Business of Media
News Corp Australia’s new owner
Seven weeks before the federal election, the toilers at News Corp Australia would have been gratified to hear they had a new owner, reports AFR’s Neil Chenoweth.
Not that anyone mentioned it. On April 4, a Delaware company, Alesia Holdings Inc, became News Corp’s new US parent company for the three main arms of News in Australia.
At first glance it looks like just another tax-driven re-jiggle by Rupert Murdoch’s accountants. But is there more?
Alesia Holdings has been kicking around since 2010 when News was touting a digital newsstand bundling newspapers and magazines known as Project Alesia. Within months, Rupert and News CEO Robert Thomson decreed Alesia would “not be on the fast track”, which in News speak means consigned to the void.
Twelve years later, is Alesia making a comeback after Lachlan Murdoch’s prolonged stay in Australia last year? It’s too early to say. News Corp’s existing strategy draws more on images of the Titanic and deck chairs.
In reversal, Twitter plans to comply with Musk’s demands for data
After a weeks-long impasse, Twitter’s board plans to comply with Elon Musk’s demands for internal data by offering access to its full “firehose,” the massive stream of data comprising more than 500 million tweets posted each day, according to a person familiar with the company’s thinking, who spoke on the condition of anonymity to describe the state of negotiations, reports the Washington Post’s Elizabeth Dwoskin.
The move aims to end a standoff with the billionaire, who has threatened to pull out of his $44 billion deal to buy Twitter unless the company provides access to data he says is necessary to evaluate the number of fake users on the platform.
The information could be provided as soon as this week, the person said. Currently some two dozen companies pay for access to the trove, which comprises not only a real-time record of tweets but the devices they tweet from, as well as information about the accounts that tweet.
Musk’s legal team contends the data stream is essential for understanding the amount of spam and bot activity on its platform, a figure that could influence the company’s ad revenue, according to a letter sent to Twitter on Monday.
SMH, Age, 60 Minutes win appeal on story drafts but await new ruling
A court order that would have forced The Sydney Morning Herald, The Age and 60 Minutes to hand over draft copies of an investigation into the cosmetic surgery industry by Gold Walkley award-winner Adele Ferguson has been overturned, reports AFR’s Max Mason.
However, lawyers for Double Bay cosmetic surgeon Joseph Ajaka immediately launched a new application for preliminary discovery in an attempt to see the stories before publication. NSW Supreme Court judge Stephen Rothman will deliver his decision on the new application on Thursday morning.
Following an order in the NSW Supreme Court last month that the media outlets hand over drafts of their investigation into Ajaka, they applied to appeal the decision and the documents were not handed over.
TikTok investigating claims executive said he ‘didn’t believe’ in maternity leave
TikTok says it is investigating remarks allegedly made by a senior executive disparaging the concept of maternity leave, amid reports he is stepping back from his role, reports The Guardian’s Alex Hern.
Joshua Ma, the head of the company’s e-commerce division across Europe, told staff that as a “capitalist”, he “didn’t believe” firms should offer maternity leave, according to a report in the Financial Times on Wednesday.
In a statement, a TikTok spokesperson said: “We are investigating alleged statements and actions to determine whether there has been a breach of company policies.”
According to the FT, Ma will “take some time off” and “step back” from his current UK-based role.
Agencies
Enero Group expects to deliver 20% YoY revenue growth
Enero Group Limited provided a trading update to the Australian Stock Exchange which further supports the creative technology company’s track record of sustainable revenue and EBITDA growth, growing the company’s revenue by 42% in just over 24 months.
The trading update for the full year to June 2022 outlines Enero’s impressive growth trajectory and momentum as the company expects to deliver a net revenue of between $192 million and $193 million, equating to 20% year-on-year growth.
In addition, Enero is predicted to post an underlying Operating EBITDA of between $61 and $62 million, representing a 34% to 36% year-on-year growth.
News Brands
ABC redundancies as Archives staff are culled
On the eve of its 90th anniversary the ABC has announced changes to the ABC Archives which will remove approximately 58 positions but introduce 30 new roles, reports TV Tonight.
The changes come as the broadcaster transforms into being a digital-first media organisation. In 2021, approximately 90% of audio and 35% of ABC’s video tape collection was converted into digital files.
ABC advised staff proposed changes would improve workflows across broadcast channels, ABC iview and ABC Archives and across teams including ABC Audiences and the classification team. But journalists would be required to research and archive their own stories.
Podcasts
Spotify reveals podcast revenue figures for 2021
Spotify brought in “close to” €200 million, or roughly $215 million, in podcast revenue last year, according to Dawn Ostroff, the company’s chief content and advertising business officer, reports The Hollywood Reporter’s J. Clara Chan.
Speaking at Spotify’s investor day presentation in New York on Wednesday, Ostroff noted that the company — which has spent $1 billion for its podcast expansion — is still in “investment mode” but expects podcasts to be a “$20 billion opportunity.”
“Our bet in this space is already starting to pay off, beginning with improvements in ad products and, in turn, monetization,” Ostroff said.
But it may take a few more years before Spotify sees a profit from its podcast bet. Spotify’s chief financial officer, Paul Vogel, noted that podcasting had a €103 million negative impact (about $110 million based on current conversion rates) on gross profit and is expected to remain negative this year.
Television
Kylie Minogue ‘felt pressure’ to return to Neighbours
Kylie Minogue has revealed she felt “pressure” to return to Neighbours as the iconic Australian soap prepares to end, reports News Corp’s Tiffany Bakker.
Speaking to Seth Myers in the US, Minogue said, “There was quite a bit of pressure for me to go back, so I shot my scenes.”
Minogue also revealed that at 19 years old she had “signed up for the dole” before nabbing her career-defining role as Charlene the loveable mechanic, on the show.
“When I was 19 I finished school, signed up for the dole, because I thought, I’m never going to get a job, but I got this role on Neighbours,” she said.
Minogue quit the soap in 1988, having become the first person to win four Logie Awards in one year and the youngest ever recipient of a Gold Logie. She went on to launch a phenomenally successful music career, selling more than 80 million albums worldwide.