Warner Bros. Developing Free SVOD Service; UK Plans to Regulate BNPL Market

by Hannah Dillon on 15th Feb 2023 in News

In today's ExchangeWire news digest: Warner Bros. Discovery prepares a free, ad-supported streaming service; UK ministers announce plans to regulate BNPL schemes; and the EU launches a new initiative to protect tech start-ups from foreign buyouts.

Warner Bros. to launch free streaming service

Warner Bros. Discovery is reportedly developing WBTV, a free video streaming service to rival Netflix and Disney+. The company recently backed out of merging two of its existing streaming services, HBO Max and Discovery+ over concerns that viewers could jump ship at a renewed subscription fee.

Breaking the news, Bloomberg warned viewers against expecting “Warner Bros. to let its biggest hits leave HBO Max,” with much of its engagement hinging on “a small number of library titles (like Friends).”

UK pledges regulation for BNPL schemes

UK ministers have stated that a crackdown on unregulated buy now, pay later (BNPL) payment schemes will protect around 10 million Brits from making purchases they cannot afford.

The BNPL market has boomed in recent years, with consumers turning to interest-free payment plans to manage purchases during times of economic uncertainty. However, a lack of regulation has sparked concerns that people could pile up significant debt with various providers. Economic secretary to the Treasury Andrew Griffith said that the government intends to bring BNPL schemes to the Financial Conduct Authority and give consumers the right to complain to the ombudsman.

EU launches ETCI to protect valuable start-ups

The European Union has officially launched a new initiative to protect tech companies in the region from being bought out by international investors. The European Tech Champions Initiative (ETCI) will set aside €3.75bn (~£3.08bn) to bolster equity investments for native tech firms, with the ambition of establishing a €10bn (~£8.2bn) pan-European initiative to boost equity investments in European scale-ups.

France’s minister of economy, finance, and industrial and digital sovereignty Bruno Le Maire commented, “This initiative is a striking example of what we can achieve collectively to strengthen [the] EU’s economic and industrial sovereignty.”