What you need to know in advertising today

and spiegel signed the nyses book of distinguished guests

Snap is hoping to recut its way to revenue growth.

The company is offering discounts to help brands recut their videos into the vertical format, multiple ad agency executives told Business Insider.

The incentives appear to be targeted at small brands and businesses, which in addition to having smaller media budgets, generally have proportionally smaller production budgets as well.

To read more about how Snapchat is luring small businesses to advertise on the platform, click here.

In other news:

Facebook executive Andrew Bosworth is reportedly taking over all of Facebook's hardware efforts, including the company's famous Building 8 and Oculus. His team is already working on a video-chat device, which will be the first of a series of consumer gadgets such as a Echo-like smart speaker, 360-degree cameras, and "futuristic wearables."

The Amazon-Whole Foods deal has gotten the green light. The Federal Trade Commission announced on Wednesday that it was no longer pursuing its investigation into whether the $13.7 billion deal would be anticompetitive.

Uber's brand troubles seem to have had no impact on its revenue. The ride-hailing company saw its loss shrink by 9% in the second quarter to $645 million as its cash hoard fell to $6.6 billion from $7.2 billion.

Snap's vice president of content Nick Bell said that he expects the company to publish scripted shows on Snapchat by the end of the year. He claimed that "mobile is not a TV killer," and that with its mobile-focused programmes Snap wants to "complement" television instead.

Elon Musk revealed the design of SpaceX's new space suits in an Instagram post. The CEO made it clear that the suit shown is not a mockup but an actual render, and that balancing the aesthetics with usability was "incredibly hard."

Facebook is rolling out a new feature that will allow users to take 360 degree photos from inside the app. Users will then be able to share the picture or use it as their new cover photo.

Bizarre conspiracy theories are swirling about the most expensive popular skin cream. Kathleen Hou at The Cut recently investigated 10 of the theories around Estée Lauder's Crème de la Mer.

Blue Apron lays off employees and halts hiring as the food kit company struggles post-IPO. The food kit company had laid off 14 members of the company's recruitment team and temporarily halted hiring of salaried employees.

"Psychologically scarred" millennials are killing countless industries with their strange habits — but here are the brands they actually like. Here are the 25 millennial favorites that are poised to grow.

Follow us at @BI_Corporate to be among the first to hear about news and updates from Business Insider.

Also, sign up for the Executive Summary , a new biweekly newsletter that brings the latest marketing news, trends, and company updates straight to your inbox.

Join the conversation about this story »

NOW WATCH: 8 details you might have missed on season 7 episode 4 of 'Game of Thrones'