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YouTube Shorts are now available to play on some TVs. 

Why it matters: YouTube consistently ranks as a most-used streaming service. This product, a TikTok clone offering short-form vertical videos, further entrenches its status as it competes with TikTok for time spent across mobile and TV, Kerry writes.

Driving the news: YouTube announced yesterday that Shorts has launched on smart TVs (from 2019 or later), gaming consoles and streaming devices. 

Akin to swiping up or down on a phone, viewers use their remotes and navigate up or down to view Shorts. The TV screen only shows one video at a time in the center of the screen and retains its vertical format. 

State of play: Nielsen's rankings for September listed YouTube as the most used streaming service, usurping Netflix. 

But YouTube and other social media platforms have chased TikTok as it leads the pack in short-form video innovation. In fact, TikTok launched a TV app last year. 

YouTube expects the majority of Shorts viewing to happen on mobile but hopes the TV apps will attract "new audiences," Sarah Ali, senior director of product management leading the YouTube Shorts, Creation and Community teams, told Variety. 

Other short-form video apps are sprouting up on TVs. Giphy launched one yesterday that's exclusive to Roku, which also has its own short-form video hub. 

💭 Kerry's thought bubble: A key element of the short-form video race is not just where these platforms make their content available but how much they pay content creators. YouTube is planning to launch a new revenue-sharing model for Shorts early next year.

YouTube Shorts expand to smart TVs

1 big thing: YouTube adds Shorts to TVs

Illustration of the Youtube and TikTok app logos battling in a comic book style. 

AMC's partnership with Zoom to turn theaters into giant meeting spaces is the theater chain's latest attempt to find extra ways of making money. 

Why it's the BFD: Movie theaters can no longer rely solely on the box office. This move just further underscores how dire it is for the exhibitor business, Tim writes. 

Details: AMC and Zoom will launch the venture sometime next year in 17 markets. 

Companies will be able to book a three-hour window in multiple locations, with AMC and Zoom providing the equipment to set up "Zoom Rooms."

The auditoriums can fit between 75 and 150 seats.

The big picture: Despite box office gains compared to the last two years, the theater business is still far from its peak in 2018.

That year, U.S. theaters brought in $11.9 billion in ticket sales, according to data from Box Office Mojo. This year's haul through 10 months is $6.1 billion.

Cineworld, the No. 2 theater chain around the world, is currently going through a bankruptcy process that could result in a sale or at least will drastically reduce the number of theaters.

AMC has been among the most aggressive in trying to find other sources of revenue. CEO Adam Aron has ridden the company's "memestock" wave from retail investors. It also bought a stake in a gold and silver mine and will soon begin selling its popcorn in stores.

What's next: AMC reports its third-quarter earnings this afternoon after the closing bell. 

2. The BFD: Zooming at the multiplex 

Illustration of a stock trend line on a movie theater screen

Data: Yahoo Finance; Chart: Axios Visuals

The economic outlook for newspapers is giving pause to private equity investors typically eager to eat big chains.

Driving the news: Alden Global Capital has abandoned its bid for Lee Enterprises, at least for now, in part due to rising interest rates and a tougher market to finance deals, sources tell Sara Fischer and Kerry. 

Alden quietly sold part of its stake in Lee in April, shortly after a Delaware judge upheld Lee's rejection of Alden's two board director nominees in February. 

The firm held a 6.3% stake when it initiated its takeover bid and reported a 4.7% stake in April. 

Alden's $24 bid, which was once challenged by Lee's management as too low, now looks attractive compared to Lee's current share price of $18. 

3. Charted: Newspapers in a recession

The Recount, a video news startup, is trying to sell itself for a nominal sum after losing $10m last year on $1m in revenue, Sara reports. https://axios.link/3FY1Blu

4. Deal flow

Keshet International promoted Keren Shahar to CEO, replacing Alon Shtruzman. She was previously COO and president of distribution. https://axios.link/3UiKgZ0

Netflix promoted Krista Smith to head of publishing, as Michelle Lee leaves to "pursue other opportunities." https://axios.link/3TfmJqr

The New York Times named Tracy Bennett as editor of Wordle. https://axios.link/3ThV3kU

Paramount appointed Megan Marcus as VP of podcast editorial. https://axios.link/3UDaJA2

Time named Forbes COO Jessica Sibley as CEO. Edward Felsenthal will retain his role as EIC and become executive chairman. https://axios.link/3DMGqAm

WPP announced John Rogers is stepping down as CFO and as an executive director of the board. Joanne Wilson, CFO of soft drinks company Britvic, will succeed him as CFO. https://axios.link/3WKIDER

5. Movin' on up (or out)

"In reports to investors over the past two weeks, the keepers of Final Fantasy, Sonic and Castlevania have made it clear that the status quo is not working well enough," Stephen Totilo reports. 

Twitter tells advertisers that user growth is at 'all-time highs' under Elon Musk (Verge)

"Since Musk's dramatic takeover, Twitter's monetizable daily user (mDAU) growth has accelerated to more than 20 percent, while 'Twitter's largest market, the US, is growing even more quickly,' according to an internal FAQ," Alex Heath reports. 

Judge dismisses Dave Portnoy's defamation suit against Insider (Washington Post)

"Issues of consent and power imbalance in sexual relationships are very much matters of current public concern, and the legitimate public interest in those issues is not limited to matters that arise only in the employment context," Chief Judge F. Dennis Saylor IV wrote.

6. Channel surfing

Illustration of a surfer with a television in the place of his head.

🇺🇸 Situational awareness: Keep up with the news from today's election on Axios.com.

🏄 What we're actually surfing (for those looking for a break from Midterms coverage):

@tim_bays: "Mythic Quest" on Apple TV+. How does Rob McElhenny have the time between that other show he's known for and co-owning a Welsh soccer club?

@kerrymflynn: "& Juliet" at Stephen Sondheim Theatre. Almost saw this "fun, feminist" show in London but then heard it was coming to Broadway. Love a pop musical. 

✏️ Thanks to George Moriarty for editing and Katie Lewis for copy editing this newsletter.

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November 08, 2022

1 big thing: YouTube adds Shorts to TVs