Nordstar Capital-owned Metroland Media Group (MMG) is transitioning its community publications to a digital-only model and exiting the flyer business as the company undertakes restructuring by seeking bankruptcy protection. The company says the move is in response to “unsustainable financial losses stemming from the changing preferences of consumers and advertisers” and will be accompanied by just over 600 job losses, representing two-thirds of its staff, including about 70 journalists. Due to its financial circumstances, a creditor update indicates the company does not have sufficient funds to pay termination or severance pay, however employees will have the opportunity to file a claim in the course of the restructuring process for money owed. Among MMG’s 70+ community news brands are the Guelph Mercury Tribune, Oshawa This Week, the Welland Tribune, Vaughan Citizen, and the Brampton Guardian. MMG-owned regional daily newspapers, including the Hamilton Spectator, Peterborough Examiner, St. Catharines Standard, Niagara Falls Review, Welland Tribune and Waterloo Region Record, will continue to serve their readers and communities in both print and digital formats, according to a company statement. Read more here.
Bell Media has extended its partnership with Snapchat for a second consecutive year. As part of the extended partnership, Bell Media continues to showcase its content offerings and brand partnerships on Snapchat Stories, the part of the app that features content from trusted news and entertainment media partners, including takes on sports news from TSN’s Digital Sportscentre featuring host Marissa Roberto, MuchMusic’s music and pop culture content, and trending headlines and celebrity interviews from ETALK. With over 11 million monthly active Canadian users on Snapchat, Bell Media says the collaboration allows advertisers to tap into branded content and in-show ad inventory.
TikTok has crossed the 4.4 billion lifetime download threshold after one of the best quarters in the app’s history. Statista and AppMagic data indicates 2023 might set a new record with TikTok downloaded nearly half a billion times worldwide in the first six months of the year – 32% more than in the same period a year ago. In Q2 2023 alone, the social video app was downloaded 260.8 million times, the third-highest number in its history. Statista expects TikTok ad revenue to surge by nearly 200% in the next four years and hit almost $54B by 2027.