Good morning. Here’s everything you need to know from the world of advertising today.
1. Snap’s stock cratered as Snapchat user growth slowed to its lowest pace in years, and the company missed analyst estimates. The company added 8 million new daily users in its first quarter, and revenue was $US149.6 million on a loss of $US2.2 billion.
2. Fox has named someone who wants to radically change TV’s business model as president of advertising revenue. Joe Marchese thinks TV networks spam consumers with ads, and has said they should use ad blockers.
3. Snap CEO Evan Spiegel burned Facebook for copycatting most of Snapchat’s best features. On the company’s first quarter earnings call, he said: “At the end of the day, just because Yahoo has a search box, it doesn’t mean they’re Google.”
4. Facebook is targeting sites that make money from “spammy” and “misleading ads” by demoting them from the News Feed. People will see fewer sites that feature weight loss, gossipy, and listicle-style ads as a result.
5. Another controversial ad from fitness brand Protein World, this time featuring Khloe Kardashian, has escaped a ban from the UK’s ad regulator. People complained that the ad, which shows Kardashian in a white swimsuit, promoted “body shaming”, but the Advertising Standards Authority found the spot didn’t breach social responsibility rules.
6. Snap made $US8 million from selling its smart sunglasses, Spectacles. CFO Drew Vallero said the hardware was a “modest” business for now.
7. Charities and privacy groups want Facebook to explain what sort of data it holds on young people, after the company reportedly claimed it could identify teens who felt “insecure” or “worthless.” The groups signed a letter asking CEO Mark Zuckerberg to release documents detailing the alleged claims.
8. Hulu has hired a veteran programming executive to become its chief content officer. Joel Stillerman was head of programming and development at AMC Networks, overseeing the launch of “Better Call Saul” and “The Walking Dead.”
9. Google has bought a VR video game company called Owlchemy Labs. Owlchemy will join Google’s Daydream division, which makes VR software and hardware.
10. Deliveroo can claim an unusual marketing success — its rider jackets have become popular as streetwear. People who don’t work for Deliveroo are buying the green and silver high-visibility jackets because they look cool.
Get the latest Snap stock price here.
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