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Texas Governor Greg Abbott on Tuesday signed into law a bill requiring Apple and Alphabet’s Google to verify the age of users of their app stores, putting the second-most-populous U.S. state at the center of a debate over whether and how to regulate smartphone use by children and teenagers. The law, effective on January 1, requires parental consent to download apps or make in-app purchases for users aged below 18. Utah was the first U.S. state to pass a similar law earlier this year, and U.S. lawmakers have also introduced a federal bill. Another Texas bill, passed in the state’s House of Representatives and awaiting a Senate vote, would restrict social media apps to users over 18. Age limits and parental consent for social media apps are among the few areas of wide U.S. consensus, with a Pew Research poll in 2023 finding that 81% of Americans support requiring parental consent for children to create social media accounts and 71% support age verification before using social media. The effect of social media on children’s mental health has become a growing global concern, with dozens of U.S. states suing Meta Platforms and the U.S. Surgeon General issuing an advisory on safeguards for children. Australia last year banned social media for children under 16, with other countries such as Norway also considering new rules. How to implement age restrictions has caused a conflict between Meta, the owner of Instagram and Facebook, and Apple and Google, which own the two dominant U.S. app stores. Meta, along with social media companies Snap and X, applauded the passage of the bill. “Parents want a one-stop shop to verify their child’s age and grant permission for them to download apps in a privacy-preserving way. The app store is the best place for it, and more than one-third of US states have introduced bills recognizing the central role app stores play,” the companies said. Kathleen Farley, vice president of litigation for the Chamber of Progress, a group backed by Apple and Alphabet, said the Texas law is likely to face legal challenges on First Amendment grounds. “A big path for challenge is that it burdens adult speech in attempting to regulate children’s speech,” Farley told Reuters in an interview on Tuesday. “I would say there are arguments that this is a content-based regulation singling out digital communication.” Child online safety groups that backed the Texas bill have also long argued for app store age verification, saying it is the only way to give parents effective control over children’s use of technology. “The problem is that self-regulation in the digital marketplace has failed, where app stores have just prioritized the profit over safety and rights of children and families,” Casey Stefanski, executive director for the Digital Childhood Alliance, told Reuters. Apple and Google opposed the Texas bill, saying it imposes blanket requirements to share age data with all apps, even when those apps are uncontroversial. “If enacted, app marketplaces will be required to collect and keep sensitive personal identifying information for every Texan who wants to download an app, even if its an app that simply provides weather updates or sports scores,” Apple said in a statement. Google and Apple each has its own proposal that involves sharing age range data only with apps that require it, rather than all apps. “We see a role for legislation here,” said Kareem Ghanem, senior director of government affairs and public policy at Google, told Reuters. “It’s just got to be done in the right way, and it’s got to hold the feet of Zuckerberg and the social media companies to the fire, because it’s the harm to kids and teens on those sites that’s really inspired people to take a closer look here and see how we can all do better.” Stephen Nellis, Reuters
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E-Commerce
Shares in Americas publicly traded movie theater chains surged yesterday, the first day of trading after the Memorial Day holiday. Its a holiday weekend that saw moviegoers flock to theaters in droves, snapping up tickets and leading to the best Memorial Day weekend box office in history. Heres what you need to know about the Memorial Day box office and its impact on shares in movie theater companies. Memorial Day box office was the best on record Movies generated a record $326 million at the Memorial Day box office this weekend, a period that ran from Friday, May 23, to Monday, May 26. That four-day haul record was largely fueled by two films. The first was the live-action remake of Disneys Lilo & Stitch, which took in a staggering $192.7 million domestically during the four-day period, according to The Hollywood Reporter. Thats a historic recordthe most any film has ever made over the Memorial Day period. Coming in second place was Tom Cruises latest installment of the Mission: Impossible franchise. Paramounts Mission: Impossible The Final Reckoning took in $79 million domestically over the four-day period, a record for the franchise. In total, Lilo & Stitch made $361.3 million globally during the four-day period, and Mission: Impossible The Final Reckoning took in $191 million globally. But while executives at Disney and Paramount are no doubt lauding the record box office haul for the holiday weekend, executives at Americas publicly traded movie theater chains are also celebratingand so are investors. AMC, Cinemark, and Marcus shares surge Thanks to the record-breaking box office haul over the Memorial Day weekend, shares in movie theater chains in the United States surged on Tuesday, the first trading day after the holiday. Iconic meme stock AMC Entertainment Holdings, Inc. (NYSE: AMC), as well as Cinemark Holdings, Inc. (NYSE: CNK), and The Marcus Corporation (NYSE: MCS) all saw their shares jump yesterday. AMC: up over 23% to $4.01 CNK: up over 3.8% to $33.69 MCS: up over 10% to $18.71 Given how theater attendance has struggled since the pandemic, its little wonder that the stellar Memorial Day weekend period at the box office is giving investors cause for celebration. Many in the industry have worried in recent years that the pandemic triggered a shift in audience habits away from movie theaters and toward their large televisions at home, particularly as streaming has become the de facto king of entertainment. Yet, the weekend box office suggests that if you give audiences movies that resonate with them, they will show up with their wallets at the theater instead of waiting to watch the films at home. This record-setting Memorial Day weekend underscores the long-standing truth that when exceptional films meet unmatched theatrical experiences, audiences respond in a big way, AMC Adam Aron said in a press release. The release also noted that AMC didn’t just see a record-breaking box office. The chain said it also generated record food and beverage revenue this weekend. Concessions, such as popcorn and soda, are a major driver of profits at theaters. Cinemark CEO Sean Gamble also reported records at the chain, noting in a press release, “Cinemark delivered a remarkable over-performance, breaking numerous records across box office and concession revenues. And Greg Marcus, CEO of Marcus Corporation, said the company has high hopes for the rest of 2025, too. “Once again, huge audiences came out for the experience of enjoying these films on the big screen in theatres, Marcus noted. We expect the momentum to continue throughout the summer with an exciting slate of films ahead. That slate of films includes the highly anticipated Superman reboot from Warner Bros; the latest Marvel movie, The Fantastic Four: First Steps, from Disney; and Universals newest installment of the Jurassic Park franchise, Jurassic World Rebirth.
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E-Commerce
Chris Rogers, Instacart’s current chief business officer, is taking over as the delivery giant’s next CEO, the company announced on Wednesday. Rogers, who has worked at Instacart since 2019, will take the helm from Fidji Simo on August 15. Simo, who ushered the company through a successful market debut (stock prices are up 53% since its 2023 IPO) after taking the top spot in 2021, will become CEO of applications at OpenAI. “We chose Chris because the company needs a leader who understands all our partners deeply, has immense operational experience, and can mobilize teams around our vision,” Simo wrote in a note to employees. “Chris knows this company. He helped shape it. And I know Chris will carry our mission forward with conviction, care, and ambition.” Simo previously told employees the top role would be filled by a member of Instacart’s management team. In his current role, Instacart said Rogers “oversees all aspects of the companys commercial operationsincluding retailer relationships and expansions, ad sales and R&D, partnerships, mergers and acquisitions, Instacart Business, and Instacart Healthwith a focus on driving growth at the intersection of brands, retailers, and technology.” Prior to joining Instacart, Rogers spent nearly 11 years at Apple as the managing director for Apple Canada. He also led Apples carrier channel business and the consumer retail business in Canada. Rogers will be tasked with continuing to grow orders despite ongoing macroeconomic concerns. The company reported first quarter financial results earlier this month, posting strong order growth and total revenue. However, its burgeoning advertising segment where food companies pay for placement in the app could see problems as new tariffs and regulations impact the ad spend. Rogers said in a blog post that the company’s strategy and vision wouldn’t change. “Our opportunity is massive, and Im excited to lead this team as we build on our momentum and take Instacart forward,” Rogers said.
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E-Commerce
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