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.
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’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.
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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The United States – TikTok's largest audience, as of July 2023.
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