On today’s news digest: The Cookieless Can has Been Kicked Again; Revolut Explores Monetising Customer Data; Amazon Launches New Grocery Delivery Subscription Plan
In news that will surprise very few, Google have announced that the plans for cookie deprecation in Q4 2024 have been postponed. The third kicking of the cookieless can was announced yesterday; the search giant cited regulators as the cause, with the Competition and Markets Authority needing “sufficient time to review all evidence including results from industry tests".
In search of other revenue sources, Revolut is exploring plans to monetise customer data by sharing it with advertising partners. Currently, the fintech company awaits the result of its application for a UK banking licence, which appears to have stalled. Antoine Le Nel, Revolut’s head of growth, said that in the near future the company could derive a significant portion of its revenue from targeted advertising. Reportedly, they have set an internal target for revenue derived from advertising of around £300m by 2026 (the entire business generated revenues of £923m in 2022). Revolut has hired Inam Mahmood, former head of ecommerce partnerships at TikTok UK, to lead the sales team’s media strategy.
In the ecommerce sector, Amazon has launched a new grocery delivery subscription plan which will be available in the US to Prime customers as well as those who are recipients of the government food assistance benefits. For Prime members, a subscription plan of USD$9.99 (£8.07) per month will allow unlimited grocery deliveries on orders over USD$35 (£28.26) from a selection of retailers on the platform. Those who rely on the government’s Supplemental Nutrition Assistance Program, will be able to pay a reduced rate of USD$4.99 (£4.01) per month for the service, and would not require a Prime membership. The service will be available in more than 3,500 locations across the US.
In the UK, the government has launched a pilot scheme which aims to provide entrepreneurs with informal advice on AI regulations. The scheme, which has been given government funding of close to £2m, will run for 12 months. Regulators including the Competition and Markets Authority, and Ofcom – among others – will share information with businesses in order to help them navigate the current regulatory environment.
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