Fullscreen acquires Reelio; Facebook data breach bigger than initially reported; Spotify opens at $30 billion.
Fullscreen has acquired Reelio, an influencer-marketing platform described by its investors as “the Match.com of brands and creators on YouTube,” Variety reports. Financial terms of the deal were not disclosed. The acquisition is designed to build out Fullscreen’s portfolio of services for brands to reach digital creators popular among younger audiences. Founded in 2012, Reelio has $8 million in funding and 50 employees, all of whom will be joining Fullscreen.
Facebook said nearly 80 million users had personal information improperly shared with political consulting firm Cambridge Analytica, a significant increase from the previously reported figure of 50 million, the LA Times reports. Most of the affected accounts were in the U.S., Facebook said in a blog post, which also detailed the company’s new policies on access to user data. Cambridge Analytica acquired the data through a psychology professor whose Facebook quiz app collected information from the nearly 300,000 people who downloaded his app, as well as their Facebook friends. The professor broke Facebook rules by sharing information with Cambridge Analytica, which was working with the Donald Trump presidential campaign and reportedly used the data to identify swing voters.
Spotify Technology made its debut on the New York Stock Exchange on April 3, opening at $165.90 per share after taking an unusual path to their first day of trading, the Hollywood Reporter reports. The New York Stock Exchange had on April 2 set a so-called reference price of $132 for Spotify's shares. After a price discovery period that lasted several hours, the stock opened at around 12:45 p.m. ET. Its significantly higher share price, up nearly 26 percent over the reference price, gave it a market capitalization of $30 billion.
Technology reporter Eli Horowitz can be reached at email@example.com. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.