RootMusic is not one of the better known names in the digital music business, but in just 18 months it has built the most popular music app on the world’s largest social networking platform, Facebook.
Pssssst — wanna know a secret? Facebook is feeling the heat from the surprisingly successful launch of Google+. There is vigorous competition from the search-and-advertising giant many assumed couldn’t shoot straight when it came to social media.
Film studios are betting you will.
On Monday Miramax announced a special Facebook app that will allow users to rent, and eventually buy, movies and view them within Facebook. The studio is releasing 20 movies, including Pulp Fiction, Trainspotting and Spy Kids, in its new Facebook app. Users can rent the movies with Facebook Credits, the virtual currency that Facebook has developed for its 750-million user social network, and watch them on their laptop, iPad or TV.
Cisco Systems Inc’s quarterly results edged past Wall Street’s scaled-back expectations as IT spending held up despite fears of a severe pullback, buoying its shares in extended trading. The world’s largest networking equipment maker reported sales of $11.2 billion in the fiscal fourth quarter, surpassing expectations for under $11 billion.
Amazon wowed investors when it reported a 51 percent surge in sales for the second quarter and said revenue for the current quarter would beat expectations. Shares of the e-commerce giant shot up more than 6 percent on the figures in after-hours trade, even though second-quarter net profits fell as the company’s margins continued to be pressured by heavy spending on distribution, technology and digital content.
Customers at an apparent Apple Store in the Chinese city of Kunming berated staff and demanded refunds after the shop was revealed to be an elaborate fake, sparking a media and Internet frenzy. Staff were also angry at the unwanted attention after more than 1,000 media outlets picked up the story and pictures of the store from the BirdAbroad blog. Apple declined to comment on the fake store or others like it dotted around China.