Weekly Roundup – Week of October 7th, 2024

"Since states started legalizing sports betting in 2018, tens of thousands of people have failed to declare their winnings, costing the government nearly $1.5 billion in uncollected taxes, a new report said.
According to the Treasury Inspector General for Tax Administration, “148,908 individuals who were issued Forms W-2G with a total amount of more than $15,000 per individual in gambling winnings … did not file a tax return. These nonfilers were associated with approximately $13.2 billion in total gambling winnings.”
The report partially blames the Internal Revenue Service for the uncollected taxes, noting that about two-thirds of the identified nonfilers never received any sort of notice."

Our Take: Governing bodies legalized sports betting because they want to get paid out as well.

"TikTok’s cultural clout is undeniable, but the ad dollars? Not quite there — yet.
That’s where Smart+ comes in — TikTok’s answer to Google’s Performance Max and Meta’s Advantage+, the AI-powered ad-buying tools that promise to make campaign management effortless, paving the way for marketers to spend their ad dollars more liberally.
Officially launching today (Oct. 7), Smart+ automates everything from creative development to targeting and optimization, streamlining the entire ad-buying process on the app."

Our Take: TikTok's recent moves indicate it has no realistic expectation that it will be banned in the US in the coming years. Do note that the TIkTok ban narrative has all but disappeared from the news cycle - probably because both political parties advertise extensively on the platform.

"Apple is making a notable change to its popular Podcasts app, putting a spotlight on narrative-driven series.
The focus on series will include a new “Series” category in the app, as well as a Top Series chart that will include the top 100 serialized podcasts on the platform. In addition, Apple will launch Series Essentials, which will see Apple Podcasts editors select one podcast each month to highlight within the app.
“[Series] are, we think some of the most impactful shows in podcasting. They’re the ones that we can’t stop thinking about. They’re the ones that everyone’s talking about as well, sometimes years after they’ve been released, and they’re the ones that we recommend the most to our friends and family,” Ben Cave, Apple’s global head of Podcasts, tells The Hollywood Reporter in an interview. “I think they’re also critically, a place for innovation as well. So it’s new voices, new ideas, incredible talent from the best voice talent to the best in class writing, sound design, surprising and delighting us with things that we’ve never heard before.”"

Our Take: It seems as if Apple is attempting cut into Spotify's podcasting empire by promoting narrative-driven 'Serialized' podcasts in its signature podcast app.

"The TV ratings contract between Paramount and Nielsen expired on Monday without a new deal in place, just hours ahead of the 2024 vice presidential debate hosted by CBS.
Paramount didn’t immediately respond to a request for comment from TheWrap. But in a statement, a company spokesperson said, “Nielsen has severed our long-standing measurement partnership with its unacceptable demands, including substantial price increases that are inconsistent with the realities of a changing industry. We have spent the last few years preparing for a multi-currency future and creating the operational infrastructure to move beyond Nielsen. We are confident in the quality of our alternative currency offering for clients as we continue efforts to reach a new Nielsen agreement with reasonable economic terms.”
Nielsen declined to comment for this article. But an individual with knowledge of the situation disputed Paramount’s characterization of the price dispute, noting that ratings data is used to determine not only advertising rates but carriage fees and other sources of revenue."

Our Take: The real story is that Paramount has the cojones to ask "What is even the point of Nielsen?" If an entity like Paramount has direct access to its own streaming metrics, what is even the point of being subscribed to a company renowned for unreliable measurement data?

"If you’re among the shrinking number of people who pay for cable or satellite TV service, your bills are probably going to keep going up for a product that’s getting worse. A merger announced Monday to create the country’s largest TV company could make it crummier still.
Or if you’re hooked on streaming TV services like Netflix, your bills are also probably going to keep going up for a product that’s getting worse."

Our Take: While we don't think cable is on its death knell (see our 2024 State of Media report) the analysis that streaming is becoming more like cable is correct. Just scroll through Netflix's library one day and you will feel a familiar feeling: There's so much on but I don't want to watch anything. It's like surfing through hundreds of cable channels but there is nothing on that I'd actually like to watch.

"Trapped in the station by fallen trees, offline, with no power, no water and negligible cell phone reception, a team of local broadcasters stayed on air as Tropical Storm Helene brought flooding and devastation to Western North Carolina.
A week and a half later, they're still there, fielding nonstop phone calls from community members and trying to connect those with needs to those with the skills and resources to fill them."

Our Take: In times of emergency broadcast radio remains a vital resource.