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Flickr Creative Commons

Snap Inc. and Time Warner announced a two-year content and advertising partnership Monday, reportedly valued around $100 million. Per the agreement, Time Warner will commit to developing and promoting made-for-Snap shows from brands across its portfolio (HBO, CNN, TBS, etc) and will invest in advertising from HBO, Turner and Warner Bros. on Snapchat over the next two years.

Why it matters: The announcement comes at a crucial time for Snap Inc., whose stock had fizzled down to its $17 IPO price after months of Facebook and Facebook-owned Instagram installing copycat features on their platforms. The company has been at the forefront of launching exclusive original partnerships for its mobile platform, but the heavy content and advertising investment from a major cable company takes their Discover platform business to the next level, which will likely invigorate investor confidence in the brand.

Snapchat's gains in the content biz: To give you a sense of how quickly Snap's original content business is growing, the company says there is currently about one show airing each day on the platform and by the end of this year, Snap expects to have three shows airing per day.

What's in it for Time Warner? Access to Snap's loyal, younger audience that consumes shows differently on its platform than on TV. Nielsen data commissioned by Snapchat shows that Snapchat provided a 16% increase in average monthly reach in content partners' TV audience, compared to a 5% decrease for the six months prior to the partnership. Time Warner says Snapchat's platform "will help drive larger audiences to our shows."

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 7 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.