What you need to know in advertising today
That's because, in one way or another, both News Corp. chairman Rupert Murdoch and BuzzFeed CEO Jonah Peretti believe that Facebook and Google aren't giving news organizations a fair deal. They want them to pay up for news stories shared on the platforms.
Rupert Murdoch wrote in a statement that Facebook has become "inherently unreliable" and should pay publishers for posting on the site.
In each case, however, it's not clear whether any single news organization has serious leverage against the duopoly, or the technical wherewithal to actually pull or block all of their content from either platform.
Here's why Facebook paying media companies is most likely not going to happen.
In other news:
On the topic of Murdoch, the UK's antitrust regulator said that 21st Century Fox's planned takeover of Sky isn't in the public interest on media plurality grounds, the Wall Street Journal reports. The proposed acquisition would give the Murdoch family too much influence in British media, said the regulator.
And on Facebook, the company said it can't guarantee that social media is good for democracy. An employee wrote a blog post about the company's response to the latest allegations about Russian meddling in Western democracy.
The rapid spread of a fake trailer for a non-existent 'Friends' movie shows that Facebook still has a fake news problem. The fan-made trailer shows how the social network is the perfect platform for misleading posts to go viral as it doesn't check posts like this.
Netflix blew past subscriber growth targets in Q4, and the stock is soaring to record highs. The company gained 8.3 million subscribers globally, and more importantly, plans to boost marketing spending in 2018 by more than 50% - increasing it from $1.3 to $2 billion this year.
With a new web player, Snap will let users share Stories outside Snapchat. The move comes as the company looks to fight back against slow growth and the ever-looming threat of Facebook.
Anthony Noto resigns as COO of Twitter to become CEO of SoFi. "I'm grateful to the SoFi board for this extraordinary opportunity to lead one of the most important new companies at the intersection of technology and finance," Noto said in SoFi's statement about the news.
Advertising holding giant WPP has combined five of its consultancies and design shops into a new global brand agency called Superunion, the Wall Street Journal reports. The consolidation follows the industry trend of combining different entitities into one-stop shops so marketers have access to multiple services and talent under one roof.
A portfolio manager at a $991 billion firm shares which of the tech giants face the biggest regulatory risks. Facebook and Google face bigger regulatory risks than Amazon, according to David Eiswert, the portfolio manager of T. Rowe Price's Global Stock Fund.
End of an era: Millennials brought about the downfall of one of America's most iconic beer brands. Budweiser, the "King of Beers" and the top seller in the US until 2001, is now in the No. 4 slot.
People waited in a line wrapped around the block to shop at Amazon's new store that claims to ban lines. The Amazon Go store opened in Seattle yesterday.
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