Facebook becomes Meta
The biggest news story from the social media world is undoubtedly Facebook rebranding and renaming its parent company to ‘Meta’. The name points towards the company’s “next chapter” – a 3D journey into the metaverse.
Meta believes the metaverse will be the next evolution in the way we use the internet, with Mark Zuckerberg saying, “In this future, you will be able to teleport instantly as a hologram and be at the office without a commute, at a concert with friends, or in your parent’s living room to catch up.”
Meta has revealed it is investing 10 billion dollars to bring the metaverse to life and has estimated that fully realising the idea will take 10 to 15 years. Zuckerberg also said the metaverse would be the work of more than one company, and that “open standards and interoperability” will be required.
TikTok is working on a tipping feature
TikTok is currently testing a new creator monetisation tool that allows its users to donate to certain influencers directly on their profiles.
The feature has so far only been made available to a select group of influencers. To be able to receive tips, the influencer first has to apply for approval. If the account is found to have a good standing on the platform, have at least 10,000 followers, meet age requirements, and agree to all terms and conditions, then TikTok will approve them to begin receiving tips.
By providing creators more ways to earn revenue from their content, TikTok hopes that its top influencers will be less likely to switch to a competitor platform such as YouTube or Twitch where the monetisation options are more established.
Twitter now lets users record Spaces
Twitter Spaces – the platform’s answer to Clubhouse – will soon allow hosts to record their social audio sessions. This will essentially turn spaces from a live-streamed audio room to a podcast platform.
After the host records their said audio, they will be able to post shareable links for their followers to listen to in their own time. Twitter will keep its own copy of a recorded Space for up to 120 days afterwards if it needs to be checked for rule violations, but a host can delete the recording from public access at any time.
The new Spaces Recording will be released first to those who participated in the original beta for Spaces before it rolls out to all users.
LinkedIn engagement and revenue continues to grow
LinkedIn continues to see record levels of engagement, with user sessions up 19 per cent in the most recent quarter. Likewise, the platform’s ad revenue has increased 42 per cent year-on-year.
LinkedIn is well-placed to capitalise on the resurgence in business activity post the Covid-19 lockdowns. With more people seeking new jobs, and businesses looking to re-shape their processes, LinkedIn is positioned to be a key connector, linking users and organisations to new opportunities.
LinkedIn has also been investing in several new features to increase engagement on its platform including its 25 million dollar creator fund and new tools to facilitate virtual events.
Whether this growth is mainly driven by LinkedIn’s growth strategy or broader workforce trends is impossible to say. Either way, these figures are something to consider in your next digital marketing strategy.
Pinterest introduces live-shopping with ‘Pinterest TV’
Pinterest is looking to capitalise on the rising live-stream commerce trend, with its latest initiative, Pinterest TV. This will comprise a series of live, original and shoppable episodes featuring creators right on Pinterest.
The new series of shopping-focused live-streams, beginning on November 8th, will give users the opportunity to take up exclusive deals in the app, via engaging, immediate live-stream broadcasts. Episodes will then be refreshed each weekday and recordings will be available to watch after broadcast.
It’s not a surprise to see Pinterest also leaning into the live-shopping push, which has already gained huge traction in China, and has been adopted by leading platforms including Instagram, TikTok and YouTube.