent about one-third of the company’s global volume, rising to half by 2030.
Although the EV business of Ford, named Ford Model e, will be split from the company’s internal-combustion engine (ICE) unit, Ford Blue, the two divisions will share technology and “best practices,” the company said.
The two businesses- Ford Model e and Ford Blue will report separate financial results by 2023, it added.
Though several industry analysts expect Ford to spin out its EV business, Ford CEO Jim Farley has not given any indication of it happening any time soon.
“We need the ICE business to generate cash and the EV business to focus on innovation,” said Farley.
Amazon to Shut 🔐 Its 68 Brick And Mortar Retail Stores
Retail giant Amazon is shutting down most of its brick-and-mortar stores in the UK and US after they failed to perform in recent years.
In a major blow to retail stores, the company is closing 68 stores, including its Amazon Books bookstores, its pop-up shops, and its 4-star stores, where customers could shop popular items across Amazon.com.
With these physical locations, Amazon had aimed to reach shoppers in more places and bring its online touch into the real world.
All these retail locations also helped serve as a physical contact point for customers to buy and return Amazon products.
Additionally, these locations also offered lower prices and perks to Amazon Prime subscribers.
Amazon will notify shoppers about the upcoming closures through in-store signage, as the actual closing dates may vary by location.
The retailer said it was working to find new roles for employees impacted, when possible, or offer them severance; however, it declined to specify how many jobs would be cut.
Amazon said it would focus more on its grocery markets and a department store concept going forward.
US SEC Investigating 🔎 The NFT Market Over Possible Securities Violations
The US Securities and Exchange Commission (SEC) is reportedly conducting a probe on non-fungible token (NFT) marketplaces and creators following their involvement in illicit crypto-token offerings, according to the reports.
SEC Chairman Gary Gensler, who is heading the investigation, is probing the activities of NFT marketplaces and creators.
Some anonymous sources in the report claimed that the SEC is investigating whether some NFTs were used to raise money just like traditional securities.
Over the past few months, SEC attorneys have been informed about the matter, who have reportedly sent subpoenas demanding information on specific NFTs and other token offerings. It shows that the SEC is taking a particular interest in how fractional NFTs are being used.
As lawmakers are trying to regulate cryptocurrencies, SEC continues investigations to stop illegal transactions and activities in the market.
Though crypto lending products have been the subject of regulatory scrutiny over the past year, this latest investigation by the SEC marks a significant move of investigation in the NFT sector.
Around the Web 🌐
Ford Motors Sells Electric Scooter Unit Spin: German-based micromobility company Tier Mobility is making a sweeping entry into the North American market by acquiring Spin, the electric scooter unit of Ford. While the companies did not disclose the financial details, Tier Lawrence CEO Leuschner said that it was an all-stock deal.
Interest in Crypto Rising Among Women, Says Survey: According to a recent study by crypto trading platform BlockFi, about 15% of American women aged 15 to 65 are interested in a career in crypto. Even though women investors are growingly interested in crypto and blockchain technology, there is still a significant knowledge gap when it comes to these topics, says the study.
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