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Media Beat: May 04, 2020 – fyimusicnews.ca

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Google’s bad ads under scrutiny

According to MarketingLand Google’s fraud problem continues to get worse. In 2018, they had to remove 2.3 billion “bad ads” (fraudulent and false.) In 2019 the number got 20% worse. They reported 2.7 billion bad ads.

Knowing Google, you can bet the number they reported is significantly below the actual number. I created some crap in my time, but even I couldn’t produce 2.7 billion bad ads.

– This week, the US District Court upheld the outrageously low fine of $5 billion levied on FB for its violation of its privacy agreement with the FTC. The judge called FB’s violations “stunning” but did nothing about increasing the penalty. Zuckerberg spends more than $5 billion on bowls for his haircuts.

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– Believe it or not, after over 20 years in business, this week Google finally got around to requiring advertisers to verify their identities before they could buy ads. Until now you could buy an ad on Google and claim you were Albert Schweitzer.

– As described here several weeks ago, The New York Times reported this week that the GDPR — Europe’s sweeping privacy regulation — has turned out to be a cruel joke. Enforcement of its policies is somewhere between invisible and non-existent. – Bob Hoffman, The Ad Contrarian

Canadian newspapers campaign to check tech giants syphoning off revenues

Publishers that represent a majority of Canadian newspapers penned an open letter to the federal government, published as full-page ads in Saturday editions, urging immediate action to make digital giants like Facebook and Google share their advertising revenues with Canadian media companies. – The Canadian Press

 Peter MacKay issues libel notice over The Post Millennial article on polling

In response, The Post Millennial issued a statement Friday saying the filing is a “disappointing development” from the MacKay campaign and that there will be no retraction or apology. – Kristy Kirkup, The Globe and Mail

Liberals hasten high-speed broadband access plan in response to pandemic

CRTC data suggests as few as 40.8 percent of households have access to high-speed broadband. – Catharine Tunney, CBC News

No “statistically significant decline in listening hours” for podcasts

Some of that analysis comes from audio hosting platforms. Some come from industry rankers. And some come from individual publishers. These are interesting vantage points, but they come with limitations. Downloads ≠ listens, and if you only track download patterns, you’re not necessarily measuring podcast consumption.

A Q&A with Darian Muka, Content Curator & Producer Liaison at Pocket Casts. .– Dan Misener, Pacific Content

Mainstream media: Corporate looting is a “rescue plan,” plutocrats are “saviours”

When corporate media reported on negotiations and deliberations over the CARES Act, they either hailed it as a bipartisan achievement or else shamed politicians who accurately pointed out that it overwhelmingly benefited corporations at the expense of workers. On the day the CARES Act was signed into law, NPR (3/27/20) praised the bill as “the largest rescue package in American history and a major bipartisan victory for Congress.” – Joshua Sho, Salon

Do the media even exist?

Reporters are journalists in the sense that Hollywood still believes it has actors and real scripts, or China still poses as an important contributor to the international community, or the World Health Organization assumes it is a go-to global health resource, or the FBI Washington hierarchy is a protector of American freedom, or John Brennan and James Clapper are distinguished senior “wise men,” or Barack Obama oversaw the most scandal-free administration in history. – Victor Davis Hanson, American Greatness

A cautionary tale about using Gmail to send your CV

The essay offers sobering examples of how the free email service and the company behind the service can possibly thwart or hinder your chances of landing a job. It’s all about AI and data collection and offers plausible reasons for re-thinking just how we expose ourselves to the expansive Google eye in the sky. – Medium

Investors bet giant companies will dominate after crisis

An economic downturn almost always favours giants like Microsoft, Apple and Amazon, the country’s three most valuable companies. But the demand for their shares has only been amplified by a crisis that seems almost tailor-made for their future success.. – Matt Phillips, The New York Times

How ‘pirates’ caused supply delays that led to VA deaths

Before embarking on a 36-hour tour through an underground of contractors and middlemen trying to make a buck on the nation’s desperate need for masks, entrepreneur Robert Stewart Jr. offered an unusual caveat.

“I’m talking with you against the advice of my attorney,” the man in the shiny gray suit, an American Flag button with the word “VETERAN” pinned to his blazer, said as we boarded a private jet Saturday from the executive wing at Dulles International Airport.

It remains a mystery why the CEO of Federal Government Experts LLC let me observe his frantic effort to find 6 million N95 respirators and the ultimate unravelling of his $34.5 million deal to supply them to the Department of Veterans Affairs hospitals, where 20 VA staff have died of covid-19 while the agency waits for masks. – J. David Mcswane, ProPublica

What offices might look like in a post-covid world

Advisers at Canadian commercial real estate and architecture have issued guidelines to clients on how to prepare for their employees’ return to Canadian workspaces once it’s deemed appropriate. They say many changes will be required.

Spoiler alert: It’s not going to be fun. And it’s not going to be fast. – Dianne Buckner, CBC News

Workers who are rehired may have to cancel and repay their CERB payments.

While the number of Canadians collecting CERB is likely to grow, some workers are now in a position of having to stop collecting payments. – Bryan Borzykowski, Maclean’s

Lawmakers propose 12 years in jail for spreading fake news on social media

Residents of Puebla who disseminate fake news during an emergency situation could go to jail for up to 12 years under a proposal presented by two state lawmakers.

The state penal code already stipulates that media organization employees who publish fake news during a crisis can face prison terms and fines. – Mexico News Daily

Google should start playing nice with the news media

Canada does not have a neighbouring right for news reporting as Europe does. Canadian copyright law would not yield a remedy. Competition authorities in Canada haven’t intervened. A remedial tax has been proposed, but a tax puts government in the position of collecting and dispersing funds. – Richard C. Owens, National Post

Central banks cannot address solvency crises of companies and consumers

Gillian Tett, Financial Times Editorial Board Chair, distinguishes between the liquidity crisis that central banks are trying to prevent and the solvency issues that their measures cannot address. She warns that we are moving towards a solvency crisis as lockdowns continue. She joins host David Westin with her insight on Bloomberg Wall Street Week.

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13-year-old charged for online harassment, banned from social media – CBC.ca

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A 13-year-old western Quebec boy accused of harassing and threatening another child online is facing four charges and conditions restricting his internet activity.

In a news release issued Friday, police in the MRC des Collines-de-l’Outaouais said the alleged victim’s parent filed a complaint after being “subjected to the suspect’s wrath for several months.”

Police said they went to the accused’s home on Sunday to arrest him, but had to return with a warrant the following day after his parents initially refused to co-operate.

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The 13-year-old was arrested Monday evening and detained. He was formally charged on Tuesday with criminal harassment, uttering threats to cause death or bodily harm, distributing child pornography and unauthorized possession of an unspecified restricted weapon.

Among his release conditions, the boy can’t access social media and can’t use the internet without adult supervision.

Police didn’t offer details about the alleged threats or where the youth lives. The municipality includes the communities of Chelsea, Quyon, Val-des-Monts and Wakefield.

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Muting people on social media is fast and free and will change your life – The Guardian

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I don’t generally believe in life hacks. As much as I’d love to imagine that one easy tweak could resurface my life like it’s a cracked tennis court, time and experience have shown me that positive change usually comes slowly and incrementally.

But there is one hack I fully believe in. It’s fast and free, and will instantly change your life for the better: just mute people who annoy you on social media.

The process is different for each platform – typically, you go to the offending poster’s profile page or one of their posts and tap “mute”, “snooze” or “unfollow” – but then that’s it! This digital dusting leaves your social media spick-and-span, or at least less grimy than before. They’re gone from your timeline, and so are the various minor irritations they brought. And, unlike unfollowing or blocking someone, the muted party has no idea they’ve been silenced, so you don’t risk any awkwardness or drama.

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I have a handful of people muted. A couple of them are people I don’t want to unfollow. Others I have unfollowed, but I’ve also muted them because someone else might repost them and sully my pristine timeline. One is a semi-famous person who was rude to me many years ago about a work thing; another was rude to my friend. There’s also an ex and someone who constantly humble-brags in a way that makes me want to bang my head against something hard.

These individuals brought out the worst in me. When I saw their posts, I felt angry, petty and small. I wondered how much it might cost to buy billboard signs along major highways printed with bullet points detailing how, actually, they are terrible.

Fortunately, I almost never think of these individuals anymore because I’ve muted them across all platforms. Unless someone brings them up in conversation, I usually forget these people exist. They have been weeded from the lush garden of my brain.

But don’t just take my word for it.

“Muting accounts that repeatedly upset you is putting in digital boundaries to create a healthier digital environment,” says Bailey Parnell, founder and president of the Center for Digital Wellbeing. It allows you to avoid distressing content without severing connections, she says – a solution for those perplexing situations in which a relationship with someone is important to you, despite their bothersome online presence.

“This can preserve your mental wellbeing while maintaining social or professional networks,” she says.

This might seem like obvious advice. Yet it can be hard to follow. The irritation we feel when seeing someone’s bad posts can come with a satisfying rush: look at them! Being annoying!

“There can be a dopamine kick that comes on the back end of big emotions,” says Monica Amorosi, a licensed trauma therapist in New York City. We may come to crave the adrenaline spikes that accompany content that makes us feel shock, rage or disgust.

“If we have mundane lives, if we are understimulated, if we are bored or underwhelmed, then consuming this material can become a form of entertainment or distraction,” Amorosi says.

Amorosi emphasizes that it’s important not to create a “space of ignorance” on our feeds by avoiding different perspectives or troubling news about current events. But this does not mean that social media should only be a place to access upsetting information. Our feeds “can be utilized for healthy, positive education, connecting with like-minded people, seeing nuance and variety in the world, fact-checking information, learning new hobbies or ideas”, she says.

As such, muting is perhaps most effectively deployed against those who irritate you in a bland, quotidian way – a pompous co-worker, for instance. Not seeing a humble bragger pretend to be embarrassed about another professional success isn’t going to limit my worldview. Instead, I am regaining five to 10 minutes I might have wasted taking a screenshot of their post and complaining to my friends about it.

Candidly, I have done nothing with the time I’ve gained from not bad-mouthing the people I’ve muted. But how nice to have days that are at least five minutes more pleasant.

So, mute freely and often. And if you don’t agree with me? Just mute me. I’ll never know!

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Donald Trump is on the verge of another $1 billion Truth Social windfall – CNN

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New York
CNN
 — 

Former President Donald Trump is on the cusp of scoring a major financial bonanza – at least on paper.

As long as Trump Media & Technology Group’s share price doesn’t spectacularly implode before Tuesday’s closing bell, Trump is on track to receive another 36 million shares as the owner of Truth Social.

This milestone is on track to be hit after the market closes on Tuesday.

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Even though Trump Media is losing money and Truth Social is very tiny, those new shares Trump is in line to receive would be valued at about $1.3 billion at current prices.

Trump’s net worth has been on a roller coaster ride ever since his social media company finalized its deal to go public late last month. The former president is the dominant shareholder in a stock that has been called a “meme stock on steroids.”

Although Trump Media’s share price has been cut in half since peaking on March 27, it’s still trading comfortably above levels that would trigger certain performance provisions in the merger agreement.

According to SEC filings, Trump Media can issue additional shares to pre-merger shareholders such as the former president if the dollar volume-weighted average price equals or exceeds $12.50 for any 20 trading days within any 30 day trading period beginning on March 25.

The full earnout of 40 million shares would be triggered if that price metric equals or exceeds $17.50 over the same timeframe.

Tuesday marks the 20th trading day and Trump Media’s share price has not traded below the $17.50 level at any point since the clock started on March 25.

“It seems almost certain to me that the earnout conditions will be satisfied at this point, given how high the share price has been,” said Michael Ohlrogge, an associate professor at the NYU School of Law.

Trump’s dominant stake

The merger agreement calls for Trump to receive 90% of those earnout shares, translating to 36 million additional shares.

That would give Trump an even more dominant stake of 114.75 million shares, amounting to 65% of the total outstanding shares, according to filings.

Of course, Trump Media’s share price is subject to extreme volatility, meaning the value of this stake can swing wildly.

There are also practical and legal restrictions that would likely prevent Trump from cashing in this stock anytime soon.

According to filings, the earnout shares Trump appears to be in line to receive are subject to the lock-up restrictions that prevent insiders from selling or borrowing against their stock for months after the merger closed.

Even if Trump was able to get around this lock-up agreement, experts say it would be practically difficult for him to sell a sizable chunk of his stake without causing a crash in the share price. After all, Trump is the largest shareholder, chairman and most popular user on Truth Social.

‘Grossly overvalued’

Even though Trump Media’s share price has retreated since spiking to $66 last month, experts warn it remains overvalued based on fundamental metrics.

One common way to value stocks is to compare its price relative to its revenue.

The average social media stock trades at a price-to-sales ratio of roughly 10x, according to Matthew Kennedy, senior IPO strategist at Renaissance Capital. That peer group includes Facebook owner Meta, Pinterest, Snap, Reddit and Rumble.

By comparison, Trump Media is trading at north of 1,200 times sales, according to Kennedy.

“The stock appears to be grossly overvalued,” said Jay Ritter, a finance professor at the University of Florida.

Ritter, who has been studying IPOs for four decades, expects Trump Media’s share price to eventually plunge to just $1 or $2 per share.

Ohlrogge, the NYU professor, said Trump Media’s share price is “responding primarily to non-rational factors.”

For instance, Ohlrogge pointed to how the stock plunged last week after the company indicated it plans to register new shares.

“There should have been nothing surprising about that filing since it was just doing precisely what the company said it would do after it went public…There was no real rational reason to have a negative impact on the price,” he said, adding that the price reflects the “whims and sentiments of very uninformed traders, driving the price this way and that.”

In a sign that Trump Media is worried about its share price, the company took the unusual step last week of telling its shareholders how to avoid their stock from being loaned to short sellers betting against it.

Trump Media updated a FAQ section on its website to include the short-selling prevention tips.

“That is highly unusual,” said Peter Byrne, a securities lawyer at Cooley who focuses on companies going public. “We don’t typically see companies publish information like this.”

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