Amazon Faces Streaming Pressure and Innovates with ZeroOne

Amazon ( (AMZN) ) has been popular among investors this week. Here is a recap of the key news on this stock.

Amazon is facing pressure to address the issue of pirate streaming, which is reportedly costing broadcasters and sports associations billions of dollars annually. Media analysts have highlighted that a significant portion of premium sports and television viewership comes from pirated feeds, with devices like Amazon’s Fire Stick TV being implicated as a major source of illegal streaming. In response, Amazon has stated its commitment to prohibiting the sale of illicit streaming devices, but broadcasters like Sky are calling for more decisive action from tech platforms and governments to curb this ‘industrial scale theft.’

In a separate development, Amazon has launched a new team called ZeroOne, aimed at innovating new consumer products. Led by J Allard, a former Microsoft executive, the team is focused on creating new hardware and software products, with hints at smart-home innovations. Despite these forward-looking initiatives, Amazon has also made cuts in its devices and services division, laying off around 100 employees. However, the company maintains that these layoffs represent a small fraction of its workforce. On the stock market, Amazon continues to receive strong buy ratings from analysts, with a projected price target suggesting a potential 17.4% upside.