Just as Facebook’s owner Meta is cutting its spending on news and media, Snap wants to bolster its partnerships to fuel its TikTok-like Spotlight section | zoesam93
, the owner of this masthead. Each deal was different but broadly compensated the media for the use of their content on the major tech firms’ platforms.
That came after a combination of lobbying from the media, pressure from the Australian Competition and Consumer Commission, and legislation but Meta has sinceIn a wide-ranging interview, Carter said Snap planned to boost its investment in local content deals after experiencing a large increase - 55 per cent over the last year - in the number of Australians using a specialised part of its app for short-form video.
“We’re very respectful of the editorial process and want to ensure that the kind of partnership structure which we have developed in other markets is one that fairly compensates our partners for their effort and contribution as well.” Documents filed to ASIC show Snap Australia grew revenue from $78.3 million in 2020 to $106 million in 2021, while net profit grew from $6.8 million to $18.6 million. The majority of Snap’s local revenue comes from advertising services, such as Snap Ads and sponsored “filters”, which can be overlaid on a picture of a person.
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