Marketing Insights: Weekly Highlights from March 8, 2021
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Weekly Overview of Marketing Trends
Welcome to this week's roundup of notable developments in technology, social media, and marketing campaigns! On the technology front, Square has acquired a majority interest in Tidal, aiming to revolutionize the artist economy. In the world of streaming, Netflix is introducing a TikTok-like feature, while Arizona is challenging Apple’s and Google’s app store policies. Let’s dive into the details!
Section 1.1: ByteDance's Audio Chat Initiative
China's ByteDance is set to launch its own audio chat app modeled after Clubhouse, specifically for the Chinese market.
Why does this matter? Following the brief availability of Clubhouse in China, which was ultimately shut down due to government restrictions, numerous apps have attempted to replicate its success without much traction. ByteDance, with its significant resources and established user base, appears well-positioned to succeed, despite the need to adhere to strict Chinese regulations.
Will it be a hit? Yes, I believe it will. The Chinese social media landscape is thriving, yet social audio remains largely unexplored. This could provide an opportunity for users to engage in discussions without the pressure of being on camera.
Section 1.2: Square's Move into Music Streaming
Square has announced its acquisition of a majority stake in Tidal for approximately $297 million, with plans to innovate the artist economy.
Why is this significant? This acquisition suggests a new approach to music-related NFTs (non-fungible tokens), creating potential revenue streams for artists, akin to the support Square provides its sellers.
Will this venture be successful? The potential for success hinges on the expanding crypto market, particularly as Square has invested heavily in Bitcoin. It seems promising, especially for established artists, though I'm curious about the implications for emerging musicians.
Chapter 2: Netflix's TikTok-Like Feature
Netflix is rolling out a new feature called Fast Laughs for iOS that allows users to scroll through short, humorous clips from its shows.
Why does this matter? With TikTok's growing popularity, Netflix has recognized that viewers are spending less time on their platform. Fast Laughs aims to mimic TikTok's fast-paced content consumption, allowing users to enjoy snippets before deciding to dive into full episodes.
Will it resonate? I’m skeptical. TikTok thrives on its ability to generate viral trends, whereas Netflix may struggle to replicate that dynamic despite having a vast library of content to draw from.
Section 2.1: Arizona's Legislative Battle
Arizona has moved forward with legislation challenging the transaction fees imposed by Google and Apple on their app stores.
Why is this important? This bill, which passed with a close vote of 31–29, could be a game-changer for developers who wish to implement their own payment systems, thus avoiding hefty fees.
Will it succeed? There’s a need for a balanced solution. The push against these fees indicates a broader demand for change, which could significantly impact both small startups and large tech companies.
Chapter 3: Privacy Legislation Developments
As states like Virginia begin to establish their own consumer privacy laws, the absence of a national standard presents challenges for businesses.
Why does this matter? With Congress unable to pass comprehensive privacy legislation, businesses face the daunting task of complying with varying state laws, which can overwhelm smaller companies without extensive legal resources.
Will this trend continue? Unfortunately, I predict that the situation may worsen before it improves, as states seek to protect their citizens, creating further complexity for businesses.
Chapter 4: IKEA's Initiative for Equality
In recognition of International Women’s Day, IKEA has launched a digital game called FiftyFifty on Instagram Stories to confront inequality within households.
Why is this significant? The game encourages users to reflect on domestic responsibilities, particularly as research shows that women disproportionately bear the burden of unpaid work, especially during the COVID-19 pandemic.
Will it be effective? While marketed as a game, it cleverly utilizes Instagram Stories to spark conversation about household dynamics.
Chapter 5: E.l.f. Cosmetics and Chipotle Collaboration
E.l.f. Cosmetics has partnered with Chipotle to create a unique eyeshadow palette inspired by the vibrant colors of Chipotle ingredients.
Why does this matter? This collaboration represents a creative fusion of food and beauty, appealing to diverse audiences and generating excitement on social media platforms.
Will it succeed? Given the hype and limited availability, I believe it will indeed sell out quickly.
Chapter 6: Banksy's NFT Controversy
A blockchain company has made headlines by purchasing and burning a Banksy artwork to create an NFT, igniting debate around the implications of such actions.
Why is this significant? While NFTs are often lauded for empowering artists, this incident raises questions about the ethics of destroying physical art for digital profit.
Will this practice become commonplace? It's unclear how this will affect Banksy and the broader art community, but it certainly opens up discussions about the future of art and NFTs.
Chapter 7: The Instagram Like Count Incident
Recently, Instagram users were taken aback when like counts mysteriously disappeared from the platform.
Why does this matter? Although it was later revealed to be a glitch, the incident highlights the ongoing resistance to the potential removal of likes, a change that could have profound effects on user engagement.
Will this change be implemented? Instagram must address user concerns and articulate the benefits of such changes before moving forward.
Jessica Gioglio, co-author of "The Laws of Brand Storytelling" and "The Power of Visual Storytelling," has led innovative marketing initiatives for major brands. She is now the founder of With Savvy Media & Marketing, specializing in strategic branding and content strategy.