It has been a long week for most people and Fridays just offer the opportunity to unwind and prepare for the weekend thrills and vibes. Meanwhile, it is best you stay connected to the important happenings in the world of tech.
If you missed these major news and updates this week, don’t worry. We’ve got you covered. Here is a roundup of major Global Tech news from across the world for this week.
A summary of the bulletin: the proprietors of the UK banking app, Dozens have announced that the company is shutting down its consumer operations, citing the domino effect of covid and funding constraints. Plus, Africa saw a new competitor emerge in the video streaming industry as Amazon prime officially launched in Nigeria. And, so much more.
Let us go on now:
Here comes Samsung’s Galaxy Z!
Global telephone manufacturer, Samsung Electronics has launched its newest premium foldable smartphones. The company has also announced that it is pegging the price to what it is last year in a bid to retain its dominance in a developing niche market.
The 5G-enabled top-tier Galaxy Z Fold4 has a 7.6-inch primary screen and it will be sold fro $1,799.99 in the United States. That is the same cost as last year’s models. The smartphone manufacturer also announced that its new clamshell Galaxy Z Flip4 will be sold for $999.99 as well.
Explaining Samsung’s mission to make the latest technology accessible to more people, Samsung Electronics President and Head of Mobile Experience, TM Roh said that foldable phones are transforming and reshaping the mobile market, and Samsung is leading that evolution;
“We’ve effectively changed this category from a daring initiative to a mainstream device lineup enjoyed by millions globally.”
Samsung holds a 62% market share in foldable smartphones in the first half of 2022, followed by Huawei at 16% and Oppo at 3%. Counterpoint forecast Samsung’s share in the second half will be around 80% after the new releases.
Nigeria welcomes Amazon Prime Video
Nigeria has welcomed a newcomer into her video streaming industry with the arrival of Amazon prime video, a global streaming platform that already has large stakes in Europe, America and Asia.
The platform announced the launch of its localized version of its streaming service in one of Africa’s biggest markets, Nigeria this week. The move was in an attempt to boost its subscriber base across the Globe.
The company is ready to fight for market dominance in Africa’s biggest market by increasing its investment in local production, unveiling slates of localized originals and introducing discounted Amazon Prime membership offerings to customers.
In a tweet by its official account, Prime Video Naija, the company said that customers in Nigeria can stream more than 20,000 original TV shows and movies within its ecosystem, such as “The Boys,” “All or Nothing,” “Reacher” and “All the Old Knives.” According to its website, the service will cost ₦2,300/month (~$4) after a seven-day trial.
According to Digital TV Research, an analytics firm, Prime Video has 600,000 subscribers in Africa and might add 1.5 million new subscribers compared to Netflix’s 3 million subscribers in the next four years.
Dozens is shutting down
UK challenger banking app Dozens is to wind up its consumer operations, citing the domino effect of covid and funding constraints.
The fintech firm which claimed to have 60,000 customers and has raised £28 million from Hong Kong-based backers, as well as a £3.5 million crowdfunding round on Seedrs, has informed customers of the decision to shut down in June, giving them two months to transfer their cash to an alternative provider.
In a statement, the firm says:
“Covid hit when we were still a very early stage company. Overnight we lost both investment and B2B deals worth millions of pounds. Our focus immediately switched to survival mode – simply looking after our employees and customers for as long as we could to provide some form of stability at a time when everything was so uncertain.”
The company added:
However, we are now half way through 2022 and the world has changed significantly from the one we launched into in 2019 and the business needs to adapt accordingly.
“The domino effect of Covid means there is less money in the system. Covid has led to supply chain disruption across the world and tech space and in the UK this has been compounded further by Brexit. As people and businesses across all sectors of society are adjusting how they use their money and where it sits, less and less money is being placed in illiquid investments like VC funds.
Within the fintech sector specifically, less money is going into the consumer side of fintech. It’s a great time to be a bank. But while we’re still in the developmental stages of the business and running on an e-money licence, a model which doesn’t rely on lending has less chance of survival.”
That is all for this week. Do enjoy your weekend!
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