🚀 The latest streaming service is...Salesforce?
Plus, How I Learned to Stop Worrying and Love #BamaRushTok
It was a big Q2 for Coinbase! The company’s trading volume topped $460B, a 16x YoY increase. The majority of trading volume (~70%) comes from institutional investors. However, nearly all of the company’s revenue (95%) comes from retail investors, who pay higher fees.
For the first time, Ethereum overtook Bitcoin as the top-traded asset on the platform! This was primarily due to a rise in DeFi and NFT activity, which is largely ETH-based.
💻 Salesforce launches streaming. Have you ever wished that Netflix shows were made by a CRM company? You’re in luck! Salesforce+ is on the way. This may seem bizarre, but Salesforce is known for blockbuster events like Dreamforce - content production isn’t new to them. Salesforce+ will stream Dreamforce in September, but the launch slate also includes shows like “Boss Talks” (execs speaking about imposter syndrome & authenticity) and “Simply Put” (e-comm business tips).
🔺 Reddit raises at $10B. Reddit is on a roll! Six months after the company’s last fundraise, Reddit announced a new round led by Fidelity at a ~50% markup. CEO Steve Huffman said the company is capitalizing on the r/WallStreetBets phenomenon, which attracted millions of new users. Reddit’s ad revenue was also up 3x YoY in Q2, hitting $100M for the first time. The capital will be used to double down on new content formats (e.g. video), and continue international expansion.
📈 Earnings updates. Coinbase wasn’t the only company to report earnings this week! Here’s the recap:
Airbnb beat expectations on both revenue and loss per share - revenue rose 300% YoY! But, the stock fell after the company warned that Q3 results will likely be adversely impacted by the delta variant.
DoorDash reported record sales, with gross order volume of $10.5B. However, the company’s losses were also larger than expected - sales and marketing costs rose 150% as acquiring Dashers has become more competitive.
Palantir’s revenue rose 50% YoY for the second quarter in a row. The government remains a major customer, as the HHS and CDC both renewed contracts in Q2. However, the company expects to double its commercial customer count by EoY.
After a successful first season, Tinder is reviving Swipe Night, its interactive dating show aimed at Gen Zers (who now make up 50% of Tinder users).
Season 1 (in 2019!) was an apocalyptic adventure where users were matched based on game choices. 20M users played, and it led to a 26% increase in matches. Season 2, a whodunnit, will launch on Tinder’s new Explore page. Explore looks more like Snapchat than a dating app, with games, quizzes, and shared interest matches.
It’s a smart move, as the endless swiping that hooked millennials may not work for Gen Z. They’re more excited about starting relationships via digital activities. Read more about how Tinder is reinventing itself for Gen Z here!
what i’m following 👀
The WSJ investigates a new phenomenon - remote workers who secretly have more than one full-time job.
Why are social apps finally adding creator monetization features?
In an increasingly noisy online world, curators are more important than ever.
We’re currently living in the “great American dog shortage.”
If you’ve been on TikTok in the past week, you’ve probably heard about #BamaRush. In case you’ve somehow managed to avoid this content - it was rush week at the University of Alabama, where sororities are serious business! Many of the freshmen “trying out” (potential new members, or PNMs) have been making daily videos to show their outfits for each event and update viewers on how it’s going.
These videos have gone viral: #BamaRush is officially a nationwide phenomenon. Videos under the hashtag on TikTok have 175M+ views, and Twitter is abuzz with people questioning why they can’t stop watching. Is it the accents? The amazing outfits? The amount of dedication and preparation that goes into the process?
Whatever it is, I can’t get enough - I’m way too invested for someone who has never stepped foot in a sorority house or the state of Alabama. But I’m also curious. Rush happens every year, and PNMs have made content for decades. Why is it now going viral? My theory is that TikTok is the perfect home for it, for a few reasons:
Low cost learning. TikTok’s algorithm gives every video a chance to shine, and then amplifies content that viewers engage with. This allows seemingly random videos (like OOTDs from dorms in Alabama!) to go viral. Other video platforms take a more conservative approach, recommending content that fits users’ existing interests. TikTok can afford to be more “risky” because the cost of learning is low - if you don’t like a video, you swipe to the next one! It’s not a massive waste of time (unlike a bad TV show or movie), and likely won’t make you leave the platform.
Time limit and live updates. The 60 second time limit makes content better. It forces the creator to ruthlessly edit and prevents rambling. It’s also easy to quickly re-film, so only the best clips make the cut. And even if a video isn’t perfect, getting a glimpse into someone else’s life is almost always interesting - up to a point! 60 seconds is the perfect length to grab & keep your attention.
The fact that TikTok videos are so easy to create and post also means that viewers are experiencing rush in real time, with multiple updates a day. This is much more engaging (and suspenseful!) than the YouTube playbook - posting one long video after rush is over that splices together clips from the week.
Commentary culture. TikTok makes it incredibly easy to respond to another creator’s video through the stitch and duet features. This has created a culture that rewards commentators - reaction videos are easy to make and have the potential to go viral. Hearing what others have to say about rush keeps you engaged with the content and makes it feel like you’re part of a community.
Editor’s note: I’ve curated some of my favorite videos in this Twitter thread.
Have you been following #BamaRushTok?
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puppy of the week 🐶
Meet Homer, a one-year-old Newfoundland who lives in St. John, Newfoundland (his breed’s natural habitat!).
His hobbies include hiking, snacking, and playing in the snow.
You can follow him on Instagram @homer_the_newf.