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