Despite growing usage of social media platforms during the coronavirus pandemic, the platforms’ ad businesses are plummeting. Twitter, for example, saw its daily usage skyrocket 23 percent this year, but its revenue may have dropped as much as 20 percent in March. As businesses have slowed down or shuttered, marketers are decreasing or even stopping advertising, which is the core support of media companies. In difficult economic times, advertising spending on the media sector is often the first to be cut. Read more

Facebook’s Instagram recently debuted Co-Watching, a feature that makes it possible for users to video chat while they browse the app. With Co-Watching, users can engage in direct-message video-chat conversations to look at saved, liked and suggested photos and videos together. Co-Watching is just one example of ways that Facebook and Instagram are shifting to accommodate users and communities during the coronavirus pandemic, when many are confined to home. Instagram first began testing Co-Watching a year ago. Read more

With the absence of live sports on TV during restrictions due to the coronavirus, FOX Sports and NASCAR together came up with the idea of virtual races. On March 22, the first ever eNASCAR iRacing Pro Invitational Series race was a huge hit, drawing 903,000 viewers on FS1, making it the highest-rated eSports TV program to date as well as the most-watched broadcast on FS1 since the cancelation of live sports events and broadcasting. As a result, FOX Sports plans to simulcast the remainder of the NASCAR iRacing series on FOX, FS1 and the FOX Sports app. Read more

Although millions of Americans are at home, the Senate did not include money for broadband infrastructure in the $3 trillion stimulus package under consideration. However, the current bill does include some funding to deploy mobile hot spots around the country. Proponents of accessible broadband will try to add that to any upcoming stimulus package. Meanwhile, the U.S. government, along with several Big Tech companies, is providing global access to 16 supercomputers to help researchers discover vaccines to combat the coronavirus. Read more

With millions of Americans stuck at home, Facebook’s usage — especially messaging and video calls — has skyrocketed, and driven traffic to purveyors of coronavirus news. So much so that, as of a week ago, more than 50 percent of the articles being read on Facebook in the U.S. were coronavirus-related, and U.S. traffic from Facebook to other sites also soared 50+ percent due “almost entirely” to the coronavirus. But the social media companies aren’t spared the economic impact of the virus: a decrease in marketing dollars. Read more