Another sign of Meta’s fleeting interest in the latest trends, the company launched Bulletin in April 2021, as part of an effort to take a piece of the growing newsletter market, with platforms like Substack seeing massive growth in facilitating direct connection between writers and their audiences. Twitter also acquired newsletter platform Revue, and it had seemed, at the time, that newsletters could offer a new, supplementary income stream for creators, aligned with social apps.
In addition to this, Meta also saw an opportunity to provide a platform for local publications that had been shut down due to the pandemic. With ad dollars from local businesses drying up, due to lockdown measures, many smaller publications had to shut down, and Meta viewed this as a chance to make Facebook an even more critical element of community engagement, by providing a direct pathway for independent journalists to serve their audiences through the app.
As part of its initial push, Meta allocated $5 million in funding for local publications to convert to Bulletin instead.
And it sort of worked. Bulletin, at last at one stage, supported over 115 publications, with more than half of the creators on the platform reaching over 1,000 subscribers.
But this year, amid tougher market conditions, Meta lost interest.
The company has been gradually scaling back its investment in news and original content in recent months. Back in July, The Wall Street Journal reported that Meta had reallocated resources from both its Facebook News tab and Bulletin, in order to ‘heighten their focus on building a more robust Creator economy’
In other words, Reels – Meta’s main investment focus for the future of the Creator Economy is short-form video content, which drives more views, more engagement, and is the big trend that Meta’s chasing right now.
As a result, Meta says that it will shut down Bulletin by early next year.
As per Meta:
“Bulletin has allowed us to learn about the relationship between Creators and their audiences and how to better support them in building their community on Facebook. While this off-platform product itself is ending, we remain committed to supporting these and other Creators’ success and growth on our platform.”
So long as they create Reels, I guess.
Again, the decision here is no surprise, but it does serve as another reminder that Meta chases whatever trends it can, and it has no real, long-term commitment on any of its new pushes.
Video is the thing, as it has been several times before, and Meta will keep pushing that till audiences lose interest. Then it’ll be something else that Meta’s pitching to brands, publishers, users, etc.
Logically, Meta follows the latest trends in order to maximize the benefit of such within its tools. But it is worth noting that, when it does lose interest, it tends to move on entirely, leaving anyone who’s invested in its last whim out in the cold.
Overall, Bulletin isn’t huge, and it won’t impact a heap of writers and publishers, as such. But even so, for those that have invested in the platform, in good faith, it’s a bitter pill, and while they will now be able to move on to other platforms as well, it’s good to remind yourself that Meta chases trends, and moves on quick.
‘Don’t build on rented land’. ‘Don’t put all of your eggs in one basket’. Don’t trust social platforms to keep supporting that feature or platform that you’ve come to rely on.
The closure of Bulletin may seem like a side note to many, but it’s an important reminder that you need to diversify your strategy to avoid such impacts.
Elon Musk Outlines New, Alternate Color Checkmarks to Clarify Verification
Elon Musk has revealed more details of the coming revamp of Twitter’s $8 verification program, which was initially launched three weeks back, but then pulled from live production due to a raft of impersonations which caused significant confusion in the app.
Those impersonations also led to stock price dips, corporate apologies, misreporting – the $8 verification plan, while only available to some users, for a short amount of time, immediately caused significant issues for Twitter and it’s as partners.
So Elon and Co. took it back, in order to revise and re-shape the program in a more brand-safe, user-friendly way.
And now, Musk has revealed more details as to exactly how the updated $8 verification plan will work.
First, to limit the potential of misrepresentation of corporate and government accounts, Musk says that those profiles will now get a different colored checkmark, which will ensure that people can’t just buy a blue tick and then pretend to be Coca-Cola for example.
As per Musk:
“Gold check for companies, gray check for government, blue for individuals (celebrity or not)”
It’s a sensible move, which will avoid similar incidents like this tweet from an $8 verified account, which tanked Eli Lilly’s stock price.
The updated gold checkmark will ideally limit the potential for future users to do the same, because they won’t be able to buy the official gold tick – though there will be a period of adjustment and education on such for users.
The alternate checkmarks will also likely kill off Twitter’s new gray ‘Official’ tick, which looks pretty ridiculous.
Of course, the new variations of checkmarks do also add the potential problem of another elusive marker that people will be trying to get. But we’ll cross that extra complication when we come to it.
Another concern with this approach is that it’ll require manual checking, as Twitter can’t know for sure that it’s a brand or government account without some kind of confirmation.
Initially, Twitter has thus far opted to avoid any kind of manual confirmation in this new process, due to the additional labor requirement, but now, Musk says that this will be integrated into the updated process:
“All verified accounts will be manually authenticated before check activates. Painful, but necessary.”
How Musk and Co. do that with any level of efficiency, with 65% less staff, I don’t know, but it seems like they’re going to at least try to find a way to check each $8 subscriber before approving their blue tick.
Musk also noted last week that any change in user name will result in a blue tick being deactivated till Twitter approves the new name.
So, like, a lot of manual monitoring, with a lot less staff.
Also, for the traditional blue checkmarks, there’ll be no differentiation between those who’ve been given the marker, and those who’ve paid for it:
“All verified individual humans will have same blue check, as boundary of what constitutes ‘notable’ is otherwise too subjective.”
Which is true – there are a lot of blue checkmarks on random accounts, and it has been a confused system. But at the same time, there are also a lot of high-profile individuals who could be at risk of impersonation under this system – which, incidentally, is why the blue ticks were introduced in the first place (in 2009, an MLB star sued Twitter for allowing a scammer to use his likeness to dupe people in the app).
There’s also this:
“Individuals can have secondary tiny logo showing they belong to an org if verified as such by that org.”
So an additional qualifier for spokespeople, CEOs and journalists, as another measure to avoid impersonation.
The updated elements will certainly lessen the scope for scam activity, but still, they do also introduce a level of risk, and at the same time, the scheme itself is unlikely to work out as Musk hopes.
The revamp of Twitter’s verification program is Elon’s first grand plan to save the app (aside from cutting costs), by giving users access to one of the most in-demand in-app features – the elusive blue checkmark.
Charging for verification could theoretically kill two birds with one stone, in verifying real humans (while making it cost-prohibitive to crate bot accounts) while also providing a direct revenue stream, thereby reducing the company’s reliance in ads. People want the blue tick, now they can get it, while Musk has also sought to amplify the cultural divide element, by presenting this as a way to even the field, and enable all users to get what only celebrities have thus far been able to access.
Initially, Musk was set to charge $20 per month for this service, but after an argument with the author of ‘Misery’, he reduced this to $8 per month.
In Musk’s view, this is a good deal, because who doesn’t have an extra $8 to spend?
He’s since sought to establish this as the norm, repeatedly telling his critics to ‘now pay $8’, as if it’s a forgone conclusion that people will indeed pay.
But they won’t, and history shows that there’s almost no chance that Musk’s paid verification scheme will actually work as intended.
Take, for example, Twitter Blue, which provides Twitter users with a raft of additional features, which was initially available for $3 per month.
Twitter Blue never saw much take-up, peaking at 100k subscribers, with even the addition of tweet editing, the most requested feature in social media history, failing to shift the needle in any significant way.
Given this, it’s difficult to see Musk’s new, $8 verification getting the number of sign ups he’d need to achieve his aims for the option.
- If Elon wants to get subscriptions to contribute 50% of Twitter’s revenue, as he’s previously stated, he’ll need 24.6 million users to sign on to pay $8 per month for a blue tick
- If he wants to use this as a means to verify all the humans, so that only bot accounts are the ones that don’t have a blue tick, you’d think he’d be looking at upwards of 75% of Twitter’s user base, or around 178 million users paying each month
- Twitter’s likely to actually lose around $6 per US user, per month, for each person that signs up to the new $8 Twitter Blue scheme, due to Musk’s plan to show Blue subscribers ‘half the ads’. Factoring in App Store fees from the monthly $8 payment, it could actually be a difficult balance from a revenue standpoint, with Twitter potentially even losing money on the deal, if it does end up cutting ad exposure
- The majority of Twitter users are outside the US, where $8 per month could be a lot more cost-prohibitive. This is especially true in India, where most of Twitter’s growth has come from over the past three years. India now has 18.8m users making it Twitter’s third biggest audience market, and while Musk has also flagged variable pricing by region, even $1 per month could be too high for developing markets
Essentially, there’s no precedent to suggest that enough users will sign up to Elon’s $8 per month checkmark plan to make it worthwhile for the company to run, as either a revenue or verification pathway. Just 0.41% of Snapchat users pay for Snapchat+, a fraction of LinkedIn users pony up for Premium, while Meta concluded long ago that charging users was no where near as lucrative as serving a bigger audience more ads.
These new measures do counter some of the issues that the initial version of Musk’s $8 verification program introduced, but then again, they could also avoid them entirely by revising the current blue check system, as opposed to simply letting people pay for the marker.
But regardless, Musk is determined to push ahead, and find out for himself either way
Musk says the updated $8 verification plan will launch on Friday next week (12/2).
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