April 10 2023 - Let's Hop Back In

👋Good Morning – It's Monday and we're back. God help me with these headlines, it's the best we can do. Blame it on the chocolate. Let's get into it!

US job growth in March has slowed down, but still generated 236,000 jobs, as the Fed's rate increases appeared to take a toll. This report is the last monthly jobs data before the next Fed meeting, in early May. The slowdown in growth later in 2023 is expected to result in more layoffs as profits erode and businesses opt to shed workers, and some industries such as construction are already losing jobs. Additionally, wage growth has slowed, which could help quell inflation– bringing some hope that the US economy can cool off without causing a recession.

Apple has been holding meetings at its US stores to dissuade employees from unionizing, according to sources. Managers across its roughly 270 US retail outlets have been issuing a message that the union at the Towson store in Maryland is asking for excessive dues and prioritizing longer-tenured employees, among other factors that they argue disadvantage workers. Only two Apple stores have so far unionized.

McDonald's has undergone a company-wide restructuring resulting in layoffs and reductions in compensation packages for some employees, including changes to titles, bonuses, and equity grants. The restructuring affected employees in the US and abroad, including at McDonald's Chicago headquarters and in its field offices, across departments such as marketing and operations. The fast-food chain also closed its US offices temporarily and offered some employees a chance to stay with reduced compensation. Senior employees who had worked at McDonald's for decades were among those laid off. The company has conducted several rounds of layoffs in recent years, with consulting firm McKinsey & Co. serving as an adviser on the most recent restructuring.

Substack burned $25 million in 2021 and had negative revenue overall, despite having gross revenue of $11.9 million, according to a report from The Information. The newsletter platform's business model primarily involves taking a small cut of subscription costs, but in an attempt to woo big-name writers, it guaranteed some of them a minimum income, resulting in a loss. Substack has not released its 2022 numbers, but its credit facilities and staff cuts indicate that it is facing financial difficulties. In addition, Twitter has limited the spread of Substack links, making it harder for writers to promote their newsletters.

• Advertising employment in the US fell by 2,100 jobs in March, marking the biggest drop in two years, according to data from the Bureau of Labor Statistics. The drop is a concern for the industry, which had been recovering from pandemic losses and had previously enjoyed strong job gains in 2021 through to summer 2022. Advertising, public relations and related services lost 2,100 jobs in March, with ad agencies accounting for 46% of those jobs.
• Talenthouse, the tech company that matches artists with major brands, is on the verge of collapse due to unpaid debts. The company, which has worked with Netflix, Coca-Cola, Nike and the UN, is facing legal action by creditors in the UK and has laid off most of its workforce. The news follows months of financial turbulence and comes after Talenthouse AG, the company’s parent, announced the closure of four other subsidiaries as they cannot afford to pay outstanding bills, including staff wages. Talenthouse had aimed to “democratise creativity” and help level the playing field for artists internationally.
• Journalist Matt Taibbi, who gained access to internal Twitter information through Elon Musk's "Twitter Files," has announced his departure from the platform over its ongoing feud with Substack. Twitter has blocked users from interacting with tweets that contain Substack URLs and has limited the interactions with tweets from Substack's Twitter account. Taibbi says he plans to continue using Substack and start using its Notes feature, but has been told that it may come at a cost for future "Twitter Files" reports.
• Google has announced WebGPU, a new web graphics API that will provide web apps with more access to the graphics card and enable better performance. The API is currently in beta and available in Chrome 113, with plans to be enabled by default in the future. WebGPU has potential for use beyond gaming, such as machine learning apps that can benefit from GPU-based solutions. Google promises future updates to enhance the API, including improved access to shader cores.
• Meta, is reportedly paying some of its programmers working on metaverse projects salaries of up to $1 million, according to a report by The Washington Post
• Warner Bros. Discovery faces calls for DOJ to re-investigate its merger from a group of Congress members, including Senator Elizabeth Warren. The lawmakers have sent a letter to the Department of Justice expressing concerns about the merger's impact on labor and consumer choice. The letter raises worries about potentially anticompetitive practices that could reduce consumer choice and harm workers in affected labor markets, with the focus on layoffs at CNN and the merger's effect on "an iconic American studio." The merger was completed last year without challenge after a review by the DOJ.
• The 2023 NewFronts will prioritize video opportunities such as shoppable and ecommerce, CTV transparency, and verification. In-person presentations will be held at a single venue on May 3, and the event will also offer live and virtual attendee options.
• Tommy Hilfiger has partnered with Zero10 to launch an augmented reality clothes try-on experience that will be initially available in three stores in Europe. The technology leverages 3D body tracking, cloth simulation, and multiclass segmentation to enable the clothing items being tried on to look realistic on screen. The try-ons will be available in Tommy Hilfiger's stores in Berlin, London, and Milan.
• Ordovic is a new VR headset with an olfactory module, designed to create a more immersive and multisensory experience in virtual reality. With the addition of smell, the headset aims to create a more realistic and engaging environment for gamers, allowing them to experience the scent of gunpowder or the smell of saltwater while surfing. The headset has the olfactory module integrated, providing a synchronized sensory experience that engages sight, hearing, and smell.

• The Super Mario Bros. Movie made a record-breaking debut at the box office, earning $204.6 million in its first five days in North American theaters and a global total of $377 million.
• Apple Studios has chosen actor Damson Idris, best known for his role in "Snowfall," to co-star with Brad Pitt in an upcoming racing film set in the world of Formula One. The untitled project is produced by Joseph Kosinski and Jerry Bruckheimer, and follows Pitt's character as he mentors a younger driver and returns to the racing world.
• TikTok-focused agencies are encouraging clients to diversify their social media presence, with Instagram Reels being the first alternative to TikTok. These agencies are recommending that clients create short-form video content that works on Reels and YouTube Shorts, among others, to prepare for a potential TikTok ban. While Reels has struggled to monetize and capture interest to the level of TikTok, losing one of its biggest competitors would likely be a boon for Meta. “We’ve been preparing our clients for moments like these by encouraging them to build more direct communities,” says Shakirah Hill Taylor, Fenton’s chief digital officer. “It’s included in our deliverables now versus an add-on here and there kind of thing,”.

via dankartdirectormemes

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