The 11th Hour Dispatch – Thursday, May 10, 2018

| May 10, 2018

Subscribe to The 11th Hour Dispatch, Karma’s new anti-newsletter newsletter.

BINGE WATCH

Budgets for Facebook Watch’s upcoming news shows reportedly range anywhere between $1 million and $10 million. For daily news programming, budgets range from $5 million to $10 million while weekly shows are on the lower $1 million to $2 million end. Facebook Watch’s head of news partnerships Campbell Brown is working with a $90 million budget to create around six shows featuring major news anchors and journalists. These shows will be linked to a breaking news section and a daily newscast featuring news videos from publishers, which Facebook has spurned after its much-discussed algorithm change. Both digital and traditional news networks have been pitching shows for the effort including BuzzFeed, CNN, and Vox Media. Shows are set to debut this summer, so I hope Facebook has had time among all its issues to pump out some news content.

YOUNG MONEY

Popular trading app Robinhood has secured $363 million in Series D funding, bringing its valuation to $5.8 billion. This nearly quadruples its previous $1.3 million valuation from its Series C. Robinhood claims that it manages 4 million accounts and has moved more than $150 billion in trades. Though Robinhood is mostly known for its fee-free stock trading and, as of recently, free Bitcoin and Ethereum trading, it makes most of its revenue from Robinhood Gold, which gives users special features like after-hours trading and stock purchases on margin. The booming company will use this latest injection to increase customer service efforts and add hires for its engineering teams.

BIG BUSINESS

Social publishing site Medium has withdrawn its paywall feature, sending several independent media outlets into a tailspin. The two-year program allowed media companies to run paywall subscription services through its platform. Medium reportedly contacted the 21 remaining partners in the last week of April, giving them just a week to reassess after learning they would be losing a revenue stream. At least one publication, Boston Institute for Nonprofit Journalism, reported that they did not receive this email and that the shutdown came from out of nowhere. The website reports that this shutdown is a result of Medium’s introduction of its own $5 per month subscription product, which gives access to all Medium content. This is a big hit for many media outlets on the platform, one of which is Electric Literature, a publisher that reportedly pulled in $25,000 in income each year from this feature. Get ready for all those piping hot Patreon links!

COLORING OUTSIDE THE LINES

This SoHo high rise cleans the air kind of like a giant metal tree. The new building at 570 Broome Street. uses 2,000 square meters of the material Neolith which has been treated with Pureti, a titanium dioxide nanoparticle-based treatment that changes the chemical makeup of air surrounding it. Pureti is hygroscopic, which means that it rejects dirt and water. It is also photo-catalytic, which means it converts pollutants like greenhouse gases into “benign nitrates,” which essentially become nothing more than water and minerals. 6,000 square meters of Pureti-treated materials reportedly remove around one ton of nitrogen oxide from the air per year. For a building the size of 570 Broome Street, that equates to the effect on the Manhattan air if 2,000 cars suddenly disappeared. 

NOTHIN’ BUT ‘NET

If you’ve ever wondered how much of your life you’re burning watching Netflix Originals, you’re in luck

Want more news like this? Subscribe to The 11th Hour Dispatch to get the newsletter you want, need, and deserve in your inbox every night.