What you need to know in advertising today

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It was the week that the TV industry sounded the alarms: Work
together. Change who you are. Or die at the hands of FANG.

There’s no doubt that executives are talking up a big game when
it comes to defending the ad industry against Facebook, Google,
Amazon, and Netflix. They spent much of Advertising Week last
week vowing to work together to battle the FANG titans after all.

The question is, how fast do they really want to move?

To read more about how TV execs are vowing to work together on
advertising, click here.

In other news:

Google is to shut down its failed social network, Google+, after
The Wall Street Journal reported that the firm covered up a major
security breach.Google discovered in March that it
had exposed personal profile data of hundreds of thousands of
Google+ users, but chose not to go public with that information.

In the Google+ case, the lack of transparency from Google
is likely the biggest problem for managers, experts
say. They added that following the Cambridge
Analytica case at Facebook, the new issue with Google+ gives US
lawmakers more reason to adopt rules similar to those in Europe.

Facebook launched its video-chat and smart speaker device,
Portal, on Monday and reactions have been largely
skeptical. The launch comes less than two weeks
after Facebook reported the biggest data breach in its history,
and months after its Cambridge Analytica data scandal.

Snap is close to a record low after analyst reportedly
says it’s ‘quickly running out of
money.’  MoffettNathanson analyst Michael
Nathanson was also skeptical of CEO Evan Spiegel laying
out a path to profitability in 2019 in a recent internal memo.

A New York City marketing agency is letting its employees
opt for a 4-day workweek — but only if they’re willing to take a
pay cut. Grey is giving its
employees the option to take a four-day workweek, in exchange for a 15%
pay cut.