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☆ Snapchat avoided 'AI' and leaned into real experiences in its annual pitch to brands
▼ + stars: | 2024-05-02 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com time to read: +6 min

During the Snap-owned app's pitch to brands at its NewFronts presentation on Wednesday in New York, the company emphasized the value of real-world experiences, or IRL, over social-media scrolling. Sharing became contrived, and social media as a whole began feeling like an inauthentic version of our lives rather than a source of genuine connection." It's plastered ads on competitive social media platforms and billboards with its "Less Social Media. Related storiesSnapchat executives mentioned AI just once during the NewFronts presentation, saying the company had used AI models to build augmented-reality lenses. Snap is not the only social platform addressing lonelinessSnapchat's war against social media taps into a broader trend.

Persons: —, Colleen DeCourcy, Cipriani, DeCourcy, TikTok, Dan Whateley, NewFront, Meta's, Mervana Parekh, Snapchat, Patrick Harris, Piper Sandler Organizations: Service, Facebook, Meta, Business, NFL, NBA, NBC, Entertainment, Media, Snap's, Acrew, Big Tech Locations: New York, Manhattan, Americas

☆ New VC fund 'Intuition' plans to invest $16 million in consumer startups. Here are the details.
▼ + stars: | 2024-04-30 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +1 min

Hugo Amsellem and Etienne Boutan are launching Intuition, a VC fund eyeing consumer startups. The €15 million (about $16 million) fund will invest in early-stage consumer startups in Europe and the US. Intuition plans to host a "Consumer Tour" to connect founders and investors across seven cities. Hugo Amsellem and Etienne Boutan, two French investors behind the new VC fund Intuition, are on the hunt for "slightly delusional" consumer tech founders. "When you're a consumer founder, you're trying to target millions of users, and you're trying to provide them something that they don't know that they want yet," Amsellem, a former founder himself and startup advisor, told Business Insider.

Persons: Hugo Amsellem, Etienne Boutan Organizations: Business Locations: Europe

☆ Influencer-marketing startup Grin has laid off staffers in a new round of cuts
▼ + stars: | 2024-04-25 | by ( Amanda Perelli | Sydney Bradley | ) www.businessinsider.com time to read: +2 min

The influencer-marketing platform Grin has laid off "many" staffers — in the company's third round of layoffs in recent months — a spokesperson confirmed to Business Insider. As the company grew, "a distance also grew" between the platform and its customers, the Grin spokesperson said in a statement. First, in November 2022, the company laid off 60 staffers, mostly in Grin's sales department, the company confirmed to BI at the time. Then, in March 2023, the company laid off several staffers across multiple departments, sources close to the company told Business Insider. The impacted staffers in this latest round of cuts will receive a three-month severance package and extended healthcare benefits, the Grin spokesperson said.

Persons: —, Grin, Brandon Brown Organizations: Business, Red, BI Locations: France

☆ New data reveals the top ways influencers get brand deals, how long they last, and how many are needed to make a living
▼ + stars: | 2024-04-24 | by ( Marta Biino | Sydney Bradley | ) www.businessinsider.com time to read: +4 min

Read previewInfluencers secure brand deals in many ways — some go right to the DMs of brands or even use Slack, while others rely heavily on talent managers or agents. AdvertisementNearly 55% of respondents listed social-media marketplaces as one of the three primary sources they use to secure brand deals. The data, however, does not account for the types of brand deals creators would require. For instance, some brand deals could be multi-channel sponsorships, while others could be affiliate links — which can vary in pay. Most creators said their partnerships with brands last a monthAbout 31% of creators reported that their brand deals typically last one month.

Persons: —, Qianna Smith Bruneteau, We're, Smith Bruneteau, that's Organizations: Service, American Influencer Council, Business, AIC, influencer, LinkedIn

☆ An invite-only audio app has Silicon Valley and creators buzzing. But can it last?
▼ + stars: | 2024-04-16 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +4 min

Somewhere between Clubhouse and X (formerly Twitter), Airchat's feed of audio snippets transcribed by the app has sparked conversation. Already, the invite-only app has a channel dedicated to the creator economy titled "Creators" — including industry figures like Eric Wei (CEO of Karat), Lia Haberman (influencer marketing expert), and Brett Dashevsky (host of Creator Economy NYC events). Dashevsky, a self-described "avid Twitter user," said that Airchat is already displacing his average Twitter screen time. It wouldn't come as a surprise to anyone in tech or social media to see Meta double down on Threads' audio tools. But she added that she could see Meta brainstorming ways to promote Threads' audio tools, which could become a concern for Airchat.

Persons: Naval Ravikant, Brian Norgard, Airchat, Washington Post's Taylor Lorenz, George Santos, Eric Wei, Lia Haberman, Brett Dashevsky, Haberman, it's, Diana, Umana, Meghana Dhar, Meta, Dashevsky, I've Organizations: Naval, CPO, Business, Tech, Republican, Apple, Big Tech Locations: VCs, Washington

☆ Seeking nominations for the next wave of music-tech startups helping artists and their teams
▼ + stars: | 2024-04-04 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com time to read: +1 min

Business Insider is compiling a list of music-tech startups helping artists and their teams. We want to hear from you on the companies building useful tools for the music industry in 2024. AdvertisementThe music industry is always adapting to new technologies. Business Insider is compiling our third annual list of innovative music startups building products that will help performers and their teams be creative and grow their businesses. AdvertisementWe are seeking nominations from you, the reader, on which music-tech companies are set to have an impact on the music world in 2024 and beyond.

Persons: — Organizations: Service, Business

☆ Meta might pay you if your Threads posts are good enough
▼ + stars: | 2024-04-03 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +1 min

Meta is testing cash bonuses for creators who post engaging content on Threads. Meta also plans to pay Instagram creators for videos and photos as part of a separate bonus program. Meta is testing paying out cash bonuses to creators who make engaging content for its Twitter-like app Threads, a company spokesperson confirmed to Business Insider. Eligible creators can earn money from Threads content based on the "performance" of posts or the "number of posts" shared to the app, per Instagram's help desk. The site also says Threads posts with "less than 2,500 eligible views" are not eligible for payouts.

Persons: Meta Organizations: Meta, Business

☆ Instagram is 'testing' new cash bonuses that pay creators to post engaging photos, reels, and more
▼ + stars: | 2024-04-02 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +3 min

Instagram is offering cash bonuses to creators who post content to the Meta-owned app with new programs. While the company had previously doled out cash to creators who posted engaging videos, this time it's also compensating users for posting photos. Instagram is "testing" a "Spring Bonus," a seasonal program that pays creators for engagement on reels, photo carousels, and single-image photo posts, a Meta spokesperson confirmed to Business Insider. The current Spring Bonus had previous iterations as a "holiday bonus" and "New Year's bonus," and is now only available in the US, Japan, and South Korea. Mike Potter, who runs the Instagram account @grippingfoodwithforce, told BI he was notified about the Spring Bonus on March 29.

Persons: Jackson Weimer, Weimer, Mike Potter, @grippingfoodwithforce, Potter, Adam Mosseri, Mosseri, Instagram, TikTok Organizations: Business, BI, Facebook, Twitter, Street Journal Locations: US, Japan, South Korea, Instagram's

☆ Engineers are in high demand for creator-economy startups, new data reveals. Here are 5 takeaways on job openings in the industry.
▼ + stars: | 2024-04-01 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +1 min

Hiring platform Creator Economy Jobs put out its first report on the state of creator economy jobs. Engineering roles are the most in-demand jobs in the creator economy, per the report. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhile content creators are the face of the creator economy, behind the curtain is a whole industry of jobs.

Persons: Jobs, —, Goldman Sachs Organizations: Service, Business

☆ Facebook started paying users to post. A wave of spam and illicit account sales followed.
▼ + stars: | 2024-03-30 | by ( Rob Price | Sydney Bradley | ) www.businessinsider.com time to read: +9 min

Read previewThe influencer had a directive for the 75,000 members of her Facebook Group. Some creators' Facebook pages look vibrant, with thousands of followers and every photo and post they share accruing numerous comments, affirmations, and reactions. PLEASE refrain from using the normal words," wrote an administrator for "Maniifesting 55k (META}🤑" , a Facebook Group with 6,500 members. AdvertisementBuying and selling Facebook accounts is prohibited, but a bustling trade in Performance Bonus accounts is thriving in some of the Groups. The 22,000-member "$30k Performance Bonus" Group hosts a mix of posts begging for engagement and people openly selling Facebook accounts.

Persons: —, affirmations, Meta, That's, Baltimore influencer, tim e Organizations: Service, Facebook, Business, Baltimore, Facebook Groups, Facebook's, GE Locations: Baltimore

Nine former staffers are suing the social-media management company Unruly Agency. The lawsuits contain allegations of wrongful termination and unjust imprisonment. Unruly's lawyer said the claims "have been meticulously reviewed and found to be without merit." AdvertisementA company that manages OnlyFans accounts for top influencers, including Tana Mongeau and Abby Rao, has been hit with nine lawsuits from former staffers this year. The lawsuits against Unruly Agency include allegations of wrongful termination, retaliation, and unjust imprisonment.

Persons: —, Tana Mongeau, Abby Rao Organizations: Service, Business

☆ Melon, a startup that had raised $1.5 million to build an AI 'brain twin' for users, is shutting down
▼ + stars: | 2024-03-20 | by ( Sydney Bradley | Marta Biino | ) www.businessinsider.com time to read: +1 min

Melon, a startup that was building a "brain twin" using AI, plans to shut down on March 24. The company had raised $1.5 million, but founder Sanne Fouquet said it "faced challenges." Melon , a startup that was building a "brain twin" for users with AI, plans to shut down on March 24, Business Insider has learned. Users could make their lists public and allow others to follow them and discover the content they'd saved. Melon used AI and machine learning to resurface content that users had saved and help them write, brainstorm, and research based on the information the user had collected.

Persons: Sanne Fouquet, Melon Organizations: Consumer, Business

☆ How Instagram is beating TikTok
▼ + stars: | 2024-03-18 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +2 min

The app far outpaced TikTok in global downloads last year, according to data from market intelligence firm Sensor Tower. Instagram downloads increased by 20% in 2023 compared to the previous year, Sensor Tower estimated. The simplest explanation is that Instagram's short-video product, reels, is pretty much just as good as TikTok at this point. "Instagram already has reels, and it already caters to a broader audience because it has those other social-media features," explained Abe Yousef, a senior insights analyst at Sensor Tower. Both TikTok and Instagram did not respond to a request for comment.

Persons: Instagram isn't, TikTok, Instagram, it's, Abe Yousef, Mark Zuckerberg, Adam Mosseri, Yousef Organizations: Business

☆ Instagram is playing the long game against TikTok, and it's winning
▼ + stars: | 2024-03-14 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +2 min

The app far outpaced TikTok in global downloads last year, according to data from market intelligence firm Sensor Tower. Instagram downloads increased by 20% in 2023 compared to the previous year, Sensor Tower estimated. The simplest explanation is that Instagram's short-video product, reels, is pretty much just as good as TikTok at this point. And unlike TikTok, it's been careful lately not to shove unpopular features like shoppable videos in users' faces. Both TikTok and Instagram did not respond to a request for comment.

Persons: —, TikTok, Instagram, it's, Abe Yousef, Mark Zuckerberg, Adam Mosseri, Yousef Organizations: Service, Business

☆ Read the 19-page pitch deck ex-Meta staffers used to raise $1 million for their comedy startup
▼ + stars: | 2024-03-13 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +3 min

Danny Frenkel, the CEO of comedy startup PunchUp Live, said the industry had a pretty standard path to success. Comics would aim to score a special on Comedy Central, Netflix, or HBO to become a big headliner at large venues. But Frenkel said the problem was comedians were '"renting" those audiences from social-media platforms. PunchUp helps comedians navigate social-media platforms like Instagram, TikTok, and YouTube. Check out PunchUp Live's 19-page pitch deck:Note: PunchUp redacted financial projections originally included in the deck.

Persons: Danny Frenkel, Frenkel, Alex Dajani, Steve Byrne, Sam Morril, Rachel Feinstein, Mark Norman, PunchUp, Morril, he's, " Frenkel, Meta Ray, Heracles Capital Organizations: Comedy Central, Netflix, HBO, Business, YouTube, Meta, Reality Labs, Heracles, Hustle Fund, Evil Twin

When it comes to newer consumer-social startups, the environment they're entering is turbulent — investor checks have dwindled, users are facing subscription burnout, and successful advertising models require massive scale. AdvertisementSo how are the emerging, buzzy social startups approaching monetization in 2024? "There's really only two monetization business models for consumer products," said Tiffany "TZ" Zhong, founder of new social platform NoSpace and early-stage VC firm Pineapple Capital. 3 ways new social-networking startups are approaching monetizationWhile some newer social startups are already monetizing their product, many are still pre-revenue and experimenting with different models to see which will make sense for their product and audience. And Verse CEO Bobby Pinckney told BI that the social platform, centered around music, plans to add a premium subscription that will unlock advanced AI tools, analytics, and templates.

Persons: —, there's, Eric Wittman, Tiffany, Zhong, VCs, Bianca Ambrosini, Ambrosini, Marlon Nichols, Nichols, Emma Bates, Andrew Kahn, Danial Hashemi, Alexandra Debow, Bobby Pinckney Organizations: Service, Meta, Business, Pineapple, Mac Venture Capital, Twitter, Crush Ventures, Crush, BI Locations: Berlin

☆ Why 7 prominent VCs are investing millions in new social startups like Diem, Lex, and 222
▼ + stars: | 2024-03-01 | by ( Sydney Bradley | Marta Biino | ) www.businessinsider.com time to read: +8 min

Mervana Parekh is a principal at Acrew and has invested in social startups like Diem, Afterparty, and Anything World. Best Nights VC. Nichols is a founding managing partner at MaC, which recently invested in social startups like Spill and Swsh. Boyce has backed a slew of new social startups, including Diem, Lex, Koodos Labs, and Swsh, alongside associate Rhian Horton. In 2024, Best Nights is looking to invest in companies that facilitate travel experiences after hearing people say their best nights have happened during trips or vacations, said de Silva.

Persons: —, Connie Chan, Mervana Parekh, Peter Boyce II, Marlon Nichols, Catalyst, Web3, Peter, Diem, Afterparty, Lorrain de Silva, Andrew Kahn, Miley Cyrus, Lorde, Kahn, Aaron Matusow, Dan Kruchkow, Nichols, Elizabeth Weil, Kevin Weil, John Smothers, Boyce, Lex, Rhian Horton, Lorrain, Silva, BestNights, Aaron Leithäuser, Gen Z, Peter Boyce, de Silva, Acrew Organizations: Service, Business, Acrew, Stellation, MaC Venture, VCs, Stanford University, Startup, Pudgy Penguins, Crush Ventures, VC, Crush, MaC Venture Capital, MaC, Catalyst, Koodos Labs, Big Tech Locations: 1kx, San Francisco , New York, Lisbon, Acrew, San Francisco, Berlin, Los Angeles and New York, Los Angeles, New York, Rythm

☆ VSCO's CEO explains how the app found a profitable and sustainable business model — and breaks down 3 lessons for new social-media startups
▼ + stars: | 2024-02-22 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +3 min

The app, which offers a slew of editing tools like filters, became a go-to for influencers and everyday social-media users, rivaling Instagram in cool factor if not in size. VSCO's memberships make up a majority of the company's revenue and it turned a profit in late 2022, Wittman told The Information last year. "VSCO boasts a worldwide community of more than 200 million users," Wittman told BI. Wittman told BI that VSCO is "capital efficient" and a spokesperson confirmed the company is profitable by GAAP standards. Here are 3 lessons VSCO's CEO has for startups entering the social-media arena in 2024:

Persons: Eric Wittman, VSCO, " Wittman, Wittman, ByteDance's, VSCO isn't Organizations: DMs

☆ TikTok is pissing everyone off right now. Here's how its brute-force tactics could pay off — or backfire.
▼ + stars: | 2024-02-15 | by ( Dan Whateley | Sydney Bradley | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The move was an about-face for the president, whose administration had spent years calling it a national security risk. AdvertisementIt’s been deep in a public spat over music licensing with one of its most important partners, Universal Music Group. Some users have said it’s ruining the app by promoting shopping over the funny skits and dancing videos that first made TikTok popular. For leaders at ByteDance, who often have the final say over product decisions at TikTok, copying ideas from Douyin to TikTok is part of their playbook.

Persons: —, TikTok, Joe Biden, Biden, Brandon, TikTok isn’t, it's, Taylor Swift, Olivia Rodrigo, UMG, ” TikTok, it’s, TikTok's, ByteDance, It’s, Meghana, Pissing, ” Michael Huppe, Katie Notopoulos, ” Dhar Organizations: Service, White, Business, Universal Music Group, Music, Black, Facebook, Google, Big Tech, ”, YouTube, Shopping Network Locations: TikTok, Washington, Meghana Dhar, China, ByteDance

☆ How a 25-year-old went from talking to 1,000 strangers in NYC to quitting her finance job and founding a social startup
▼ + stars: | 2024-02-08 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +5 min

"Ultimately, I spent more time home alone doing nothing than ever before," Epstein, CEO of the still-in-beta social networking app Kndrd, told Business Insider. "I spoke to a thousand strangers" — many who also felt a lack of community, companionship, or friendship, she added. But while investors may want to see viral, overnight growth for an app like Kndrd, Epstein hesitates at that strategy. "And that means me reading applications and vetting the community members and making sure that we have people who are the strongest, most high fidelity people." In the future, Kndrd also plans to incorporate AI into its user experience — something on nearly every investor's mind right now.

Persons: Isabella Epstein, Epstein, Kndrd, Tina Mai —, —, Mai aren't, Kndrd cofounders Tina Mai, Devin Kasparian Bootstrapping Organizations: Business, Stanford University, Stanford Locations: New York City, NYC, Mai, Epstein's NYC

☆ The IRL social startup 222 is moving from LA to NYC as it launches an app and raises $2.5 million
▼ + stars: | 2024-02-05 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +6 min

For the founders behind the IRL social startup 222, it's all about the "magic of the backyard." The 222 team then organizes a multi-stage meetup, which includes a restaurant as well as another venue like a museum or a bar. At its events, 222 wants attendees to feel comfortable and leave "judgment at the door," said Hashemi, 222 's COO. "A lot more people are coming around to this idea of in real-life social," Hashemi said. Kazemian, Hashemi, and Roshannai, meanwhile, want to help swing the pendulum back to IRL — back to real relationships.

Persons: Keyan Kazemian, Danial Hashemi, Arman Roshannai, — Kazemian, Hashemi, Roshannai, Kazemian, —, Catalyst, Arash Ferdowsi, Cory, Catalyst's Niko Bonatsos, Sydney Bradley Organizations: Business, Scrum Ventures, Dropbox, University of Southern, YC, Tech, IRL Locations: Los Angeles, California, New York, New York City, University of Southern California, SoHo , New York

The pay data includes salaries ranging from a data scientist position that offers $170,000 per year at Discord to a staff engineer role that earns $250,000 or more at Patreon. AdvertisementHere are the annual salaries for a job at FaZe Clan:Legal Counsel: $142,273 median starting range; from $133,308 to $194,437FaZe Clan did not respond to BI's request for comment. At LTK, a senior software engineer would make $130,000Courtesy of LTKLTK, formerly known as RewardStyle, is an affiliate-marketing and social-commerce platform used by influencers across Instagram, YouTube, and TikTok. At Teachable, a level II senior software engineer would make $190,000Teachable is a platform where creators can build and sell online courses and coaching programs. Here are annual salary ranges for several jobs at Teachable:Data Analyst : $69,826 to $85,000: $69,826 to $85,000 Senior Software Engineer : $160,000 to $180,000: $160,000 to $180,000 Senior Software Engineer - Core : $150,000 to $170,000: $150,000 to $170,000 Senior Software Engineer II : $190,000: $190,000 Software Engineer: $125,000 to $135,000Teachable did not respond to BI's request for comment.

Persons: upstarts, we're, Justin Kenna, they've, ByteDance, Teachable, Konstantin Savusia, James Nord, Brandon Brown, Ryan Brown, Brian Mechem, Warby Parker, Grin, Amanda Perelli, Anthony, Alex Zaccaria, Nick Humphreys, Linktree's, Amber Venz, Baxter, Read, Sydney Bradley, economy's, Patreon, Chris Best, Jason Henry Substack Organizations: YouTube, Business, FaZe, Safety, Software, Security, Enterprise Security, FaZe Clan, Fohr, Inc, Grin Technologies, Facebook, Keli Network Inc, Business Affairs, Jellysmack, Linktree, Ops, RewardStyle Inc, Networks, Mighty Networks, Mighty Software, Engineering, Sydney, Sydney Bradley One, BI, Staff, Social, Data Engineering, Trust, Quality Assurance, Hotmart, & $ Locations: California, New York, Texas, FaZe, Fohr, Jellysmack, Karat, Linktree, LTK, Instagram, Dallas , Texas, Teachable

☆ Meet the founders of 18 startups disrupting the social-media scene with alternative ways to connect online
▼ + stars: | 2024-02-01 | by ( Amanda Perelli | Sydney Bradley | ) www.businessinsider.com time to read: 1 min

There's a new generation of social networks being built. Meet the founders who are building these innovative social-media apps. Social media just isn't what it used to be. Instagram carries too much pressure, TikTok is filled with shopping ads, and X (formerly Twitter) is … well, do we even have to go there? Part of why social media feels lackluster is because the social networks that were designed to connect us with people have turned their focus to media — often forgetting the "social" piece.

Organizations: Business

Read previewTikTok's owner ByteDance is pushing a new campaign this week to promote its Pinterest-like app, Lemon8, according to three sources familiar with the effort. AdvertisementThe "100 Bucket List Ideas" promotion is the latest in a series of pushes by Lemon8 to pay influencers to plug the app. AdvertisementThe company has been using influencer promotions for Lemon8 since early 2023 when ByteDance sought to jump-start app downloads as it rolled out in the US and UK. While Lemon8 has by no means achieved the usage levels of its sister app TikTok, it has gradually gained an audience in the US and abroad. AdvertisementByteDance is also trying to grow other content-creation apps outside of TikTok and Lemon8, including its widely popular CapCut video-editing tool.

Persons: —, ByteDance, influencers, they've, Lemon8 Organizations: Service, Business, Apple, Lemon8, TikTok Locations: Lemon8, TikTok

As 2024 kicks off, the creator economy is having an identity crisis. "The venture-scale generational companies are, yes, creator companies, but they're also typically fitting into another bucket." Why the creator economy has been 'disappointing'Once pitched as a rocket-ship opportunity, service companies in the creator economy that focus on products for influencers haven't delivered, investors and industry professionals told BI. Although the phrase already existed, the world needed a new way to describe this prospering industry, and thus, the term "creator economy" entered the mainstream. Lia Haberman, an influencer marketing expert and instructor at UCLA Extension, described influencer marketing as separate from the services arm of the creator industry that has faltered.

Persons: Grant Long, Koji, hasn't, Rex Woodbury, they're, it's, Woodbury, Figma, haven't, Ollie Forsyth, They've, Benjamin Grubbs, I'm, Goldman Sachs, Lia Haberman, Haberman, upstarts, Logan Paul, KSI, Marshall Sandman Organizations: TikTok, YouTube, Business, VC, UCLA, North, PitchBook, Animal

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