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Facebook Advertisers Angry About Major Glitch That Temporarily Spiked Prices
Reports suggest Meta, the social network’s parent company, charged some advertisers more than double what they agreed to pay, ranging from hundreds to hundreds of thousands of dollars. Meta briefly stopped showing ads on part of its network with practically zero communication to its millions of customers.
The company confirmed the bug happened and promised to follow its “normal refund process,” but shared very little about what went wrong.
A Meta spokesperson described it as “a technical issue that has now been resolved” (adding that the glitch also appeared to a lesser extent on Instagram).
But Alex Golick, the CEO of marketing agency Intensify told CNBC it was the worst Facebook glitch he’d seen in the decade he’s worked in digital advertising — with one client burning through 90% of its ad budget by 9 a.m. And his entire customer base had similar problems:
Golick said that all those advertisers had essentially just wasted most of their money for the day, spending roughly triple the amount they normally would to acquire a customer. “The results were horrendous,” Golick told CNBC…
For brands that are already lowering ad costs to manage through a sluggish economy and a mobile ad market that no longer allows for targeting based on user data, Facebook’s miscue is more than just an unfortunate blip. In low-margin industries, where every dollar counts, it can turn a profitable weekend into a big loser, while also raising further questions about the reliability of Facebook’s ad systems…
Data analytics and marketing firm Varos provided data showing that, of the more than 3,000 ecommerce and direct-to-consumer companies that use its technology, the software bug caused a majority of them to experience a rise in cost per thousand impressions, or what those in the industry call CPMs. About 36% of companies were “very significantly impacted” by the bug, meaning their CPMs at least doubled, Varos said…
Varos CEO Yarden Shaked the glitch resulted in a “bidding war for nothing.” Data about the glitch provided by the advertising technology firm Proxima on 108 companies also revealed that these firms spent their “entire day’s budget in the first few hours of the day,” the company said…
Read more of this story at Slashdot.
Angry neighbour makes ‘passive aggressive’ poster to fume at woman for touching their car
Sega agrees to buy Angry Birds maker Rovio for $772 million
SEGA to acquire Angry Birds developer, Rovio, for $775 million
SEGA has announced its plans to acquire the mobile developer, Rovio, in a whopping $775 million deal. That’s €706 million, or £625 million, over in Europe.
Rovio is best known for its endeavours with the mobile game that took the world by storm back in the early 2010s: Angry Birds. SEGA’s acquisition of the developer comes from its aims to strengthen its position in the mobile gaming market, which SEGA believes is projected to account for 56% of the global gaming market overall by 2026.
SEGA has stated that it plans to take in Rovio’s live-operated mobile game development capabilities and expertise in mobile game operation, to accelerate the development of mobile compatible and multi-platform-supported versions of SEGA’s existing game IPs.
Sega confirms it’s buying Angry Birds and pushing into mobile
Acquisition of Rovio will set Sega back $775M