Business of Media
Meta reports first revenue decline and a 36 percent profit drop
For years, Facebook’s sales grew without fail and kept on growing, defying the laws of gravity even as the company was battered by scandals over privacy and misinformation, reports The New York Times’ Mike Isaac.
Not anymore.
On Wednesday, Meta, the company formerly known as Facebook, reported a 1 percent decline in quarterly revenue from the previous year. It was the first time the social media giant’s revenue had fallen since it went public a decade ago, as it confronts increased regulatory scrutiny and a turbulent economy while trying to build a new frontier of digital communication.
Meta’s revenue for the second quarter was $28.82 billion, down from $29.07 billion a year earlier. Profit was $6.69 billion, down 36 percent from a year earlier. Wall Street analysts had predicted profits of $7.04 billion on revenue of $28.9 billion, according to data compiled by FactSet.
Facebook to end payments to U.S. news publishers
Meta Platforms Inc. has begun telling publishers in the U.S. that it won’t renew contracts to feature their content in its Facebook News tab, according to people familiar with the matter, reports The Wall Street Journal’s Alexandra Bruell.
The decision affects deals worth over $100 million, according to a person familiar with the situation. Meta had signed up a host of publishers in recent years, including deals worth tens of millions of dollars with news organizations such as The Wall Street Journal, the New York Times and the Washington Post.
In June, the Journal reported that Meta was beginning to signal to publishers and others in the industry that renewing the deals wasn’t a priority. Earlier this month, the Journal reported that Facebook had reallocated resources from its News tab platform to focus more on the creator economy, citing an internal company memo. Axios reported earlier Meta’s decision not to renew payments.
Amazon posts $2B loss, still beats Wall Street expectations
Amazon beat Wall Street expectations for its second quarter 2022 earnings Thursday, reporting revenues of $121.2 billion, up 7 percent from a year earlier and well above the $119 billion consensus. However, the company once again reported a loss, this time for $2 billion in the quarter, reports The Hollywood Reporter’s Alex Weprin.
The company’s share price rose by as much as 10 percent in after-hours trading with the company projecting net sales of between $125 billion and $130 billion, up double digits from the same quarter a year ago.
The company has been grappling with inflationary pressures and logistics issues related to the pandemic, but CEO Andy Jassy said in a statement that the company is “making progress on the more controllable costs.”
Google introduces new solution to prevent hidden ad tech fees
Google has introduced Confirming Gross Revenue, a new solution to give buyers and publishers a safe way to verify that no hidden fees are taken from their digital transactions when using Google Ad Manager.
Publishers can use the Revenue Verification Report to see the aggregate gross revenue received from a specific buyer.
The buyer and publisher can then verify that the media cost from the buyer’s reporting matches the publisher’s gross revenue. If the numbers match, the buyer can confirm that their full media spend reached the publisher and no hidden fees were taken.
Google’s own demand-side platform, Display & Video 360, has come on board as an early tester, with Google also announcing they’re in communication with other demand-side platforms, sell-side platforms, publishers and agencies who will test the feature and provide feedback.
Agencies
BCM Group launches digital-first campaign for Travel Associates
Travel Associates, the leisure division of the Flight Centre Travel Group, has launched a new brand positioning via independent, creative and media agency BCM Group.
The campaign will be deployed by the agency across social media, performance digital, premium on-line video and direct channels, commencing next month.
Anna Burgdorf, general manager brand and marketing – premium leisure, said: “Our new brand campaign is designed to increase awareness of our boutique travel advisory business in key markets like Australia and New Zealand as the industry emerges from the pandemic.
“International travel is now more complex than ever, and our advisors have the experience and connections to design unique experiences for travellers, with a concierge-style service offering.”
Out Of Home
Veridooh launches carbon offset solution for OOH campaigns
Adtech company Veridooh has launched a solution for advertisers to offset the emissions of their out-of-home campaigns.
The barrierless solution is part of Veridooh’s mission to help the sector protect and support the environment.
Veridooh’s custom-built carbon calculator will allow advertisers to offset the carbon emissions of OOH campaigns verified through its platform.
The initiative comes as the Australian advertising industry commits to reducing carbon emissions across the advertising supply chain in response to climate concerns around the globe.
Television
Neighbours bows out with heart, style and a whole lot of star power
As send-offs go, the finale of Neighbours – which was actually three episodes mashed into one – had pretty much everything fans could ask for. There was plenty to satisfy the rubberneckers, too — those viewers who had come after decades away, or perhaps even for the first time, merely to gaze upon the last moments of Australia’s longest-running soapie, reports Nine Publishing’s Karl Quinn.
It had the much-anticipated return of Scott and Charlene (Jason Donovan and Kylie Minogue) to Ramsay Street, though precisely what they were doing there remained a bit of a mystery. Charlene spoke just five words – “Home sweet home”, “Jane” and “Harold” – though she did stare meaningfully at an open sash window as if she intended to climb through it, just like in days of old.
After 37 years on air, and having been given plenty of notice that the end was nigh, this was an exercise both in wrapping up storylines, and paying service and thanks to the loyal fans.
Neighbours finale: All the best reactions from stars and fans
After 37 years and almost 9000 episodes, Neighbours has finally drawn to a close with a whopping 90-minute special, reports news.com.au.
Former Neighbours stars, including Kylie Minogue, Jason Donovan, Guy Pearce, Margot Robbie, Natalie Imbruglia, and Holly Valance, all returned to the show that launched their glittering careers as part of its blockbuster finale.
Stars past and present were among the legions of fans paying tribute to the long-running soap.
How Neighbours finale will sell Australia
Memorable scenes from the history of Neighbours will be used to help entice British TV viewers into booking a holiday Down Under when the final episode of the long-running soap airs in the UK on Friday night, reports News Corp’s David Mills.
Tourism Australia has partnered with Neighbours’ production company Fremantle on a one-off 30-second commercial, which will air during the 90-minute final episode at 9pm local time on Channel 5 in the UK.
The ad mixes memorable scenes from the program’s history into Tourism Australia’s existing Don’t Go Small, Go Australia campaign, which showcases some of the country’s iconic locations.
In homage to the show, the end frame will use the show’s instantly recognisable font for the word ‘Australia’.
Million Dollar Island shelved at NBC ahead of production
NBC is leaving the island. The broadcast network has canceled Million Dollar Island, a big-ticket reality competition series, ahead of production, reports Deadline’s Peter White.
The series, which was announced in March, was understood to be in the casting phase before it was shelved. It joins series being shelved such as Turner Networks’ The Big D, which was pulled by Warner Bros. Discovery a couple of weeks ahead of its premiere.
It’s understood that one of the factors behind the decision was the show’s budget. Million Dollar Island is a Survivor-esque competition format that will see 100 contestants compete over 50 days for the chance to win $1 million.