Benzinga - by Zaheer Anwari, Benzinga Contributor.
- Amazon Fire TV Sticks are being modified for illegal streaming.
- Users of modified devices can face up to ten years in jail and fines up to £50,000.
- Amazon is facing challenges with its stock performance, with a significant drop followed by signs of recovery.
These devices, meant for watching legal content, are now often modified for illegal streaming. This has led to a growing black market, causing big legal and economic issues.
In the UK, the government is stepping up actions against illegal streaming, including high-profile raids and the possibility of searching homes. Those caught face severe legal consequences.
Those using devices like hacked Amazon Fire TV Sticks for piracy can face fines and up to ten years in jail. The crackdown isn't just on those who distribute pirated content but also on viewers of illegal streams, with fines reaching up to £50,000.
This shows how serious the authorities are about fighting piracy. The goal is to discourage illegal streaming and encourage people to use legal streaming services, which are safer and within the law.
As the fight against illegal streaming gets tougher, with Amazon devices being at the centre of these events, they are also dealing with their own set of challenges that aren't related to its streaming devices.
The company's stock is currently encountering a significant obstacle. It struggled to break the $188 resistance level, a peak that was initially formed back in July 2021. The stock then fell 57%, hitting a low of around $80 in January 2023.
Despite this, the stock showed resilience and started to recover, crossing the $100 major resistance level by March 2023 and keeping up a bullish momentum.
By April and May 2024, Amazon's stock tried several times to get past its previous all-time high of $188. This level has been tough to break, but the repeated efforts to pass it show that investors are optimistic.
For the stock to keep up the long-term bullish momentum, it needs to not only go beyond $188 but also show a consistent pattern of setting higher highs and lower lows, confirming a strong ongoing trend. Then surpassing the $200 level will be an important step to confirm moves upwards.
After the closing bell on Monday, May 13, the stock closed at $186.57, trading down by 0.49%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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