News in brief: Sky Faces Bill for Underpaying Ad Partners; Meta Digital Ad Growth Slows; Gov Funding for UK Creative Industries Confirmed 

Sky Faces Bill for Underpaying Ad Partners

Sky is facing a bill of hundreds of millions pounds following a blunder which led to its advertising sales arm – Sky Media – accidentally underpaying its advertising partners, reports The Guardian. Earlier this year, it was found that Sky Media had underestimated the amount it should have paid certain partners by a substantial amount since 2017. Business partners including Paramount and Warner Bros Discovery are due to receive compensation. Last year, Sky’s total reported advertising sales came to a figure of £1.2bn. 

Meta Digital Ad Growth Slows 

Meanwhile, Meta’s Q3 financial report reveals a quarterly record for the social giant, with revenue hitting a figure of USD$40.6bn (£31.3bn). The record marks an increase of 19% year over year. Net income reached a total of $15.69 billion, breaking another quarterly record at an increase of 35%. However, it reported slower advertising revenue. Looking back to September, the number of daily active users across Meta’s various social apps averaged 3.29 billion, increasing 5% year over year.  

Gov Funding for UK Creative Industries Confirmed 

Looking at the UK specifically, the government confirmed funding in the Budget to support the creative industries. The Chancellor confirmed that the spending programmes directed at the Department for Culture, Media and Sports in order to grow the creative industries will continue; additional funding will also be allocated to improving access to creative careers for young people across the country.