• Amazon.com Inc. reported $9.5 billion in advertising revenue for the first quarter of 2023, marking a 21% increase from the same period last year and beating analyst estimates of 15% growth. (Variety) Meanwhile, the e-commerce giant and Pinterest Inc. announced a multiyear ad partnership, which will make Amazon the first partner of the social media company’s new third-party ad platform. (TechCrunch) 
• Lyft Inc. will lay off 26% of its corporate workforce, or 1,072 employees, and not hire for an additional 250 positions, moves which newly-appointed CEO David Risher said will help the rideshare company focus on “better meeting” market needs. (CNBC) Gap Inc. also announced layoffs on Thursday, saying it plans to eliminate 1,800 corporate jobs as part of a restructuring effort aimed at improving business agility. (The Wall Street Journal) 
• During a closed-door meeting with U.S. beer distributors in Washington, DC, Anheuser-Busch InBev SA executives outlined plans to “spend heavily” on the Bud Light brand over the coming months, according to people familiar with the matter. The upcoming marketing blitz is reportedly in response to conservative backlash over Bud Light’s recent partnership with a transgender social media influencer. (The New York Post)
  • New Morning Consult data found that a majority (53%) of beer drinkers in the United States say they would feel favorable toward a brand that works with a transgender spokesperson, compared with 47% of U.S. adults overall who said the same. 
• The Container Store Group Inc. said it will accept Bed Bath & Beyond coupons, offering a 20% discount on any single item between now and May 31. Big Lots Stores Inc. made a similar announcement, telling consumers they will receive 20% off their entire purchase of $50 or more if they bring in a coupon from the bankrupt retailer. (Retail Dive)

Voters See Maximized Corporate Profits as a Primary Driver of Inflation

Morning Consult

Adtech company MediaMath has hired bankers to explore a possible sale

Lara O’Reilly, Insider

Adtech company MediaMath has appointed the investment bank Houlihan Lokey to explore its strategic options, which could include a debt restructuring or a sale, according to two people familiar with the matter.

Modern Marketing Brand Strategy Influencer Marketing WPP hits revenue targets despite tech slowdown

Chris Sutcliffe, The Drum 

A slowdown in spend among US tech clients was offset by steady performance at the holding company’s major ad agencies.

Tech Slump Weighs on IPG Revenues

Katie Deighton, The Wall Street Journal

The advertising holding company posted a decline in quarterly organic revenue but reaffirmed its growth forecast for 2023.

Meta Ads Boss Merges Ads and Business Messaging in New Product Group

Sylvia Varnham O’Regan, The Information

Meta Platforms Inc. has combined its advertising product, business messaging and commerce departments into one division as part of a broader effort to reduce the ranks of middle management across the company. 

Two years into Apple’s ATT, ad-tech still sees growth despite slowdowns

Marty Swant, Digiday

Two years after Apple’s App Tracking Transparency went into effect, the framework is looking more like Schrödinger’s cat than a total poison pill for ad-tech.

Time to remove digital paywall

Sara Fischer, Axios

The company, which turned 100 in March, has had some form of a digital paywall since 2011.

Vice Media cancels its flagship ‘Vice News Tonight’ program as it makes ‘painful’ layoffs and restructures the company 

Oliver Darcy, CNN

Vice Media will cancel its acclaimed program “Vice News Tonight” as part of a broad restructuring that will result in painful cuts across the organization, the company said Thursday.

BuzzFeed to produce more content via independent creators

Sara Fischer, Axios

BuzzFeed plans to significantly increase the amount of content it produces via independent internet creators, CEO Jonah Peretti told Axios in an interview.

Dana Bash will succeed John King as anchor of CNN political news show

Jeremy Barr, The Washington Post

Bash, who was married to King, will host her own daily show for the first time in her 30-year career at the network.

Comcast beats estimates despite slowing broadband growth, higher Peacock losses

Lillian Rizzo, CNBC

Comcast topped analyst expectations with its first quarter earnings report Thursday, despite the cable and media giant’s residential broadband business’s slowing growth and mounting Peacock losses.

Fanatics Bets on Its Fans to Win Sports-Gambling Race

Katherine Sayre, The Wall Street Journal

CEO says sports-merchandise company’s 95 million customers offer edge over gambling competitors.

Meta updates its avatars with new body shapes, hair and clothing 

Aisha Malik, TechCrunch

Meta announced that it’s introducing new body shapes, improved hair and clothing textures to its avatars. The company also announced that more than one billion avatars have been created across its platforms.

Meta Antitrust Case Dismissal Upheld by Appeals Court

Leah Nylen, Bloomberg

48 states, territories sued over Instagram, WhatsApp deals. Appeals court upholds finding that states waited too long.

Snapchat’s new AI chatbot is already raising alarms among teens and parents

Samantha Murphy Kelly, CNN 

The feature is powered by the viral AI chatbot tool ChatGPT – and like ChatGPT, it can offer recommendations, answer questions and converse with users. But Snapchat’s version has some key differences: Users can customize the chatbot’s name, design a custom Bitmoji avatar for it, and bring it into conversations with friends.

Snapchat Parent’s Quarterly Sales Drop

Meghan Bobrowsky and Denny Jacobs, The Wall Street Journal 

Snap earnings report signals recovery may be slower than Wall Street expected.

YouTube Music is officially rolling out podcasts

Emma Roth, The Verge

The update will let you listen to podcasts in the background for free.

EBay launches ‘Certified by Brand’ luxury resale

Zofia Zwieglinska, Glossy

Launching on Thursday, the eBay “Certified by Brand” program is based on direct partnerships between the marketplace and luxury brand partners. Brands taking part in the program gain access to consumer insights from eBay’s global network of shoppers, which they can leverage to inform the pricing and imagery of their products being sold on the site. 

Southwest Air’s CEO Concedes Brand Was Hurt by December Upheaval

Mary Schlangenstein, Bloomberg

Southwest Airlines Co. is ready to move on from the technology meltdown that upended operations back in December. That doesn’t mean its reputation has recovered.

Tiffany, Dior: Understanding the New Model for Luxury Flagships

Brian Baskin, Business of Fashion

There are stores, there are flagships, and then there are mega projects like Dior’s Avenue Montaigne, Chanel’s Rue Cambon and Gucci Garden that go a step further in driving revenue and creating a lasting impression. On Friday after a multi-year renovation, Tiffany will make its case to join that list.

Popeyes Reclaims New Orleans Branding in First Work From McKinney Since Appointment 

Jon Springer, Ad Age

Chicken chain seeks an ‘ownable’ position in the fast food wars.

Dropbox lays off 500 employees, 16% of staff, CEO says due to slowing growth and ‘the era of AI’

Ingrid Lunden, TechCrunch

Cloud storage giant Dropbox today joined the fray of tech companies announcing layoffs. The company today announced that it would be laying off 16% of its staff, equivalent to about 500 employees, due to slowing growth, and — in the words of CEO Drew Houston — because “the AI era of computing has finally arrived.”

Chief Impact Officers Explained: Why Some Companies Are Adding The Position

Jade Yan, Ad Age

McDonald’s, IBM and Unilever’s Seventh Generation are among the companies embracing the role to raise the profile of environmental, social and governance initiatives.

Tyson Foods to eliminate 10% of corporate jobs, 15% of senior leaders

Tom Polansek, Reuters

The layoffs are the latest cost-cutting move for the biggest U.S. meat company by sales as it grapples with declining profit and struggles to improve results in its iconic chicken business.