Top News:
Meta Investor Relations:
Meta reports Q1 revenue up 27% YoY to $36.46B, net income up 117% YoY to $12.37B, and family daily active people up 7% YoY to 3.24B for March 2024 — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended March 31, 2024.
Discussion:
Forbes, @munster_gene, @lexnfx, @munster_gene, @mikeisaac, @eric_seufert, @rihardjarc, @lexnfx, @netcapgirl, @ericjhonsa, @thetranscript_, @stockmarketnerd, @sal19, @conorsen, @eric_seufert, @richlightshed, @mikeisaac, @tidefallcapital, @munster_gene, @munster_gene, @mikeisaac, @munster_gene, @mikeisaac, @swiftstories, @thetranscript_, @kelseyhightower, @supbagholder, @eric_seufert, @eric_seufert, @beth_kindig, Music Ally, Adweek, @edludlow, Andy Barr on LinkedIn, The Verge, Fast Company, New York Times, Financial Times, Reuters, Wall Street Journal, Variety and The Hollywood Reporter, more at Techmeme »
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Ashley Capoot / CNBC:
Meta's stock dropped 15%+ after hours on weak Q2 revenue guidance and higher FY 2024 capital expenditures due to increased AI infrastructure investments
Discussion:
Wall Street Journal, CNN, @selfmademastery, @rihardjarc, @mikeisaac, @northmantrader, @ericjhonsa, @carnage4life, @edludlow, @mayhem4markets, @edludlow, @munster_gene, @munster_gene, Total Telecom, City A.M., The Information, Roderick Mann on LinkedIn, The Wrap, Fortune and Bloomberg, more at Techmeme »
Manish Singh / TechCrunch:
Indian streaming service JioCinema launches an ad-free subscription plan with the lowest tier costing $0.35/month for a single device, undercutting rivals — JioCinema, the popular Indian on-demand video-streaming service, introduced a new monthly subscription plan on Wednesday, with the lowest tier costing just 35 cents.
Discussion:
Reuters, @refsrc, The Indian Express, The Media Leader, Bloomberg and Variety
Murray Stassen / Music Business Worldwide:
Warner Music Group sells Uproxx, HipHopDX, and other assets to a new company, Uproxx Studios, formed by Jarret Myer, Rich Antoniello, and will.i.am — In February, Robert Kyncl - CEO of Warner Music Group - confirmed that WMG was in active discussions to sell its ‘owned and operated’ media properties UPROXX and HipHopDX.
Discussion:
UPROXX Studios, Billboard, Maria Weaver on LinkedIn, Forbes, Digital Music News and The Hollywood Reporter
Aidan Ryan / The Boston Globe:
Memo: Boston public radio station WBUR CEO Margaret Low says 31 employees, or ~14% of its staff, are leaving, with 24 of them taking a voluntary buyout — Thirty-one employees at WBUR, roughly 14 percent of the station's staff, are leaving the company through layoffs and buyouts …
Discussion:
@aidanfitzryan, @milesperhoward, @samanthajgross, WBUR and Current
Jesse Whittock / Deadline:
Wondery UK hires ex-head of studios for Spotify UK and Ireland as its head of podcasts, and launches its paid, ad-free subscription service Wondery+ in the UK — Podcast giant Wondery has hired Spotify's Chris Baughen, as it launches the paid-for Wondery+ service in the UK.
Discussion:
Variety
Georg Szalai / The Hollywood Reporter:
TelevisaUnivision reports Q1 revenue up 7% YoY to $1.1B, adjusted OIBDA fell 9% YoY to $328.5M, and expects its DTC business to be profitable in H2 2024 — The Spanish-language media giant, led by Wade Davis, sees 2024 as “a historic year for us,” saying that “we expect that to drive commensurate political ad revenue.”
Discussion:
Variety, TelevisaUnivision and Deadline
Georg Szalai / The Hollywood Reporter:
Comcast reports Q1 Peacock revenue rose 54% YoY to $1.1B, a $639M loss, down from $704M in Q1 2023, and paying subscribers up 55% YoY to 34M — NBCUniversal parent Comcast, led by chairman and CEO Brian Roberts, reported its first-quarter earnings. … The streamer ended March …
Eli Stokols / Politico:
Interviews with 24 people reveal the tense relationship between President Biden and the New York Times, beset by misunderstandings, grudges, and a lack of trust — Biden's people think they're “entitled.” The Times says “they're not being realistic.” — When news broke one Saturday night …
Discussion:
@keitholbermann, @markjacob16, @jojofromjerz, @tbonier, @markjacob16, @meidastouch, @ericschultz, @admcrlsn and @johnjharwood
Samantha Schmidt / Washington Post:
Press freedom advocates fear Peru's government is taking aim at the independent news media via a criminal investigation into veteran reporter Gustavo Gorriti — Few journalists have exposed government wrongdoing in Latin America quite like Gustavo Gorriti.
Discussion:
@cpjamericas, @willgfreeman and Committee to Protect …
Sam Roberts / New York Times:
Alfonso Chardy, whose methodical reporting led The Miami Herald to a Pulitzer Prize for exposing the Iran-contra scandal in 1986, died on April 9 at age 72 — A Miami Herald correspondent, he powered a team that won a Pulitzer Prize for investigative reporting and helped snare three other Pulitzers for the paper.
Discussion:
@francesrobles
The Information:
Sources: ByteDance is exploring scenarios for selling a majority stake in TikTok US, preferably to non-tech companies, and without the recommendation algorithm — ByteDance is internally exploring scenarios for selling a majority stake in TikTok's U.S. business, preferably to companies outside …
Discussion:
Bloomberg, @xdaily, New York Post, Metro.co.uk, Social Media Today, CNN, CBS News and Digital Journal, more at Techmeme »
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Lauren Feiner / The Verge:
President Biden signs the ByteDance-TikTok divest-or-ban bill into law, after the Senate passed it by 79-18; the House passed the legislation 360-58 on April 20
Discussion:
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Charlotte Tobitt / Press Gazette:
A look at US investigative outlet The Lever, which has 19 staffers after launching in 2022 with two staff, 112K subscribers, and paying subscribers up 16.5% YoY — The Lever's “bread and butter” reporting is “how corporate power is making everything worse for the rest of us”.
Discussion:
@davidsirota and @davidsirota@mastodon.online
Scharon Harding / Ars Technica:
Reddit says its Dynamic Product Ads, which use “shopping signals” to automatically show relevant ads to users, are entering public beta globally — Reddit says its “communities are naturally commercial.” — Reddit has made it clear that it's an ad-first business.
New York Times:
Sources detail NPR's struggles with declining audiences, falling sponsorship revenue, internal conflicts over turning things around, and a diversity push — NPR employees tuned in for a pivotal meeting late last year for a long-awaited update on the future of the public radio network.
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