This week is loaded with exciting news! Read all about how Facebook performed during the pandemic, a brand new Twitter API, and TikTok’s way of giving back to creators. Read all the way to the end to learn about Reels, Instagram’s new TikTok-esque feature!
Let’s jump in ⬇️.
Facebook Releases Q2 Earnings
Despite a pandemic, an ad boycott, and antitrust concerns that led CEO Mark Zuckerberg to Congress, Facebook’s second quarter earnings for 2020 showed a strong performance. With an 11% year over year increase in revenue, and a 12% year over year increase in daily active users, Facebook continues to prove that they’re here for the long haul.
The report also showed that they now have over 2.7 billion monthly average users across their family of apps, which includes Instagram, Messenger, Facebook itself, and WhatsApp, among others. In sum there are over 3 billion users on Facebook.
Facebook also reported $18.3 billion in ad revenue for the quarter. This comes even after thousands of advertisers boycotted the platform amid racial tension and hate speech concerns last month. The report proves that Facebook will be able to continue profiting from their current ad model, as it’ll always be a suitable advertising platform for small businesses – especially in a pandemic.
Twitter Discusses New API
Recently, Twitter has begun to promote their new application programming interface (API). While no official release date has been set for the system, the company has made clear that this new system was “rebuilt from the ground up” and delivers “new features faster,” according to Twitter’s developer blog.
The new version brings features that many users have been requesting – from spam filtering, poll results, to conversation threading, and more. The new API also comes with multiple access levels. In the past, developers had to continually upgrade their API version and learn the nuances. Now, developers will simply be able to upgrade to a new level, rather than migrate to an entirely new API.
All in all, the new API will seemingly make it easier for developers of all kinds to use Twitter. In fact, the developer blog states that Twitter is eager to work with developers in all fields, whether it be business, research, or education, to make their API experience on Twitter the best it can be.
TikTok Announces Creator Fund
In an attempt to bolster the success of creators on the platform, TikTok recently announced the creation of their new Creator Fund. The fund, which is starting at $200 million but is expected to grow to over $1 billion in the next three years, will be distributed to creators looking to “foster a livelihood through their innovative content.”
The company stated that the Creator Fund will allow influential creators to see additional earnings as a sort of “reward” for the community and culture they’ve created on the app. Creators can apply to receive funding if they meet the requirements of being over 18 years old, consistently follow community guidelines, and have a currently unspecified “baseline for followers.”
The Creator Fund announcement comes after extreme scrutiny from the U.S. government. President Trump has threatened to ban the app by the Fall if a U.S.-based company doesn’t purchase it. Currently, there are talks of Microsoft purchasing TikTok.
Reels Released to Public
On Wednesday, Instagram released Reels – their TikTok-esque, short-form video feature. Reels was released in over 50 countries and is available on both iOS and Android devices. While the feature shows glaring similarities to TikTok in both its content and its aesthetics, Instagram product director Robby Stein insists that “no two products are exactly alike, and ours are not either.”
Reels gives users the option to create a private or public account, just as users can do on Instagram. It’s also important to note that Reels is hosted entirely within the Instagram app, and that no new app has actually been released.
Users have access to a variety of tools when they open their camera in Reels, and can record videos in clips or in one, longer shot. Reels is bringing new sound effects, speed effects, and visual effects to a user’s fingertips. As for how it will stand up against TikTok, only time will tell.
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