WHAT’S NEWS
Global Economy
IMF forecasts global growth of 3.9% this year, strongest since 2011. – IMF
Tech Salaries
Amazon’s median salary of $28,446 is significantly less than some of its technology peers. The median pay last year for employees of Facebook Inc. topped $240,000 and was over $160,000 at Twitter Inc. – WSJ
“Netflix for Magazine Publishing”
Apple will launch a premium news subscription service, which will split revenues between Apple and magazine publishers. – Techcrunch
Apple’s acquisition of magazine app Texture is part of a broader push by the iPhone maker to generate more revenue from online content and services. Currently, Apple sells subscriptions for iCloud storage and Apple Music, and gets services revenue from Apple Pay transactions, App Store downloads, iTunes music, movie, and TV show purchases and digital book downloads. At present, the company has a total of 240 million paid subscriptions, with 58 percent year-over-year growth. – Bloomberg
Also in the News:
Martin Sorrell’s Resignation from WPP
Martin Sorrell resigns after 33 years as WPP chief, having turned a 1985 investment in a wire shopping basket manufacturer into the world’s largest advertising empire consisting of more than 400 advertising, creative and media agencies with more than 200,000 employees. His departure from the owner of companies such as J Walter Thompson, Ogilvy & Mather and Group M, leaves the world’s largest marketing business seeking new leadership at a pivotal time for the advertising industry. – FT
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