What you need to know in advertising today

Co-Founder and CEO of Snap Inc. Evan Spiegel speaks onstage during Vanity Fair New Establishment Summit at Wallis Annenberg Center for the Performing Arts on October 3, 2017 in Beverly Hills, California.

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Co-Founder and CEO of Snap Inc. Evan Spiegel speaks onstage during Vanity Fair New Establishment Summit at Wallis Annenberg Center for the Performing Arts on October 3, 2017 in Beverly Hills, California.
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Matt Winkelmeyer/Getty Images

Advertisers are souring on Snapchat, and Instagram looks poised to benefit in a big way.

Financial services firm Cowen published on Friday its mid-year survey of ad buyers, and the results are likely to make uncomfortable reading for Snap Inc., with buyers saying they spent less money than expected on the teen-oriented app and that their clients vastly prefer Instagram.

To read more about why ad buyers said they prefer Instagram, click here.

In other news:

Wall Street and marketers both cheer as Google adds AI to its advertising business. The new ad formats are receiving kudos from marketers, as well as Wall Street analysts.

Pandora is still alive after getting run over by Spotify and Apple, and the CEO says his comeback plan will open up another big business in music. While Pandora offers a subscription streaming service, CEO Roger Lynch thinks its best opportunity could be with its core ad-based service.

Facebook and Uber both launched ad blitzes to apologize for their scandals, but the results were very different. Neither companies have put advertising dollars into television before, and the investment was not worth it, according to data from insights platform Alpha; at least not from a consumer forgiveness standpoint.

Papa John’s has scrubbed its founder from its logo and marketing. Schnatter will no longer be pictured in the chain’s logo on social media or the Papa John’s website, the company confirmed the move to Business Insider.

Amazon Prime Day is killing Black Friday. This year marks Amazon’s fourth annual Prime Day, and it’s expected to be bigger than ever.