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Situational awareness: Ad giant WPP announces today that it will cut 3,500 jobs worldwide to restructure, per the FT.
Photo: SAJJAD HUSSAIN/AFP/Getty Images
As tensions with China grow deeper, media giants could look to further ties in India, where the mobile economy is booming.
Why it matters: India is one of the fastest-growing internet markets in the world. But few consumers have the disposable income to pay for multiple services, which will make it hard for some companies to conquer the country.
The big picture: Western tech and media companies have been expanding their presence in India to take advantage of and cover the growing economy.
Between the lines: India is a much more lenient entry-point than China from a regulatory perspective. But recent U.S.-China trade tensions could be driving India to start erecting new barriers to U.S. companies.
Be smart: Twenty-first Century Fox-owned TV streaming company Hotstar is by far the biggest over-the-top TV provider in India with roughly 100 million subscribers, followed by Voot, which is jointly-owned by Viacom and Mumbai's TV18.
Unlike the largely saturated North American digital market, India still has room to grow.
Internet adoption is driving unprecedented advertising growth in India. This is especially because internet users in India are less reluctant to pay for subscriptions and are more comfortable with paying for content via data-based ads.
Cheddar, the streaming news service for millennials, and Magic Leap, a mixed reality company, are teaming up to put Cheddar's two live news networks on Magic Leap One augmented reality devices.
Why it matters: These will be the first live news channels made available in mixed reality to all Magic Leap One owners.
The big picture: The move is part of a bigger trend of media companies pushing to try new forms of distribution.
Yes, but: The idea is meant to be a seed project that's being built far ahead of commercial applicability, mostly for buzz and experimentation. Magic Leap is only available now via a very pricey developer version, so the audience for the news channels will be small at first.
"In my three years running the company, I've always been focusing on generating revenue and getting carriage on big systems. I wanted to do one R&D project. I think a media company like us needs to have one long-term bet. A lot of other media companies can only see ahead to the next quarter. I'm trying to think a few years away."— Cheddar CEO and founder Jon Steinberg
Between the lines: Cheddar and Magic Leap share an investor in AT&T. Both companies focus on the future of content distribution.
By the numbers: Steinberg says Cheddar will bring in about $30 million in top-line revenue this year and will be profitable by the end of next year. "We'll lose $4 million roughly and as of today, after acquisitions, we have $30 million in bank, with a vast majority of that being in cash."
Illustration: Lazaro Gamio/Axios
After months of dodging requests to testify on Capitol Hill, Google's CEO is finally taking his turn in the hot seat, Axios' David McCabe reports.
Why it matters: Pichai will face tough questions from both Democrats and Republicans on the committee on a wide range of issues during the hearing, exposing him to the same grandstanding anger Congress directed at execs from Facebook and Twitter earlier this year.
Be smart: Google walks into Tuesday's hearing with two new headaches:
Two years ago, every tech platform was pushing to explain how great their ad tech was ahead of the Q4 holiday season. This year ... crickets.
Why it matters: Amid privacy concerns, tech companies have been less forward about all of the ways they target users online.
The other side: That hasn't necessarily been the case for TV ad tech giants, who are pushing to find innovative ways to make boring TV ads more relevant.
Illustration: Rebecca Zisser/Axios
A slew of companies are working to marry millennials’ affinities for online video and shopping, and capitalize on their arrival as the most populous generation, Axios Kia Kokalitcheva reports.
Driving the news: A number of startups are tackling the challenge of marrying these trends, each from a different angle.
Yes, but: Home shopping giants QVC and HSN aren’t giving up on millennials just yet. The companies, both owned by Qurate Retail Group, are making changes to the products and brands they sell and adopting online streaming and social media to reach younger audiences.