Phone Prize

Kanye West talks a big game, but he's backing up the promise he made on Twitter to release a sci-fi short film on seven screens.

Meanwhile, A woman in India decided to divorce her husband based on his Facebook status, while in the U.S. a hapless Facebook user found his status "liked" by an unexpected number of people.

Steve Wozniak signed on to help Aaron Sorkin write about Steve Jobs in an upcoming movie, and Tyra Banks is turning to the Internet to revive interest in "America's Next Top Model."

Kanye Gears Up for Donda Film Debut

Kanye is debuting the movie at the Cannes Film Festival next week.

West first announced his intentions to create the film, as well as the Donda tech collective, on a semi-coherent Twitter rampage, so many people dismissed the idea as a passing whim. The film, called "Cruel Summer," will premiere on May 24-25, and admission is free at Cannes with an RSVP.

It is set in 2016 and, according to its press release, it is inspired by the upcoming G.O.O.D. Music album of the same name.

Facebook Privacy Snafu Inspires Laughs

Ross Brah, a Facebook user who clearly doesn't understand his privacy settings, got the surprise of his life when over 118,000 people "liked" one of his statuses.

This wasn't the work of an ImprovEverywhere troupe, but rather a genuine viral incident. Brah's Facebook status, which contained salty language, questioned how people with whom he had no mutual friends could "like" his status.

Apparently it tickled the fancy of a sizable portion of the Facebook community, because within days the number of people "liking" his status grew exponentially. Hopefully this inspires users to make sure they know how their privacy settings function.

Woz to Advise on Sorkin's Steve Jobs Movie

Apple co-founder Steve Wozniak is supposedly acting as an advisor for the upcoming Steve Jobs biopic penned by "The Social Network" screenwriter Aaron Sorkin. Wozniak will function as an expert on both Jobs and the technical aspects of his rise to fame.

Sorkin told reporters he does not plan on writing a straightforward biopic, but he's not certain exactly what approach he is going to take while writing the film.

As long as he doesn't cast Ashton Kutcher, he'll probably make fans happier than the minds behind the rival Steve Jobs biopic, "Steve Jobs: Get Inspired," an independent film already in production.

"America's Next Top Model" Turns to Online Voting

For the 19th season of "America's Next Top Model," the audience will vote online, the first time the modeling competition will let viewers weigh in on the winner.

After so many seasons, the show is likely looking for a new way to appeal to its Internet-savvy target demographic.

Several cast members from "ANTM" will not join Tyra Banks for the upcoming season, including longtime judges Nigel Barker, J. Alexander and Jay Manuel, so the show may be trying to win back fans unhappy with the shakeup.

Indian Woman Blames Facebook for Divorce

A woman in India filed divorce papers based on her husband's Facebook profile, citing how her husband kept his Facebook relationship status set to 'Single' as a primary reason for the marriage's nullification.

The couple was only married for two months, and the man insists he simply forgot to update his Facebook page amidst wedding preparations.

The woman, an IT professional, sought to divorce her husband in family court, but the judge was not convinced by her reasoning, and ordered the couple to undergo six months of therapy.

The Chat Room: Kanye's Movie Is Really Happening originally appeared at Mobiledia on Fri May 18, 2012 3:46 pm.

Facebook's (NASDAQ: FB) stock started trading for $38 a share, giving the company around $16 billion on opening day. Here's why you should care:

1. It Will Affect Your Privacy

Facebook is an enormously popular website, but how will it translate that popularity into money for investors? The social media giant's biggest asset is its wide collection of personal information, and though the company probably isn't going to risk alienating its user base by doing anything too extreme, it is likely to try to find a way to dip into that resource to increase profits.

As Rep. Ed Markey (D., Mass.) explained, "To respond to the demands of profit-hungry shareholders, Facebook will be under increasing pressure to squeeze revenue from its most valuable asset -- the vast treasure trove of personal information it's collected on users."

But don't worry too much -- any attempts to capitalize on personal information will meet intense scrutiny from lawmakers and consumer groups.

2. It Means More Ads

One of the perceived weaknesses of Facebook's stock stems from the company's inability to monetize its mobile platform. Facebook has yet to find a way to deliver ads to its mobile users, but that is likely to change due to pressure from investors.

Unlike the privacy issue, where any major attempts to plumb the company's data stockpile will almost certainly be met by consumer outrage and legal scrutiny, adding ads to the site is unquestionably legal and probably not going to deter users from logging in, as long as Facebook doesn't adopt a plethora of obnoxious pop-ups.

But even if you aren't bombarded by flashing pop-ups, this IPO will usher forward an era where Facebook is more ad-driven than ever before.

3. It Foreshadows Facebook's Entry Into the Paid-App Game

Besides amping up its ad revenue and possibly exploiting its data trove, Facebook may look to boost profits by introducing more opportunities for users to purchase apps and app ad-ons through a mobile payment system.

According to Bloomberg, Facebook's only source of non-ad revenue comes from people using "Facebook Credits" to buy stuff on FarmVille and other Zynga games. Only a small percentage of users make these purchases, but they still account for 18 percent of Facebook's revenue, suggesting the company has room to expand these services.

If Facebook can get a convenient mobile payment system up-and-running, similar to iTunes or the App Store, it could considerably boost profits.

4. You'll Get a Raw Deal Buying Individual Shares

Wait, you mean you aren't a millionaire trader, but you still want to buy into Facebook? People lining up for individual shares will likely get the short end of the stick, as Facebook is allocating its stocks primarily to "prestige clients," or investment institutions. People who are thinking about dipping their toe in the market because they're fans of Facebook may have to pay more for individual shares, and they will have a hard time getting hold of a substantial amount of the stock.

As stock market analyst Mark Wolff explains, "The IPO allocation is an elite lottery system, where people who don't need to win are invited to play." Meaning: if you want to strike it rich through Facebook, you'll have a hard time getting enough of the stock to do so.

5. You Just Might Make a Fortune... or Lose It All

If you're in a position to buy the stock through a fund, like The Global X Social Media Fund, you may be able to get a bigger chunk than you would if you tried to buy it on your own. That will only make you a fortune if the stock ascends, of course.

You can also tamp down your Facebook-fervor and wait it out, assessing how the stock does over time (and possibly saving money so you can afford a larger purchase) before throwing down for a portion. Then again, tech stocks are notoriously volatile. Will Facebook still be around in five years? Who knows.

5 Reasons Facebook's IPO Matters to You originally appeared at Mobiledia on Fri May 18, 2012 1:54 pm.