WarnerMedia shakes up leadership amid rollout of HBO Max
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Today's news: WarnerMedia's shakeup, how
Three top WarnerMedia execs are exiting amid a major shakeup following the launch of HBO Max. Read the full memo from CEO Jason Kilar.
- New WarnerMedia CEO Jason Kilar made chnges on Friday to shakeup the media company's leadership, reported Ashley Rodriguez.
- Bob Greenblatt, chairman of WarnerMedia Entertainment and Direct-to-Consumer; Kevin Reilly, HBO Max's content chief and president of TNT, TBS, and TruTV; and Keith Cocozza, executive vice president, corporate marketing and communications, are exiting the company.
- Ann Sarnoff will oversee WarnerMedia's expanded Studios and Networks group, and HBO's programming president Casey Bloys will take on responsibility of content for HBO Max, TNT, TBS, and TruTV.
Read the full story here.
TikTok influencers reveal how they're making money in 2020 despite the app's paltry monetization features
- Dan Whateley, Amanda Perelli, and Sydney Bradley looked at seven ways that TikTok influencers make money off of the short-form video app including brand deals, merchandising, and paid song integrations.
- Influencers like Tyler Bott, known as TyBott, has 2.5 million followers and charges $25 per video message sent through video-sharing app Cameo.
- Influencers can also earn money from affiliate marketing programs with commission rates that range between 1% and 20%.
Read the full story here.
AT&T CEO John StankeyJohn Lamparski / Stringer
The third-largest advertiser in the US just laid off a chunk of its consumer marketing team
- Tanya Dua reported that AT&T recently laid off 54 New York-based employees in its consumer marketing division. The company said that the layoffs are part of an effort to focus on growth areas and address lower demand for legacy products.
- The marketing cuts come as AT&T embarks on a multi-year strategy to cut as much as $6 billion in costs under new CEO John Stankey.
- AT&T's marketing department was recently reorganized where the consumer marketing team that was just cut was consolidated with the corporate brand team.
Read the full story here.
Amazon CEO Jeff BezosMANDEL NGAN—AFP VIA GETTY IMAGES
Amazon's record profits last quarter would've been impossible without an accounting change and a huge spending cut. That raises questions about future earnings growth.
- Eugene Kim reported that Amazon saved nearly $2.6 billion in net profits last quarter by cutting its marketing spend and through a previously announced estimate change for its server costs.
- In a call with analysts, Amazon's CFO Brian Olsavsky said that the company cut its marketing spend by "about a third" in the quarter to focus on its supply chain that has taken a hit during COVID-19. The cuts are equivalent to a $2.1 billion dip in marketing spend that Amazon would have normally spent during the quarter.
- Amazon's growth in higher-margin businesses like advertising and cloud helped offset a dip in retail profitability during the second-quarter.
Read the full story here.
More stories we're reading:
PayPal's two top ad-side execs have just left in quick succession (Business Insider)
Addison Rae is the world's top-earning TikTok star, according to Forbes. She shared the inside story of her rise to fame. (Business Insider)
After taking a pandemic hit, billboard ad companies see signs of hope (New York Times)
Nathan Young steps down as president of diversity advocacy group 600 & Rising (Adweek)
How the alternative holding agency groups are hitting growth spurts even during the downturn (Digiday)
Thanks for reading and see you tomorrow! You can reach me in the meantime at ljohnson@businessinsider.com and subscribe to this daily email here.
— Lauren
