Magnet #71 21/10/22

 Magnet 71

Welcome to another week of Magnet! Team MAG had a wonderful time at the MPA’s this week, celebrating our hard work and our team. This edition we’re talking updates and a new digital platform for Channel 4. Enjoy.

Retail footfall update:

Springboard announced that overall September footfall results suggests that retail footfall has largely been unaffected by the cost of living crisis, in shopping centres and retail parks, but the high street is still struggling.With inflation and more hybrid working models, footfall on high streets is significantly  lower than what it was in 2019.

Netflix & Ads:

The much-rumored and talked about launch of Netflix’s Ad-Funded offering hits the U.K video market in November. 

There has been a lot of speculation on how they were going to structure the tiers, bearing in mind Netflix’s USP has been paying a subscription for uninterrupted content. However, we now know the ad-supported plan will launch on 3rd November and cost £4.99.    An average of four to five minutes of ads will be shown per hour and be either 15 or 30 seconds in total. Netflix has said some TV and film content will not be available to ad-tier subscribers due to licensing restrictions. Greg Peters, chief operating officer of Netflix, said “5% to 10%” of Films and TV would not be available, but Netflix is working to reduce that number. 

 Originally the ad tier was expected to launch in 2023, however it  was brought forward to November following a loss of almost 1 million subscribers and revenue slowdown year-on-year.    

Additionally, this week the platform made its audience figures public for the first time, signing up to ratings body BARB. This data shows Netflix had an 8.2% share of total viewing, outperforming streaming rivals Amazon Prime Video (3.6%) and Disney+ (3%). 

Channel 4

Channel 4 is launching a digital-first brand with a “core focus” on reaching and engaging 13- to 24-year-olds, another “significant piece” of its Future4 strategy.

Beginning on 26 October, Channel 4.0 will include a dedicated space on YouTube and across social media. The broadcaster will work with online content creators on a range of series and “unexpected” collaborations, and aims to provide a platform for up and coming talent in front of and behind the camera.

Shows include ‘Secret Sauce Series 2’, a cookery “battle” fronted by YouTuber Chunkz, as well as ‘Nella Rose’s Flight Mode’, an airport-themed game show fronted by YouTuber Nella Rose.

“Channel 4.0 marks a new era for Channel 4,” said head of digital commissioning Sacha Khari.

“Not only will Channel 4.0 be a place where established stars come to spread joy, genius and a bit of chaos, we’ll be scouting for the next generation of talent – creating opportunity both in front and behind the camera. We want to collaborate, elevate and enrich the great content already happening in this space, giving creators funding and another platform to authentically showcase their brilliance.”

Earlier this year, rival ITV launched ad-free media and ecommerce brand Woo to win over “harder to reach” younger audiences, a key part of its own transformation strategy.