TV and newspapers will bear the brunt of a more than GBP200m reduction in ad spending driven by uncertainty over the financial impact of a potential Brexit vote in this week's European referendum. GroupM, the media arm of Sir Martin Sorrell's WPP, has downgraded its forecast of UK ad growth for 2016 by GBP220m between its November and June forecasts.

After years of planning, Virgin is fully launching its cross-business loyalty app, Virgin Red, with a campaign that will see more than a million coins hidden around the country and a real-life hunt for buried treasure on Richard Branson's Necker Island.

Twitter has acquired London-based machine-learning startup Magic Pony, as the company tries to boost its video and live streaming capabilities and keep up with rival social media platforms Facebook and Snapchat. Magic Pony creates algorithms that can understand and analyse pictures. It was set up in 2014 and has 14 engineers, 11 of whom have PhDs.

The chief marketing officer for the International Olympics Committee (IOC) has said it will stand by sponsors such as Coke and McDonald's, who are facing mounting calls to be banned from being associated with the Games given their links to obesity. "We stand by our partners. They are true partners of the [Olympics] movement," Melinda May told The Drum at Cannes Lions this week.

The twin brothers who sued Mark Zuckerberg after claiming he stole their idea for Facebook are opening an exchange for buying and selling bitcoins in the UK. The pair, formerly Olympic rowers, launched their online marketplace Gemini in New York last year, allowing traders to buy and sell bitcoin for dollars. Today will open the exchange to UK residents.

Spotify has confirmed that it has more than 100m monthly active users on its music streaming service today. Based on its last count, the Swedish company is adding 1.8m users to the service monthly, and 30pc of users are paying subscribers. The news comes as Spotify overtakes Skype as the most highly valued European startup, worth roughly $8.5bn.

The Independent's digital audience has fallen back below the level it commanded before going digital-only in March. Total daily unique browsers were down more than 7% to 3,048,377, below the 3,082,936 average daily browsers it attracted in March, according to the latest monthly figures from the Audit Bureau of Circulations.

The Mail On Sunday has come out in favour of the remain case in the EU referendum campaign, warning that it is "not the time to risk the peace and prosperity" of the UK. In a two-page editorial, the paper said that "by any calculation" Britain would be bound to face higher tariffs, turmoil in the financial markets and a period of uncertainty if there was a vote to leave on 23 June.

Many marketers feel "unprepared" for the newly passed EU General Data Protection Regulation (GDPR) and believe senior management must take responsibility to ensure their business is ready to adapt, new research says. The research by the Direct Marketing Association (DMA) shows widespread awareness of the incoming changes, with just 6% of marketers reporting "no awareness."

Parliament is considering hiring a social media investigator to detect "fanatics" abusing MPs online and report them to police in the wake of Jo Cox's murder, "The Daily Telegraph" has learned. Lindsay Hoyle, the chair of the parliamentary security panel, has suggested hiring a full-time member of staff to help identify repeat offenders who may be breaking the law.