FTI Consulting News Bytes – 12 May 2023

This week’s news

Spotify fights against AI-generated music

This week, Spotify cracked down on AI-generated songs that have been flooding the platform in recent months.  Amid complaints of fraud and clutter, Spotify removed tens of thousands of AI-generated tracks created by AI startup Boomy. AI-generated music sites like Boomy allow users to create machine-generated songs that can be released to streaming services and generate royalty payments. Spotify removed 7% of Boomy’s catalogue from the platform because of suspected “artificial streaming”, where online bots pose as listeners to inflate streaming numbers. The crackdown on both artificial songs and streaming comes as the wider music industry speaks out against AI-generated music. With over 100,000 AI-generated tracks being added each day to Spotify, according to the Financial Times, industry giants like Universal Music are calling for streaming services to take a stance against AI-generated music in regards to copyright concerns.

Tech company claims quantum computing ‘breakthrough’

UK-based quantum computing firm Quantinuum claims to have made a breakthrough in manipulating sub-atomic particles, a development that could have significant implications for quantum computing technology. The company asserts that it has successfully controlled and manipulated “quasiparticles,” allowing for more precise measurements and potentially enhancing the stability of quantum computing systems, according to Sky News. The breakthrough is said to be a step towards realising the potential of quantum computing, which has the capacity to perform complex calculations exponentially faster than traditional computers. While further research and development are needed, according to the Independent, this achievement brings hope for advancements in quantum computing and its applications.

Uber says come fly with me

Uber has launched both international and domestic flight bookings on its UK app. UK General Manager Andrew Brem said the move is “the latest and most ambitious step” in the company’s strategy to expand its core ride-booking business. To facilitate the service, the Company has partnered with travel booking company Hopper. Uber will take a small commission from each sale. It is worth noting that this is on top of Uber’s UK offering of taxis as well as coach and train ticket booking. The report which was covered by the Financial Times adds that Uber are planning to expand the flight service in the coming weeks.

Reputation and trust are critical for companies in the digital assets space  

Building trust and managing reputation are crucial in the evolving digital assets market, writes FTI’s Managing Directors, Lena Ahad and Laura Ewart. With the digital assets market projected to reach $103.7 billion by 2027, traditional financial investors and global banks are establishing their own digital asset working groups and trading desks. Payment industries are keeping up with the demand for cryptocurrencies, and regulators are recognising the need for regulatory frameworks to bring order and consumer confidence to this growing market. With the digital assets industry here to stay, companies should focus on developing a clear story, ensuring authenticity and education on their websites and materials, sharing knowledge and demonstrating expertise through traditional media engagement, actively participating in regulatory developments, and amplifying their presence. Read the full blog post here.

Upgrade your commute

Google Maps is bringing its recently launched Immersive View to your travel routes, report the Verge. The new feature, announced as part of Google I/O 2023 on Wednesday, makes it much easier to understand where you want to go. How? Immersive View offers a 3D view of a place and adds information like weather or traffic to give you a better idea of what’s going on at that location. Effectively you get a bird’s-eye view to help you better visualize the landmarks and buildings you might see while navigating somewhere new. You’ll be able to see traffic simulations too. However, you’ll have to wait a while to use it. Google says the feature will arrive in the “coming months,” and it will roll out for 15 cities, including Amsterdam, Berlin, Dublin, Florence, Las Vegas, London, Los Angeles, Miami, New York City, Paris, San Francisco, San Jose, Seattle, Tokyo, and Venice.

Top Tweets of the Week

• Katherine Blunt, Renewables Reporter at the WSJ: NextEra is making a big bet on hydrogen, likely to the tune of $20B. The company played a key role in shaping the new H2 tax credits and is banking on them to drive growth as wind & solar projects become more challenging. But much is uncertain.
• Daniel Kral, Senior Economist at Oxford Economics: Germany is in search of a new growth model, as the previous growth driver – its industry – has been in secular decline since 2018. German industrial output is now down by over 10% relative to 2010-19 trend. No wonder alarm bells are ringing and subsidies are cooking in Berlin…
• David Wallace-Wells, Writer at the NYT: Methane leaks alone from Turkmenistan’s two main fossil fuel fields caused more global heating in 2022 than the entire carbon emissions of the UK, satellite data has revealed

Number of the Week

4.5%  – The new interest rate announced by the Bank of England, after the 0.25% rise announced yesterday – warning it would not hit its inflation target until 2025.

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