Meta Platforms had a successful Q2, reporting double-digit growth for the first time since Q4 2021. The performance was attributed to a rebound in the digital advertising sector. The good news comes with a warning, as the company says it plans to increase spending on virtual reality and artificial intelligence next year. The parent of Facebook and Instagram reported revenue of just under $32 billion for the period ending June 30, an 11 percent gain over 2022. Advertising contributed a whopping $31.5 billion, growing nearly 12 percent year-over-year. Continue reading Meta Sees Double-Digit Growth for the First Time Since 2021

Have the striking Hollywood writers and actors opened a void that the creator economy is able to fill? Already in demand, top influencers are now being courted by producers and studios hungry for content to fill depleted pipelines. Meanwhile, striking actors and writers are taking their ideas to YouTube, Instagram, TikTok and Twitch, where they can forge a direct relationship with viewers — albeit not one that will result in direct-deposit paychecks. As the definitions of “talent” and “content” continue to blur, the Hollywood landscape could be in for a seismic shift. Continue reading Could Strikes Upend Institutional Hollywood Power Structure?

Facebook has updated its video features in a bid to be more competitive with popular social video platforms TikTok and YouTube. Improvements from editing to discovery and the ability to upload videos in HDR roll out this week along with some new branding: the “Watch” tab has been renamed “Video,” unifying the streaming experience in one location. Editing tools for Reels are porting over to the main Feed channel, which means users can post and view short- and long-form video content as well as live videos in one place. The company is also making it easier to engage with recommended Instagram Reels directly on Facebook. Continue reading Facebook Updates Video Features and Renames Watch Tab

Having passed the California Assembly June 1 with bipartisan support and moved on to the Senate, the California Journalism Preservation Act (CJPA) has been kicked over to the next term, becoming a two-year bill. Instead of a scheduled hearing this week, AB 886 will go on calendar for 2024 while fine-tuning continues. The bill is reminiscent of laws passed in Canada and Australia that require companies including Meta and Google to pay publishers for news content. Assemblymember Buffy Wicks (D-Oakland) says legislators are leveraging the session spillover and will not lose ground as they navigate to passage. Continue reading California Moves Big Tech News Bill to 2024, But Holds Firm

Meta Platforms’ Instagram spin-off Threads has racked up more than 100 million users in just five days, making the Twitter challenger the fastest growing app in history, beating ChatGPT’s recent record of 100 million users in two months. Threads was launched in 100 countries on July 5, and surpassed 100 million sign-ups on Monday. On Friday, Meta CEO Mark Zuckerberg wrote from his @zuck account on Threads that the app had already crossed the 70 million mark, performing “way beyond our expectations.” Ramping up the rivalry between Zuckerberg and Elon Musk, Twitter has threatened legal action against Meta due to similarities in the two microblogs. Continue reading Threads Breaks App Record with 100 Million Users in 5 Days

Shein is aiming to take on e-commerce powerhouse Amazon. The Singapore-based fast-fashion phenomenon is branching out from its own branded apparel to become a marketplace where third parties can merchandise their wares — everything from designer clothing to small appliances and maternity products. The 11-year-old company recently launched its expanded marketplace in Brazil, Mexico and the U.S., and has Europe in its sights. The U.S. is a huge market for the company, accounting for an estimated $8 billion in 2022 sales, or about a quarter of its business, largely due to teenage appetite for its $5 skirts and $10 jeans. Continue reading Shein Reaches Beyond Fashion & Beauty to Take on Amazon

This week, Twitter released TweetDeck 2.0 and announced that as of August it will be available only to those who pay for a Twitter Blue subscription. Since competing products like Hootsuite and Buffer also charge for use, TweetDeck may entice those customers who find it a valuable tool to Twitter’s premium tier. Twitter owner Elon Musk has been paywalling various functions as he seeks to generate revenue to help meet hefty interest payments, estimated at $300 million every three months, from his highly publicized October 2022 acquisition. The third payment is due late this month. Continue reading New TweetDeck Will Be Exclusive to Twitter Blue Subscribers

A Twitter challenger called Spill, designed by two former employees, started trending this past weekend as Elon Musk announced that Twitter is putting limits on the number of posts users can read. Spill climbed in Apple’s App Store rankings over the holiday weekend, rising to the No. 3 most downloaded app and emerging as the store’s most-downloaded social media app. Spill users call themselves “Spillionaires,” a moniker the company has embraced. On Saturday, Musk said Twitter will limit post views for non-paying users, sending Spill downloads soaring. Continue reading Twitter Challenger Spill Spikes as Musk Imposes Read Limits

Meta Platforms is marketing its Quest catalog with the new monthly VR subscription game service Meta Quest+. For a monthly fee of $7.99 or $59.99 annually, Quest 2 and Quest Pro enthusiasts will gain access to two hand-picked VR titles per month that they can download and play through the life of their subscription. The “browse less and play more” approach aims to provide users an easy point of entry to explore the Meta Quest catalog. Available as of this week, Meta CEO Mark Zuckerberg announced the Quest+ pass Monday on Meta’s Instagram channel. Those who sign up through July 31 get their first month for $1. Continue reading Meta Announces Quest+ Subscription Service for VR Games

The Parliament of Canada passed a law requiring technology companies to pay news outlets when linking to their articles, a move that has Meta Platforms threatening to pull news content from Facebook and Instagram in that country. Canada’s Online News Act, which applies to domestic outlets, is the latest move in a global battle between publishers and Big Tech, and follows a similar law in Australia. “A strong, independent and free press is fundamental to our democracy,” a member of Prime Minister Justin Trudeau’s administration tweeted when the law cleared the vote last week. Continue reading Canadian Law Requires That Tech Firms Pay for News Links

Twitter is being sued for more than $250 million in damages by a coalition of music publishers alleging copyright violations. More than a dozen plaintiffs — including Universal Music, EMI, Kobalt and Sony — are captioned on the complaint, which was coordinated by the National Music Publishers’ Association and filed last week in federal court in Tennessee listing Elon Musk’s X Corp. and Twitter as defendants. The complaint claims songwriters are owed compensation for music-backed videos posted to the platform. The litigation is the latest financial woe for Twitter, which Musk purchased for $44 billion last year. Continue reading Music Publishers Take On Twitter for Copyright Infringements

A bill passed by the Louisiana State Legislature that bans minors from creating social media accounts without parental consent is the latest in a string of legal measures that take aim at the online world to combat a perceived mental health crisis among America’s youth. Utah also recently passed a law requiring consent of a parent or guardian when anyone under 18 wants to create a social account. And California now mandates some sites default to the highest privacy for minor accounts. The Louisiana legislation stands out as extremely restrictive, encompassing multiplayer games and video-sharing apps. Continue reading Louisiana Approves Parental Consent Bill for Online Accounts

Google-backed AI startup Runway has released Gen-2, an early entry among commercially available text-to-video models. Previously waitlisted in limited release, the commercial availability is impactful, since text-to-video is predicted as the next big bump in artificial intelligence, following the explosion of AI use generating text and images. While Runway’s solution may not be ready to serve as a professional video tool, this is the next step in development of tech expected to impact media and entertainment. Filmmaker Joe Russo recently predicted that within the next two years, AI may have the ability to create feature films. Continue reading Runway Makes Next Advance in Consumer Text-to-Video AI

Following nine months of difficult repositioning that included layoffs and consolidation as Meta Platforms segued to its “year of efficiency,” CEO Mark Zuckerberg recently shared his plans for the company’s future with employees at an all-hands meeting. In a discussion that has been reported as an effort to help bolster staff morale during this challenging period, Zuckerberg explained his strategy regarding job cuts, offered insight on the tech giant’s approach to artificial intelligence, and took a swipe at Apple’s upcoming Vision Pro mixed reality headset while talking about his goals for VR and the metaverse. Continue reading Zuckerberg Shares Meta Strategy with Staff After Rocky Year

Meta Platforms previewed its in-development Twitter rival, called Project 92, for staff last week. Chief product officer Chris Cox demoed the decentralized app, which the company plans to launch through Instagram. Meta received feedback from creators and high-profile figures indicating they want “a sanely run” platform. Project 92 — also referred to internally as “P92” or “Barcelona” — bears similarities to Twitter but unlike that closed system will interoperate with other decentralized social apps like Mastodon and Bluesky. Although a specific timeline wasn’t shared, Cox reportedly said Meta plans to launch P92 “as soon as we can.” Continue reading Meta Unveils Its Upcoming Twitter Competitor for Employees