Social Reality’s stock price jumps 70 percent after announcing initial coin offering, free streaming television service Pluto TV raises $8.3 million led by Samsung, and Snap and NBCUniversal form studio joint venture.
Social Reality’s stock price spiked more than 70 percent to close at $4.90 a share Tuesday after the marketing software developer announced an initial coin offering, the Business Journal reports. The digital currency the Arts District–based company proposed is called Bigtoken and would be awarded to consumers who share their internet browsing data with advertisers, according to a slide show presentation for equity analysts.
Free streaming television service Pluto TV announced it received a new $5 million investment from Samsung Venture Investment Corp., the venture capital arm of the Samsung Group, and $3.3 million from other investors, the Business Journal reports. Pluto TV’s service offers more than 100 free live channels and on-demand content from TV networks, movies studios, publishers and digital media companies.
Snap, Snapchat’s parent company, formed a 50-50 joint-venture studio with NBCUniversal to bring scripted programming, such as short-form comedies and dramas, to mobile screens, Variety reports. The studio marks a bet by both parties that entertainment for mobile platforms requires a different way of producing content — one they believe traditional Hollywood studios aren’t equipped to do.
Technology reporter Garrett Reim can be reached at firstname.lastname@example.org. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
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