Being rich has a lot of perks. One of them, as the richest man on earth, Elon Musk shows, is simply acquiring companies. His most prominent acquisition so far, that just went through anyway, is Twitter at US$ 44 Billion (MYR 191.333 billion*).
Of course, while this is our first report on Elon Musk’s bid to acquiring Twitter, it is not something that has gone quiet. Elon Musk bought over some Twitter shares a few weeks back and has been bidding to acquire the platform entirely ever since. Why? We do not know.
A few weeks back, with his acquisition of Twitter shares, he also promised that Twitter will soon have an ‘edit post’ button. The ‘edit’ button is something Twitter sorely lacks since its inception. While we would appreciate an ‘edit’ function, we have sort of lived with it. An ‘edit’ button will be nice though.
The acquisition that just went through not too long ago today has more questions surrounding it than answers too. One thing that has already been known with the acquisition is that the current CEO, Parag Agrawal will be leaving the company, though there are no mentions of when that will happen. We also know that Elon Musk is big on “free speech within the bounds of the law”, which is still rather vague but could mean less regulations from Twitter’s end. Elon also says that he wants to make Twitter better with new features and open sourcing the algorithms within Twitter.
What does this mean for Twitter?
Nobody knows, really. When the deal went through, there were plenty of speculations on organisational restructuring. Employees at Twitter are still nervous about their jobs or even compensations if they suddenly become unemployed. So far, there are no mentions on a major restructuring in Twitter yet.
In terms of the Twitter platform itself, you could be seeing the return of multiple names that was banned by Twitter for political correctness and other reasons. We said ‘could’, not ‘will’, so even we are taking that with a pinch of salt for now. Still, in favour of Elon Musk’s “free speech” commitment, we are expecting looser regulations from Twitter and less intervention from the platform in plenty of topics, “fake news” included.
Of course, such high-profile acquisition will attract the attention of Wall Street. That led to a 5% spike of Twitter’s share prices before Wall Street had to stop the trade of Twitter’s stocks. Elon Musk is known to turn many things into gold, and we believe that Twitter’s stocks will continue to increase in value at least for the time being.
The current CEO of Twitter says that there are no planned changes at this time, at least before he leaves. He added though that he is unsure about changers in the future ones the deal closes later this year. The deal is expected to take another six months before Elon fully takes control of Twitter. At least for the next six months, there should not be much in terms of change within and on Twitter as a platform.
*Approximately based on exchange rate of US$ 1 = MYR 4.35 as of 26/04/2022 on xe.com
The audio based social media platform space blew up in the past couple of months. This is a space technically pioneered by Clubhouse. The app was so popular that other social media platforms paid attention. They wanted a piece of that pie as well. As a result, platform makers started looking into building their own platforms.
Spotify developed their own platform too for audio based social media platform. They developed Greenroom, a Clubhouse clone in one way but with Spotify’s official colours plastered over everything on the platform. It is, in its own rights, quite a successful experiment by Spotify and it is among the only platforms of its kind that is still in existence, or rather, frequently visited.
When they launched the platform though, it was launched as an app of its own. While you can use your regular Spotify account to get on to the platform and start having conversations with strangers about all sorts of topics, the app has no other correlation with the main Spotify app. We thought, perhaps Spotify Greenroom is meant to sit separately as a separate app since it does not offer any similar services to Spotify. Until now, that is.
Based on what has been spotted on Spotify’s beta app, Spotify will be integrating Greenroom or Greenroom similar functionality into the main app itself. The feature will be renamed to Spotify Live instead though. There are rumours as well that the update will be rolling out in the second quarter of 2022. Though this might mean that Greenroom itself might be taken down and moved to the new platform under Spotify’s app, it does not mean that its functions and contents will be removed.
It will fundamentally be the same as working with Greenroom, except that everything comes under one app now. While it does create a bigger, more complex app, it is a more sensible thing to do for Spotify. The platform within Spotify will allow content creators to organise and manage conversations on the app itself. Users can subscribe to content creators on the app itself and listen in on their LIVE conversations whenever their subscribed content creator creates the conversation room.
No matter what you say or whichever platform you say is better as a social voice chat platform, Clubhouse will still be ranked on top in terms of popularity and utilisation. It is also one of the platforms that consistently innovates in its space, even compared to the likes of Spotify Greenroom, or Facebook’s Live Audio Rooms. That is why, from time to time, Clubhouse introduces a new update that changes the way or expands the way you use clubhouse and interact with your friends on the platform.
With the most recent update, Clubhouse is making it possible for users to share external links. While this does not directly allow on-platform monetisation, it does allow some form of monetisation for plenty of users. For example, users now can pin Patreon links. There is even a possibility of linking Kickstarter and Indiegogo project links to the Clubhouse rooms that users create to talk about their latest projects, or pain points for example. For a lot of content creators, it is now possible to include their YouTube channel links, Podcast links, their own curated website, news portals, and even news articles.
Source: Clubhouse
There are of course limitations to what sort of links you can pin on the top of the room. Obviously, porn is frowned upon, so you cannot post links to porn websites to any rooms, even if you are talking about explicit subjects or the likes. Obviously as well, OnlyFans is one of those sites that are banned from Clubhouse link pinning feature.
As far as transactions that happens within the links, Clubhouse claims that they will not be taking any cuts or commissions from them. With that, Clubhouse is saying that they are working on multiple things to allow content creators on the platform to monetise their own contents on the app itself. The feature will be available soon on iOS and Android versions of the app. Clubhouse is available for free on both iOS and Android via the Apple App Store and Google Play Store respectively. For more information on Pinned Links feature on Clubhouse, you can find out more on their blog.
*This article is contributed byNicole Tan, Country Director of Facebook Malaysia*
A fisherman who uses WhatsApp and Facebook to change his quality of life and keeps his community safe by alerting each other on weather and tide conditions, a non-profit that empowers the homeless towards financial independence by turning them into tour guides, a delicious sambal recipe made in Malaysia that gained acclaim across borders from Indonesia and the Philippines — these are real examples of business innovation previously unimaginable.
The year 2020 crowns a
decade of change that has upended traditional ways of starting, marketing and
growing businesses across the world. This is even more pronounced in Asia,
where entire countries have leapfrogged to the mobile internet, making the
region home to some of the world’s fastest-growing economies. According to the
Department of Statistics Malaysia, the nations’ digital economy contributed
18.5% to the national economy in 2018, while e-commerce contributed 8%,
highlighting digital transformation as a catalyst for expansion[1].
Source: Facebook
According to a
McKinsey report, by 2040, Asia could account for more than half of the global
GDP with global cross-order flows shifting towards Asia. The report shows how
these changes could shift globalisation towards regionalisation with 60 percent
of goods traded by Asian economies being within the region. In addition, 71
percent of Asian investment in start-ups is intraregional, and 74 percent of
Asian travelers travel within the region[2].
Malaysia’s exports
accounts for more than 71.5% of GDP[3].
Digital adoption in increasing productivity is crucial for SMEs to expand
further[4]
and digital tools give SMEs a boost in economic growth (revenue and sales 65%)
and go global (82% of exporting SMEs in Malaysia say that at least half of
their exports depend on online tools usage)[5].
Against this backdrop
of macroeconomic change, people’s expectations for the experiences they have
with brands and businesses is evolving fast. As we have seen over the last few
years, people adopt new technologies long before businesses do, and it
influences how they discover, research and finally make purchasing decisions.
We see this every day
on Facebook, where every day 1.62 billion people across the world come to
connect with people, products and services they care about. We stand at the
intersection of community and creativity where brands can identify, take
inspiration from and participate in the communities that people inhabit. At the
start of 2019, we shared three social trends that were on rise across our
platforms: ephemeral sharing, videos and messaging. As we head into 2020, these
trends have only intensified in our region. Simply put, Asia is about more —
more mobile, more video, more stories, more conversation and more commerce.
Malaysia is a truly
mobile-first nation with 88% owning smartphones. According to the Malaysian
Communications and Multimedia Commission (MCMC), 77.6% of Malaysians are
spending time streaming or downloading videos online[6].
Last year we saw how
people show preference for sharing photographs or video over typing out a text
update, the comfort of knowing what you post isn’t going to stick around
forever and the need to share everyday moments with smaller audiences.
It’s interesting to note that video on mobile is far from a homogeneous experience. Unlike traditional video, mobile video experiences are not linear and vary based on a number of factors. Through our research and experience over the last few years, we’ve seen two distinct categories of video experiences that have accelerated largely due to mobile: “on-the-go” and “captivated viewing.” As a result of these changing viewing habits, people are most drawn to brands that are easy to discover and use, whether it’s through their strong presence in online communities or their high-quality mobile content across platforms. With the continued growth in streaming services, people will be looking to brands that can clearly communicate their offerings and to those that can create a more personalised viewing experience.
We’re continuing to
see fast adoption of ephemeral sharing as each of our Stories experiences
across Facebook, Messenger, Instagram, and WhatsApp now have more than half a
billion daily users[7]. As more
and more people use Stories, we’re making it easier for marketers to adopt this
format and reach people where they’re spending their time.
The same goes for
messaging. At the start of 2018, we shared that over 8 billion messages were
sent between people and businesses on Messenger every month. That number has
more than doubled to 20 billion messages this year – which shows that people
expect to communicate with businesses in much the same way as they message with
their friends. As people increasingly use messaging apps, we’re helping
businesses make the shift too. There are now over 40 million monthly active
businesses on Messenger (i.e. sending or receiving a message on Messenger)[8]
and research shows that people in emerging countries in Asia-Pacific are more
likely than the global average to message a business. In fact, 63% of
people surveyed in Asia-Pacific messaged a business last Holiday season[9].
More than 5 million businesses are actively using the WhatsApp Business app
each month[10].
While last year we saw
the ability to message with a business made people feel more confident about
the brand and more connected to it and create a connection that fosters brand
loyalty, this year we see an interesting subset of this preference for
messaging; the growing use of messaging or online chat to buy and sell. A study
by the Boston Consulting Group in partnership with Facebook across nine
countries found that Southeast Asia outpaces other countries surveyed in both
awareness and adoption of conversational commerce. Of the nine countries
surveyed, the percentage of respondents who had undertaken a conversational
commerce transaction was the highest in Thailand and Vietnam, at 40% and 36%
respectively, followed by Indonesia (29%), Malaysia (26%) and the Philippines
(23%). The rate of adoption for other countries is still nascent – US (5%),
Mexico (6%), India (10%), and Brazil (11%), which shows substantial opportunity
for growth[11]. The
study unveiled a remarkable finding that discovery and spending behavior of
digital consumers in between Tier 1 and Tier 2 cities are very similar,
debunking the myth that Tier 1 digital consumers shop more online. Once a Tier
2 shopper adopts online shopping, habits and preferences become very similar to
Tier 1. Except for the discovery journey, where Tier 2 shoppers don’t know what
they want to buy even more, which means they are even more encouraged by
inspiration-shopping.
Source: Tech Crunch
All of these developments mean that the commerce landscape will continue to evolve with people opting to interact with businesses via experiences that are most relevant, personal, and seamless in their daily lives. With increasing affluence and access to the mobile internet, the ways people discover new products is very much about a connected experience. Therefore, ensuring that your business and brands are visible and discoverable is going to be an essential element to winning in the new era of commerce.
Today,
Most Malaysian consumers want everything almost immediately, making every step
or delay a chance for them to abandon their journeys. Awareness, information
gaps and the inability to optimise technology are some causes that contributed
to the friction[12]. So
what can businesses do to prepare for this new era of commerce? Bring
connection back to the equation.
Businesses can enhance connections by designing
mobile-friendly websites, apps, marketing and real-time communication to reduce
friction and establish the best experiences for customers[13].
