In today’s Digest, we cover publisher ad supply plunging by as much as 40% as AI search erodes web traffic, Spotify testing a conversational AI chatbot for Premium subscribers, and Shein and DeepSeek advancing their IPO plans.

Publisher ad supply drops 40% 

Publisher ad supply dropped by as much as 40% in the second quarter of 2026, as AI-driven, zero-click search results starved news and other open-web sites of referral traffic, according to new benchmarking data from Ozone shared exclusively with Digiday. The figures, drawn from roughly 20 billion impressions tracked across Ozone's software for a group of premium publisher members, including the Guardian, News UK, and the Wall Street Journal.

It showed publisher ad request volumes falling between 32% and 37% year-over-year in the US, and between 39% and 41% in the UK during the April-to-June period. Across the first half of 2026, combined US and UK programmatic spend fell 30.6% year-over-year, though the UK saw a smaller 14.3% spend while the US saw a steeper 44% drop as its yield gains lagged behind.

Spotify tests AI chatbot for premium users

Spotify is piloting a new AI feature called "Talk to Spotify," letting Premium subscribers navigate music, audiobooks, and podcasts through conversation rather than traditional browsing. Spotify draws on a listener's own data playlists, favourite artists, and repeat listens to answer personal questions, such as when someone first heard a particular song or what genres they've been gravitating toward lately, without waiting for the annual Wrapped recap.

Spotify frames the update as an effort to make the platform feel "more personal and useful for every listener,".The chatbot can also field general questions about whatever's currently playing, functioning much like standalone AI assistants such as Google's Gemini or OpenAI's ChatGPT, whether that means asking when a song was released, exploring an author's other titles while listening to their audiobook, or checking whether a podcast guest has appeared on other shows.

Shein clears hurdle as China approves Hong Kong IPO; DeepSeek plans Shanghai IPO 

Shein has reportedly won approval from China's securities regulator for its long-anticipated Hong Kong IPO, according to Reuters. The China Securities Regulatory Commission published the approval notice on its website, clearing the way for Shein to begin investor roadshows and prepare for a listing committee hearing at the Hong Kong Stock Exchange. The fashion retailer, which filed confidentially for the listing, has not yet released its prospectus publicly, though sources told Reuters the company could aim for a listing as early as September or October.

While Shein edges toward the finish line in Hong Kong, another Chinese tech player is just beginning its own journey toward the public markets. DeepSeek is laying the groundwork for an initial public offering that could come as early as the second quarter of next year, according to people familiar with the matter, as the company looks to secure funding for its expensive research efforts and support further growth. The people said DeepSeek is in discussions with investors and banks about pursuing a listing in Shanghai, with plans to file the necessary IPO paperwork by the end of this year.