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Elon Musk Completes Twitter Takeover, Fires Executives

Like any takeover, whether it’s business, sports, or tech, a new regime means changes at the top, and Musk didn’t wait long to begin molding Twitter into his vision.

Eduardo Razo

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After months of talks, which even resulted in the legal system getting involved, Tesla CEO Elon Musk is finally in charge of Twitter. 

Like any takeover, whether it’s business, sports, or tech, a new regime means changes at the top, and Musk didn’t wait long to begin molding Twitter into his vision.

Axios reported on Thursday that Musk fired CEO Parag Agrawal, CFO Ned Segal, and general counsel Sean Edgett. Additionally, he removed Vijaya Gadde, Twitter’s longtime head of legal, policy and trust.

In his first remarks since finalizing his Twitter takeover, Musk tweeted just before midnight Thursday: “the bird is freed.” Musk has also used the platform to reach out to advertisers to calm any concerns they might have as he takes over the social media outlet.

“That is why I bought Twitter,” Musk said. “I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love. 

“And I do so with humility, recognizing that failure in pursuing this goal, despite our best efforts, is a very real possibility. That said, Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”

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Media Business

Median Age of Podcast Users Nearly 30 Years Younger Than Cable TV

“The ascent of podcasting signals a shift towards on-demand content consumption that aligns with the lifestyles and preferences of younger generations.”

Barrett News Media

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A photo of a podcast user's cell phone

It is no secret that cable TV has seen the age of its viewers continue to rise. But the entire picture is coming into view when juxtaposed against other mediums like radio and podcast users.

A new report from Amplifi Media shows that the median age of cable news viewers is 70. MSNBC is 70, Fox News is 69, and CNN is 67. That median age means that more than half the viewers are actually older than 70 years old.

Network television isn’t a much brighter picture. In primetime, the median age is 64. FOX has the youngest number at 49.5.

However, the median age of podcast consumers comes in at 34.

Steve Goldstein, Founder and CEO of Amplifi Media, believes the drastically younger demographics of the medium make it an ideal platform for advertisers.

“The ascent of podcasting signals a shift towards on-demand content consumption that aligns with the lifestyles and preferences of younger generations,” wrote Goldstein. “We live in an on-demand world, and while other media are adjusting (think streaming apps and YouTube), podcasting has three not-so-secret ingredients that traditional media struggle to match: intimacy, flexibility, and loyalty, which makes podcasting an ideal platform for engaging storytelling, niche topics, and fresh takes.”

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Media Business

Majority of Media Advertising Projected to Be AI-Aided By End of Decade

Forecasts show that 69.5% of all advertising revenue will be AI-aided, while that number is expected to grow to over 90% by 2029.

Barrett News Media

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The rise of artificial intelligence in media has been a focus for several years. But the use of AI in advertising is just getting started, and a new study suggests it will influence the space in the years to come.

GroupM has released its This Year Next Year forecast. In its projections, it believes that AI will be a prominent tool in advertising optimization. By the end of 2024, it forecasts that 69.5% of all advertising revenue will be AI-aided, while that number is expected to grow to over 90% by 2029.

The company also projects that AI-generated content in advertisements will account for 1.6% of all commercials in 2024. GroupM believes that figure is likely to grow to 10.7% by the end of the decade.

While the organization forecasts an increase of $365.9 billion, up 5.8% compared to previous projections, it shows a 1.5% drop in revenue for terrestrial radio, according to RadioInk.

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Media Business

Broadcasters Foundation of America Set for Annual Giving Day Thursday

More than 1,000 broadcasters have been aided by the organization.

Barrett News Media

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A photo of the Broadcasters Foundation of America logo

The Broadcasters Foundation of America is set to hold its annual Giving Day on Thursday, June 13th.

For more than 70 years, the organization has supported broadcast radio and television professionals during challenging financial times. More than $20 million in grants have been funded by the foundation since its inception.

More than 1,000 broadcasters have been aided by the organization.

To donate to the fund, click here.

In addition to its Giving Day, the organization will hold a mixer at the iHeartMedia studios in New York from 5:30-7:30 PM on Thursday.

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