In today’s ExchangeWire news digest: TikTok launches its global “Out of Phone” offering; Netflix reports positive subscriber growth in Q3; and Temu takes South Korea by storm.
TikTok introduces “Out of Phone”
Short-form video platform TikTok has launched a new out-of-home offering. “Out of Phone” will allow content to be pulled from the app and displayed in cinemas, on billboards, and on other public screens. Although a global offering, content will be curated to different audiences and regularly updated “to share only the latest and most engaging” videos.
Netflix posts subscriber growth for Q3
Netflix’s global crackdown on password sharing appears to be paying off. The streaming giant revealed it added 8.8 million new subscribers in Q3 2023, up from 2.4 million for the same period last year. The company also announced plans to increase prices in several markets; in the UK, the cost of a basic subscription will rise by £1 to £7.99.
Temu a hit in South Korea
China’s Temu is challenging homegrown e-commerce platforms in the South Korean market. The discount shopping app reportedly amassed 399,000 downloads in Korea between 25th September and 9th October, having only been introduced to the market in July.
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Fact of the Day
The United States – TikTok's largest audience, as of July 2023.
Last Week's Tech Teasers
Following the Q3 2023 IPA Bellwether report, Friday’s quiz centred on UK ad spend. See how well you did below!
- ~£48bn – the UK’s forecast ad spend for 2027 💰
- 11% – the UK digital ad market’s growth in 2022 🌱
- 10 – UK marketing budgets’ successive quarters of growth 📈
- Barbenheimer – was forecast to drive ad spend in UK cinema this year 🍿
- 18.7% – the rise in BVOD ad spend in Q1 2023 📺
Challenge yourself on ad tech, martech, media, and commerce, by signing up to The Stack, where we publish a new quiz every Friday.