Media Update: Snap's New Concert Series, Announcements from IAB NewsFronts, and Tariff Agreements
Key Highlights
- TV & Audio: Macroeconomic uncertainty is causing some advertisers to shift out of TV, potentially to their detriment.
- Paid Social: Meta announces its own version of TikTok’s Pulse product, and Snap looks to learn from NPR with its new concert series, “Under The Ghost”.
- Display & Programmatic: Google unveils streaming, commerce and generative AI updates to DV360 at NewFronts.
- Search: New study indicates Google AI Overviews are appearing more frequently overall, though still relatively infrequently for search queries with commercial intent.
- Ad Economy: At NewFronts, AI & Automation Take Center Stage Against a Backdrop of Economic Uncertainty.
- Consumer Economy: The US and China have agreed to reduce tariffs imposed on one another’s exports for a period of 90 days, restarting bilateral trade between the world’s largest economies.
TV & Audio
All genres of linear TV programming saw year-over-year declines over the past two weeks. Despite the ongoing NBA and NHL playoffs (as well as the ongoing MLB season), sports viewership is down meaningfully vs. 2024. Entertainment programming remains in decline, though the speed of that decline has slowed a touch in recent weeks.
1. You don’t have to be a financial analyst to know that US economic conditions are, to put it mildly, “in flux.” The S&P 500 lost almost 20% of its value from February to April before gaining almost all of it back; consumer confidence careened to its lowest levels since the aftermath of the Great Recession; global trade outlooks have dropped substantially. In general, businesses have taken a much more cautious attitude over the last quarter.
This rapid shift in sentiment has also shifted advertisers’ approaches for the rest of 2025. According to eMarketer, early signals show that advertisers are putting an increased focus on efficiency and “performance” marketing. This could mean a significant drop in expected CTV investment (which eMarketer predicts could fall as much as 12%), with the dollars shifting towards traditional “performance” channels such as search. This has led to some consternation for TV publishers during upfront week, as investment has slowed substantially.
On the one hand, the instinct to push into the lower funnel in the face of economic disruption is understandable, as companies’ finance teams (and investors) put added pressure to show direct results for marketing on revenue. However, in many cases, moving away from “upper-funnel media” can also be short-sighted or even actively harmful. Many channels ostensibly focused on conversion rely on an existing degree of demand, making awareness a fundamental ingredient to performance. Investing only in demand capture without investing in demand generation can be seen as robbing Peter to pay Paul. As such, it is critical to distinguish between what we call “performance” because it has a direct impact on revenue and what we call “performance” merely because that impact can be easily measured.
Linear TV, CTV, and audio have long struggled against this second metric because they are not clickable mediums, making attribution more difficult, especially for brands early in their marketing journeys with more limited access to advanced measurement tools. That, of course, is the key point – it’s not a question of whether the ad itself “works”; it’s a question of how we know if it did. By marrying these channels with tools like 1:1 attribution through a robust identity spine, a framework of incrementality, and modeled measurement tools such as MMM, advertisers can track the true impact of their upper funnel media – all the way down the funnel to KPIs such as orders, revenue, and lifetime value. This concept – that all media is measurable, and thus all media is “performance” – is the central thesis of Tinuiti and drives the development of our Bliss Point measurement suite, the lifeblood of our full funnel marketing approach.
Once that framework has been applied, CTV can be seen as a very viable opportunity in the current landscape. CTV CPMs have been falling in recent years amid growing competition and a fractured streaming landscape, and the potential drop in TV demand should only push prices down further. As long as sufficiently powerful measurement can be applied, CTV’s declining costs and robust targetability make it a great option for advertisers to break away from the Amazon-Google-Meta triopoly while driving true full-funnel impact. We strongly encourage advertisers to seriously consider CTV as an option even – and perhaps especially – in a challenging macroeconomic environment. | eMarketer, eMarketer, Digiday, WSJ
Paid Social
1. At the IAB NewFronts last week, Meta introduced “Reels Trending Ads,” a new advertising format that allows brands to place their ads immediately after the most popular creator-made Reels on Instagram and Facebook. This initiative is designed to help advertisers align their messages with culturally relevant and engaging content, enhancing visibility and resonance with target audiences. The format functions similarly to TikTok Pulse by allowing advertisers to place their message alongside the content users are already engaging with.
Meta will offer targeting across general trending content or within specific categories like fashion, beauty, and sports, which could be especially valuable for brands looking to stay adjacent to culture in real time.
For advertisers, this update is another signal that Reels continues to be a priority area for Meta—and it’s building more tools to help brands capitalize on its growth. Trending Ads introduces a scalable, brand-safe way to show up next to top-tier creator content without needing to manage influencer partnerships directly. It also builds on Meta’s broader effort to reward creators, expand monetization opportunities, and keep high-performing content on-platform. For marketers looking to boost visibility in a contextually relevant way, this could be a strong addition to the media mix—especially as video inventory tightens across the social ecosystem. | AdWeek, SocialMediaToday, Meta
2. This past week, Snap kicked off a new original content series, “Under the Ghost,” designed to give fans an intimate, behind-the-scenes look at music and culture. Filmed at Snap’s Santa Monica studio, the series debuted with a performance from Kid Cudi, who premiered a new track and participated in a live Q&A. This is not a one-off activation—Snap has confirmed that “Under the Ghost” will be an ongoing franchise, and additional artist appearances are already in the pipeline. The format is intentionally raw and conversational, leaning into unpolished moments that play well with Snapchat’s core audience and short-form style. For audiences familiar with NPR’s Tiny Desk Concerts, this program is being designed in a similar fashion.
For advertisers, this is an important development to track. “Under the Ghost” isn’t just new content—it’s a new media opportunity. Snap is offering full-funnel sponsorship packages around the series, including branded Snaps, creator integrations, and potential Total Takeover placements. With music and entertainment content ranking among the highest drivers of Gen Z engagement, this opens the door for brands to align with moments of cultural relevance in a natively immersive way. Expect to hear more from Snap in the coming months as the platform looks to scale this format and extend it into broader campaign packages. | Snap, SocialMediaToday
Display & Programmatic
1. Google kicked off NewFronts by unveiling the latest-and-greatest updates to its Display & Video 360 (DV360) platform, focusing on expanded streaming and commerce partnerships, a surge in live inventory, and new AI-powered features.
Streaming took center stage, with DV360 now reaching 98% of U.S. connected TV households and providing access to over 5 billion hours of ad-supported content monthly.
A key highlight of the announcement is the live inventory availability on DV360. Google’s live inventory increased 50% YoY in Q1, thanks to deals with NBCUniversal and Disney. Advertisers can now access live events like NFL Sunday Ticket and major sports championships across three of the most prominent players in streaming—Disney, Netflix, and YouTube—with expanded offerings on each. Google also touted its recently earned Disney’s Live Certification, placing DV360 among a select group of demand-side platforms, including The Trade Desk and Yahoo.
DV360 is also expanding into commerce media, integrating Google’s existing commerce media suite—previously available through Google Ads and Search Ads 360—and announcing new partnerships with Costco, Intuit, Regal Cinemas, and United Airlines’ Kinective Media. These partnerships allow advertisers to use shopper data and track performance across platforms, including YouTube (expected to roll out later this summer).
No session would be complete without a mention of generative AI. Aimed to simplify campaign planning and reporting capabilities in DV360, Google announced that advertisers will now be able to leverage natural language to:
- Get custom inventory suggestions (e.g., “provide premium CTV deals for live sports fans”)
- Instantly generate performance reports (e.g., “How many sales did my sports ads bring?”)
Overall, the updates show that Google is continuing to invest in DV360 and stay competitive in the evolving DSP space. We’re particularly excited about the addition of more live streaming options, which give advertisers greater access to high-demand inventory. As inventory continues to expand, we’d also like to see improvements in DV360’s measurement capabilities and will watch for progress in that area.
Google’s expansion into commerce media is also a step in the right direction. It builds on similar partnerships established by others in the space, including Walmart, Costco, and United Airlines, which have built partnerships with DSPs such as Nexxen and Yahoo. We expect Google to put a lot more focus on the platform throughout the year, so we’ll keep an eye on how it develops. | Google Blog, YouTube, Disney, Yahoo, Nexxen
2. Not to be outshone by its parent company, YouTube also had its Newfront last week, and the spotlight was squarely on creators—and for good reason. Google revealed that YouTube’s influence shortens the average online video shopper’s journey by six days, largely thanks to the trust viewers place in creators. In fact, audiences are 98% more likely to trust product recommendations from YouTube creators than from influencers on other platforms.
As we’ve noted over the past several months, YouTube continues to dominate across multiple formats, becoming the #1 streaming platform, a top podcast destination, a growing social network, and a dynamic shopping hub. Whether it’s long-form content, Shorts, or podcasts, fans tune in across every screen to stay connected with the creators they love.
At this year’s NewFront, YouTube unveiled a new suite of tools and updates aimed at helping brands fully leverage the platform, especially when working with creators. A few key highlights include:
- Enhanced Creator Discovery: With over 3 million channels in the YouTube Partner Program, identifying the right creator can be challenging. To simplify this, YouTube has expanded its Insights Finder tool, making it easier for advertisers to discover creators who best align with their brand message and target audience.
- Creator Lead-Ins: Building on last year’s Creator Takeovers, YouTube is now testing Creator Lead-Ins. When a viewer clicks to watch a video during a channel takeover, a short clip featuring the creator will appear before the ad to clearly position the brand as the sponsor and strengthen the connection between the brand and the creator in the eyes of the audience.
- Unified Performance Reporting: YouTube is rolling out improved reporting that consolidates organic and paid metrics, such as watch time, viewer retention, and social engagement, into a single dashboard. This provides brands with a comprehensive view of content performance across the platform.
- New APIs for Agencies: To support more efficient workflows, YouTube is introducing new APIs that allow eligible agencies and SaaS platforms to access performance data directly through existing tools, offering deeper insights and streamlined campaign management.
We’re excited about YouTube’s latest announcements, which clearly show a push to make it easier for brands to tap into the platform’s foundation—its creators. In this forum, we’ve often emphasized the importance of a comprehensive YouTube strategy, with creators playing a central role. We are particularly interested in the enhancements to Insights Finder and the new APIs. These new tools will further enhance Tinuiti’s YouTube Planning capabilities across paid and organic efforts, helping brands build stronger connections and effectively reach their audiences. | YouTube, Google Blog
Search
Semrush published new research in early May that shows Google is displaying AI Overviews (“AIOs”) in search results more and more often. The share of queries on Google that trigger AIOs increased from 6.5% in Jan. 2025 to 13.1% in Mar. 2025, suggesting that AIOs are not just a passing trend. Google claims “people who engage with AI Overviews are more satisfied with their search results.”
Semrush’s data confirms that keywords that trigger AIOs tend to have higher-than-average “zero-click” rates, meaning the searcher doesn’t click off the SERP to learn more. However, that trend actually is not steadily increasing, counter to what some SEOs had recently believed. In fact, from January to March 2025, zero-click activity for these queries slightly declined, indicating the presence of AI Overviews does not automatically increase zero-click behavior.
In general, AIOs are still largely associated with “informational” search queries (~90% share). However Semrush’s data indicates AI Overviews are starting to trigger more often for search queries with “commercial” intent, i.e. lower-funnel searches that are also more likely to trigger ads. That said, “commercial” queries still represent less than 10% of total AIO share.
“95% of keywords with AI Overviews either have no ads or extremely low CPC. That means Google is deploying AI Overviews primarily on queries that are difficult to monetize—deliberately avoiding disruption to its ad revenue model,” according to Jana Garanko from Semrush.
This validates why we’re very rarely seeing paid search or shopping ads within AI Overviews on Google, at least so far. If the majority of Google search advertisers are using conversion-based bidding (meaning ads should only be serving when the system identifies intent to convert), and AIOs are rarely serving on commercial or transactional queries in the first place, then it makes a lot of sense that we’ll see very few instances of ads in AIOs. But as consumer search behavior & expectations continue evolving, this trend could (and likely will) change over time. | Semrush, Google Ads & Commerce Blog
Ad Economy
Between sets from Cynthia Erivo and the Jonas Brothers, you might’ve mistaken the IAB NewFronts for a music festival—but behind the spotlight, platforms delivered clear signals on where digital advertising is headed next. The throughline: AI and automation are no longer buzzwords, rather they’re reshaping how campaigns are planned, targeted, and measured across the funnel.
- Google is bringing AI to the center of CTV buying, enhancing Display & Video 360 (DV360) with tools that turn natural language prompts into optimized audience segments and cross-platform media plans. The updates arrive as DV360 continues to face ongoing antitrust scrutiny, with the DOJ arguing the platform unfairly consolidates ad tech power. Google’s push toward automation can be seen as both product evolution and preemptive defense, particularly as these AI layers could complicate any future attempt to unwind the stack as part of regulatory remedies.
- TikTok remains bullish on the future, even as its U.S. operations face a looming deadline, its grace period has been extended only through June 5, 2025. This year, the platform focused on brand safety and measurement, launching tools to help advertisers align with trending content while ensuring contextual suitability. As regulatory pressure mounts, TikTok reaffirmed its commitment to transparency and advertiser trust.
- Snap came out swinging with a focus on AI-enabled performance. A 21% bump in Q1 revenue was tied to upgrades like smarter targeting and more actionable insights. With Cynthia Erivo headlining, perhaps emblematic of Snap’s defying gravity moment, Snap may not have stolen the whole show, but they hit their high note.
- Meta signaled a renewed video push, expanding video ads on Threads and reintroducing monetization for Facebook Live. Both moves reflect Meta’s continued investment in short-form and live video as critical surfaces for user engagement and advertiser value.
- Vizio, now operating under Walmart’s wing, debuted new ad formats powered by retail data. Brands can now tap into Vizio inventory via Walmart’s DSP, unlocking smarter targeting opportunities across connected TV with closed-loop attribution potential.
Despite the upbeat product demos, the mood wasn’t entirely celebratory. A backdrop of economic pressure and regulatory friction was hard to ignore. Publishers and platforms alike acknowledged the need for resilience, and automation appears to be the industry’s answer. The platforms with first-party data, flexible formats, and AI-native infrastructure are sprinting ahead – everyone else is playing catch-up. | Google, AdAge, Adweek, Digiday
Consumer Economy
1. The big news once again, alas, is tariffs. On Thursday the 8th, the Trump administration announced a trade agreement with the United Kingdom – the terms of the agreement remove the “reciprocal” import tax of 10% imposed on April 2nd, leaving in place the 10% “baseline” tariff that now applies to all imports to the United States. The net effect of the deal is to move import taxes paid by Americans on British imports from 3.3% prior to the trade war to 10%, a tripling of the duty.
The much bigger news on the trade front is a temporary, mutual reduction in tariffs between the US and China. On Monday of this week, the two countries’ governments announced a 90-day suspension of their respective tariffs, replaced for that period of time by 30% American tariffs on Chinese imports and 10% Chinese tariffs on American imports. Importantly for ecommerce merchants, the elimination of the de minimis exemption remains in force.
So where does this leave American consumers? We’ll turn once again to the venerable Yale Budget Lab, who have crunched the numbers on the likely effects of the policies currently in force:
- American consumers now face an overall average effective tariff rate of 17.8%, the highest since 1934 (a few years after the passage of the Smoot-Hawley Tariff Act)
- The price level rises by 1.7% in the short run, which works out to an average per household consumption loss of $2,800
- Clothing and textiles are disproportionately affected, with consumers facing 15% higher prices for shoes and 14% higher for apparel
- US real GDP growth is 0.7% lower in the short run, with the economy persistently 0.4% smaller over the long run
While 30% tariffs are very high by historical standards, the reduction from 145% appears to be sufficient to restart bilateral trade, which had effectively collapsed under the previous tariff regime. Following the announcement on the 12th, Flexport CEO Ryan Petersen posted:
While this is undoubtedly a helpful move for the economy generally, the degree of uncertainty is very high considering this is only a 90-day agreement based on nothing more than an executive order. The prediction markets reflect this uncertainty, with significant probabilities on tariff rates from 0% – 60% by mid-August:
We will of course keep you fully apprised as the goalposts continue to shift. | NYT, Bloomberg, Yale Budget Lab
2. Good news arrived this week on the inflation front – April’s headline inflation rate was 2.3%, while core inflation was 2.8%. The headline inflation rate was the lowest reading since February 2021, while the core reading was the lowest since March 2021.
As noted above, most economists are expecting the tariffs, which now stand at their highest average level since 1934, to exert upward pressure on prices in the coming months. An economist at BNP Paribas said, “You can’t take a lot of comfort in this report,” while an economist at Pantheon Macroeconomics said, “It’s not completely irrelevant but there’s this big shock looming that hasn’t had time to be felt yet.”
A major driver of the disinflation was a big decline in gasoline prices, which declined from about $3.61 this time last year to about $3.17 now. Prices rose in categories exposed to tariffs, including furniture, car parts and audio equipment.
The big question following every inflation report for the last year has been the Fed’s likely reaction. In the absence of tariffs, most analysts believe the Fed would be on track to continue lowering rates as inflation continues to cool; under the present circumstances, however, with tariffs fighting against the Fed’s price stability mandate, markets overwhelmingly expect no change in the Fed’s benchmark rate at its next meeting in June.
Expectations are somewhat higher for rate reductions later in the year. | WSJ
3. Finally, we’re happy to report that, despite record levels of economic policy uncertainty, US employers added 177k new jobs in April, roughly matching the pace of hiring in March and keeping the unemployment rate steady at 4.2%.
One economist described the Labor Dept report as data “that no one wants to trust,” because the figures likely reflected staffing decisions made in February and March prior to the trade upheaval. We’ve recently noted anecdotal reports of sizable layoffs directly attributable to trade policy, but such effects are not yet apparent in aggregate employment data. | WSJ
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