Spotify is Planning to Lay Off 200 Jobs in 2023
$3 B
Accenture announced that the company is going to invest $3 billion in the span of three years in its data and AI practice to help its clients to be more efficient and resilient in their use of AI. Due to this, the company is planning to double its AI talent in order to reach 80,000 skilled employees.
200
Recently Spotify announced that the company is planning to lay off 200 jobs or 2% of its workforce This is a sign of struggles for the podcast business. U.S. podcast ad revenue hit 26% to $1.8 billion in the prior year, as per Interactive Advertising Bureau.
$20 B
In 2023, TikTok is planning to produce up to $20 billion in merchandise sales through TikTok Shop as per Bloomberg. Live commerce is an advantageous option of TikTok Shop, that allows merchants to sell goods directly from short videos. About 100 US merchants were able to sell on TikTok Shop as of March 2023.
11.3%
Private label products help to cut down costs and are available for the best deal for the customers and help the brands promote loyalty. As per the Private Label Manufacturers Association Store brand sales rose 11.3% which is twice the growth of national brands. Walmart US increased to 110 basis points and Target’s has generated more than $30 billion in sales with its own products.
7.8%
According to the US Census Bureau reaching the right customer and the media is the key. In the US, Millennials make up the largest portion of digital buyers up to 2026. YouTube is a highly used streaming service by adults, with 7.8% of the time. Jungle Scout stated that 56% of US consumers start their product search on Amazon and 42% start their search with Google.
5%
Now Pinterest is providing an opportunity for the brands open window to be discovered, as 97% of the top searches on Pinterest are unbranded. It has 463 million users of which 13 million have joined in the current quarter. Despite of drop in Q4, the company has seen a 5% YOY revenue boost.
5.9%
Media investment group GroupM predicts stated that global advertising is going to surge to 5.9% for a total of $874.5 billion in 2023 which excludes U.S. political advertising. The International Monetary Fund trusts that the global inflation rate will decrease to 7%. CVT is expected to add 10.4% in ad revenue between 2023 and 2028 and its revenue will reach around $25.9 billion, a 13.2% YOY gain.