The overheated podcast sector has hit an iceberg, according to recent reports citing staff layoffs and the end of the big-money talent deals that until recently had become  commonplace. Spotify, Amazon, NPR and SiriusXM have been trimming budgets while allowing costly agreements to expire without renewals. The sector grew explosively in the past decade, with the number of U.S. listeners age 12 and over who have tried podcasting more than doubling to 62 percent, or 177 million users, according to Edison Research. But now that the euphoria has worn off, a mature market is learning sustainability. Continue reading Podcast Industry Reins in Costs After Years of Rapid Growth

The FTX crash and ensuing fallout has fueled efforts by Congress and federal regulators to rein in the cryptocurrency business, which caused massive investment losses this past year. Senator Sherrod Brown (D-Ohio) and Congressman Patrick McHenry (R-North Carolina) are among those leading the charge to put consumer safeguards in place. McHenry in January became chair of the House Financial Services Committee. Legislators are also calling for robust enforcement of existing laws, which the crypto industry has been resisting. Senator Elizabeth Warren (D-Massachusetts) said Congress needs the resources “to be an effective cop on the beat.” Continue reading Crypto Meltdown Renewing Regulatory Interest on Capitol Hill

Meta Platforms is adjusting Facebook’s algorithms to offer more discovery and personalization features, according to the company. Users will now automatically land on a Home tab instead of the old News Feed. A revamped Feed will emphasize videos, photos and algorithmically curated posts. While observers have been quick to label the change yet another attempt to chase TikTok’s addictive, influencer-driven feed, Meta assures users this doesn’t mean goodbye to friends and family. “You can curate a Favorites list of the friends and Pages you care about most and filter their content in this new tab,” the company says. Continue reading New Facebook and Instagram Updates Mimic TikTok’s Model

The clout of social media in traditional entertainment is recognized with coverage in The Wall Street Journal, which reports Netflix paid 20-year-old TikTok star Addison Rae more than $20 million as a lead in the romantic comedy “He’s All That,” the top U.S. performer on the streaming service upon its August premiere. A documentary series featuring TikTok’s Charli D’Amelio launched on Disney’s Hulu service this month, while producer Brent Montgomery, with credits including reality TV hits such as “Duck Dynasty” and “Pawn Stars” has sold Netflix “The Hype House,” about influencer roomies. Continue reading Hollywood Is Hiring Social Media Stars for Film and Television

Streaming giant Netflix has plans to open an e-commerce shop to sell branded goods tied to its many popular shows. The effort is led by Netflix vice president of consumer products Josh Simon, who held a similar position at Nike. Thus far, Simon has grown his team to 60 people (from 20) and inked deals with Amazon, Sephora, Target and Walmart to sell beauty kits, clothes, toys and other products related to its series and films. The online store — which Simon dubs a “boutique” — was created with e-commerce tech company Shopify. Continue reading Netflix to Launch Online Shop for Show-Branded Merchandise

With the COVID-19 pandemic, music streaming and media services provider Spotify Technology experienced deep losses in the quarter ending June 30 including declines in daily active users and listening time as well as payroll taxes that were higher than expected. Now the Stockholm-based company reported that its advertising business is improving just as its listeners’ time spent on the app reached pre-pandemic levels. In fact, by the end of the same quarter, all regions served by Spotify — with the exception of Latin America — returned to those levels. Continue reading Spotify’s Ad Business and User Activity Are Trending Upward

Facebook’s photo- and video-sharing app Instagram announced its plans to restrict certain content, including posts that promote cosmetic surgery procedures and weight-loss products, from users who are younger than 18 years of age. While some posts will be hidden from young users, other posts will be removed altogether from both Instagram and Facebook, including those from A-list celebrities such as the Kardashians. The move is part of an effort by the social networks to address growing concerns regarding the significant impact of influencer marketing on children. Continue reading Instagram Aims to Reduce Influencer Impact on Young Users

Facebook-owned photo- and video-sharing app Instagram announced yesterday that it plans a change to its advertising strategy that involves more sponsored ads from social influencers. Instagram will offer brands the ability to promote creators’ branded content in users’ feeds, regardless of whether or not those users follow the influencers creating the content. The move could be lucrative for popular influencers who generate revenue promoting products and services, but may prove frustrating to average users who will subsequently see more unwanted ads in their feeds. Continue reading Instagram Plans to Introduce More Ads From its Influencers

Partnering with 23 brands, Facebook’s Instagram debuted an easy-to-use in-app checkout tool for U.S. users. Adidas, Burberry, Dior, Nike, H&M, Zara, Kylie Cosmetics and Kim Kardashian West’s KKW Beauty are among the first retailers to sign on, with more to be added to the beta test throughout the year. Users in the U.S. will see the feature roll out over the next few weeks. Instagram head of product Vishal Shah noted that, “given that 80 percent of people follow a business on Instagram, the desire really is there to shop.” Continue reading Instagram Tool Lets Users Make In-App Fashion Purchases

On the Internet, influencers reach more than one million social media followers, and micro-influencers have the attention of their smaller groups, from tens to low hundreds of thousands. Now we have the so-called nano-influencer (dubbed “nanos”) whose reach can be as small as 1,000 followers. Advertisers are going after those who are willing to advertise products on social media, since their lack of fame makes their product advice seem authentic and they accept free products or a small commission in payment. Continue reading Advertisers Turn to Nano-Influencers for Authentic Promotion

Move over, Kim Kardashian. Taylor Swift is entering the mobile gaming space with the help of game publisher Glu Mobile, which has created popular games for Kim Kardashian and Katy Perry. Swift’s first mobile game is expected to be released in late 2016. The announcement gave investors some confidence and Glu Mobile’s stock jumped 29 percent in after-hours trading. Glu Mobile’s “Kim Kardashian: Hollywood” mobile game generated $43 million in its first three months. Continue reading Pop Star Taylor Swift to Release Mobile Game Later This Year

Instagram, the photo- and video- sharing service owned by Facebook, is deleting all the accounts it has identified as “spammy.” As a result, more than 29 percent of Instagram’s own followers disappeared last week. According to software developer Zach Allia, stars such as Justin Bieber and Kim Kardashian also lost millions of followers. The purge was intended to combat fake accounts, a problem that leads to hijacked hashtags, artificially inflated follower counts, and increased advertising costs. Continue reading The Instagram Rapture: Millions of Fake Accounts are Purged

According to a new study by comScore, U.S. consumers are now spending 52 percent of their time with digital media via mobile apps. Marking a significant shift, we are now spending more time on mobile apps than we are on desktop PCs and mobile Web surfing. The report indicates that mobile usage as a whole now accounts for 60 percent of our time with digital media, while desktop-based consumption accounts for 40 percent. Additionally, one-third of U.S. users download at least one app per month. Continue reading New First: Majority of Digital Media Accessed on Mobile Apps