Tencent profit surges on smartphone gaming boom November 12, 2020 Tencent almost doubled its profit in the third quarter as the Chinese tech conglomerate continued to cash in on booming demand for its online games. The tech giant, which is the world’s largest gaming firm by revenue, reported a 38.5bn yuan (£4.4bn) profit in the three months to the end of September, up 89 per [...]
Google critics call for EU to fast-track competition crackdown November 12, 2020 A group of 165 companies and industry bodies has urged the EU to accelerate its crackdown on Google’s alleged anti-competitive practices, warning planned new laws will take too long to come into force. In a joint letter to EU competition chief Margrethe Vestager, seen by Reuters, the critics accused Google of unfairly favouring its own [...]
ITV forecasts advertising rebound after Covid-19 slump November 12, 2020 ITV today said it expects advertising revenue to be slightly higher year on year in the fourth quarter as spend begins to recover from its pandemic-induced slump. The broadcaster said total advertising spend was down seven per cent in the third quarter, a sharp improvement on the 43 per cent crash posted in the previous [...]
WH Smith scraps dividend as it crashes to £280m loss November 12, 2020 WH Smith has scrapped its dividend for the full year as the pandemic drove it to a pre-tax loss of £280m. The figures WH Smith posted revenue of £1bn in the year to the end of August, down 33 per cent on last year. The company swung to a pre-tax loss of £280m, compared to [...]
UK must ‘knuckle down’ to get EU trade deal, says Irish PM November 12, 2020 The UK must “knuckle down” to secure a post-Brexit trade deal with the EU, the Irish prime minister has said. Taoiseach Michael Martin said failing to reach an agreement would be “very, very damaging all round”. The UK is running out of time to secure a trade deal with the bloc before the transition period [...]
Tiktok owner Bytedance to book $27bn in ad revenue this year November 11, 2020 The Chinese owner of viral video app Tiktok is reportedly on track to pull in at least $27bn (£20.4bn) in advertising revenue by the end of the year. Bytedance, which generates the vast majority of its revenue from ads, has previously stated that its target for overall revenue in 2020 is $30bn, meaning the figure [...]
Six London music venues at risk of ‘imminent’ closure November 11, 2020 The music industry has launched a crowdfunding campaign to help secure the future of six grassroots venues in London that are in “imminent” danger of permanent closure. Kings Cross nightclub Egg, Islington favourite The Lexington and Camden’s Spiritual Bar have been named among the capital’s music hotspots that are most at risk of closure. The [...]
MPs launch inquiry into future of UK music festivals November 11, 2020 MPs have launched an inquiry into how to ensure the survival of UK music festivals after the sector was decimated by the outbreak of coronavirus. The vast majority of festivals, including Glastonbury, British Summer Time and Parklife, were cancelled this summer due to the pandemic, with revenues down an estimated 90 per cent. The inquiry, [...]
Tiktok challenges Trump sale order ahead of deadline November 11, 2020 Tiktok has filed a legal petition challenging an order made by outgoing US President Donald Trump that would force the viral video app to sell its US business by tomorrow. In August Bytedance, the social media firm’s parent company, was given 90 days to divest its US operations due to concerns about national security. The [...]
List and Shout: Round Hill Music raises $282m in London float November 11, 2020 Music royalties firm Round Hill today said it has raised $282m (£212m) from its initial public offering on the London Stock Exchange. The Guernsey-based company, which is an owner and operator of music copyright, has outlined plans to snap up a portfolio of song catalogues with the proceeds of the float. It has already identified [...]
