Welcome to Media Insider, PR Newswire’s round-up of media stories from the week.
TECHCRUNCH | ANTHONY HA
Google Unveils its $300M News Initiative
Google unveiled a new multi-pronged News Initiative to work with the journalism industry. TechCrunch reports the initiative will focus on three goals — supporting sustainable business models, strengthening quality journalism, and empowering newsrooms through tech innovation. The company announced it’s committed to spending $300 million over the next three years on this massive project. Google Chief Business Officer Phillipp Schindler that when it comes to strengthening quality journalism, “Google has already been adjusting its algorithms to prioritize more authoritative sources.”
But will Google’s News Initiative really work? Google and Facebook can’t help publishers because they’re built to defeat publishers
REUTERS | JESSICA TOONKEL
NBC News plans online streaming service to attract younger viewers
To attract younger viewers, NBC News announced earlier this week plans to launch an online streaming service. Like other broadcast outlets, NBC News struggles with an aging audience. The article reports that back in July, NBC News launched a twice-daily news show on Snapchat called “Stay Tuned,” which now has five million subscribers. NBC News Chairman Andy Lack said that despite NBC News’s increased focus on digital, it has “no plans to bring any of its content back to Facebook Inc because it does not see it as a friendly environment to news organizations.” Streaming service will launch later this year.
Just how successful are streaming services? How Much Money U.S. Consumers Apparently Spend On Streaming Services Per Month
THE WALL STREET JOURNAL | BENJAMIN MULLEN
Cheddar, the ‘CNBC for Millennials,’ Raises $22 Million for International Expansion
Cheddar, the financial news streaming service for millennials, has raised $22 million to expand internationally and launch a channel on Snapchat Discover. Founder and chief executive Jon Steinberg told The Wall Street Journal that “about 95 percent of the company’s revenue comes from advertising,” which mostly is native ad sponsorships from advertisers like Fidelity and E-Trade. So far, the company has booked $18 million in revenue for 2018 from advertisers and from selling shows to networks and platforms like Spotify and Fusion. The article reports Steinberg is hopeful the company will form distribution partnerships with investors like cable giant Liberty Global and Antenna Group, which owns TV stations in Greece, Serbia, Slovenia, and Montenegro.
More on how Snapchat and publishers are working together: Snapchat Approves Branded Content Ads for Discover Publishers
ADWEEK | DAVID COHEN
LinkedIn Just Launched Some Snapchat-Like Features for Video Creators
Similar to Snapchat and Instagram, LinkedIn has debuted filters and text styles for members to use on video. Adweek reports that videos on LinkedIn are being shared 20 times more than other types of content there. In a recent company blog post, the new video creation tools allow users to “give your work buddy a ‘Work High Five,’ swap ideas on passion projects with ‘Side Hustle,’ or share the latest with the ‘On the Air’ filter.” LinkedIn also added three text styles that will allow video creators to add context to videos so viewers can know what’s happening while the sound is off. The company plans to add more features in the future.
Read LinkedIn’s full blog post regarding the new video features here: LinkedIn Video: Stand Out with Filters and Text
MARKET WATCH | JEFFREY A. TRACHTENBERG
Magazine giant Meredith to cut up to 300 jobs in wake of Time purchase
After the recent $1.85 billion acquisition of Time Inc., Meredith Corp. is expected to lay off 200 to 300 staffers as early as this week. The job cuts primarily will impact Time’s corporate employees in New York and are part of Meredith’s efforts to reduce $400 million to $500 million in costs over the next two years. According to those familiar with the situation, Meredith also is expected to unveil a new sales structure that will provide greater focus on specific magazine brands, while also preparing new ways to pitch advertisers with larger print and digital offerings.
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Joanna Giannell is a Senior Customer Content Specialist with PR Newswire. She is also an animal lover and music enthusiast. Tune into her insights as a social curator at @PRNpets.