Universal Music's Downtown Deal Warrants In-Depth EU Investigation, Critics Say
Universal entered into a definitive agreement in December for its Virgin Music Group label to acquire Downtown for $775 million in cash, hoping to tap its services across music publishing, distribution and royalties. Founded in 2007, Downtown now serves over 5,000 clients from more than 20 offices around the world.
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37 minutes ago
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Unilever debuts AI-driven design unit to wean brands off TV-first model
This story was originally published on Marketing Dive. To receive daily news and insights, subscribe to our free daily Marketing Dive newsletter. Unilever wants to accelerate the speed of production for its home care business through a new in-house graphic design center that leans into generative artificial intelligence (AI), per news shared with Marketing Dive. The CPG giant developed the unit, called Sketch Pro, in partnership with IPG Studios, with the goal of delivering content three times faster for its brands. Sketch Pro leverages multiple AI platforms, including Adobe Firefly and Google Veo 3, and boasts the ability to turn a concept into material ready for consumer testing within two hours. Sketch Pro, which is already available in several markets, is positioned as helping Unilever navigate the transition from a marketing production model focused on linear TV to one centered on social-first storytelling. Unilever broadly is increasing its spending on social media and influencers to keep its brands tapped into culture. Sketch Pro offers another indication that legacy CPGs are undergoing a shift in their marketing strategy as social media becomes a more important channel and AI enables the level of speed needed to keep pace with fast-scrolling content feeds. Sketch Pro was designed to support home care brands like Persil/Omo, Comfort, Cif and Domestos that have long relied on TV for mass reach but are contending with younger generations of consumers who don't frequently tune in to broadcast or cable. TV production also tends to require a long lead time while brands today are expected to have lightning-quick reactions to moments and micro-trends bubbling up in culture, such as a gaffe from a public official that can be flipped into a marketing win. While Sketch Pro is billed as an internal 'centre of excellence,' Unilever developed the concept with IPG Studios, Interpublic Group's creative production agency. Sketch Pro emphasizes that it is not wed to a single AI platform, but instead promotes a flexible approach, with the goal of pushing creative boundaries. Among the group's tools is Google's Veo 3 AI video generator, which has recently garnered media attention for its ability to produce shockingly realistic content. 'Our partnership with IPG supercharges our ability to ideate, iterate and deliver high-quality design assets with speed and cultural relevance, reflecting how consumers now engage with the home care category,' said Mario Dughi, global marketing director at Unilever, in a press statement. Sketch Pro is currently live in London, São Paulo, Mumbai and Jakarta, while Unilever plans to expand the offering to 21 markets by next year. Around Ramadan, the Jakarta Sketch Pro Team was recently able to capitalize on holiday-related social trends to increase the visibility of brands including Rinso and Sunlight on TikTok by 22.5%, the announcement said. Unilever has made generative AI a focus as it tries to improve efficiency while cutting down on costs. Chief Growth and Marketing Officer Esi Eggleston Bracey in March detailed how the company is using AI solutions to create 'digital twins' of products for brands like Dove that can be easily adapted across channels and formats. At the same time, Unilever is adjusting where it invests media dollars, with plans to allocate half of its marketing spend to social while significantly broadening its work with influencers. Recommended Reading How Unilever's AI marketing bets are increasing production efficiency Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Profits at the Macallan's Parent Company Dropped 26% This Year
The Macallan is one of the most popular and recognizable scotch whisky brands in the world, but even this esteemed single malt distillery might be facing some tough times ahead. According to a recent article that ran at the website Scottish Financial News, the Macallan's parent company, Edrington, reported that its profits were down by 26 percent and core revenue down by 10 percent as of March of this year, part of a continuing trend of worrying news for the global spirits industry. In financial terms, that is the equivalent of £274.4 million in pre-tax profits and £912 million in revenue, which the company is blaming on 'reduced consumer demand' over the past financial year. 'After several years of unprecedented growth for premium spirits and industry-leading results posted by Edrington, the business felt the full effect of the global economic downturn during the year,' said CEO Scott McCroskie, according to Scottish Financial News. 'Looking ahead, the political and economic backdrop remains volatile, which we expect will continue to weigh on consumer sentiment in the coming year. We believe top-line growth will be difficult to come by in this environment, although adjustments to overheads and brand investment are expected to align net sales and core contribution more closely next year.' More from Robb Report Porsche Club of America Members Get First Dibs on This New, Ultra-Limited 911 VisionF's New Speedboat Can Hit a Staggering 92 MPH at Full Tilt This New $55 Million Greenwich Mansion Has Both Indoor and Outdoor Pools Given this challenging environment, last week Edrington announced that it had finalized the sale of two of its popular scotch brands, yhe Famous Grouse and Naked Malt, to fellow Scottish company William Grant & Sons (owner of Glenfiddich, The Balvenie, and Hendrick's Gin). The terms of the sale were not disclosed, but new the new owner expressed a great deal of enthusiasm about the acquisition, saying that it sees a lot of potential in the lesser known Naked Malt brand. There were some bright spots for Edrington despite this news, however. Sales of the Macallan showed strength as the company said that its 200th anniversary year was the second-highest ever for sales, with Asia posting positive numbers in particular (specifically South Korea, Japan, and China, where the distillery's 12-, 15-, and 18-year-old expressions remain popular), and Brugal Rum showed strength in the Dominican Republic where it is produced. Going forward, Edrington says it will continue its strategy of focusing on ultra-premium spirits and will 'continue to… strengthen our brands and our business for the long-term benefit of our investors, our employees, and those who benefit from our own and our principal shareholder's charitable activities.' It remains to be seen if that will be enough to boost sales over the coming year, but we will continue to report on this news over the coming year. Best of Robb Report Why a Heritage Turkey Is the Best Thanksgiving Bird—and How to Get One 9 Stellar West Coast Pinot Noirs to Drink Right Now The 10 Best Wines to Pair With Steak, From Cabernet to Malbec Click here to read the full article. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
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‘Shovel-ready' renewables prioritised as grid connections queue gets shake-up
New 'shovel-ready' wind and solar farms will be prioritised to connect to the grid, operators said as they kickstarted moves to shake up the gridlocked connections queue. The existing first-come, first-served approach to the grid connections queue, which operators say has led to unviable and speculative schemes holding up clean energy projects that are ready to plug in, has been scrapped. The National Energy System Operator (Neso) said it was opening a three-week application window on Tuesday for more than 5,000 energy generation and demand projects in the queue to submit evidence to support their connection to the grid as it undertakes a major reordering of the system. The new plan will see clean energy projects that can be up and running by 2030 prioritised, in a bid to help Labour hit its goal to near fully powering the country with clean electricity by the end of the decade, and to boost economic growth. Neso said the connections queue had grown tenfold in just five years, and currently stands at 738 gigawatts (GW) – more than four times the amount of clean energy generation that is required by 2030 to meet Government goals. The assessment process, which will prioritise projects on the basis of how ready they are and alignment with the UK's clean energy goals, aims to connect the 170 GW of power needed by 2030. Kayte O'Neill, chief operating officer, National Energy System Operator, said: 'Neso opening the evidence window today is a key moment in the once-in-a-lifetime transformation of our electricity network, and a vital step for delivering clean power by 2030, while also helping supercharge economic growth for Great Britain. 'By prioritising agreements for projects that are critical and shovel-ready, developers will get the certainty they need to support investment decisions. 'It also gives energy consumers, from households and hospitals to electric car charging stations and data centres, the confidence of clean and stable power for generations to come. 'We advise all applicants to ensure they submit the correct evidence, so that we can assess applications fully and fairly.' Energy minister Michael Shanks said: 'Today marks a milestone in our work to overhaul the connections queue and unleash ready-to-go clean power projects that will help us reach our 2030 target. 'Developers in the queue now have the chance to demonstrate to Neso that their projects are ready to progress.' He added the move would take Britain closer to an energy system that takes the country 'off the rollercoaster of global fossil fuel markets and can bring bills down for good'. Applicants in the queue have until July 29 to submit evidence, with those meeting the criteria placed in a 'gate 2' queue and receiving an updated connection offer, prioritising those due to connect in 2026 and 2027. Neso said it aims to have made all offers for projects needed to meet the 2030 goals by early next year. Those who do not meet the criteria will get a 'gate 1' offer, remaining in the system but without a connection date. They can reapply through future biannual application windows or withdraw their scheme.
