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Digital Advertising Benefits US Economy by the Trillions
Digital advertising contributed $1.121 trillion to the US economy in 2016 and accounted for 6% of the US gross national product (GDP), according to a report from the Harvard Business School commissioned by the IAB. Over 10 million jobs in the US were related to digital advertising last year, which was double the amount from five years ago.
Euronet Outbids Ant Financial for MoneyGram
US-based payment service provider Euronet set an offer of more than $1 billion for fellow US-based payments company MoneyGram, outbidding the $880 million proffered by China’s Ant Financial in January. Euronet said its offer would face less scrutiny from regulators than the Ant Financial deal would; MoneyGram responded by indicating that it was considering the bid. The effort by Euronet complicates Ant Financial’s strategy of moving into the US via an acquisition of MoneyGram.
Americans Watch March Madness, but Bet Illegally
March Madness began this week—and so did betting. Data from the American Gaming Association (AGA) indicates that of the $10.4 billion that will be risked in 2017, 97% of all bets will be placed illegally. At least advertisers are playing fair with ad spending—Kantar reports that national TV ad spending on March Madness reached $1.24 billion last year.
Ride-hailing Service Grab Opens India, Vietnam Labs
Singapore-based ride-hailing service Grab announced that it was opening two new research labs—one in Bangalore, India, and the other in Ho Chi Minh City, Vietnam. As part of those efforts, the company said it would hire 800 new employees over the next two years. The new research centers reflect the company’s ambitions in Southeast Asia, where it competes with the US’s Uber and Indonesian company Go-Jek for control of the ride-hailing sector in the region.
But wait, there’s more!
—Rahul Chadha, Rebecca Chadwick, Rimma Kats
This is the latest installment in an ongoing series of quarterly video ecosystem overviews focusing on monetization, audience, platforms and content. Our goal is to provide a summary of key developments each quarter on a need-to-know basis.
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