Publishing Insights and Subscription Trends
We’re back with another edition of Friday Five! This week, we talk about “What’s New in Publishing” rebranding to “Media Makers Meet” (Mx3), The Guardian growing revenue but reporting a £21 million loss, Meta seeing advertising jump s, the future of AI in publishing, and Spotify raising U.S. subscription prices.
What’s New in Publishing Rebranding to Media Makers Meet (Mx3)
What's New in Publishing (WNIP) will rebrand to Media Makers Meet (Mx3) in mid-August. The rebranded Media Makers Meet (Mx3) website will incorporate WNIP and Di5rupt's features and research reports. Additionally, the shift will include more in-depth features and interviews, reports, events, and a community of media leaders, experts, and content creators. Read More on WNIP.
The Guardian Grows Revenue but Reports £21 Million Loss
The Guardian's revenue grew by 3%, reaching £262.4m this year. However, the company reported a £21m cash outflow due to investments in editorial teams and products, leading to a decline in the Scott Trust endowment fund's value. Despite operating losses, The Guardian remains focused on digital expansion, and global reach continues to contribute to its leading position as one of the world's most respected news publishers. Read More on Press Gazette.
Meta Sees Advertising Jump
Meta (Facebook's parent company) reported strong advertising revenue growth in the second quarter, topping Wall Street's expectations. Meta's revenue forecast for the third quarter is above market expectations. Meta is also forecasting rising expenses in 2024, citing costs of legal fees and increased spending on infrastructure. Read More on Reuters.
The Future of AI in Publishing
The publishing industry is facing a new disruption from artificial intelligence. AI is being used to create, package, edit, and market books. Some believe it could eventually replace human writers. Overall, the impact of AI on the publishing industry is still being debated, but it is clear that AI technology has the potential to significantly disrupt the industry. Read More on New York Times.
Spotify Raises U.S. Subscription Prices
Spotify has raised the price of its premium music-streaming subscription in the U.S. to $10.99 per month, the first increase in 12 years. The decision comes after pressure from the music industry and competitors that have raised their prices, such as Apple Music. Read More on Variety.