Carter said Snap was trying to stay ahead of the legislation, though it was happy to work with the government on policy issues. “We always try to have policy at the highest level as it pertains to security, privacy or data, or the protection of our communities, and in most cases that means we don’t have to go back and make any changes because it’s not related to a particular policy. related to development.”
This year has been unfavorable for big tech companies, especially those driven by advertising, such as Snap.its shares are It’s down about 80% this year to $10.18 ($15).
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But unlike Meta, the social media company behind Facebook, Meta is cut investment in journalism as it trying to cut costsCarter said, the company hopes to increase its engagement with the media.
meta and google Signed transaction In 2021, it will be worth tens of millions of dollars in total with major Australian media, including nine, the owner of this header. Each deal is different, but roughly compensates media for the use of their content on the platforms of major tech companies.
This followed a combination of media lobbying, pressure from the Australian Competition and Consumer Commission and legislation, but Meta has since gives every sign It wants to stop paying when the deal is due for renewal.
In a wide-ranging interview, Carter said Snap plans to increase investment in local content deals after experiencing a huge increase in the number of Australians using a dedicated section of its app to create short videos (55 percent more than last year). The section is similar to TikTok, an app owned by the Chinese company ByteDance, Promoted format.
Snap has not been forced into a major business deal for using news content on its platform because such posts are not a focus of its business. However, it does provide users with some news articles and videos from local and international suppliers.
Locally, the company has latin bible and Totem Network and run a show on its Discovery tab, e.g. bondy knows and australian chef“The intent is to make sure we invest in local content partnerships,” Carter said. “In the new year, this will definitely be a priority for us so Australian Snapchatters can experience a mix of news from local and global voices.”
“We have great respect for the editorial process and want to ensure that the kind of collaborative structures we’ve developed in other markets fairly compensate our partners for their efforts and contributions.”
Documents lodged with ASIC show that Snap Australia’s revenue grew from $78.3 million in 2020 to $106 million in 2021, while net profit rose from $6.8 million to $18.6 million. Much of Snap’s native revenue comes from advertising services, such as Snap Ads and sponsored “filters,” which can be superimposed on photos of people.
with Nick Bonnie Hardy.
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