The 10 things in advertising you need to know today
1. Instagram now has 700 million users. The app said it had 600 million users in December.
2. P&G wants to cut $2 billion of its marketing spend over five years. The cuts include $1 billion in media and $500 million in agency fees, according to Ad Age.3. The European parliament wants to regulate online video ads. A proposed reform wants sponsored content and product placement to be more clearly highlighted.
4. Google and Facebook dominate digital ads. The two tech companies accounted for 99% of revenue growth in digital advertising according to analysis of IAB estimates.
5. Targeted television ads could become a $100 billion market. A note from Credit Suisse estimates that platforms for targeted TV ads could grow by between 5% and 7% per year in 2017-2030.
6. Oracle expanded its marketing cloud to include chatbots and more AI. The company unveiled a suite of artificial intelligence tools for mobile, video, and messaging platforms as well as a chatbot platform, Ad Week reported.
7. Twitter wants to be recognized as the "gold standard" for third party measurement. The company's CFO said it had already implemented standards from the Media Ratings Council for video viewability and measurement, according to The Drum.
8. Hulu did one of its biggest marketing pushes for the launch of "The Handmaid's Tale." Part of the campaign was a partnership with the New York social club for women, The Wing, as Ad Week reported.9. Spotify acquired the blockchain startup Mediachain. The company is building technology to connect artists directly with their royalty payments.
10. ESPN is cutting 100 TV personalities. The company needs to cut down on costs coming from increasing rights fees and changing viewer habits, according to Ad Age.