š The latest streaming service is...Salesforce?
Plus, How I Learned to Stop Worrying and Love #BamaRushTok
It was a big Q2 for Coinbase! The companyās trading volume topped $460B, a 16x YoY increase. The majority of trading volume (~70%) comes from institutional investors. However, nearly all of the companyās 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.
news š£
š» Salesforce launches streaming. Have you ever wished that Netflix shows were made by a CRM company? Youāre in luck! Salesforce+ is on the way. This may seem bizarre, but Salesforce is known for blockbuster events like Dreamforce - content production isnāt new to them. Salesforce+ will stream Dreamforce in September, but the launch slate also includes shows like āBoss Talksā (execs speaking about imposter syndrome & authenticity) and āSimply Putā (e-comm business tips).
šŗ Reddit raises at $10B. Reddit is on a roll! Six months after the companyās 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. Redditās 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.
š Earnings updates. Coinbase wasnāt the only company to report earnings this week! Hereās 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 companyās losses were also larger than expected - sales and marketing costs rose 150% as acquiring Dashers has become more competitive.
Palantirās 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 Tinderās new Explore page. Explore looks more like Snapchat than a dating app, with games, quizzes, and shared interest matches.
Itās a smart move, as the endless swiping that hooked millennials may not work for Gen Z. Theyāre more excited about starting relationships via digital activities. Read more about how Tinder is reinventing itself for Gen Z here!
what iām following š
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.
Weāre currently living in the āgreat American dog shortage.ā
If youāve been on TikTok in the past week, youāve probably heard about #BamaRush. In case youāve somehow managed to avoid this content - it was rush week at the University of Alabama, where sororities are serious business! Many of the freshmen ātrying outā (potential new members, or PNMs) have been making daily videos to show their outfits for each event and update viewers on how itās 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 canāt stop watching. Is it the accents? The amazing outfits? The amount of dedication and preparation that goes into the process?
Whatever it is, I canāt get enough - Iām way too invested for someone who has never stepped foot in a sorority house or the state of Alabama. But Iām 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. TikTokās 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 usersā existing interests. TikTok can afford to be more āriskyā because the cost of learning is low - if you donāt like a video, you swipe to the next one! Itās not a massive waste of time (unlike a bad TV show or movie), and likely wonāt 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. Itās also easy to quickly re-film, so only the best clips make the cut. And even if a video isnāt perfect, getting a glimpse into someone elseās 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 creatorās 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 youāre part of a community.
Editorās note: Iāve curated some of my favorite videos in this Twitter thread.
Have you been following #BamaRushTok?
jobs š
Almanac - Chief of Staff (Remote)*
Felicis Ventures - Senior Associate (SF)
Citi Ventures - Senior Associate / Principal (SF)
Original Capital - Research & Operations Associate (SF)
Chief - Marketing Associate (SF), Ops Associate (NYC)
Puzzl - Strategy & Ops (SF)
FIGS - Associate Product Manager (LA)
Capital Factory - Venture Associate (Houston)
Redesign Health - Founding Chief of Staff (NYC)*
Bbot - Associate Product Manager (NYC)
Vise - Product Analytics (NYC)
14W - Analyst / Associate (NYC, London)
*Requires 3+ years of experience.
internships š
Lyra Health - Product Marketing MBA Intern (Remote)
Benchling - Marketing Intern (Remote)
Equal Ventures - MBA Research Interns (Remote)
Square - Fall Mobile Developer Intern (SF, Remote)
OnDeck - Angel Fellowship Intern (SF, Remote)
Workato - Growth Intern (SF, Remote)
Kapwing - Software Engineering Intern (SF)
Modern Animal - Brand Design Intern (LA)
Chowbus - Graphic Design Intern (Chicago, Remote)
Datadog - PM Intern (NYC)
Block Renovation - PM Intern (Brooklyn)
puppy of the week š¶
Meet Homer, a one-year-old Newfoundland who lives in St. John, Newfoundland (his breedās natural habitat!).
His hobbies include hiking, snacking, and playing in the snow.
You can follow him on Instagram @homer_the_newf.
Hi! š Iām Justine Moore, an early stage consumer & SMB investor. Iām currently Head of GTM at Canal. Thanks for reading Accelerated. Iād love your feedback - feel free to tweet me @venturetwins.
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