Today's Media Trends is 1,861 words, a 7 minute read.
Situational awareness: SNL's Kenan Thompson and comedian Hasan Minhaj will be featured at the White House Correspondents’ Dinner.
An explosion in people paying for music via streaming services is helping to revive the decades-old record label business, which is now preparing for a slew of public offerings.
Why it matters: "There hasn't been this much optimism in the music business since the invention of the CD," says Ross Gerber, co-founder, president and CEO of Gerber Kawasaki Wealth and Investment Management.
Driving the news: Record labels are eyeing public exits at huge multiples of what they were once worth just a few years ago.
Be smart: The valuation jumps are not because they are bringing in more money than ever before, but because they are on an upward trajectory.
Yes, but: A slew of public offerings may indicate that executives think there's a growth ceiling on the horizon.
The bottom line: "I think that's why these companies want to go public now. I think there's some growth limits to this model," says Miller.
Paid subscriptions now account for about 80% of streaming music revenue.
According to Mitch Glazier, Chairman and CEO of the Recording Industry Association of America, that's up from about 25% just five years ago.
Illustration: Sarah Grillo/Axios
While big national newspapers grow stronger, local newspaper chains that have for decades kept the vast majority of the country informed are combusting.
Why it matters: Local communities are increasingly losing the power to set the agenda for the news that most affects them.
Driving the news: McClatchy, the publisher of dozens of local papers from the Sacramento Bee to the Kansas City Star to the Miami Herald, announced last week that it voluntarily filed for bankruptcy to allow the company to restructure its debt and pension obligations.
The big picture: McClatchy’s bankruptcy is the latest in a string of major newspaper group fire sales and mergers in the past year.
Meanwhile, the national giants are thriving.
While some traditional ad businesses, like television and radio, have plateaued in the digital era, print ad revenue has plummeted.
Illustration: Aïda Amer/Axios
Facebook is doubling down on its big pitch to lawmakers across the globe, but key regulators aren't buying it.
Why it matters: Facebook hopes that by embracing the push for regulation, it can build more trust with policymakers and better influence future regulation in its favor. But so far policymakers are wary of Facebook's attempts to help write its own rules.
Driving the news: In an op-ed in the Financial Times Monday, Facebook CEO Mark Zuckerberg called for more regulation around four key areas: transparency around content moderation, political ads, openness around data sharing, and oversight and accountability.
The big picture: The press blitz comes just days ahead of the U.S. Justice Department's workshop on a critical law that protects Facebook business model, Section 230 of the Communications Decency Act.
Illustration: Rebecca Zisser/Axios
Exclusive: The News Media Alliance, a trade group which represents thousands of U.S. newspapers, plans to propose limits to a rule that, to-date, has helped Big Tech companies dodge responsibility for the content people upload to their platforms.
According to a written testimony provided to Axios, NMA will tell parties on Wednesday at the Justice Department's upcoming workshop on Section 230 that policymakers should limit the safe harbor exemption within the law that protects tech platforms from being sued for the content that other people post on its site.
The big picture: U.S. Attorney General William Barr said last month that the DOJ was looking into the law because “many are concerned that Section 230 immunity has been extended far beyond what Congress originally intended,” per Reuters.
Illustration: Eniola Odetunde/Axios
The Trump campaign has invested most of its advertising budget to date on Facebook, testing thousands of versions of ads per day to maximize its spending, Axios' Jonathan Swan and I write.
Behind the scenes: A source familiar with the campaign tells Axios that the thinking has shifted: "[T]he percentage of our total media budget [on Facebook] is shrinking."
The big picture: Since the last election, it's become obvious that all campaigns are at risk of the changing algorithms and policies at Facebook, or on any platform.
Details: Today, the campaign is testing new strategies on several dozen platforms to reduce dependence on Facebook — though the platform will still play a crucial role in the Trump 2020 strategy.
By the numbers: While the Trump campaign still spends big on Facebook ads, the percentage of its ad budget spent there has fallen significantly over the past few months, according to data from Advertising Analytics.
Between the lines: Right now, the Trump campaign uses Facebook ads to drive sign-ups for its email and text alerts — forms of outreach that don't get more expensive with time.
Illustration: Axios/Rebecca Zisser
Telemundo will announce on Tuesday the launch of a multi-million dollar voter initiative aimed at Latinos called “DECISIÓN 2020," executives tell Axios.
Why it matters: "This is a big moment for the Hispanic community," says Cesar Conde, Chairman of NBCUniversal International Group and NBCUniversal Telemundo Enterprises.
Details: The effort includes the launch of a new network news broadcast every weekday, new digital shows designed to target young Latino viewers, more Sunday public affairs shows in local Telemundo markets, polls about the Latino vote and voter registration events and nationwide town halls.
The big picture: Telemundo isn't the only group to spend many millions on voter registration efforts. It's part of a bigger wave of media and tech companies pushing robust voter registration and election engagement efforts.
Illustration: Aïda Amer/Axios
Facebook said Friday that political candidates, campaigns and groups can use paid branded content across its platforms, a clarification prompted by a move from Michael Bloomberg's campaign to pay top Instagram influencers to post memes on its behalf.
Why it matters: Branded content is a tricky area to define and regulate because it is more obscure about being an advertisement by design.
The big picture: Publishers have always felt as though the FTC's enforcement on influencer content and branded content was not a serious threat.