Unless you have been living under a rock over the past few months, you will certainly have heard of Clubhouse, an audio invitation-only app launched in the US early last year. By May, according to CNBC – and despite having less than 2,000 users at the time – it was valued at approximately 86 million Euros.
Since then, though, the numbers have escalated massively. The app, created by Paul Davison and Rohan Seth, now boasts a whooping 10 million weekly active users and has been valuated at $1 billion, according to the Financial Times. It is also currently ranked #16 in the App Store under the “Social Networking” category. Not bad for a platform that is, officially, only 12 months old.
One of the reasons that the app has attracted worldwide curiosity is its long list of famous early adopters. Billionaire tech entrepreneur Elon Musk is there. Rappers Drake and Kanye West have been sharing their thoughts on the app. And when Oprah Winfrey isn’t busy interviewing Harry and Meghan, you can find her on Clubhouse, too.
Even for someone who works and writes about social media, like me, the incredibly fast rise of Clubhouse was something impressive to watch, to say the least.
I started to get invites from friends to join it late in 2020. But it wasn’t until the beginning of this year that I decided to finally accept one of them. I didn’t doubt the appeal of an audio-only platform. The explosion of podcasts and Whatsapp groups are proof that you don’t always need Instagram-able imagery, or character counted messages on Twitter, to reach a sizeable audience. My concern was more on the social media management side as, having to already post new content on several other platforms on a regular basis – as well as creating and managing material for clients – is enough to make you think twice before joining another social media platform.
Despite this, I decided to give it a go.
I always recommend people secure their social media handles on new platforms that everyone is talking about before someone takes it – especially for businesses, even if a new social media won’t be part of your marketing and communication strategy at the moment. Grab it while you can. After all, nothing is worse than a person or company that has a different handle for each digital platform. Even if you haven’t got any invite to join Clubhouse, yet, iPhone users can download the app and reserve a username. Do it today if you haven’t already done so.
The freedom an audio-only app offers outweighs the challenge of keeping it up-to-date. You can enjoy a platform where you don’t have to write well-edited captions or publish overly polished daily images. Audio is liberating and you can simply listen to others and learn.
The audio itself, however, doesn’t leave the app. That is actually one of the rules: there’s no recording of conversations and they are not saved in your feed to please those who couldn’t join you there and then.
What are the good reasons to join it?
Besides networking, Clubhouse also offers different forms of audio entertainment. From celebrity talk shows to D.J. nights and political discussions, the app’s user base is expanding and, with it, so is the conversation and the way people have been using it.
If you have been feeling exhausted with the avalanche of TikTok or run out of filters to use on Instagram, maybe you should consider joining actor Ashton Kutcher and comedienne and actress Tiffany Haddish on Clubhouse. Even musician Jared Leto has been heard, as early as May 2020, using the app to talk about washing his fruit with soap before eating it.
How was the first ever Metaverse Fashion Week?
You will surely be forgiven if you missed the first Metaverse Fashion Show, hosted by the blockchain-based, 3D virtual world Decentraland, which took place between 23rd and 27th March.
Although dozens of brands, including Tommy Hilfiger and Dolce and Gabbana, showcased their collections on the catwalk of the virtual reality, three-dimensional, browser-based world event – where the price tags of printed bucket hats, puffer jackets, and tuxedos by German fashion designer Philipp Plein range from € 1,500 to € 2,500 – glitches and basic visual graphics left room for vast improvement.
Challenges with low-quality visuals and streaming speed, though, didn’t seem to affect the enthusiasm of brands and marketers eyeing-up the multibillion potential of the gaming industry, a trend backed by recent studies. According to a 2021 Morgan Stanley Research Report, a 31% year-on-year increase can be seen when it comes to how people have been turning to games. The number is even more impressive if compared to the previous two years, when users grew by just 7% – the study reveals.
Currently popular across all ages and demographics, gaming has been of interest to young consumers before, during, and after the global pandemic. A recent study conducted by management consulting firm McKinsey, in partnership with fashion business intelligence portal Business of Fashion, found that 81% of Gen-Z played video games in the past six months – with the younger generation spending an average of 7.3 hours per week in virtual worlds.
No wonder longstanding brands are keen to enter the game:
“When I founded my namesake brand in 1985, I never imagined I’d see a time when fashion weeks would be held in a 3D, fully virtual world,” says Tommy Hilfiger. The American designer showcased his Spring 2022 collections and hosted a digital retail platform during the virtual event, where consumers were able to shop NFTs for their avatars or purchase physical items from within the Metaverse. “As we further explore the metaverse and all it has to offer, I’m inspired by the power of digital technology and the opportunities it presents to engage with communities in fascinating, relevant ways.” – says Hilfiger.
Online, the event received mixed reviews, with London-based Digital and Social Strategist Candyce Costa sharing: “I went to Metaverse Fashion Week, and it was awesome (and weird!).”
👩🚀🦄 I went to Metaverse Fashion Week and it was awesome (and weird!) @decentraland
— Candyce Costa (@Ftechleadersmag) March 30, 2022
Tech & culture journalist, Elsa Ferreira, shared the technical challenges her avatar faced trying to enter the event:
“For this first Metaverse Fashion Week (MVFW), it was, above, all necessary to find a computer powerful enough to access this virtual world. Four computers later (including one borrowed from a developer, which will not prevent execution times worthy of Windows 95), here we are in Decentraland.”
Designer Julia Rosti celebrated the fact that the week-long virtual event also connected to the current happenings in Europe:
“So great to see that even @decentraland Fashion Week has found an opportunity to support Ukraine.” – Tweeted the founder of the digital fashion atelier BlancdeBlanc.
The free event, where Ethereum, a type of cryptocurrency, was needed to buy the fashion items showcased in the virtual world, is already confirmed to be coming in 2023 via the Decentraland platform.
Elon Musk hints at paid Twitter verification
Entrepreneur and Chief Engineer at SpaceX, Elon Musk, has just bought a 9.2% stake on Twitter and, as it seems, the Tesla owner is already planning new ways to monetize on the social media platform.
On Sunday morning Musk hinted on Twitter about a possible paid authentication checkmark service for those willing to purchase premium features on the social media service.
‘Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark”, posted the new Twitter board member, adding that the paid feature ‘should be different from the “public figure” or “official account” checkmark’ already in place for notable users such as media outlets, government, large businesses, established fashion brands, influencers, and those officially competing in sports.
Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark
— Elon Musk (@elonmusk) April 10, 2022
Elon also reiterated that current verified accounts already benefit from some perks, including free ads and the ability to retract a tweet before it’s visible to others.
“Blue already has a modifiable 20 second time to edit tweet feature” – celebrated the entrepreneur and social media shareholder.
However, Kevin Paffrath, a 30-Year-old financial analyst and YouTuber who joined Twitter in 2009 –and has a verified account – quickly pointed out that such existing button, for verified accounts, is not that straightforward:
I have Twitter Blue & it’s lame. It’s not an Edit feature; it’s a tool that delays your tweet going out for a set period of time so you can reread it. But I find myself just quickly hitting “send now” because I want my tweet to go out when I hit Tweet. No edit possible once sent.
— Meet Kevin (@realMeetKevin) April 10, 2022
“I have Twitter Blue & it’s lame. It’s not an Edit feature; it’s a tool that delays your tweet going out for a set period of time so you can reread it. But I find myself just quickly hitting “send now” because I want my tweet to go out when I hit Tweet. No edit possible once sent.” – says Paffrath.
Another user not remotely thrilled by Musk’s idea of ‘pay-to-play’, is writer Elvira Daukaeva:
I don’t want to pay for tweeter! Brad! Advertising doesn’t bother me 🤩 and I learn new technologies and products from it!
— Elvira Daukaeva Writer dreamer I love astronautics (@53ObEXkUKX9ZuOb) April 10, 2022
“I don’t want to pay for tweeter! Brad! Advertising doesn’t bother me and I learn new technologies and products from it!’ – Daukaeva shared on her Twitter account.
Accountability for the content shared on Twitter has also been mentioned as a potential concern that could arise if the platform, currently with over 300 million active users worldwide, introduces an edit button for all in the future.
Edit is a terrible idea ..imagine the damage people could do changing what they tweeted historically when thousands retweeted the original ..therefore aligning them with an new opinion they dont agree with
— Carl Bode (@BehindBlueIcee) April 10, 2022
“Edit is a terrible idea. Imagine the damage people could do by changing what they tweeted historically when thousands retweeted the original. Therefore, aligning them with a new opinion they don’t agree with.” – questions Liverpool-based songwriter, Carl Bode.
While Elon Musk is planning new ways to use Twitter to enhance his $270+ billion net worth, users on the platform quickly suggested that those posting and engaging on a regular basis should also be rewarded for the time spent creating content – a practice already tested by Instagram and Snapchat.
“If you want Twitter to improve and become more widely used and engaged with, how about we get paid for our activity? We collectively provide the value of the whole thing so maybe we should get a slice of the pie too? Maybe coins/tokens.” – user Graham Lay, a holiday home sales manager based in Britain replied to Musk. “So maybe a small one-off registration fee (to cover admin of verification) and then we get rewarded back for the value our content and contribution bring. Allocating say 20% of advertising revenue towards users (us). The more we use it, the more we get rewarded”, suggested Lay.
So maybe a small one-off registration fee (to cover admin of verification) and then we get rewarded back for the value our content and contribution brings. Allocating say 20% of advertising revenue towards users (us). The more we use it, the more we get rewarded, and you too…
— Graham Lay (@Graham_Lay) April 10, 2022
For American talk radio host and journalist Kim Iversen, who joined the platform in 2021, genuine users not afraid of proving they real people should be the ones getting the coveted verification blue mark.
“People who can verify they are who they are via official ID should get a blue check. If people want to be anonymous, fine, but I like knowing I’m talking to an actual person” – shared Iversen.
People who can verify they are who they are via official ID should get a blue check. If people want to be anonymous, fine, but I like knowing I’m talking to an actual person
— Kim Iversen (@KimIversenShow) April 10, 2022
Twitter is not the only social media platform offering direct access to a verification request form, within its settings. Instagram has a similar process, with almost identical categories considered to be eligible based on notoriety, and an average 30-day response time for those applying for a blue checkmark.
Applications for a Barclays virtual academy for early-stage FinTech founders is now open
British bank Barclays is launching new initiatives targeted at FinTech founders across the globe, from early-stage to scale-up and beyond.
The first to launch is the Rise Start-Up Academy, a virtual digital skills-building accelerator targeted to early-stage FinTech founders. Applications are already open for founders addressing emerging FinTech trends including wealth equality, climate, the future of money and more. At a later date, Rise Growth Academy will be launched to provide capability development around key areas such as investment readiness, recruitment, accelerating sales and leadership development.
A FinTech Venture Studio will also go live later this year and focus on co-developing new FinTech ventures through working with internal talent, start-ups and other leading companies.
Corporate venture builder Rainmaking has been chosen as an innovation partner to support Barclays in its goals with the new initiative.
“Innovation is critical in driving growth in today’s challenging business environment and in solving some of the most pressing problems society faces today,” – says Mariquit Corcoran, Group Chief Innovation Officer at Barclays. “We have been humbled and changed by the incredible FinTechs we have worked with, and we understand first-hand the power of collaboration to evolve and unlock opportunities for our customers, clients, colleagues and the communities in which we operate. We are very excited to work with Rainmaking to further push the boundaries of corporate innovation and ensure collaboration is at the heart of our FinTech strategy.”
Rainmaking brings a track record in partnering with large corporates to build successful new ventures. Its approach is based upon the proven methodology used to build 65 of their own ventures and through its subsidiary, Startupbootcamp, to accelerate over 950 start-ups and over 100 cohorts. While only 10% of early-stage start-ups typically survive, over three quarters (76%) of Startupbootcamp companies are still active or have exited. According to Rainmaking, this has led to the creation of 4,626 jobs and raised over $800 million in funding.
“We are working with Barclays to drive positive change and play an active role in stimulating growth and opening up future revenue opportunities for founders of new businesses. By providing the tools to enhance digital skills, founders can build and scale their businesses for future revenue growth. The new suite of meaningful and cutting-edge FinTech programmes will combine the power of entrepreneurship, whilst unlocking the scale strengths and the deep domain expertise of Barclays.” – says Chris Locke, CEO Europe at Rainmaking.
The partnership will be led by Sonal Lakhani, Global Head of Programmes and Strategic Initiatives at Barclays Innovation Office, who also led the expansion of the Female Innovators Lab by Barclays and Anthemis last year across the UK and Europe.
Barclays has played a key role in supporting the evolving FinTech ecosystem over the past decade through Rise, its award-winning FinTech platform. With offices in London and New York, Rise has been at the forefront in building the future of FinTech.
By partnering with Rainmaking, Barclays intends to continue expanding the limits of corporate innovation and accelerate co-creation with key players across the ecosystem. Together they will also expand Barclays’ critical role of supporting the creation and scaling of early-stage Fintechs.
To apply for the academy, visit the RiseStartUpAcademy
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