Shopify Inc., a commerce platform for businesses, is bringing its checkout and payment processing system, Shop Pay, to Facebook and Instagram enabling customers to complete purchases from within these social platforms.
Twitter reported their Q4 revenue to be way better than expected across all major products and geographies in the financial year. The fourth quarter of the social media platform had revenue of $1.29 billion, up 28% year over year. Moreover, the profit also increased with GAAP operating income of $252 million and GAAP operating margin of 20%.
Netflix’s performance was impressive last year as it added subscribers even after cutting on their advertising spends. According to Pathmatics, Netflix cuts its US ad spending on Facebook by more than half last year, from $48 million to $21.6 million. The streaming giant also slashed spending on advertising from $1.88 billion to $1.45billion globally in 2020.
Fox Corporation disclosed its plans to invest aggressively on Tubi to make it the “AVOD platform of choice for viewers and digital advertisers” from $440 million last year to a billion-dollar AVOD business in just a few years, according to its CEO Lachlan Murdoch on the company’s Q2 earnings call.
According to WFA’s new study on digital marketing transformation with Dentsu, 37% of multinational companies are just beginning their journey on digital transformation, while another 30% are progressing well. Only 22% are well advanced in this process. Factors like attitudes, corporate cultures, and ways of working are hindering the transformation process, as mentioned in the WFA report.
Instagram issued new guidelines to creators not to post recycled TikToks to Reels as it is making changes to an algorithm that would not accept videos with TikTok’s watermark. It has also issued new best practices on its creators account for Instagram users detailing tips on how to make content that is likely to be seen and promoted well on its platform.
Spotify is ready to help its audience with impromptu singalongs. The company has started testing a new feature that displays lyrics synced with music in the United States. However, currently, only a subset of users will actually be able to use this feature. The whole point of this exercise is to comprehend the demand for lyrics in Spotify in the US.