• In an internal email sent to employees announcing a new stock compensation program, Elon Musk said Twitter Inc. is now valued at $20 billion, less than half of the $44 billion that he paid to acquire the company last year. (The New York Times) Meanwhile, Twitter’s Blue subscription offering reportedly generated just $11 million in revenue from mobile subscriptions since it formally relaunched three months ago as part of Musk’s push to diversify the platform’s revenue streams beyond advertising. (TechCrunch)
• Uber Technologies Inc. is removing 5,000 virtual restaurant brands, which list multiple delivery options with the same menu under different names, from its Uber Eats app in North America this week after users raised concerns over the confusing nature of the practice. Virtual brands first gained popularity on delivery platforms during the pandemic as restaurants looked to make up for lost dining room sales. (The Wall Street Journal)
• Zigazoo, a kid-focused social media startup backed by a host of celebrities including LeBron James, Jimmy Kimmel and Serena Williams, launched a separate app aimed at Gen Z users in hopes of offering an alternative to ByteDance Ltd.’s TikTok. The app, which currently has over 3 million installs and more than 250 verified creators and brand accounts, emphasizes positivity through several features like comment disabling, optional private accounts and human-in-the-loop moderation. (TechCrunch)

2023 Global Travel Trends Report

American Express 

U.S. Ad Market Falls For 8th Consecutive Month In February

Joe Mandese, MediaPost

U.S. ad spending declined for the eighth consecutive month in February, and it once again was due to tough comparisons with a strong expansion a year earlier, according to a MediaPost analysis of Standard Media Index’s U.S. Ad Market Tracker.

YouTube to let advertisers target Gen Z based on trending music

Alyssa Meyers, Marketing Brew 

Brands will be able to run ads against “lineups” of YouTube content related to songs that are most popular with the demo.

The Top 10 March Madness Advertisers So Far

Ad Age

Also: GM’s zero-party data play, Innovid’s data deal with Walmart, macroeconomic news in a nutshell—and more.

Paramount Works With Rivals In The Name Of Cross-Platform TV Measurement

Alyssa Boyle, AdExchanger

The lack of consistent TV measurement is setting nerves on edge – at least to the extent that programmers, including Paramount, are now working with their competitors to find a solution.

March Madness Sees 22% Ad Gain, Steady Viewing

Wayne Friedman, MediaPost

The NCAA March Madness mens’ college basketball tournament has seen strong double-digit percentage national TV advertising gains, according to an estimate, as the initial five days of viewership maintain the levels of a year ago.

Axios’s Software Business Raises Cash to Fund AI Expansion

Alexandra Bruell, The Wall Street Journal

Axios HQ to use ChatGPT maker OpenAI to improve tools that help clients write emails, headlines.

Hollywood’s AI Anxiety Is Showing

J. Clara Chan, The Hollywood Reporter

After a cautious approach to ChatGPT-type products, guilds and creators are becoming more vocal about limiting AI’s influence in entertainment.

The digital media rollup dream is dead for the moment — now it’s all about core brand strength

Alex Sherman, CNBC

Digital media companies including BuzzFeed, Vice, Vox and Bustle Digital Group are sharpening their focus on core strengths.

11 ”Granfluencer’ Accounts Changing Influencer Marketing

Gillian Follett, Ad Age

These older content creators, many with followings in the millions, have teamed up with brands such as Amazon, Hyundai and Liquid Death.

Influencers take stock of life and dreams if U.S. bans TikTok 

Danielle Broadway and Rollo Ross, Reuters

While it’s still not clear if the bill introduced by senators to grant the Commerce Department power to ban foreign technology will pass, many TikTok influencers are advocating for preservation without prohibition.

Amazon Starts Latest Round of 9,000 Layoffs

Theo Wayt, The Information

Amazon on Friday began cutting employees as part of its latest round of 9,000 layoffs, three people who lost their jobs told The Information. Divisions that are being hit in the ongoing round of cuts include Amazon Web Services, advertising, human resources and the streaming site Twitch.

Twitter says source code was leaked on GitHub, now it’s trying to find the culprit

Jon Porter, The Verge

The social media network filed a DMCA request to get the code taken down, and has asked a court to order GitHub to identify the person responsible.

Where TikTok users may go if the app gets banned

Samantha Murphy Kelly, CNN

The answer: probably other big American tech platforms.

Chinese commerce minister in talks with Apple boss Tim Cook

Reuters

Chinese commerce minister Wang Wentao met Apple CEO Tim Cook on Monday and exchanged views on the company’s development in China, the commerce ministry said. The two talked about stabilising industrial and supply chains, the ministry said, adding that Wang told Cook China is willing to provide a good environment and services for foreign companies including Apple.

France bans TikTok, Twitter from government staff phones

The Associated Press

France announced Friday it is banning the “recreational” use of TikTok, Twitter, Instagram and other apps on government employees’ phones because of concern about insufficient data security measures.

China Hits Back on TikTok, Says It Doesn’t Ask Companies for Foreign Data

Raffaele Huang, The Wall Street Journal 

China’s Foreign Ministry criticized the U.S. for targeting TikTok and said Beijing would never require companies to illegally gather data and intelligence from overseas, escalating the debate over the popular app a day after its chief executive was pummeled in Congress.

Mike’s Hard revives fan-favorite flavor with ‘comeback’ hotline

Chris Kelly, Marketing Dive

The return of Mike’s Hard Limeade comes after what press materials describe as a “social media plea” for the flavor, which was discontinued in 2018. To mark the comeback, the malt liquor brand is nodding to March Madness and the needs of college basketball fans during the much-watched tournament.

L’Oréal uses social listening, in-house teams to tap into beauty trends ‘at the speed of culture’

Kristina Monllos, Glossy

L’Oréal is doing more social listening this year to follow beauty trends as they emerge and move quickly to figure out how its many brands can tap into these trends. To accomplish this, the beauty behemoth is turning to in-house teams to accelerate content production that taps into trends within days, rather than the weeks or months of traditional marketing and advertising timelines. 

People Bought Crocs During the Pandemic. They Haven’t Stopped.

Jordyn Holman, The New York Times

While other brands that thrived with customers in quarantine have dropped off, sales of the easily slipped-on clogs are up nearly 200 percent since 2019.

Rising consumer demand brings investment in luxury visual media

Kate Youde, Financial Times

Companies recognise the extra marketing value of their digital content.

Web3 isn’t dead! Here are 3 brands building on the blockchain in 2023

Webb Wright, The Drum

Not so long ago, NFTs and crypto were on virtually every brand’s list of priorities. Today, however, web3 is much maligned across the marketing world. So, what went wrong? And what brands are rebuffing the broader backlash?

CeraVe’s Social Media Strategy Goes IRL In Big Easy

Les Luchter, MediaPost

A float featuring a very large bottle of CeraVe Facial Moisturizing Lotion with SPF 30, and a challenge to “Wear SPF Daily,” would never ride in a New Orleans Mardi Gras parade.

Secondhand resale is getting cutthroat as platforms like Depop and Poshmark boom

Rebecca Picciotto, CNBC

Demand for secondhand resale has been booming since the early days of the pandemic, generating a culture shift within the indie marketplaces where it all began. Customers, many of whom have been feeling the squeeze of inflation, are fiending for lower prices, leading to more heated negotiations and occasionally ruthless bidding wars.

How Big Companies Choose Who Is Laid Off 

Chip Cutter, The Wall Street Journal

Process can involve weeks of debate as employee performance, skill sets are reviewed.

Ad Agencies Explain How They Converted to a 4-Day Workweek as Its Momentum Grows

Kyle O’Brien, Adweek

The shorter work schedule improved morale, retention and the bottom line.

How agencies are shaping the future of DEI beyond their own walls

Antoinette Siu, Digiday

Amidst a slew of post-pandemic epiphanies, agencies are acknowledging their role in expanding their diversity efforts to support a more inclusive industry.

How to Complain at Work the Right Way and Get Ahead

Rachel Feintzeig, The Wall Street Journal

Speaking up gracefully can impress your boss and help solve problems fast.