Tech wrap: LinkedIn IPO values firm at over $3 billion
LinkedIn, the social site for business professionals which attracts professionals and job seekers with 100 million worldwide members, is hoping to cash in with a public debut valuing the company at more than $3 billion.
Last week’s trading debut of Renren, one of the biggest social networking companies in China, is another indicator of investor interest in social media companies. Renren’s stock surged 28.6 percent in its May 4 debut.
The tantalizing prospect of finding the next Facebook, Groupon or Twitter is driving the biggest rush of venture capital since dot-com mania first boomed and then fizzled more than a decade ago, writes Jenny Harris and Jennifer Rogers. But characteristics of the current boom do set it apart. Online advertising and e-commerce are accepted as reliable revenue sources and there are more profitable young companies today, Harris and Rogers argue.
Apple overtook Google as the world’s most valuable brand, ending a four-year reign by the Internet search leader, according to a new study by global brands agency Millward Brown. Apple’s brand is now worth $153 billion, almost half Apple’s market capitalization, says the annual BrandZ study of the world’s top 100 brands. “Apple is breaking the rules in terms of its pricing model,” Millward Brown’s Peter Walshe told Reuters. “It’s doing what luxury brands do, where the higher price the brand is, the more it seems to underpin and reinforce the desire.”
Apple and magazine publisher Conde Nast reached a deal to offer the New Yorker on the iPad in the latest sign that relationships are improving between the technology company and content owners. Conde Nast said iPad editions of other magazines will also be available by subscription through Apple’s In-App Purchase system on the popular App Store. Titles including Vanity Fair, Glamour, Golf Digest, Allure, Wired, Self and GQ will be available in coming weeks.
YouTube added more than 3,000 movies for its users to rent starting on Monday, offering a mix of older Hollywood blockbusters, independent and foreign movies for 99 cents up to $3.99 each. Most of the movies on the site are priced around $2.99. The goal for YouTube is to drive more views of its videos which, in a fast-evolving Web content sector, need to offer better production values to compete against paid professional offerings.
Top online group buying site Groupon tied up with Live Nation to launch a new online ticketing deals website that will allow customers to buy tickets to concerts, theaters and other live events at discounted prices. The new site, GrouponLive, timed to launch with the summer concert season, will act as a local resource for Live Nation events and clients of its ticketing business, Ticketmaster, the companies said in a statement.