Magnet 72
Hello, and welcome to another edition of Magnet. Today we’re discussing how Elon Musk’s takeover of Twitter could affect, well, Twitter, TK Maxx’s biggest Christmas campaign yet, and the effects of the new Prime Minister on the industry.
Enjoy.
Elon Musk completes takeover of Twitter
Elon Musk has completed his $44bn (£38bn) takeover of Twitter. The billionaire closing the deal to take over Twitter brings an end to months of uncertainty about the social media company’s future. He has reportedly fired CEO Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde. US media sources say the three were at headquarters when the deal was completed and were escorted out of the building.
Earlier this week Musk published a video of himself entering Twitter headquarters carrying a sink. It raised speculation about his intentions for the business because ‘kitchen sinking’ is a term sometimes used for undertaking radical action or change in a business.
Musk also addressed advertisers in a tweet, writing “low relevancy ads are spam, but highly relevant ads are actually content! Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise,” Musk said. So advertising on Twitter is safe- whether changes will be made, we do not yet know.
He also seemingly sought to reassure those who believe he is a hard-line free-speech advocate and worry that he would tolerate hate on the platform.
“Twitter cannot become a free-for-all hellscape where anything can be said with no consequences,” he wrote. But only time will tell how he acts on that. As many tweet racial slurs in celebration, assuming there will be less content moderation, Imran Ahmed, the head of the Centre for Countering Digital Hate, has said in a statement:
“He (Musk) has promised he won’t allow Twitter to “become a free-for-all hellscape”, but he has consistently failed to understand the freedom of speech does not mean the freedom to abuse, which pushes women, people of colour, members of the LGBTQ+ community, and other marginalised groups out of online spaces. The Center for Countering Digital Hate will be keeping a watchful eye on Twitter and its new owner’s changes to try to ensure the platform doesn’t become even more polluted with hate speech and disinformation”
To read more go here.
Rishi Sunak takes charge- and the industry asks for clarity
Rishi Sunak was named as prime minister this week,replacing Liz Truss who was in the role for just 45 days.
He warned that the UK faces a “profound economic challenge” while promising to lead the country with “integrity and humility”.
Industry reactions:
His appointment has been welcomed by the IPA’s director general Paul Bainsfair who hopes it brings an end to the “political turmoil that has caused so much damage to the country”.
“We hope… he will be able to provide the financial acumen, clarity, certainty and confidence that we are seeking from government,” he adds. “Firm foundations that allow our agencies to make more solid, longer-term plans to build and grow their businesses and those of their clients.”
Bainsfair is keen to work with the government further on “significant issues” facing the industry, such as the incoming HFSS regulation, the Online Advertising Programme and the plans to privatise Channel 4.
Meanwhile, Helen Dickinson, CEO of the British Retail Consortium, urges Sunak to “provide certainty to households” during one of the most challenging economic periods in history.”
“To support consumers at this difficult time, government should freeze business rates and reform the broken transitional relief system, or it will be households that pay through higher prices,” she says.
Campaigns:
Retailer TK Maxx is positioning itself as the affordable option for Christmas gifts amid the cost of living crisis this year, as it becomes the first UK high street retailer to launch its 2022 festive creative.
According to the retailer, the ad comes as part of its “biggest Christmas campaign to date”. Two 20-second and 30-second spots will run on TV, launching during Coronation Street tomorrow (28 October), while an 80-second version will run online. Additional activity will take place across print media, digital and social, alongside influencer and PR activity.