Prime Video, Kuiper Have Long-Term Potential for Amazon: CEO Jassy
Amazon is increasingly sure that its Prime Video streaming service "can be a large and profitable business on its own," CEO Andy Jassy wrote in a shareholder letter Thursday. He said that confidence comes from the addition of ads on…
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Prime Video and subscribers' engagement with its exclusive content. The company's ad revenue grew 24% year over year in 2023, said Jassy, with Prime Video and Amazon's Kuiper broadband satellite system "investments that have the potential to be important to customers and Amazon long-term." He said Kuiper remains on track to launch its first production satellites this year. In its 2024 proxy statement, the Amazon board recommended shareholders vote against all 14 shareholder proposals set for this year's annual meeting. Those 14 include proposals that the board create a public policy committee to assist it in overseeing public policy issues including human rights, diversity, renewable energy and charitable giving; commission an independent report assessing the company's due diligence process to determine whether customers' use of its products and services with surveillance and computer vision capabilities contributes to human rights violations; and prepare a report, to be updated annually, disclosing Amazon policies and procedures governing lobbying and grassroots lobbying communications, as well as payments Amazon uses for lobbying or grassroots lobbying communications.