Facebook parent company has been renamed Meta. — © AFP
Mark Zuckerberg’s presence at the helm of Facebook parent Meta for “many, many years” would be perfectly natural, his global affairs director has told AFP, even as the founders of many tech companies hand off to fresh blood.
Succession at the mega company has been in the headlines in recent weeks with the announcement of the departure of Sheryl Sandberg after 14 years as the firm’s number two.
But while the founders of companies like Amazon, Twitter and Google have all moved on, Zuckerberg has shown no sign of giving up the reins — despite raging criticism over privacy scandals and the rampant spread of misinformation across Facebook.
Now as Meta rolls out its plans for the metaverse — the immersive virtual world that it considers the future of the internet — there’s no reason for the 38-year-old to go anywhere anytime soon, said Nick Clegg, the company’s director of global affairs.
“It’s a multi-year project. It would make sense to me that Mark Zuckerberg would want to continue, to build this new chapter of the company, and that’s going to last for many years, many years,” Clegg told AFP on the sidelines of the Summit of the Americas in Los Angeles.
“He is the founder of the company, of Meta, but he is also the architect of the new chapter, of this construction, of these augmented reality and virtual reality technologies.”
Facebook bought virtual reality headset maker Oculus in 2014 and launched a social VR platform.
The technology has taken off in the gaming industry, and become popular among players of Fortnite and Roblox.
But Clegg, a former British deputy prime minister, said the metaverse promised great opportunities in the fields of education and medicine, as well as entertainment.
For example, he said, teachers can take their students on a virtual trip through ancient Greece, and medics can learn sophisticated surgical techniques.
And, he said, as hardware improves, the need for specialist equipment will diminish.
“In years to come, people will be able to access these new technologies through their phones,” he said.
“We are exploring how we can increase access to everyone and not just people who can afford the new and latest hardware.”
TikTok Scales Back Live-Stream Commerce Ambitions, Which Could Be a Big Blow for the App
TikTok’s facing a significant reassessment in its business expansion plans, with the company forced to scale back its live eCommerce initiative in Europe and the US due to operational challenges and lack of consumer interest.
TikTok has been working to integrate live-stream shopping after seeing major success with the option in the Chinese version of the app. But its initial efforts in the UK have been hampered by various problems.
As reported by The Financial Times:
“TikTok had planned to launch the feature in Germany, France, Italy and Spain in the first half of this year, before expanding into the US later in 2022, according to several people briefed on the matter. But the expansion plans have been dropped after the UK project failed to meet targets and influencers dropped out of the scheme, three people said.”
TikTok has since refuted some of FT’s claims, saying that the reported timeline for its commerce push is incorrect, and that it’s focused on fixing problems with its UK operation before expanding, which is still in its roadmap. But the basis – that its program is not going as smoothly as planned – is correct.
TikTok’s UK shopping push has also faced internal problems due to conflicts over working culture and management.
Last month, reports surfaced that TikTok’s parent company ByteDance had been imposing tough conditions on its UK commerce staff, including regular 12-hour days, improbable sales targets, and questions over entitlements.
Now, it seems like the combination of challenges has led to a new growth dilemma for the app – which once again underlines the variance between Asian and western app usage trends.
Social media and messaging apps have become a central element of day-to-day life in several Asian countries, with apps like China’s WeChat and QQ now used for everything from purchasing train tickets to paying bills, to buying groceries, banking, and everything in between.
That spells opportunity for western social media providers, with Meta, in particular, looking to use the Chinese model as a template to help it translate the popularity of WhatsApp and Messenger into even more ubiquitous, more valuable functionality, which could then make them critical connective tools in various markets, solidifying Meta’s market presence.
But for various reasons, Chinese messaging trends have never translated to other markets.
Meta’s Messenger Bots push in 2016 failed to gain traction, and after its Messenger app became ‘too cluttered’ with an ever-expanding range of functionalities, including games, shopping, Stories, and more, Meta eventually scaled back its messaging expansion plans, in favor of keeping the app aligned with its core use case.
Meta then turned to WhatsApp, and making messaging a more critical process in developing markets like India and Indonesia. That expansion is still ongoing, but the signs, at present, don’t suggest that WhatsApp will ever reach the same level of ubiquity that Chinese messaging apps have.
Which then leads to TikTok, the world-beating short-form video app, which has seen massive growth in China, leading to whole new business opportunities, and even market sectors, based on how Chinese users have adapted to in-app commerce.
The Chinese version of TikTok, called ‘Douyin’, generated $119 billion worth of product sales via live broadcasts in 2021, an 7x increase year-over-year, while the number of users engaging with eCommerce live-streams exceeded 384 million, close to half of the platform’s user base.
Given this, you can see why TikTok would view this as a key opportunity in other markets as well – but as noted, Chinese market trends are not always a great proxy for other regions.
The decision to scale back its eCommerce ambitions is a significant blow to TikTok’s expansion plans, not only from a broader revenue perspective (and worth noting, TikTok’s parent company ByteDance recently cut staff due to ongoing revenue pressures), but also in regards to revenue share, and providing a pathway for creators to make money from their efforts in the app.
Unlike YouTube, TikTok clips are too short to add mid and pre-roll ads, which means that creators can’t simply switch on ads to make money from their content. That means that they need to organize brand partnerships to generate income, and on Douyin, in-stream commerce has become the key pathway to exactly that.
Without in-stream product integrations as an option, that will significantly limit creator earnings capacity in the app, which could eventually see them switch focus to other platforms, where they can more effectively monetize their output.
Which may not seem like a major risk, but that’s exact what killed Vine, when Vine creators called for a bigger share of the app’s revenue, then switched to Instagram and YouTube instead when Vine’s parent company Twitter refused to provide such.
Could TikTok eventually face a similar fate?
TikTok, of course, is much bigger than Vine ever was, and is still growing. But limited monetization opportunities could end up being a big challenge for the app – while it also continues to face scrutiny over its impact on youngsters, and the potential for it to be used as a surveillance tool by the Chinese Government.
In isolation, it may not seem like a major move, scaling back its eCommerce ambitions just slightly as it reassesses the best approach. But it’s a significant shift, which will slow down TikTok’s broader expansion. And it could end up hurting the app more than you, initially, would think.
How Local Business Schema Can Boost Your Company’s Visibility Online
The Crew 2 Season 6 Episode 1 Out Now, Free Week July 7-13
Google Ads Rolls Out Diagnostic Insights
6 things martech vendors don’t want you to know
Google Search Highly Rated By Users Carousel
A Checklist For Essential Year-Round Tasks
The 24 Best Websites to Cure Your Boredom in 2022
20 ways to make your marketing team more productive
5 Excellent Brand Instagram Bios To Inspire Your Own
What is Interactive Marketing [+ 15 Inventive Examples]
Why Google Doesn’t Like Some SEO Metrics
How Software Systems Enhance the Performance of Gym Business?
9 Creative Company Profile Examples to Inspire You [Templates]
How to Calculate Your Lead Generation Goals [Free Calculator]
Strategizing Your Instagram Marketing – DigitalMarketer
Google Single URL Inspection Tool Dog
Google Bar & Pool Table Room
24 questions to ask identity resolution vendors during a demo
Good Web Sites Are Good For SEO, Says Google
Alcides Aguasvivas On Proper Infrastructure For Sites To Perform Well In Search
SEARCHENGINES6 days ago
TECHNOLOGY1 day ago
How Businesses Can Automate Root Cause Analysis (RCA) With Machine Learning
GAMES6 days ago
House Flipper – Renovating Old Fixer-Uppers is Available Now with Xbox Game Pass!
SOCIAL5 days ago
Twitter Shares Insights into How Users and Brands Engage in Core Issues Around Identity [Infographic]