☀️GOOGLE, SPOTIFY confirm Ad biz cutbacks are for real
NETFLIX's big GOOD & EVIL debut / WBD & AMAZON make big exec moves / APPLE makes another Revenue grab before earnings call
Mornin! This is Sean McNulty and here’s the Hollywood + Media news to know on WEDNESDAY October 26, 2022.
Where let’s actually lead with a trailer today, for a new docu from NETFLIX called “FIFA Uncovered”… looking at the organization behind the WORLD CUP which launches in 3 weeks on FOX. Hopefully the doc does a good job shedding light on how in the world a Global Summer
Soccer Football tournament ended up:
In a desert country (QATAR), who generally bans public alcohol sales (it’ll be non-alcoholic BUD ZERO-only in the stadiums), and is reportedly asking all visitors to download apps onto their phones that reportedly can share any information stored on them.
Having to move the tournament to November (see desert country), thus putting the WORLD CUP in the heart of:
NFL, College Football, NBA and NHL seasons here (good luck with that, especially being 7 hours ahead of East Coast time).
UK & European Football league seasons, where I’m guessing a few World Cup players make their livings.
Corruption? What corruption? Sure - the FOX Jon Hamm SANTA Ads are great… but it’s important to keep in mind the real narratives that created the festivities next month.
The NETFLIX docu drops Nov 9, the WORLD CUP begins Nov 20.
PLUS: Here are your GOTHAM AWARDS nominees this year.
AND: Nathan Lane is returning to BROADWAY in January for a limited run of “Pictures of Home”, directed by Bartlett Sher at the STUDIO 54 theater.
ALSO: TSWIFT’s album is setting records in CHINA as the priciest album sold via TENCENT there, selling for… $4.82. Huh. APAC amirite?
CLARIFICATION FROM YESTERDAY: Series producer WBTV was behind the investigation & dismissal of the EP’s from CBS’s “East New York”, not CBS.
IN TODAY’S EDITION:
Zaz picks his DC STUDIOS leaders (plural) at WBD, one a name that was in the mix… the other definitely a surprise. Although Mike & Pam are still playing an active role too, while AMAZON makes change atop their TV division.
NETFLIX’s “School for Good and Evil” delivers in first 5 day viewing, even though the new Wednesday movie release plan makes comps cloudier. A look at the numbers.
ESPN sells ownership stake in the X GAMES to a private equity firm, who can plot a streaming future for them.
APPLE makes even more end of Oct moves to increase Revenue before their earnings call tomorrow, this time aimed at META.
A dive into SPOTIFY’s books. Another great quarter for subscriber growth… another bad quarter for profitability (although their recent Podcast layoffs & re-org costs are partially to blame). But bigger picture - I look at how their logic for real profit growth in 2023 has some big ?? in it that are tough to add up.
GOOGLE is still making bank… but it’s growing less, and they definitely indicate Ad biz trouble brewing, YOUTUBE included. A look at how $69 Billion in Q3 Revenue is somehow disappointing.
OK GREAT BUT WHAT DOES ALL THIS TECH CO. STUFF MEAN FOR HOLLYWOOD?
Fair question. Next week will really illuminate things for HOLLYWOOD Studios on the whole… but first META is up today and AMAZON tomorrow to fill out the Digital Advertising spend trends (with a side of APPLE) - so more insight to come here in The Wakeup the rest of the week.
But generally - while Digital advertising (FB, AMAZON, SNAP etc) is much more vulnerable to Ad spend cutbacks in a recessionary environment (it’s easier for Advertisers / Agencies to cut)… TV is not immune.
The upfront nature of TV / Video Advertising spends does provide some insulation, as do the Fall Midterm spends, but the Cable TV 2022 environment of cord-cutting in particular will get some very illuminating signs this week - COMCAST (Thu) and CHARTER (Fri) - very likely highlighting a rapidly, ever-dwindling base of people to advertise to.
Then PARAMOUNT, ROKU, WBD, FOX and AMC NETWORKS are all next week, giving a good window into the TV / Video Ad spend picture, and what they’re forecasting for in 2023 (somewhat - most will probably punt to the Q4 calls in late Jan).
That’s capped by DISNEY/ABC the 2nd week of Nov… at which point we’ll really have a good snapshot if dark clouds are on the horizon (or already over us).
So if you want to join for the ride:
BTW: NBCU officially started sending out those voluntary ‘early retirement’ offers to employees over 57 years-old with 10+ years of tenure yesterday, totaling under 2,000 folks (‘under’ not comforting), according to CNN’s Reliable Sources.