The Weekly Report #3
Week: 22 Aug 22 - 26 Aug 22
In a nutshell,
Snapchat’s paid subscription
Latest update on Elon vs Twitter Saga
All about TikTok’s text-image AI generator
Reddit’s partnership with the crypto-exchange FTX
Meta launches a new Reels feature
Let’s get social!
1. Snapchat’s Paid Subscription
This happened
Snapchat announced that over 1 million users have joined the paid, Snapchat Plus service, since launching in late June. As a reminder, Snapchat Plus gives users early and exclusive access to features for $3.99 a month, including seeing who rewatched your story and the ability to use Snapchat for Desktop. The platform also announced new set of features that will be released for the service, like priority story replies and special backgrounds for users’ Bitmoji characters and new app icon designs.
The Lesson
Over 1 million users in a matter of weeks is a great sign for Snap, and an indication of the loyalty that users have for the platform. This is a great case of a social platform understanding user behavior and providing features that enhance the experience. People want to have even more interactivity with their friends and the ability to chat on their computers; Snapchat Plus provides that, so it makes sense that users are willing to pay. If the platform keeps proceeding in this way we should expect to see even more people join the service.
2. Elon vs Twitter Saga
This happened
An interview has resurfaced from May where Elon Musk stated that Twitter was “well aware” of the number of fake accounts and spam bots existing on the platform, and that 95% of accounts were bots. This goes against Musk’s statement that he was defrauded by Twitter about the amount of spam bots on the site, something he has to prove in order to get out of the signed acquisition agreement. The video contradicts that idea, it suggests that everyone knows Twitter is full of bots, meaning that Twitter necessarily could not have lied to him.
The Lesson
This case has still yet to be seen before a judge so we do not know what exactly Twitter is attempting to achieve, whether it be the completion of the acquisition or a pay-out from Musk.
In the meantime, brands and digital marketers should keep an eye on the proceedings, as either outcome is sure to affect the way that users engage with the platform and with the day-to-day experience on the site.
3. TikTok’s text-image AI generator
This happened
There’s been a boom in the popularity of AI systems online, especially ones that create images out of text inputs, like DALL-E, which has seen vitality on Twitter. And it looks like TikTok is looking to join the party, with their own text-to-image AI generator. The video platform recently added a new effect it calls “AI Greenscreen” that allows users to type in a text prompt that the software will then generate as an image.
The image can then be used as the background to a video, potentially a very useful tool for creators.
The Lesson
This is another example of adding features based on user behavior, in this case users experimenting and creating trends with background images, as well as keeping up with the current trend of text-to-image AI generators. TikTok remains first in class in doing so, and while the feature can only work in abstract images so far, it will be interesting to see how TikTok increases its potential.
4. Reddit’s Partnership with FTX
This happened
Reddit has announced a partnership with the crypto-exchange FTX, users can now use the firm’s payment system, FTX Pay, when managing their blockchain-based community points. Reddit first rolled out community points in 2020 as a way to reward users for interacting with a community. Reddit displays a user’s community points next to their username as a measure of their reputation, but also offers various ways to use them, such as to get community-specific memberships, vote on decisions, reward creators on the platform, as well as send tips.
The Lesson
While community points only exist on two subreddits so far, this is an exciting moment for the integration of blockchain technologies on social platforms. Reddit is attempting to allow users to use the blockchain as a way to control their communities and shape them as they see fit, something that is important to both users and the future of Web3.
5. Meta Launches a New Reels Feature
This happened
Meta has introduced new updates or Reels, on both Facebook and Instagram, including additional Reels insights, the expansion of the ‘Add Yours’ sticker, and ‘auto-created’ Reels clips. One addition is the inclusion of “Add Yours” sticker feature to Reels, as well as he auto-created Facebook Reels, which, like it sounds, will allow users to automatically convert their archived Stories into Reels clips. Lastly crossposting from Instagram to Facebook is now available to all Instagram users, while Meta’s also expanding its Remix option to Facebook Reels also.
The Lesson
These new features are great for creators looking to get into the short- form wave that Meta is riding. The “Add Yours” sticker ould be another way to spark engagement, and lean into the more interactive nature of most short form content, This tool could provide another, simple way for users and brands to create Stories content, utilizing the video assets that they already have created to exist as a reel. These, paired with the ability to crosspost, again show Meta’s dedication to short-form, and brands and creators should look to take advantage of the emphasis that the company is placing on them.
That’s all for this week - See you again!
Source: 5 things The Podcast by Grey