The weather isn’t the only thing heating up this past month! Social media companies are continuously trying to keep users interested by providing updates and making improvements to their platforms. Read on for all the important social media and industry news from June that you need to know about.
Social Media Updates
Elon Musk Outlines Final Steps Required to Consummate Twitter Deal
Back in April, Elon Musk put in a $44 billion bid for Twitter. Even though the deal was accepted there is still some official business to get done before the deal can go through. Musk outlined the three steps needed for him to consummate the deal. As Musk has stated in the past, one of his top priorities is going after bots and fake profiles. For the deal to move forward, he wants Twitter to provide evidence to support their claim that fake profiles only make up 5% of its user base. Musk’s team received more data and insight into fake profiles this past week. Secondly, Musk needs to secure his final funding for his bid with the help of investors and loans. Lastly, Twitter shareholders still need to formally accept Musk’s deal. Twitter’s board has recommended that they do. While Musk waits for these details to be clarified, Twitter is moving forward with the particulars anyway.
YouTube Publishes New Insights into Key Video Consumption Trends Among Gen Z
YouTube has published a 55-page “Culture and Trend” report. The report includes insights from 10 countries, provides perspective on what’s driving the latest Gen Z video trends, and can help with making a digital strategy. One of the major observations from the report showed that 65% of Gen Z find the personal relevance of content to be more important to them rather than big trends and news other people are talking about. Gen Z is also big on creativity, finding interest in creators that are multi-formatted and they look to work together by connecting in a creative community.
Snapchat Launches Subscription Version Called Snapchat Plus
Snapchat has launched their subscription model called Snapchat+ for $3.99 a month. Subscribers will receive a collection of exclusive, experimental, and pre-released features, which include exclusive Snapchat icons, special profile badges, the ability to pin a friend as their number one BFF, and the ability to see who has rewatched your stories. To get started all you need to do is go to your Snapchat profile and choose the Snapchat Plus option.
Meta Launches New Creator Monetization Initiatives
Meta is working to bring more engagement to the platform by supporting creators. As NFTs are coming to Instagram, they will be coming to Facebook as well for creators to share. Additionally, Facebook will add a Creator Marketplace where Facebook and Instagram creators can get discovered and paid. Cross-platforming will also be incorporated into Reels as well for creators to share easily. Creators will be given more payment options with Facebook Stars. This is a virtual currency that can be purchased in various bundles. Facebook users can then allocate the stars to their favorite creators during a live stream, on reels, or VOD videos. Lastly, Facebook will be offering Interoperable Subscriptions, which gives paying subscribers of creators on other platforms access to subscriber-only Facebook Groups. These updates will work to keep creators engaged on Facebook.
Instagram Tests Updated, TikTok-Like Full-Screen Format for its Main Feed
Instagram is continuing to compete with TikTok as they experiment with a full screen format for its video and image content. As Instagram is Metas closest competitor to TikTok, it makes sense for the platform to fully immerse itself in this format. Instagram continues to compete with its Reels, which now make up 20% of all time spent on Instagram. However, photos and stories are still vital to the Instagram platform, and they are still working to improve how they appear in the full-screen feed.
Industry News
Amazon Plans Two Prime Shopping Events This Year
As Amazon Prime Day is coming up July 12 & 13, Amazon has announced a second Prime shopping event called “Prime Fall” in Q4. Adding the second addition hopes to boost sales and gain subscribers. The annual Prime Day seems to be losing some momentum, so this could help keep the excitement going as well as help retailers clean out more of their inventory before the holidays.
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