SNAP revises Q2 Revenue picture in ominous sign, stock dives

AMAZON orders Maya Rudolph,Natasha Lyonne animated show / SIRIUS buys TEAM COCO / New THOR trailer

May 24, 2022

Mornin! This is Sean McNulty and here’s the Hollywood + Media news to know on TUESDAY May 24, 2022.

Where it was a pretty quiet Monday… except for SNAPCHAT reminding everyone again that Q2 is looking real dark 🫣. But hey - The Boss is back in 2023! And if my friend Chris is reading this - I’m in for Dublin next May. (US dates TBA).

Bruce Springsteen@springsteen

Bruce Springsteen and The E Street Band Announce 2023 International Tour! More info on tickets at brucespringsteen.net

4:00 AM · May 24, 2022

1.87K Reposts · 9.96K Likes

AND: Vanessa Hudgens will host the MTV Movie & TV Awards on Sun June 5.

📽 THE SILVER SCREEN

maybe everyone partied too hard in Cannes this weekend? I got nothin. via Giphy

📺 THE TV SET

AMAZON orders 2 seasons of animated series “The Hospital” with Maya Rudolph and Natasha Lyonne

Both are also EP’s, created by Cirocco Dunlap (”Russian Doll”). About 2 alien best-friend surgeons who risk their careers on a case that puts existence itself in jeopardy.

Keke Palmer, Grace Lee, Sam Smith, and Kieran Culkin also amongst the voice cast. /THR

ALSO IN TV

AMC sets Okieriete Onaodowan (“Station 19”) to lead “Demascus” sci-fi comedy series, where a Black man uses a new technology to experience different versions of his own life. /THR
NETFLIX sets Phil Abraham (“The Sopranos” DP, eps of “Mad Men”, “Daredevil” and more) as lead director for Schwarzenegger father-daughter spy series. /Deadline

IN THE HOLLYWOOD EXECUTIVE SUITE

ABC SIGNATURE EVP of Current Programming Stephanie Liefer is leaving after 28 years at the company. No word on a next destination. /Deadline
WB Chief Strategy Officer Jay Levine is the latest departure from the WBD empire, after a 13 year tenure. /Deadline

💻 THE MEDIA BIZ

SNAP stock drops 31% on revised Q2 earnings guidance due to economy woes

This is a revision from the Q2 Revenue guidance that they gave… just a little over 3 weeks ago.

SNAP said they’ll come in on the low side of the 20% to 25% revenue growth they had indicated on that end of April Q1 earnings call.

As for the reasons cited “why” - pick your poison:

#Ukraine
#iPhonePrivacyChanges
#SupplyChain
#InterestRates… All the greatest hits were there.

But as for which of any of these were new since 3 weeks ago… yeah notsomuch.

While companies will occasionally do a revision like this (mainly because they have to as a public company), it is rare and usually a rather drastic step indicating a sizable shift going on in its business. Or in short - this is a bad look.

Hiring will be slowed for the rest of the year as a result and expenses will get a closer look. #soundfamiliar? 🤔 /CNBC

NETFLIX at least already said Q2 was gonna be bad, and pair this with DISNEY now giving away HULU for $1 a month for 3 months and I think everyone’s just doing a lot of this 🤞 at this point.

Conan O’Brien sells TEAM COCO podcast & digital biz to SIRIUS XM for $150 Million

The 11 podcast shows produced by TEAM COCO will now join the SIRIUS podcast network (fka STITCHER), so they’ll sell the ads and keep the revenue.

Podcasts will still be avail for free wherever you listen to them now.

Also includes TEAM COCO merch, TBD live events and a 5 year talent deal for Conan, where he also will program a new Comedy radio channel for SIRIUS.

And a nice life lesson that sometimes getting booted from your “dream job” can work out pretty well in the long run with a good work ethic #TeamCoco. /WSJ

ALSO IN MEDIA

CANDLE MEDIA buys Spanish-language production outfit EXILE, which produces series for all the major streamers with a global presence. No price indicated. /NY Times

🏦 STOCK NOTES:

A relatively quiet Monday on Wall Street. Guessing today will not be.

If you don’t already get THE WAKEUP, sign up here:

Hits your inbox weekdays by 830a (ish) East Coast time

👩‍💻 NEW TO WATCH:

PEACOCK “Ambulance” is now avail to STREAM HERE, 6 weeks after the theatrical release as a result of PEACOCK’s UNI deal to get their pics 45 days post-release struck at the end of 2021.

APPLE TV+ “Prehistoric Planet” - STREAM HERE

NBC “This Is Us” finale

🎥 TRAILER HOUSE

WB “Baz Lurhman’s Elvis” trailer 2 - IN THEATERS FRI JUNE 24

DISNEY MARVEL “Thor: Love and Thunder” new trailer - IN THEATERS FRI JULY 8

FOCUS FEATURES “Vengeance” movie trailer - BJ Novack writes, directs and stars in a comedy about a ‘coastal’ journalist in West Texas documenting the murder conspiracy theory of a girl he hooked up with a couple times. And look - Kutcher back on the big screen! IN THEATERS JULY 29