Europe’s Digital Markets Act Designed to Regulate Big Tech

The European Parliament and EU member states reached agreement Thursday on key points of the Digital Markets Act, a sweeping measure poised to reshape the technology landscape in Europe and potentially around the world. The DMA objectives are two-fold: reining in anticompetitive measures that advantage Big Tech over competitors and consumers, and putting teeth to the new rules. Considered the biggest digital regulatory expansion anywhere in decades, the proposal has been criticized for singling out U.S. firms like Amazon, Apple, Meta and Alphabet, all of which fall into the gatekeeper category targeted by the act. Continue reading Europe’s Digital Markets Act Designed to Regulate Big Tech

Russia’s Native Tech Star Yandex Collapsing Over Sanctions

Yandex — the giant Russian tech brand involved in everything from search to music streaming and ride-hailing — has been reeling from the effects of economic sanctions and the country’s invasion of Ukraine. Yandex stock, described as “soaring” on its Nasdaq debut in 2011, was in February said to be “in freefall,” having declined to about half of its value. The company has an estimated 67 million users worldwide, including in Michigan, Arizona, Ohio, London and Paris, where partnerships with Uber and Grubhub were followed by forays into robotic food delivery and self-driving cars. Continue reading Russia’s Native Tech Star Yandex Collapsing Over Sanctions

Study Finds Consumers Embraced Voice Shopping Last Year

Voice shopping over smart devices rose to 45.2 million in 2021, a 120 percent increase in three years, reflecting a 30 percent compound annual growth rate according to Voicebot Research, which tracks use of voice-assisted devices. The analytics firm found that 20.5 million U.S. adults had used voice to shop for a product at least once in 2018. That figure rose to 45.2 million in 2021. However, the firm found that general-use smartphone voice assistants — such as those from Apple (Siri), Amazon (Alexa) and Google — declined 2.8 percent among U.S. adults in 2021. Continue reading Study Finds Consumers Embraced Voice Shopping Last Year

Apple Privacy Changes Hurt Meta, Help Google, Pundits Say

Rumblings are surfacing about the impact to Meta Platforms advertising on Facebook and Instagram due to increased costs resulting from the new user privacy policy introduced by Apple last summer. Meta expects to take a hit of as much as $10 billion to this year’s revenue as a result of the change, which requires users to grant permission to apps to track their activity for advertising purposes. Meta’s market value dropped by roughly $300 billion in the wake of that forecast. In light of Google’s discussion this month of implementing privacy changes of its own, it remains to be seen whether the changes are triggering a digital advertising transition or crash. Continue reading Apple Privacy Changes Hurt Meta, Help Google, Pundits Say

Amazon Profits Double While Q4 Operating Income Plunges

Amazon had a merry Q4, doubling net income to $14.3 billion from $7.2 billion the prior year. While quarterly revenue of $137.4 billion was up 9 percent due largely to its “biggest-ever” Black Friday to Cyber Monday shopping weekend, the profit surge was the result of a pre-tax gain of $11.8 billion from its investment in Rivian. The electric car manufacturer completed an initial public offering in November. The Amazon Web Services cloud unit grew revenue 40 percent to $17.8 billion, more than $5 billion of it income. Total 2021 revenue was $469.8 billion, up 22 percent. Continue reading Amazon Profits Double While Q4 Operating Income Plunges

FTC Develops New Antitrust Strategies for Taking on Big Tech

The Federal Trade Commission is taking an alternative approach to antitrust protections and Big Tech, focusing not on the ultimate harms of monopolies to consumers but rather the damage perpetrated by the giants inflicted on smaller companies that are often their partners. For an agency that since the mid-80s has focused its antitrust actions on the price-gouging or shoddy goods that usually result from consolidation, the new strategy may be an effective way to rein-in companies that offer their services free of charge, like Google and Facebook, or at what appears to be market rate, like Amazon. Continue reading FTC Develops New Antitrust Strategies for Taking on Big Tech

FTC Says Social Media Has Become Goldmine for Scammers

Consumers were cheated out of $770 million by social media scams last year, according to the Federal Trade Commission, which said the number accounts for roughly one-fourth of fraud losses for the year. New scams involving e-commerce and cryptocurrency helped boost the haul, which was 18 times greater than the $42 million in social media fraud the FTC tracked for 2017. As a result, incidences of younger victims grew, with adults 18-to-39 reporting fraud losses 2.4 times more than adults 40 and over. Investment and romance scams were also high on the list.  Continue reading FTC Says Social Media Has Become Goldmine for Scammers

YouTube Exploring Commerce and NFTs, Says CEO Wojcicki

YouTube plans to test new monetization features for creators of its YouTube Shorts videos, which have passed more than 5 trillion views since debuting in September 2020, according to YouTube CEO Susan Wojcicki, who also said the company is exploring adding NFTs to its toolkit for video creators. In addition, YouTube is testing new shopping features tied to its video content. The number of global creator channels making more than $10,000 a year “is up 40 percent year over year,” Wojcicki wrote as part of an annual letter to creators that outlined 2022 priorities focusing on helping creators generate income. Continue reading YouTube Exploring Commerce and NFTs, Says CEO Wojcicki

Global Startups Raised $621 Billion in 2021, Breaking Record

Startups enjoyed record venture capital funding last year, raising $621 billion globally and seeding several new tech hubs around the world, although Silicon Valley remains ground zero, according to research firm CB Insights. The U.S. accounted for roughly half of the funding raised globally, with stateside startups raising roughly $311 billion. Bootstrappers in Silicon Valley and New York retained the leading positions in terms of most money raised and number of deals completed, says CBI. Early-stage funding accounted for 63 percent of Philadelphia’s startup deals. Los Angeles and Dallas also grew early stage numbers, to 62 and 55 percent respectively. Continue reading Global Startups Raised $621 Billion in 2021, Breaking Record

CES: Fittingbox Demonstrates Unexpectedly Useful AR App

Sometimes you see a product idea that is so obvious you wonder why no one created it sooner. French company Fittingbox has developed an augmented reality app and a 3D model database that lets you try on new frames for eyewear without taking off your old glasses, so you can actually see what you look like as you try them on. Diminished reality is a subset of augmented reality focused on removing, rather than adding, elements of what you see and hear. The Fittingbox app uses the selfie camera on a smartphone to scan the face of the customer. It then recognizes and removes the wearer’s glasses from the 3D modeled image. Continue reading CES: Fittingbox Demonstrates Unexpectedly Useful AR App

Social Video App TikTok Makes Splash as E-Tailing Presence

TikTok made its shopping play this year, partnering with Shopify, then launching the TikTok World feature for creators and brands. The result has been items from clothes to cosmetics to tech accessories and household goods seeing sales boosts through exposure on the platform. The hashtag #TikTokMadeMeBuyIt is said to have been viewed more than 7.4 billion times, and Amazon in May launched the category “Internet Famous: The Latest to Go Viral,” generously populated by products that “blew up” on the video-sharing service. Now brands are scrambling to leverage the social shopping made successful by TikTok influencers. Continue reading Social Video App TikTok Makes Splash as E-Tailing Presence

Google Service Helps Creators Build Personalized Storefronts

Google’s in-house incubator Area 120 recently introduced Qaya, a new service that helps creators build their own digital storefronts. Qaya, which was co-created by Area 120 founder-in-residence Nathaniel Naddaff-Hafrey, is designed to help creators monetize their products and services by offering them directly to fans via personalized storefronts that can be integrated with Google Search and Google Shopping. Currently in beta, the Qaya-powered storefronts can host up to 1,000 products each. Google Pay is built into the service, with support for subscriptions, tipping and one-time payments. Qaya also offers sales analytics. Continue reading Google Service Helps Creators Build Personalized Storefronts

Lens Fest: Snap Reveals New Augmented Reality Possibilities

During Snap’s annual Lens Fest event, the company introduced new features and upcoming changes to its Lens Studio creation suite. Snap touted updates involving the integration of outside media and data in addition to a collection of new augmented reality features intended for future glasses, including its own AR-enabled Spectacles. Creators will be able to add audio clips and licensed music to Snapchat Lenses. The company is working on delivering real-time data such as weather info from AccuWeather and cryptocurrency prices from FTX. Developers will also have the ability to embed links inside Lenses and send Snapchatters to different websites. Continue reading Lens Fest: Snap Reveals New Augmented Reality Possibilities

Adobe Analytics Reports a First Time Drop for Cyber Monday

Consumers spent $10.7 billion on Cyber Monday, representing a 1.4 percent decrease compared to last year. The sales drop marks the first time that Adobe Analytics reported a decrease in spending on a major shopping day (the firm has been tracking e-commerce since 2012). Adobe still anticipates record-breaking online shopping activity through the overall holiday season. According to the web analytics firm, U.S. consumers spent $109.8 billion online from November 1 through Cyber Monday, marking an 11.9 percent jump over 2020 for the same period. Continue reading Adobe Analytics Reports a First Time Drop for Cyber Monday

Amazon Positioned for Holiday Crunch with Network Buildout

During the COVID-19 pandemic, Amazon not only added workers to keep up with surging demand, it nearly doubled the size of its fulfillment network, adding 450 new facilities for storage, sorting and shipping, according to MWPVL International, a supply chain logistics consultancy. The e-commerce giant now has 930 facilities across the U.S. where it employs more than 950,000 people, according to its Q2 earnings report. While it’s hiring and infrastructure expansion have largely been concentrated near big cities, which helps mitigate supply-chain disruptions while also speeding shipping times, Amazon is still urging holiday shoppers to order early. Continue reading Amazon Positioned for Holiday Crunch with Network Buildout