Media Group Story of The Week
Vice Media, once valued at nearly £5bn, is reportedly close to filing for bankruptcy. According to Campaign Live, the company has been unable to find the right balance between its content and advertising, leading to a decrease in revenue. Vice has also faced criticism for its controversial ad blacklist, which it recently decided not to honour. Despite these challenges, Vice remains optimistic and is looking towards new ad tools and partnerships with companies like B&Q as potential solutions. According to The New York Times, bankruptcy may not be the end result, with more than five companies expressing interest in buying Vice.
Soft Drinks Market Story of The Week
As the soft drinks market moves towards budget own label, challenger brands are proving that there is still room for premiumisation in soft drinks, despite costs soaring and competition from larger companies. US packaged food companies have been “frantically buying up new challenger brands” to offset weakening sales, showing the importance of these smaller brands. The power of disruptor and challenger brands is clear; they bring innovation, enhancements, new pricing and more to the market. In addition, recent battles in the soft drink industry show how these smaller brands can crack well-guarded markets.
Social Media story of the Week
Snap Inc., the parent company of Snapchat, has announced a new range of ad solutions following its first ever revenue loss in the first quarter of 2023. Despite a 7% year-on-year decline in revenue, Snap is looking to capitalise on its growing user base and new opportunities with creators and AI. The company reported $989 million in revenue for Q1 2023, compared to $1063 million in the prior year. Net loss was $329 million, compared to $360 million in the prior year. Snap's new ad solutions are designed to help marketers reach their target audience more effectively and authentically.
