X Ad Revenue Down 24%; Judge Blocks Disney, Fox and Warner Bros Discovery Planned Bundle on Antitrust Grounds

by Aimee Newell Tarín on 20th Aug 2024 in News

On today’s news digest: X Ad Revenue Down 24%; Judge Blocks Disney, Fox and Warner Bros Discovery Planned Bundle on Antitrust Grounds; Amazon Considers Creating Separate App for Amazon Pay in India

It won’t come as a shock to anyone that X’s ad revenue has plummeted this year. Despite repeated attempts to draw advertisers to the platform, data reveals that they spent 24% less in the first half of 2024 than they did during the same period last year. Many advertisers’ decision to distance themselves from the platform is unsurprising, following the drama which has surrounded it since Musk took over operations. We are yet to see how X’s lawsuits against advertisers including the WFA will move forward, although legal experts have predicted they are unlikely to succeed. X's fall has been considerable: by March its value had fallen to USD$20bn (£15.44bn), more than halving from the $44bn (£33.97bn) Musk had paid for it.

Fubo has been involved in legal action of its own, having requested the blocking of Venu Sports – the sports bundle planned by Disney, Fox and Warner Bros Discovery – back in February. A federal judge in New York has now granted Fubo’s request on antitrust grounds. Fubo had called out the planned bundle as being monopolistic and having the intent to crush competitors. Its concern over the bundle is understandable, with the TV provider’s focus being sports. The platform had been due to launch in the coming weeks. The judge, Margaret Garnett, acknowledged how the broadcast of live sports is “a crucial and irreplaceable source of revenue and power” for industry players. Following the ruling, the Venu partners have expressed their intention to appeal it.

In India, Amazon is reportedly considering turning its payments offerings into a standalone app. The move would aim to boost the use of Amazon Pay in the country. Currently, Amazon Pay is on the e-commerce giant’s primary app, which lets users transfer money, pay bills, purchase insurance and travel tickets, among other functions. By introducing a separate app in India, Amazon hopes that the payments platform would gain wider recognition within the region. The move is unguaranteed, however.