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Layoffs have been hitting the ad industry as marketers trim spending amid a softening economy. Insider is tracking which ad and marketing companies have laid off staffers, and how many. Layoffs have been hitting the ad industry since early this year as marketers reined in their spending over growing economic concerns. Marketing is typically the first expense companies cut in downturns and times of uncertainty, and the industry's biggest trend forecasters have revised down their estimates for global ad revenue growth next year. Insider is tracking which companies across the ad industry are cutting staff and how many.

☆ Amazon bulked up its advertising behemoth in 2022 — and its becoming an even bigger threat to Meta
▼ + stars: | 2022-12-27 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +10 min

Amazon's digital ad business is only behind Google's and Meta's — and it's already stolen budget from Meta. Today, that advertising business is no longer simply a way to drive product sales on Amazon. Amazon's ad business, which generated $9.5 billion during the third quarter of 2022, dwarfed Microsoft and Snap and ranked third behind Google and Facebook parent, Meta. There are now nearly 600 advertising partners in Amazon's advertising ecosystem, according to Amazon's directory of companies in the space. As part of its ambitions to grow advertising, Amazon also pitches a data clean room called Amazon Marketing Cloud.

☆ 50 of Twitter's top 100 advertisers have pulled out of the platform since Elon Musk took over, report says
▼ + stars: | 2022-11-23 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Half of Twitter's top 100 advertisers have stopped promoting on the platform, per Media Matters. Since 2020, those 50 companies have spent $2 billion on Twitter advertising. Coca-Cola, Kellogg's, and Meta are among those who have pulled their advertising budgets away from Twitter, according to Media Matters. The list of all 50 is available in Media Matters' report. Insider has reached out to all 50 companies for comment.

☆ Chaos unchecked: A comprehensive timeline of Elon Musk's Twitter verification saga - for now
▼ + stars: | 2022-11-12 | by ( Bethany Biron | ) www.businessinsider.com time to read: +12 min

Elon Musk's revamped Twitter Blue launch has hit some major snags in the past week. The shenanigans surrounding the blue check (and subsequent gray check) has heads spinning among average Twitter users, major advertisers and big-name celebrities. Here's a look at everything that's happened with Twitter Blue in the past week and the murky state of verification on the platform. Musk's new verification model was designed to become part of Twitter's existing Twitter Blue feature, a $4.99 monthly subscription offering premium services. He also said that Twitter is adding a "parody subscript," because "tricking people is not ok."It is unclear when and how Twitter Blue may be reinstated.

☆ The midterms are moments away, and these 9 behind-the-scenes agencies are helping politicians get elected, with control of Congress at stake
▼ + stars: | 2022-11-07 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +2 min

Political midterm ad spending is expected to hit a record high of $9.7 billionA new crop of digital-first firms is competing with traditional ad agencies for that money. Here are 9 of the most notable firms working for top GOP and Democratic candidates and organizations. Political advertising is reaching unprecedented levels for a midterm election. An August report from analytics firm AdImpact projected that political ad spending would reach $9.7 billion this year, beating the previous $9 billion record set in 2020. Kantar CMAG has forecast that $8.4 billion political ad dollars will be spent this year.

☆ Companies are suspending ads on Twitter after Elon Musk's takeover. Here's the full list of brands pressing pause on advertising.
▼ + stars: | 2022-11-04 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

"As always, we will continue to monitor this new direction and evaluate our marketing spend," a spokesperson for General Mills told The Wall Street Journal. As is normal course of business with a significant change in a media platform, we have temporarily paused our paid advertising. VolkswagenVolkswagen has reportedly taken similar steps and pulled its ads from the social media platform, per The Wall Street Journal's anonymous sources. Jakub Porzycki/NurPhoto via Getty ImagesAccording to the report, Oreo maker Mondelez International has also suspended advertising on Twitter for the time being. Interpublic GroupMajor advertising agency Interpublic Group has also advised clients to pause spending on Twitter advertising during the company's "chaotic" interim.

☆ Netflix's ad tier has finally launched, and while some advertisers were initially all-in, many plan to buy ads on competitors like Amazon or Disney instead
▼ + stars: | 2022-11-03 | by ( Lindsay Rittenhouse | Lara O'Reilly | ) www.businessinsider.com time to read: +4 min

Netflix's ad tier launched November 3, and its top ad exec Jeremi Gorman has said its ad inventory is nearly sold out. But some ad buyers said they're advising clients to hold out until the price comes down. One buyer said only half of its TV advertisers initially interested in Netflix are going forward with a deal. This person is advising clients to buy Netflix ads only when prices likely dip in six to 18 months. Most ad buyers think Netflix will eventually field a valuable offering but early returns are likely to be disappointing.

☆ In closed-door meeting, Elon Musk tells 100 top ad execs that he will improve brand safety on Twitter and that he will personally oversee its new video product
▼ + stars: | 2022-11-03 | by ( Lara O'Reilly | Lindsay Rittenhouse | ) www.businessinsider.com time to read: +3 min

Elon Musk spoke on Thursday with more than 100 advertisers and ad agency executives in a virtual meeting to reassure them that Twitter will remain safe to advertise on, following his takeover. The Washington Post reported earlier this week that Musk's Twitter is working on a paid-for video feature, in which creators could charge viewers for access. One advertising executive who met with Musk earlier this week said Musk "said all the right things" on the topic of brand safety. Musk had also said that Twitter could be using its data in a more efficient way to improve results for advertisers. General Mills, Mondelez, Pfizer, and Audi all paused ads on Twitter, according to The Wall Street Journal.

☆ As chaos continues with Twitter under Musk, advertiser patience is starting to wear thin
▼ + stars: | 2022-11-02 | by ( Lindsay Rittenhouse | Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

Advertisers weigh whether to pull ad spend from Twitter or stay. He plans to hold a virtual meeting with advertisers this Thursday but patience is wearing thin. But the Twitter team is in such disarray, attendees aren't clear who would be on the call to settle advertisers' nerves. A separate source said Meg Haley, Twitter VP of revenue product specialists, has been taking charge of conversations concerning advertiser partnerships in the interim. Some in the advertising community also question how committed Musk's Twitter will be to advertising in the long-term.

☆ Elon Musk closed his deal to buy Twitter, and it could cost the platform big with advertisers
▼ + stars: | 2022-10-28 | by ( Lucia Moses | Lindsay Rittenhouse | ) www.businessinsider.com time to read: +5 min

Elon Musk's $44 billion deal for Twitter has big implications for its advertising-driven business. Musk reportedly will eliminate lifetime bans, and advertisers were already worried Twitter would be less brand safe. This article was updated October 28 to reflect news that Musk closed a deal to buy Twitter. Just before he closed on the deal on Thursday, Musk tweeted a message to advertisers assuring them the platform wouldn't become a "free-for-all hellscape. When Musk balked on following through with the deal, that uncertainty further hurt the company's revenue, Twitter said during its second quarter.

☆ YouTube and Meta are going after TikTok's vulnerabilities in a high-stakes attempt to bring creators, users, and ad dollars to their short-form video platforms
▼ + stars: | 2022-10-27 | by ( Lindsay Rittenhouse | Lauren Johnson | ) www.businessinsider.com time to read: +6 min

YouTube and Meta look to short-form video as a way to revive declining ad revenue. Creators will be the key to enticing brands to advertise on short-form video apps. Meta, which reported a 3.6% year-over-year decline in ad sales, is also betting big on its short-form video format Reels. But even as Meta and YouTube lean into short-form video, advertisers still say TikTok comes out on top. But TikTok is still their priority for making short-form video content, said Kolin Kleveno, SVP of addressable media for Tinuiti.

☆ Meet 11 adtech companies helping marketers like Nordstrom and P&G supercharge their ads on TikTok
▼ + stars: | 2022-10-26 | by ( Lindsay Rittenhouse | Elizabeth Pham Janowski | ) www.businessinsider.com time to read: +1 min

Insider identified 11 adtech companies helping marketers develop their TikTok strategies. While brand marketers initially flocked to TikTok to grow awareness among Gen Z, they're increasingly seeing TikTok ads drive sales, especially with the popularity of the "TikTok Made Me Buy It" phenomenon. Adtech and marketing tech companies have seized this opportunity and are introducing new products to help marketers succeed on TikTok, whether that's making their TikTok ads perform better, making those ads easier to create, or identifying which influencers are best for a given brand to work with. "A good TikTok adtech company is one that helps realize the fact that, because of data deprecation, creative is the new audience targeting," he said. Insider identified 11 adtech companies helping marketers make their TikTok ad campaigns easier to create and execute, based on conversations with advertisers, analysts, and investment bankers.

☆ Some advertisers were initially all-in on Netflix's ad tier, but many are now planning to buy ads on competitors like Amazon or Disney instead
▼ + stars: | 2022-10-25 | by ( Lindsay Rittenhouse | Lara O'Reilly | ) www.businessinsider.com time to read: +3 min

But some ad buyers said they're advising clients to hold out until the price comes down. One buyer said only half of its TV advertisers initially interested in Netflix are going forward with a deal. This person is advising clients to buy Netflix ads only when prices likely dip in six to 18 months. Advertisers are also reluctant to buy Netflix ads because they're untested and competing against platforms that have proven performance, like Hulu, NBCUniversal's Peacock, HBO Max's ad tier, and Amazon, sources said. Most ad buyers think Netflix will eventually field a valuable offering but early returns are likely to be disappointing.

Snap's disastrous earnings is an indicator to some industry insiders that the digital ad market is collapsing. Snap's dismal showing in its recent earnings due to lost ad spend signified an ad market further collapsing in the face of a likely recession. And now, the ad industry is scrambling to figure out what to do in a worst-case economic scenario. "I think the digital ad market collapsed in September," one adtech exec told Insider, noting a precipitous drop that month in particular. One ad industry recruiter who is coming off of one of their busiest years in 2021 for running talent searches for ad agencies amid the Great Resignation said new opportunities have all but dried up, as many ad agencies have instituted a hiring freeze.

☆ Snap's share price slumps 27% after the company reported its slowest quarterly revenue growth ever
▼ + stars: | 2022-10-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Snap's reported revenues only rose 6% from a year to $1.13 billion in the third quarter of 2022. It was Snap's slowest quarterly growth ever and its sales missed market expectations. Its net loss widened five times to $360 million, compared to $72 million in the same period a year ago. Users in Snap's key market — the US — spent 5% less time viewing content in the third quarter, compared to a year ago, the company said. Snap Inc. shares slumped 27% to $7.87 in after-hours trade after closing 0.64% lower at $10.79 on Thursday.

☆ GE CMO Linda Boff tells Insider how she'll tailor her marketing plan for a looming recession, and what other marketers should do to survive
▼ + stars: | 2022-10-20 | by ( Lindsay Rittenhouse | ) www.businessinsider.com time to read: +3 min

General Electric CMO Linda Boff laid out marketing plans amid a looming recession. She said the company hasn't cut ad spend yet, but they're being prudent with their ad dollars. Boff said GE could scale back tentpole advertising events, but it would be "foolish" to cut search. Many big marketers, like Microsoft and Procter & Gamble, have already cut marketing spend, and ad agencies are bracing for more layoffs as new business pitches diminish. If there's one area GE won't cut, Boff said, it's search advertising.

☆ Brands aren't hiring new ad agencies as they ready for a recession
▼ + stars: | 2022-10-13 | by ( Lindsay Rittenhouse | ) www.businessinsider.com time to read: +2 min

Ad agencies are struggling to find new business. Major marketers like Microsoft have already slashed ad spend, and agency sources expect more cuts in 2023. Brands aren't offering their ad businesses to new agencies due to economic uncertainty. This is putting a huge strain on agencies already reeling as existing clients spend less. This year, staff cuts have already hit ad agencies like independent San Francisco-based advertising shop Venables, Bell & Partners and IPG agencies Huge and R/GA.

☆ These 12 behind-the-scenes execs are innovating TikTok's surging ad business, which will soon be worth more than Snap's and Twitter's combined
▼ + stars: | 2022-10-13 | by ( Lindsay Rittenhouse | ) www.businessinsider.com time to read: +11 min

TikTok's ad revenue is expected to triple to $11.64 billion this year, and it's building out products aggressively to hit its goal. In fact, if TikTok's ad revenues triple to $11.64 billion this year from 2021, as Insider Intelligence predicts, it will surpass the combined ad revenues of Twitter and Snapchat combined. Gabriela Comazzetto, head of LATAM global business solutionsComazzetto, another Facebook poach, has been overseeing TikTok's ad business in one of its fastest growing regions for just over a year. Shant Oknayan, general manager of METAP global business solutionsOknayan manages the TikTok for Business platform for the METAP region. Sameer Singh, general manager of APAC global business solutionsSingh oversees the TikTok for Business platform across APAC.

☆ Ad agencies are calling their employees back to the office, setting up a potential clash with workers who want to stay remote
▼ + stars: | 2022-09-27 | by ( Lindsay Rittenhouse | ) www.businessinsider.com time to read: +5 min

Some ad agencies are making a renewed push to get employees back to the office after Labor Day. It's setting up a potential clash with employees, most of whom want the ability to stay remote. Some ad agencies are making a renewed push to get people back into the office after Labor Day, setting up a potential clash with employees who want to remain remote. Omnicom-owned GSD&M told employees they had to return at least three days a week after Labor Day, one current executive said. Christine Capone, president of experiential marketing agency MKG, said she planned to start holding monthly happy hours after Labor Day to get people back.

☆ Seeking nominations for the 2022 rising stars of Madison Avenue
▼ + stars: | 2022-09-27 | by ( Lindsay Rittenhouse | ) www.businessinsider.com time to read: +1 min

Insider is seeking nominations for its annual list of the rising stars of Madison Avenue. Please submit your ideas by 5 p.m. EST October 24.Insider is seeking nominations for its annual list of the rising stars of Madison Avenue. We're looking for early- and mid-career professionals who are working behind the scenes to develop creative campaigns, using data in new ways, changing business practices, or challenging the traditional agency model. Criteria and methodologyThe list will profile ad agency talent across departments at traditional agencies as well as consulting firms. Submit your nominations here and include as much detail as to why your nominee deserves to be recognized.

☆ M&A in the ad industry surged in the first half of 2022, despite economic uncertainty. These 11 behind-the-scenes players from companies like Deloitte and Havas are driving the spree
▼ + stars: | 2022-09-27 | by ( Lindsay Rittenhouse | ) www.businessinsider.com time to read: +1 min

Advertising and media M&A increased 21% year-over-year in the first half of 2022 despite economic uncertainty. Ad agencies like Havas and consultancies like Deloitte ramped up deals as they look to bolster tech capabilities. Insider identified 11 execs leading M&A at the top ad companies. While private equity companies are driving much of this activity, agencies and consulting firms are also snapping up firms to strengthen their digital capabilities, Ciesco reported. Insider identified 11 executives overseeing ad industry M&A activity for these agencies.

Earlier this summer, Snap executives told managers they should put at least 10% of their teams on performance improvement plans. In a few weeks, Snap employees have gone from feeling relatively stable to joking that they now work at "Snapazon," a reference to the sometimes grueling, metric-heavy approach of Amazon. Snap is chopping the Snap Pixy mini drone, its accelerator program, Snap Originals, Snap Minis and its Games vertical. Other Snap workers expressed similar doubts about the company's acquisition strategy. AR likely will not be a major success story, despite Snap's leadership in the area.

☆ YouTube Shorts' new ad revenue-sharing program is a big problem for TikTok and an even bigger problem for Meta's Reels
▼ + stars: | 2022-09-22 | by ( Lindsay Rittenhouse | ) www.businessinsider.com time to read: +5 min

YouTube's new ad revenue-sharing program for Shorts creators is its latest effort to rival TikTok. Ad buyers say Shorts' rev-share program is bad news for TikTok, and worse news for Meta's Reels. But TikTok is still their priority for making short-form video content, said Kolin Kleveno, SVP of addressable media for Tinuiti. And advertisers predicted that even more creators will jump ship to YouTube Shorts thanks to its revenue-sharing program. Tinuiti's Kleveno said YouTube Shorts' revenue-sharing plan will put a ding in Reels' efforts to attract creators.

☆ Netflix's big bet on a cheaper ad-supported tier could backfire by cannibalizing existing subscribers instead of attracting new ones
▼ + stars: | 2022-09-22 | by ( Elaine Low | Lindsay Rittenhouse | ) www.businessinsider.com time to read: +5 min

The move could bring the company $8.5 billion in revenue by 2025, according to one Wall Street analyst. But it remains to be seen how many new subscribers an ad tier would attract. Netflix's plans for an ad-supported tier are in high gear. "We believe these economic factors, coupled with increased competition in the streaming space, will allow the right market conditions for Netflix's cheaper ad-supported service." According to Nollen's estimates, Netflix's ad tier could drive as much as $8.5 billion in revenue in 2025.

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