In today’s ExchangeWire digest: Social leads Magna’s latest global ad spend forecast; OpenAI delays store launch of custom GPT; Spotify axes 17% of workforce…
Social leads Magna’s latest global ad spend forecast
According to its latest forecast, Magna reports that global ad spend will increase by 6% across all media this year, with digital formats growing 11%. Traditional formats are expected to decrease by 4%, now making up less than a third of all global media spend. Keyword search remains the most popular ad format of the year, at a 9% increase. Rising above the rest, social media will see a 15% growth in spend, with short-form video seeing a 9% increase.
OpenAI delays store launch of custom GPT
OpenAI has delayed its launch of a GPT store – which will let people build their own GPT – until early 2024. According to the announcement in last month’s DevDay conference, the launch had been planned for November. The delay is very likely due to the leadership disarray we saw over the past few weeks. In the meantime, the company reports having other updates planned for ChatGPT.
Spotify axes 17% of workforce
Amid rising costs, streaming service Spotify has announced it will be laying off 17% of its workforce. The company blames a slowing economy and higher borrowing costs. Earlier this year, the workforce was already cut back by 6% in January, and another 2% in June.
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Fact of the day
Through a partnership with OpenAI, Spotify uses AI to translate podcasts into other languages. The feature matches the translation to the original speaker’s voice and style.