“The last thing 90% of Snapchat users want is for their messages to stick around longer than 10 seconds.” – Jeff
Hey there carnivores,
The markets were up on Monday after a slump to start the week.
Today we’re talking Snapchat releasing a new feature.
Jeff & Jason
Snapchat is coming for TikTok’s crown. It took long enough…
Snap announced a video-sharing feature, a la TikTok, that doesn’t disappear in 24 hours. Snaps that last more than a day… exactly what this world needs.
The Spotlight feature, which launches Monday, will live within Snap’s core app, Snapchat. As opposed to all those other, well-known Snap apps.
Change of pace
Snapchat’s new feature is a major departure from its original business model. Snap execs (… so Evan Spiegel) were vehemently against permanent content since day one, worrying that a user goal of going viral could make their platform toxic. “Toxic” says the guy who invented Snap so he could send tasteful nudes.
So, how are they going to break into the market?
Cash, baby. Snap said it plans to pay out more than $1M a day as a way to reward the people who post the best content. Best, of course, being subject to Snap’s judgement, and the number of likes a post has.
The $1M per day payment would run until at least the end of the year, but could be extended. What’s the catch?
Funny you should ask…
Snapchat hasn’t said how many people the $1M will be distributed between. Ah, the HQ Trivia approach, how could that end poorly?
On the news, Snap closed up 2.19%.
The bottom line…
When you operate in a space where content engagement is king (and queen, and jack), you’ve got to be willing to adapt. And that’s just what Snapchat is doing. Believe it or not, disappearing content isn’t great for engagement, so Snap’s move is just the logical next step.
What it lacks in repeat engagements, however, Snap does not lack in daily active users. Since the pandemic began, Snapchat’s daily usership has rocketed up to almost 250M.
TikTok can’t even fight back. At the moment, the social platform, which Walmart and Oracle have partnered with (… kind of), sits in US government purgatory, watching all its market share get eaten up.
Good, but not great
AstraZeneca and the University of Oxford have collabed on an effective vaccine against ‘rona. Three weeks ago people would’ve sung its praises, but now people are just being mean (see meme above). Why?
Because the Astra-Oxford vaccine is only about 70% effective. This compares to Moderna’s 94.5% and Pfizer’s 95% effectiveness. And here I thought C’s get degrees.
The average effectiveness was factoring in both one and two doses. When given two doses, patients’ likelihood of staying corona free rose to 90%.
Looking into the future
The Trump administration made its second step toward transitioning power to Joe Biden, as The Donald and General Services Administration chief Emily Murphy made federal resources available for Biden’s transition into office. The first step, of course, was losing the election.
Emily Murphy’s letter frees up upwards of $7M in federal funding for Joe’s transition into the Oval Office, which hopefully means he can stop fundraising his own transition like some homeless dude begging for change.
Pharmaceutical company Merck will acquire OncoImmune in a $425M deal.
OncoImmune has developed CD24Fc (sounds sexy), which is a medicine given to ‘rona patients to reduce the risk of respiratory failure and death… which is kinda a big deal. The medicine is in its late stage clinical trial, and has so far shown a risk reduction effectiveness of 60% in the 203 tested patients.
The current issue is supply, but Merck stated it will utilize some of its manufacturing capacity to produce the drug, with a goal of having ample supply by next summer.
*Results presented are not typical and may vary from person to person. Please see our full disclaimer here: ragingbull.com/disclaimer