UK Promises Tighter Rules for Online Ads; Temu Enters South Korean Market

by Hannah Dillon on 25th Jul 2023 in News

In today's ExchangeWire news digest: UK government pledges new rules to regulate the online advertising industry; Temu furthers its global expansion by entering the South Korean market; and new research finds that Smart TVs are becoming the central source of home entertainment for Americans.

UK government promises new rules for online ads

Ministers in the UK have pledged to make the online advertising industry “fit for the digital age”. Under new rules promised by the government, tech giants such as Google will be forced to prevent inappropriate adverts, such as those for alcohol, from being served to children. Ministers also promised a crackdown on social media scams, in which celebrities or influencers receive money or gifts in exchange for advertising products or services. Discussion of new rules for online advertising follow reports that the industry accounted for three quarters of the UK’s total ad spend in 2022.

Temu expands into South Korea

Following its launch in Japan on 1st July, PDD Holdings’ Temu has furthered its global expansion by entering the South Korean market. The e-commerce site already operates in over 27 countries globally and has been a hit in Western markets as consumers battle the cost of living crisis. In South Korea, Temu will face stiff competition from other Chinese-founded apps, including Shein, against whom Temu recently raised a lawsuit in the US for alleged antitrust violations.

US homes turning to Smart TV

The fifth annual edition of Evolution of the TV Set has found that US viewers are pivoting towards smart TVs as their main source of entertainment at home. The study from Hub Entertainment Research found that smart TVs are being used for more than video streaming, with owners utilising them to stream exclusively audio content. The findings also suggest an uptick in voice command, with 52% of respondents stating the TV set they most frequently use has a remote control with voice command, an increase from 38% in 2020.

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