Andre Schulten

P&G pumps the brakes on paid media and turns to product innovation to drive growth; with TikTok’s fate unclear, Snap and Reddit offer credits for new advertisers; and brands are following news audiences and journalists to Substack.

In today’s newsletter: P&G boosts paid media budgets by 14%; why lower subscription prices aren’t enough to sustain the current rate of ad-supported streaming signups; and news publishers follow the NYT’s lead by using games to retain visitors.