Elon Musk's X Developing YouTube Competitor as RBI Restricts Kotak Mahindra Bank

Elon Musk's X is developing a TV app to rival YouTube, aiming to provide a high-quality, immersive video experience on smart TVs. Meanwhile, the Reserve Bank of India has restricted Kotak Mahindra Bank's 811 accounts due to serious deficiencies in its IT systems and risk management practices.

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Elon Musk's X Developing YouTube Competitor as RBI Restricts Kotak Mahindra Bank

Elon Musk's X Developing YouTube Competitor as RBI Restricts Kotak Mahindra Bank

Elon Musk's social media platform X, formerly known as Twitter, is developing a dedicated television app to rival YouTube with its inventive video capabilities. The new app, called the X TV App, aims to bring real-time, engaging video content to smart TVs, providing users with a high-quality, immersive entertainment experience on a larger screen.

The X TV App will feature a trending video algorithm to help users stay updated with tailored popular content, as well as AI-powered topics to organize videos by subject and offer a personalized experience. The app will support cross-device viewing, allowing users to start watching a video on their smartphones and continue on their smart TVs. The user interface of the X TV App will reportedly resemble that of YouTube.

This move is part of X's push to position itself as a 'video-first platform' and attract more creators and users to boost its advertising business. X CEO Linda Yaccarino announced the app's development, stating that it is part of the company's strategy to establish X as a video-centric platform and draw in more creators to publish content on the platform.

While a release date for the X TV App has not been shared, the app is expected to enter the market soon, comparable to YouTube. Initially, the app will be available without ads, but there are plans to monetize it in the future, potentially through partnerships that may include advertising. This initiative aligns with Musk's vision to transform X into an 'everything app' that could also include payment and dating features.

Why this matters: The launch of the X TV App marks a significant milestone in the platform's evolution as it seeks to compete with YouTube in the video-sharing arena. This move could reshape viewing habits and expand X's revenue streams, leveraging its vast user base of over 500 million to promote direct interactions between creators and viewers.

In other news, the Reserve Bank of India (RBI) has restricted Kotak Mahindra Bank's 811 accounts, ordering the bank to immediately stop onboarding new customers through online and mobile banking, and issuing new credit cards. The RBI cited serious deficiencies in the bank's IT systems and risk management practices, stating that the bank's core banking system and digital channels have experienced frequent and significant outages. The restrictions will be reviewed upon completion of a comprehensive external audit commissioned by the bank and the satisfactory remediation of all identified deficiencies.

Meanwhile, the Open Network for Digital Commerce (ONDC) is pitching content-to-commerce to media in India. The ONDC aims to democratize e-commerce by providing a level playing field for small businesses and promoting interoperability among various online platforms.

The RBI's action against Kotak Mahindra Bank highlights the importance of robust IT systems and risk management practices in the banking sector. The restrictions imposed on the bank could severely impact its growth plans, being

Key Takeaways

  • X, formerly Twitter, is developing a TV app to rival YouTube's video capabilities.
  • The X TV App will feature a trending video algorithm and AI-powered topics for personalization.
  • The app aims to establish X as a video-centric platform and attract more creators and users.
  • RBI has restricted Kotak Mahindra Bank's 811 accounts due to IT system and risk management issues.
  • ONDC is pitching content-to-commerce to media in India to democratize e-commerce.