The Week That was. IT and Media news week 43
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Weaker advertising markets were stressed during the big tech week with quarterly reports. Apple beat analysts’ expectations. Microsoft reported revenues up close to 11% but its cloud computing business missed analysts’ expectations. Amazon, Meta and Alphabet all reported lower than markets had expected.
“The bird is freed”, tweeted Elon Musk who now has the title Chief Twit. The “bird” was obviously the Twitter bird and the message was his confirmation that he has now finalised his buying of Twitter for USD 44 billion. The markets are looking forward to get his definitions of some mystifying expressions. What does it, for instance, mean when he calls himself a “free speech absolutist”?
In just two years, the share of US adults who say they regularly get news from TikTok has roughly tripled, from 3% in 2020 to 10% in 2022. This is in contrast with many other social media sites, where news consumption has either declined or stayed about the same in recent years, Pew Research Center reports.
Advertising market in the UK will not reach earlier forecasted growth of 10.9% this year. A new forecast says it will grow 9/2% and reach GBP 35 billion by the end of this year, the Advertising Association/WARC Expenditure reports. Pressure from higher inflation explains the downgrading. Next year, the market is expected to grow but at a slower rate of 3.9%.
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