Apple May Test Bounds of iPhone Love with $1,000 Model

Apple is expected to sell its fanciest iPhone yet for $1,000, crossing into a new financial frontier that will test how much consumers are willing to pay for a device that’s become an indispensable part of modern life.

 

The unveiling of a dramatically redesigned iPhone will likely be the marquee moment Tuesday when Apple hosts its first product event at its new spaceship-like headquarters in Cupertino, California. True to its secretive ways, Apple won’t confirm that it will be introducing a new iPhone, though a financial forecast issued last month telegraphed something significant is in the pipeline.

 

In addition to several new features, a souped-up “anniversary” iPhone – coming a decade after Apple’s late co-founder Steve Jobs unveiled the first version – could also debut at an attention-getting $999 price tag, twice what the original iPhone cost. It would set a new price threshold for any smartphone intended to appeal to a mass market.

 

What $1,000 bucks will buy

 

Various leaks have indicated the new phone will feature a sharper display, a so-called OLED screen that will extend from edge to edge of the device, thus eliminating the exterior gap, or “bezel,” that currently surrounds most phone screens.

 

It may also boast facial recognition technology for unlocking the phone and wireless charging. A better camera is a safe bet, too.

 

All those features have been available on other smartphones that sold for less than $1,000, but Apple’s sense of design and marketing flair has a way of making them seem irresistible – and worth the extra expense.

 

“Apple always seems to take what others have done and do it even better,” said Carolina Milanesi, an analyst with Creative Strategies.

 

Why phones cost more, not less

 

Apple isn’t the only company driving up smartphone prices. Market leader Samsung Electronics just rolled out its Galaxy Note 8 with a starting price of $930.

 

The trend reflects the increasing sophistication of smartphones, which have been evolving into status symbols akin to automobiles. In both cases, many consumers appear willing to pay a premium price for luxury models that take them where they want to go in style.

 

“Calling it a smartphone doesn’t come close to how people use it, view it and embrace it in their lives,” said Debby Ruth, senior vice president of the consumer research firm Magid. “It’s an extension of themselves, it’s their entry into the world, it’s their connection to their friends.”

 

From that perspective, it’s easy to understand why some smartphones now cost more than many kinds of laptop computers, said technology analyst Patrick Moorhead.

 

“People now value their phones more than any other device and, in some cases, even more than food and sex,” Moorhead said.

 

The luxury-good challenge

 

Longtime Apple expert Gene Munster, now managing partner at research and venture capital firm Loup Ventures, predicts 20 percent of the iPhones sold during the next year will be the new $1,000 model.

 

Wireless carriers eager to connect with Apple’s generally affluent clientele are likely to either sell the iPhone at a discount or offer appealing subsidies that spread the cost of the device over two to three years to minimize the sticker shock, said analyst Jan Dawson of Jackdaw Research.

 

Even Munster’s sales forecast holds true, it still shows most people either can’t afford or aren’t interested in paying that much for a smartphone.

 

That’s one reason Apple also is expected to announce minor upgrades to the iPhone 7 and iPhone 7 Plus. That will make it easier for Apple to create several different pricing tiers, with the oldest model possibly becoming available for free with a wireless contract.

 

But the deluxe model virtually assures that the average price of the iPhone – now at $606 versus $561 three years ago – will keep climbing. That runs counter to the usual tech trajectory in which the price of electronics, whether televisions or computers, falls over time.

 

“The iPhone has always had a way of defying the law of physics,” Munster said, “and I think it will do it in spades with this higher priced one.”

WATCH: Related video report by tech reporter George Putic

Equifax Faces Lawsuits, Investigations After Major Data Breach

The U.S. credit monitoring company Equifax is facing a storm of criticism, lawsuits and investigations after a data breach that may have compromised personal data for about 143 million Americans.

New York state Attorney General Eric Schneiderman announced Friday that his office would formally investigate the data breach, saying that more than 8 million New Yorkers had been affected by the hack.

“The Equifax breach has potentially exposed sensitive personal information of nearly everyone with a credit report, and my office intends to get to the bottom of how and why this massive hack occurred,” Schneiderman said in a statement.

Illinois’ attorney general also opened an investigation into the data breach, and more states are likely to follow suit.

Also Friday, U.S. Representative Jeb Hensarling, a Texas Republican who is chairman of the House Financial Services Committee, said he would call for congressional hearings on the Equifax breach.

Two proposed class-action lawsuits, one filed in Portland, Oregon, and another in Atlanta, Georgia, alleged that Equifax had been negligent in protecting consumer data.

Stock price slides

Investors were also showing their displeasure about the hack by dropping their stock in the company. Equifax’s share price fell more than 13 percent in trading Friday, to $123.32. The decline equates to more than $2 billion in lost market value.

The Atlanta company said Thursday that the hackers had obtained names, Social Security numbers, birth dates and addresses of more than 40 percent of the U.S. population.

“Based on the company’s investigation, the unauthorized access occurred from mid-May through July 2017,” the company said in a statement.

The company said credit card numbers were also compromised for 209,000 U.S. consumers, as were credit dispute accounts for 182,000 people.

Equifax discovered the hack July 29 but waited until Thursday to warn consumers.

Although other cyberattacks have been bigger than this one, such as a data breach at Yahoo last year that affected more than 500 million accounts, this one could be the most damaging because of the type of data collected.

Equifax is one the largest credit-reporting companies in the United States.

Apple Embarks on Emmy Quest With Big Bet on Video Streaming

Television is one of the few screens that has Apple hasn’t conquered, but that may soon change. The world’s richest company appears ready to aim for its own Emmy-worthy programming along the lines of HBO’s Game of Thrones and Netflix’s Stranger Things.

Apple lured longtime TV executives Jaime Erlicht and Zack Van Amburg away from Sony Corp. in June and has given them $1 billion to spend on original shows during the next year, according to a Wall Street Journal report quoting unnamed people.

The programming would be available only on a subscription channel, most likely bundled with the company’s existing Apple Music streaming service. Apple declined to comment.

While $1 billion is a lot of money, it’s a drop in the bucket for Apple and its $262 billion cash hoard. But it’s still enough to vault Apple into the top tier of tech-industry outsiders producing their own slates of television shows.

iTunes came first

Hollywood has long shuddered at the thought of Apple training its sights on TV the way it once did on the music business.

Almost 15 years ago, Apple’s then-CEO Steve Jobs convinced record labels to let the company sell digital music on its iTunes store for 99 cents a single, a deal the music industry was happy to take in the face of growing music piracy enabled by Napster. Over time, though, Apple’s dominance in digital music chafed music executives, who saw the company siphoning off a chunk of their profits.

Movies and television have proven much harder for Apple to crack. The company’s interest in transforming television has been an open secret for years, but Hollywood has so far spurned Apple’s efforts to make itself an indispensable digital middleman for video.

In a way, Netflix beat Apple to the punch with its groundbreaking video streaming service. Launched in 2007, that service pioneered “binge watching” of entire TV seasons on any device with an internet connection. That gave new life to existing shows such as Breaking Bad, whose creator credits Netflix with its survival , and spawned the creation of other series tailor-made for bingeing.

Netflix also helped unleash a crescendo of creativity in Hollywood. Follow-on rivals Amazon and Hulu also boast popular video streaming services, and mainstream broadcasters such as CBS and Walt Disney Co. — the owner of ABC and ESPN, among other networks — are also jumping in.

Pressure to act

All of that has increased the pressure on Apple to step up its game in TV — not least because the increasing popularity of streaming is hurting its business of renting and selling video from iTunes.

Apple “doesn’t want to be left behind,” said Debby Ruth, senior vice president of consumer research firm Magid. “This is a way for them to put a stake in the ground.”

This year, the company released its first two original series, Planet of the Apps and Carpool Karaoke, on its Apple Music service, which has 27 million subscribers. But neither show has generated much buzz or critical acclaim.

The recent hiring of Erlicht and Van Amburg signaled Apple’s intent to make bigger splash. The executives have helped orchestrate several TV hits, including AMC’s Breaking Bad, and more recently branched out into video streaming with The Crown, which landed on Netflix last year and is up for 13 Emmy nominations in this Sunday’s ceremony.

Apple also has a not-so-secret weapon: hundreds of millions of iPhones and iPads already in the hands of faithful fans. It could easily transform those into a marketing platform to lure users to its TV service.

But the company has a steep hill to climb.

Bigger players

 

Netflix has more than 100 million worldwide subscribers and a video library that will add 1,000 hours of original programming this year alone. And HBO has become the Emmys’ pacesetter since branching into original programming 20 years ago.

Both companies vastly outspend Apple’s reported $1 billion production budget. HBO spends about $2 billion annually on its programming, which garnered 111 nominations in this year’s Emmy Awards, more than any other network. Netflix, which boasts the second most Emmy nominations with 91, expects to spend $6 billion on programming this year.

Apple is still experimenting in TV, said Gene Munster, a longtime Apple watcher and managing partner with the research and venture capital firm Loup Ventures.

“In five years, I bet Apple will either be investing $10 billion a year in content or zero,” said Munster. “It’s going to be one or the other.”

Jobs’ legacy

Jobs discussed his ambitions to shake up TV with his biographer, Walter Issacson, shortly before his death in 2011.

“He very much wanted to do for television sets what he had done for computers, music players and phones: Make them simple and elegant,” Isaacson wrote.

But no Apple television ever materialized. Instead, Apple has periodically upgraded its Apple TV, which isn’t a television, just a video streaming player that connects to TVs. That device has been losing market share to other streaming players made by Roku, Amazon and Google, according to the research firm Park Associates.

Building a successful programming lineup could give Apple more leverage to license shows from other Hollywood production houses. It might even embolden the company to finally release its own streaming TV set.

Apple will presumably also want to emulate Netflix’s ability to exploit usage data to determine what it thinks audiences want to watch. Netflix’s data analysis has helped it attract 25.5 million more subscribers in the U.S. alone since the February 2013 debut of its first original series, House of Cards.

But if Apple decides it needs a little more help in video streaming, Munster thinks there’s in 1-in-3 chance that it will buy Netflix to instantly gain the cachet and expertise in TV programming that it craves.

Rwanda’s Largest Solar Field Also Empowers Orphans

In Rwanda, less than 15 percent of the population has access to electricity. In rural areas, it can be as low as one percent.

In order to increase Rwanda’s energy capacity, a 17-hectare solar field with 28,000 panels was constructed in six months in 2014 by private power companies.

It is East Africa’s first large-scale commercial solar field, bringing in 8.5 megawatts of power at its peak — four percent of the country’s total power capacity. The project has brought power to more than 15,000 homes.

“We are living in the world and we have to contribute or to eradicate or eliminate polluting the atmosphere,” said Twaha Twagirimana, plant supervisor for Scatec Solar, which operates the project. “We need energy, and we need clean energy.”

Twagirimana said this investment in solar power is a step toward reducing global warming. Rwanda’s power grid relies heavily on diesel fuel, which is expensive and bad for the environment.

According to Scatec Solar, the solar field reduces carbon dioxide emissions by 8,000 tons per year.

Orphanage land

Private homes aren’t the only ones to benefit from the project. The solar panels are on land owned by the Agahozo Shalom Youth Village.

The choice of the site, about 60 kilometers from the capital, Kigali, was no accident. The rent paid for the land helps vulnerable children and young adults who were orphaned during or after Rwanda’s 1994 genocide.

About 500 young Rwandans live, study and play on the 144-acre residential community.

Mediatilice Kaytitesi, the community’s art center and theater coordinator, says she uses art to help youth cope with their losses.

“It’s something that can help open the mind of the kids,” she said. “Some draw tears, which means they have the tears in their hearts, their wounds. You can see their expressions.”

Pascal Atismani Claudien lost his father in 2006 and his mother in 2010. He said he doesn’t exactly know why they died — just that they were sick.

“When I have a problem, I take a paper and a pencil and draw and that problem goes away. When I have stress, I draw or paint,” said Claudien, who is starting his final year of high school at the village. “And when I am painting or drawing, I feel very happy.”

The Agahozo Shalom Youth Village was modeled after similar ones built for orphans in Israel after the Holocaust. In the Rwandan language of Kinyarwanda, Agahozo means “tears are dried.” In Hebrew, Shalom means peace. 

“The mission was really to help bring back all the children who have lost parents and siblings and everything in their lives, to try to recreate the next best family that these children should have had, had their parents been alive,” explained Jean-Claude Nkulikiyimfura, the youth village’s executive director.

Claudien said he considers it more of a family than a school. “That’s why we call each other brothers and sisters,” he said.

Learning engineering

During his time at the school, Claudien visited the nearby solar panels and learned from the staff about how Rwanda’s largest solar field is positively impacting the country. He, himself, is from a small village with limited access to electricity.

About 50 students also received technical training at the solar field on engineering and solar technology to encourage them to work in green jobs in the future. 

The construction of the nearly $24 million solar field employed more than 350 Rwandan workers.

Gigawatt Global developed the project with early-stage funding from the U.S. government’s Power Africa initiative.

“Rwanda had the right leadership and the right conditions to be really the test case and the positive fruits of concept for the entire sub-Saharan Africa for commercial scale solar,” said Yosef Abramowitz, the CEO and founder of Gigawatt Global.

About 600 million Africans don’t have access to electricity, according to the International Energy Agency.

Rwanda’s government aspires to nearly triple its power capacity by the end of 2018, through renewable power sources like methane, hydro, mini-hydro, peat, thermal and more solar fields. 

In 2016, Rwanda partnered with developer Ignite Power to provide rooftop solar to 250,000 houses by the end of next year. Users will pay about $5 per month for the solar power system in a rent-to-own model.

Efforts like this will go toward the Rwandan government’s goal of bringing power to 70 percent of households.

Abramowitz said he’s convinced “solar is the future of Africa.” His firm wants to replicate this model throughout sub-Saharan Africa, increasing energy capacity while also benefiting the social good.

“There’s every reason in the world — economic, social and political — that solar should be the main generation source of energy on the continent,” he said.

BMW Gears Up to Mass Produce Electric Cars by 2020

Germany’s BMW is gearing up to mass produce electric cars by 2020 and will to have 12 different models by 2025, it said on Thursday, as traditional manufacturers race to catch up with U.S. electric car pioneer Tesla.

Car buyers shunned electric vehicles because of their high cost and limited operating range until Tesla unveiled the Model S in 2012, a car that cracked the 200 mile (322 km) range barrier on a single charge.

Since then, big advances in battery technology and a global crackdown on pollution in the wake of Volkswagen’s diesel scandal have raised pressure on carmakers to speed up development of zero-emission alternatives.

BMW, which launched the i3 electric car in 2013, said it was now readying its factories to mass produce electric cars by 2020 if demand for battery driven vehicles takes off.

“By 2025, we will offer 25 electrified vehicles — 12 will be fully-electric,” Chief Executive Harald Krueger told journalists in Munich, adding the electric cars would have a range of up to 700 km (435 miles).

It marks a significant foray by a major manufacturer into electrification. BMW, which includes the Mini and Rolls-Royce brands and sold 2.34 million cars last year, announced the move on the day smaller rival Jaguar said it would offer electric or hybrid variants of all its models by 2020.

On Wednesday, Nissan unveiled a new version of its Leaf electric vehicle in its latest move to take on Tesla, the U.S. firm co-founded by Elon Musk that sold 83,922 vehicles last year.

Rolls-Royce

Traditional carmakers have been slow to embrace the electric vehicle market because it remains unprofitable, largely due to the cost of batteries which make up between 30 percent and 50 percent of the cost of an electric vehicle.

A battery pack with 60 kWh capacity and 500 km range costs around $14,000 today, compared with a gasoline engine that costs around $5,000. Add to that the $2,000 for the electric motor and the inverter, and the gap is even wider.

But capacity investments into the battery sector may bring down costs of electric vehicles to a “tipping point” when they reach parity with combustion-engine equivalents some time between 2020 and 2030, according to analysts at Barclays.

With cities threatening to ban combustion-engine vehicles or to tax diesel cars more heavily, the total cost of ownership of electric cars could drop below their combustion-engine equivalents, and Europe could become a 100 percent pure battery electric vehicle market by 2035, according to analysts at ING.

The Frankfurt motor show, starting next week, will be used by BMW to unveil a new four-door electric car positioned between the i3 city car and the i8 hybrid sportscar, Krueger said.

“We will be increasing the share of electrified models across all brands and model series. And, yes, that also includes the Rolls-Royce brand and BMW M vehicles,” he said.

German rivals will also be showing electric cars, with Daimler’s Mercedes-Benz brand unveiling the EQA, a concept mass market electric car, Volkswagen taking the wraps off the ID Crozz.

Aside from vehicle cost, a key obstacle to making electric cars popular is the amount of time it takes to recharge, and a lack of charging stations.

London needs to spend 10 billion euros ($12 billion) to get charging infrastructure to a level where retail buyers can practically own an electric car, consultancy AlixPartners has said. Almost none of that spending has been earmarked so far.

($1 = 0.8331 euros)

Poll: Two-thirds of Americans Get Their News from Social Media

A full 67 percent of Americans now report receiving at least a portion of their news from social media, according to a new poll released Thursday.

The Pew Research poll showed a small increase since early 2016, when 62 percent of people said they relied on social media for some of their news. The overall change isn’t particularly substantial, but among some demographics, social media use increased significantly.

Among non-white U.S. adults, 74 percent now say they get news from social media, marking a 10-percent increase over last year when 64 percent said they did. Similarly, among those aged 50 or older, the percentage who said they receive news from social media rose by 10 percent from 2016 to 55 percent.

While Facebook still dwarfs other social media sites in terms of news dissemination, Twitter, Snapchat and YouTube made strong gains in the number of people using the sites for news over the course of the last year.

“Looking at the population as a whole, Facebook by far still leads every other social media site as a source of news. This is largely due to Facebook’s large user base, compared with other platforms, and the fact that most of its users get news on the site,” the report reads.

Twitter showed a 15-percent increase in the number of users who said that’s where they get their news, from 59 percent in 2016 to 74 percent in 2017. The number of YouTube users who get news from the site rose from 21 percent in 2016 to 32 percent in 2017. Snapchat showed a 12-percent gain, from 17 percent in 2016 to 29 percent in 2017.

Dry Jordan Launches Project to Grow Crops From Seawater

Water-poor Jordan on Thursday launched a project using seawater to produce crops with clean energy.

 

Jordan’s King Abdullah II and Crown Prince Haakon of Norway, which contributed most of the $3.7 million cost, inaugurated the facility in the kingdom’s Red Sea port city of Aqaba.

 

Haakon told reporters he was “impressed by the way innovative ideas have been translated into a plant the size of four football fields.”

 

The facility, part of the Sahara Forest Project (SFP), produces “energy, freshwater and food and all this in an arid desert,” he said.

 

The facility, surrounded by rocky desert, uses seawater to cool greenhouses. A solar-powered plant then desalinates the water for irrigation.

 

Inside the greenhouses, pesticide-free cucumbers flourish.

 

The project is set to produce 130 tons of vegetables a year and 10,000 liters of freshwater a day.

 

“This is just the start,” said Joakim Hauge, head of SFP. He said the organization selected Jordan because it has the required abundance of sunlight and seawater.

 

Last month, a report by Stanford University suggested that Jordan, one of the world’s driest countries, could face more severe droughts unless new technologies are applied in farming and other sectors.

 

“Future adaptation to extreme droughts in Jordan will be an immense challenge,” said the report by the university’s School of Earth Science. “The projected negative impacts of more severe droughts of greater duration calls for essential alternatives.”

Tech Leaders Prepare to Fight DACA Decision

They took to Twitter, Facebook and their corporate blog posts. They called their congressional representatives, signed letters and pledged to fight.  

 

This week, many tech industry leaders geared up for battle after the Trump administration announced it was ending the Deferred Action for Childhood Arrivals (DACA) program, which allows people in the U.S. without legal documents to live, work and go to school without fear of deportation.

The fate of young adults who benefited from DACA is a civil rights issue, say tech executives and leaders.

 

However, the lengths to which the tech industry will go to get Congress to act before the program expires in six months remain unclear.

 

Already, some tech executives have pledged not to fire employees who are DACA beneficiaries, even if they lose the legal right to work in the U.S.

 

Tools of political action

 

But there is more the tech industry could do. It could use its very services to put out a call to employees and customers to lobby Congress, something many firms and organizations did in 2012 when they successfully fought anti-copyright piracy legislation.

​Tech companies also could pledge not to disclose personal information collected on their platforms to authorities to help deport people.

While many tech leaders spoke out this week against the decision, it’s not clear how uniform the industry is about how to advocate for DACA beneficiaries.

“They need to go to Washington and sit down with people and say, ‘Get this done,’” said Todd Schulte, president of FWD.us, an advocacy group co-founded by Facebook CEO Mark Zuckerberg. “It is a must-pass legislative item.”

 

DACA before tax reform

 

Some companies have promised to make congressional legislation their No. 1 issue, even putting aside their long-held hopes for tax reform, which congressional leaders pledged to address this fall.

 

Brad Smith, president and chief legal officer at Microsoft, said Congress should pursue DACA legislation before tax reform.

 

“We need to put the humanitarian needs of these 800,000 people on the legislative calendar before a tax bill,” Smith wrote in a blog post.

 

The software giant also is pledging to help with the legal costs of the 39 DACA beneficiaries who it knows work at its company, he said.

Zuckerberg, in a Facebook post, called on people to contact congressional representatives.

 

In an email to employees, Apple CEO Tim Cook said the company would provide help to the more than 250 employees who are in the program, according to CNET.

 

Ads attacking Trump

 

The Emerson Collective, the philanthropic organization run by Laurene Powell Jobs, Steve Jobs’ widow, began airing political ads Wednesday in some cable markets criticizing the Trump administration action regarding DACA.

 

Outside of Silicon Valley, business leaders also were joining the call for action.

Stas Gayshan, managing director of Cambridge Innovation Center, a workspace business in the Boston area catering to entrepreneurs, said he planned to be part of “ramping up pressure to make it clear that these folks are Americans.”

 

“This is a pretty clear assault on what makes our country great,” said Gayshan, who came to the U.S. as a refugee from Uzbekistan when he was nine years old.

 

In Chicago, Rishi Shah, chief executive officer and founder of Outcome Health, a digital health firm currently valued on paper at more than $1 billion, said he was seeing the tech industry move quickly to get Congress to act.

 

“This is not a niche issue for the industry,” said Shah, whose father emigrated to the U.S. from India. “We really see this as a defining moment.”

Facebook: Likely Russia-based Operation Bought Ads During 2016 US Election

Facebook Inc. said on Wednesday it had found that an influence operation likely based in Russia spent $100,000 on ads promoting divisive social and political messages in a two-year-period through May.

Facebook, the dominant social media network, said that many of the ads promoted 470 “inauthentic” accounts and pages that it has now suspended. The ads spread polarizing views on topics including immigration, race and gay rights, instead of backing a particular political candidate, it said.

Facebook announced the findings in a blog post by its chief security officer, Alex Stamos, and said that it was cooperating with federal inquiries into influence operations during the 2016 U.S. presidential election.

The company said it found no link to any presidential campaign. Three-fourths of the ads were national in scope, and the rest did not appear to reflect targeting of political swing-states as voting neared.

Facebook did not print the names of any of the suspended pages, but some of them included such words as “refugee” and “patriot.”

 

Even if no laws were violated, the pages ran afoul of Facebook requirements for authenticity, setting up the

suspensions.

More than $1 billion was spent on digital political ads during the 2016 presidential campaign, 10,000 times the amount identified by Facebook’s security team.

But the findings buttress U.S. intelligence agency conclusions that Russia was actively involved in shaping the election.

Facebook previously published a white paper on influence operations, including what it said were fake “amplifier” accounts for propaganda, and said it was cracking down.

As recently as June, it told journalists that it had not found any evidence to date of Russian operatives buying election-related ads on its platform.

A Facebook employee said Wednesday that there were unspecified connections between the divisive ads and a well-known Russian “troll factory” in St. Petersburg that publishes comments on social media.

Beyond the issue ads, Facebook said it uncovered $50,000 more in overtly political advertising that might have a link to Russia. Some of those ads were bought using the Russian language, even though they were displayed to users in English.

40 Years After Launch Voyager 1 Still Sending Data

Forty years ago, as President Carter was spending his first year in office, NASA launched two spacecraft hoping to learn about Jupiter, Saturn and Saturn’s moon Titan. But beyond all expectations, Voyager 1 and Voyager 2 are still communicating. VOA’s George Putic reports.

Facebook’s Pricey Cricket Bid Shows Appetite for Big Sports Events

Facebook’s $600 million losing bid to buy the streaming rights to a hugely popular cricket tournament in India shows the social network is willing to spend big bucks for high-profile sporting events to keep users engaged on its platform.

Facebook on Monday emerged as the highest bidder for the rights to stream the Indian Premier League (IPL) through 2022, but lost out to Twenty-First Century Fox’s Star India, which bid $2.55 billion for the television and streaming rights combined.

Cricket is the most popular sport in India and the IPL is watched by more than a billion people worldwide. The tournament began in 2008 with franchise owners including movie stars and India’s richest man.

The bid by Facebook also highlights the company’s efforts to accelerate its push into video as it tries to take advertising dollars from television and increase the time people spend on its platform. Facebook currently offers live video from a number of news publishers as well as its users.

“[Facebook’s bid] is still significant because it’s such a large amount of money in a market that’s still nascent,” Pivotal Research Group analyst Brian Wieser said. “It clarifies that they intend to be a real player in traditional premium video content.”

With a cash pile of $6.25 billion, Facebook will have even more shots at bidding for live sporting events as it seeks to keep people glued to its expanding media network.

Facebook kicked off live-streaming sports events about a year ago with a soccer match between Manchester United and Everton. It has since streamed basketball, baseball and more soccer matches.

Another significant deal for Facebook was its agreement with Major League Baseball in May to live-stream 20 games this season.

However, the social network lost out to Amazon.com in April for the highly coveted rights to stream 10 U.S. National Football League (NFL) games this year.

Amazon agreed to pay the NFL five times the amount Twitter had spent on the rights last year, which was reported to be $10 million, a source told Reuters at the time.

Facebook was also competing with Twitter and Snapchat parent Snap to score the online rights to video highlights from Fox for next year’s soccer World Cup, Bloomberg reported in July.

Facebook might also eye other big events such as the Olympics or the soccer World Cup, the world’s most viewed sports event, Tigress Financial Partners analyst Ivan Feinseth said.