The 10 things in advertising you need to know today
1. Snap's stock dropped below its IPO price. The company's share price fell by 12% on Monday to $23.79, under its opening price of $24.
2. The CEO of ad tech unicorn VE Interactive has stepped down. The company, which employs over 1,000 people, failed to pay its employees on time three months in a row, The Financial Times reported.
3. Shazam's CEO thinks the company is an acquisition target now that it's profitable. The company recently launched new augmented reality features in its app to expand its work with brands.
4. Wall Street analysts are warning not to buy Snap stock. All the firms following the company have placed either a "sell" or "hold" recommendation on its stock.
5. A group of institutional investors want to bar Snap from being added to stock market indexes. The discussion centers around the company's shares, which have no voting rights.
6. A week after its Oscars mistake, PwC picked R/GA as its creative agency. According to Adweek, the decision was made after a creative review which was unrelated to the Academy Awards incident.
7. German media companies aren't joining Facebook's fake news initiative. As reported by Digiday, publishers think Facebook is too short staffed in the country to be able to manage the project effectively.
8. Broadcasters are at a low point for the 2016-2017 season. According to AdAge, there is the possibility the big four networks - ABC, CBS, NBC, and Fox - will finish with ratings under 2.0 for the 18-49 demographic.
9. Facebook failed to remove sexualized images of children from the site after BBC journalists reported them. 100 inappropriate images were flagged up using the "report button" but only 18 of them were removed, according to the BBC. Facebook said the photos have now been removed - and that it had also reported itself and the BBC to the police for hosting and sharing them, a move it said was "our industry's standard practice."
10. LIKEtoKNOW.it is changing the fashion industry with its influencer network. The app, which connects Instagram accounts to shoppable links, is launching a new feature allowing users to buy items they've seen after they upload a screenshot.