In a move that will come as little surprise to most industry watchers, YouTube is working on a new process which will enable creators to tag products displayed in their video clips, eventually leading to more direct shopping options on the video platform.
As reported by Bloomberg:
“[YouTube] recently started asking creators to use YouTube software to tag and track products featured in their clips. […] The goal is to convert YouTube’s bounty of videos into a vast catalog of items that viewers can peruse, click on and buy directly, according to people familiar with the situation. The company is also testing a new integration with Shopify Inc. for selling items through YouTube.”
This is not the first time YouTube has ventured into eCommerce. Back in 2018, YouTube added a merchandise ‘shelf’ for product tie-ins, which enables creators to showcase their branded products beneath their video clips.
YouTube also added ‘merch alerts‘ for live-streams earlier this year as another means to help creators boost awareness of their products, while it also has AR try-on videos for make-up tutorials and other eCommerce related ad tools, which could additionally be used to provide more pathways for creators to generate direct revenue from their content.
But tagging products within the videos themselves could add another level. With this, YouTube would essentially be looking to single out specific items within a video frame, which users could then tap on as the clip is playing in order to get more information about that specific product.
Really, this is what every video platform is now moving towards – TikTok, for example, which is still looking to establish its revenue generation process in order to ensure its creators get paid, began testing tappable product links on its video clips late last year.
eCommerce will be a key element in TikTok’s future expansion. In China, the Chinese version of the app, called ‘Douyin’, has seen significant monetization success via eCommerce integrations in the app.
Douyin generated over $122 million in revenue last year, mostly generated by eCommerce, which is more than 2x what TikTok brought in. That’s a pretty clear indicator of where TikTok will be looking to evolve, and with Walmart seeking to buy into the platform, with an eye to expanding its eCommerce ambitions, it seems evident that the next stage of broader video monetization will focus on in-stream buying, and providing means for viewers to shop for the items displayed in these clips.
Instagram, too, has flagged its intention to include shopping options in Reels videos soon.
Given this, it’s little surprise to see YouTube also looking to advance in this respect – though from the sounds of it, YouTube’s initiative will go a little further than simply including a shopping button overlaid onto the video playback.
As Bloomberg notes, YouTube’s process will ‘tag and track’ products within video clips. That could lead to a new, habitual process, where users become accustomed to being able to simply tap on any product they see in a clip for more information.
How, exactly, this will work in practice is unclear, but it does seem like YouTube is taking a more advanced approach to video eCommerce, which could be a significant evolution of note. That will provide more revenue generation options for creators, who’ll be able to include more items in their clips, and new advertising opportunities for brands, tagging onto popular YouTubers to help showcase their products.
It could be a major development – we’ll have to wait for more details, but definitely, integrated product listings within videos, in general, is set to become a major focus moving forward.
Elon Musk Outlines Roadmap for ‘Twitter 2.0’ in New Slide Deck
Elon Musk has provided some more insight into his evolving plan for Twitter, which will now also see the company embark on a hiring push, after firing 65% of its workforce, in order to get in more development and engineering talent to help realize Musk’s grand vision.
And with that, Musk has put together a new pitch deck, of sorts, which aims to clarify his current plan. Which, as noted, is evolving quickly, so it may end up being totally different, it may be indicative – we don’t know for sure as yet.
But he is slowly clarifying and honing in on specific elements.
Here’s a look at the collection of slides that Musk has put together to present his current strategic outline for the app.
As you can see in this first slide, Musk’s presentation shows that new account sign-ups are at an all-time high, with the chart going back to 2014.
I’m not sure what that means in isolation. Definitely, that could mean that more people are keen to get in on Twitter conversation, and with Facebook getting stale, and Instagram suffering an identity crisis, Twitter is seemingly becoming a more interesting consideration.
But it would also be worth noting where these new sign-ups are coming from. Are these US users, maybe freedom of speech-ers signing up to Elon’s new, more open public square? Are these users in developing markets, as has been Twitter’s predominant growth trend for the past three years, as US usage has stagnated?
Could this be scammers signing up for a lot more accounts very quickly – because in order to qualify for Twitter Blue, and get a blue checkmark, accounts will have to have been active for at least 90 days prior?
It’s a stat, for sure, but without further context, it’s hard to make any conclusion on what it means.
The next chart is User Active Minutes, which is also at an all-time high.
That is interesting – based on this chart, divided by the current number of active users, which Musk has also shared, the average Twitter user is now spending 31.5 minutes per day in the app.
That’s not radically different than what’s been previously reported, though some reports have suggested Twitter usage has declined significantly in recent times. These numbers actually reinforce that, with Twitter’s session time down in the low teens (seemingly) till 2021, then rising again of late – though I suspect the lower chart is supposed to say ‘November 2022’ at the bottom right.
Basically, the data shows that Twitter is back at its previous usage levels, after losing its way for some time. Which is not surprising given Musk’s capacity to spark controversy and discussion.
There are also some more questionable charts that show a decline in hate speech:
Note that the qualifier here is tweets ‘with 1+ slur’ from a curated list, and a ‘Toxicity score’ of 0.91 or higher. This is a little vague and lacks the full context of what this represents.
There’s also this:
Which just shows that a lot more people were engaging in impersonation in the app when Twitter started allowing them to buy Blue verification ticks, then, when Twitter pulled the $8 verification plan, fewer impersonations were reported.
Like, yeah, you opened the door for them to scam people with misleading verified accounts, so they took advantage, and now they’re not, because they can’t. At least until Twitter re-launches the $8 verification plan next week.
Musk then also shared this overview of his current roadmap, which is pretty much a re-angling of Twitter’s current features.
‘Advertising as entertainment’ uses an example of an automated sampling script to create a more engaging ad experience (‘like this tweet and I’ll show you which house you belong to based on your tweets’). Not sure if Musk is suggesting that this is something Twitter will be offering as an ad tool, but thus far, these types of activations have been created by brand partners, in collaboration with Twitter. If Twitter does move to make this an actual ad feature, that could be difficult to scale.
Note that Twitter also released Branded Likes, a related ad engagement option, back in June.
The next frame, as you can see, just says video with a randomized example
Not sure exactly what this means, but Musk has flagged allowing longer video clips to be attached to tweets, while he’s also talking about a creator monetization program, which would offer a more beneficial revenue share than YouTube’s 45/55 split.
Encrypted DMs are fast becoming the standard, with Meta also integrating full encryption across Messenger, Instagram Direct and WhatsApp. That’s raised the hackles of many law enforcement groups, who say that this will offer protection for criminals, but it will also provide more security, and assurance, for general users.
There’s also Longform Tweets, for which Musk has shared a screenshot of Twitter Notes, which has been in development over the past year.
Notes enables you to create posts of up to 2,500 words, which are then natively embedded into the Twitter app for easy sharing.
Then there’s the revamped $8 verification plan, which I’ve shared my thoughts on here.
Oh, and payments:
No examples here, but based on Musk’s previous statements, it seems like he’s looking to follow the same game plan with payments that various other apps have already tried. You start off by facilitating funds transfers between accounts, enabling fee-free remittance, a key benefit in developing markets. Then, once people are already moving money in the app, you offer more ways to use it, via in-app purchases, bill payments, banking, etc.
This is Musk’s big, overarching plan to make Twitter a more critical app – but as noted, various others have tried, and the regulatory hurdles alone have made it a nightmare to enact.
Maybe Musk will have better luck in moving things forward, but it’s a big challenge, which will take time – which is also why there’s no example image for this as yet.
Of course, the mention of payments will also fire up all the crypto enthusiasts, who view Musk as a key leader in mainstreaming crypto payments. That definitely won’t be happening, but I suspect that this is another reason why Musk has left this slide blank, to offer a glimmer of hope to his fanatical fan base.
Which is what Elon does best. Question his business and intellectual acumen all you want, but he sure does know how to get attention, which is really the most valuable, tangible skill that he brings to any project. He’s a walking PR machine, who’s now been given the keys to his own platform millions of users, and it’s pretty clear that he’s enjoying the attention he now commands as Twitter-in-chief.
The next question then is, how many media tricks does Elon have up his sleeve?
Each of these actions has sparked its own media cycle, and brought a heap more attention to Musk and Twitter as a result, but when the stunts run out, what then?
Can Musk keep coming up with more attention-grabbing changes at the app, or will this roadmap actually lead to a more sustainable business, enabling him to stop grabbing headlines, and leave Twitter to its own devices?
In essence, that’s what these usage charts show, that Musk is really good at getting attention.
But it’s what comes after that will make or break the business.
Oh, also, someone has suggested that the tweet character count should be expanded to 420 instead of the current 280. Given Musk’s affinity for this number, that’ll probably happen.
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