MediaMath files for bankruptcy protection; Snapchat+ Reaches 4 Million Paying Subs

In today's ExchangeWire news digest: long-standing DSP files for bankruptcy; Snapchat+ hits 4 million paying users in its first year; and APAC companies dominate Data.ai's list of top 50 publishers.

MediaMath files for bankruptcy protection

One of ad tech's longest standing DSPs, MediaMath, has filed for bankruptcy protection after failing in negotiations with new buyers. The company has faced financial issues for some time. Staff were informed of the company's imminent closure last week

Snapchat+ hits 4 million members

Snap Inc. has revealed that its subscription service, Snapchat+, has amassed 4 million subscribers in the year since its launch. For £3.99 a month, Snapchat+ gives users access to exclusive and early-release features. These include the company’s AI-powered chatbot, My AI, which was built on OpenAI’s ChatGPT technology. After announcing its user base on Thursday (29th June), Snap’s shares rose by about 1% to USD$11.73 (~£9.28).

APAC companies sweep top 50 publishers list

Data.ai’s list of top publishers has been dominated by companies in the Asia-Pacific region. The list, which ranks companies based on revenue, was led by Tencent for the sixth consecutive year. TikTok-parent ByteDance climbed to second place, with the video-sharing app generating USD$3.3bn (~£2.6bn) in consumer spend in 2022.

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Fact of the Day

13 – the number of charges against FTX's ex-CEO, Sam Bankman-Fried, in relation to its collapse.

Source: Reuters

Last week's tech teasers

Last week, we tested your knowledge on all things Gen Z. How well do you know these digital natives? Find out below:

  • 20% lower – Zoomers' alcohol consumption compared to Millennials' 🍻
  • 45% – of VR users are Gen Z 🥽
  • USD$33trn – Gen Z’s predicted spending power by 2030 🤑
  • 93% – of Gen Z value real-life over virtual interactions 🤝
  • 68% – of Zoomers avoided brands they deemed unethical 🙅‍♀️

Challenge yourself on ad tech, martech, media, and commerce, by signing up to The Stack, where we publish a new quiz every Friday.