AMC Launches Programmatic Ad Buying for TV; Meta Revenue up 23% for Q3

In today's ExchangeWire news digest: AMC Networks reveals its programmatic ad buying capabilities; Meta reports strong revenue growth for Q3 but warns of "volatility" to come; and Shein and Temu call for an end to their legal battles in the US.

AMC Networks launches programmatic ad buying for TV

AMC Networks has announced it has launched programmatic ad buying on three of its linear TV outlets. The new feature, which was piloted last month, will allow live, linear ad inventory to be purchased programmatically. Evan Adlman, executive VP of commercial sales & revenue operations for AMC Networks, said the new offering will give advertisers "the ability to reach an incremental audience on linear in a unified campaign”.

Meta warns of uncertainty despite strong Q3 results

Meta has warned it expects lower advertising demand and economic uncertainty will continue to the end of the year, despite a positive Q3 for the company. Meta reported revenue of USD$34.15bn (~£28.21bn) for Q3 2023, an increase of 23% from the previous year. Net income for the Instagram-parent was also strong, having more than doubled to USD$11.58bn (~£9.74bn) for the same period.

Temu and Shein call a truce in the US

E-commerce giants Shein and Temu have both applied to end their legal fights in the US. Shein filed a lawsuit against Temu in Chicago last December, accusing its rival of using fake social media accounts to trick consumers into downloading its app. Temu retaliated this July, filing a lawsuit in Boston which accused Shein of violating US antitrust laws. Lawyers representing the companies filed joint declarations in both US states, requesting the two legal cases be dropped "without prejudice" by their respective judges.

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Fact of the Day

USD$66bn (~£54.5bn) – Shein's valuation, as of June 2023.

Source: Reuters

Last Week's Tech Teasers

On Friday, we tested your knowledge of the latest quarterly results from some of the biggest names in the tech sector. How well did you do? Find out below!

  • 3% – the jump in Microsoft’s stock price after it posted its Q3 results ?
  • Alphabet – recorded net income of USD$19.7bn (~£16.12bn) for Q3 ?
  • 1% – the drop in Apple’s Q3 revenue from the previous year ?
  • Samsung – saw operating revenue drop 23% from Q2 ?
  • 12% – the YoY increase in DAUs reported by Snapchat ?

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