✈️ Spirit Airlines Files For Bankruptcy

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

• Spirit Airlines files for Chapter 11 bankruptcy

• ElevenLabs now lets you build conversational AI agents

• Substack remains in loss despite writer popularity

Let’s dive in!

STORIES MAKING A SPLASH

^_BUSINESS
Spirit Airlines files for Chapter 11 bankruptcy

Spirit Airlines filed for bankruptcy protection on Monday, citing rising losses, crippling debt, and intense competition for budget-conscious travelers. Despite this, the airline assured customers that flights will continue without disruption and all tickets, credits, and loyalty points remain valid.

The airline plans to emerge from bankruptcy in early 2025 with reduced debt and improved financial flexibility, aiming for long-term success. Spirit has secured an additional $300 million from creditors to support operations during the restructuring.

However, Spirit's future remains uncertain. It could be acquired by another airline or, in a worst-case scenario, liquidate. Spirit employs nearly 13,000 workers and owes $136 million to the U.S. Treasury, stemming from pandemic-era loans to help airlines stay afloat during travel restrictions.

^_AI
ElevenLabs now lets you build conversational AI agents

ElevenLabs, a startup known for AI voice cloning and text-to-speech services, has launched a new feature allowing users to create conversational AI bots. The platform enables customization of key elements like tone, response length, and voice style.

Previously focused on text-to-speech tools, ElevenLabs expanded its offerings after noticing many clients using its technology to build conversational agents. The company developed a full pipeline to address challenges like integrating knowledge bases and managing customer interruptions, streamlining the bot creation process.

Users can create bots by logging into their ElevenLabs account, selecting templates, and customizing language, persona, and response settings. Developers can also choose the underlying language model (Gemini, GPT, or Claude) and adjust factors like response creativity, conversation length, and authentication criteria.

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Substack remains in loss despite writer popularity

Substack, despite attracting top independent writers and massive digital subscriber bases, remains unprofitable. Hamish McKenzie, co-founder of Substack, told The New York Times the platform could choose profitability but is prioritizing growth and investment in its future.

In April 2023, Elon Musk reportedly offered to acquire Substack and suggested making CEO Chris Best the head of a combined company, but Best declined. Substack has long maintained it could turn a profit quickly if desired, with Best emphasizing the company’s focus on growth and investment rather than immediate profitability.

To strengthen its business, Substack has raised funds from writers, launched a Twitter competitor, Notes, and increased focus on political content. Mehdi Hasan’s political outlet, Zeteo, has performed well, generating about $3.9 million annually.

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Why edge computing matters

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How Web3 is transforming entertainment

The entertainment industry is entering a bold new chapter with Web3 🎥 Built on blockchain technology, Web3 promises to disrupt traditional models of content creation, distribution, and engagement

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THE WAVES

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More Stories Surfing The Web

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