Happy Monday, y’all! So yesterday many of us woke up to the cold realization that we still had to go through Daylight Savings Time this year. I thought they ended this nonsense?!? Apparently this is the last year we have to deal with pitch black darkness at 4:30 pm.
So here’s three marketing/business/web3 stories I saw this last week that I wanted to highlight. It comes with the caveat that I could have easily made this edition of MMM all about Twitter, once again. Elon is making moves fast and furiously. and Twitter is kinda dominating the news cycle for business and tech right now. Twitter isn’t the only game in town right now, but it’s the MVP. So I will try to balance between covering the highlights, while also covering other interesting marketing/business/web3 stories I come across.
If you want to see more of my content around Twitter’s moves, you can always follow me on Twitter. I’l continue to offer my opinions there on Elon’s latest moves.
With that said, let’s dive in:
Breaking: Facebook parent Meta plans to begin laying off thousands of employees this week, people familiar with the matter said https://t.co/NVAJtM4LLZ
— The Wall Street Journal (@WSJ) November 6, 2022
– Those losing their job were informed through an email to their personal address.
– Reports suggest up to 3,700 — about 50% of staff — could end up being given their marching orders.https://t.co/tm3tDGxP1t
— CoinMarketCap (@CoinMarketCap) November 7, 2022
So both Twitter and Meta/Facebook just announced big layoffs. To be sure, the economy is playing a role in both these moves. And unfortunately, we will probably see more layoffs hitting all industries, but especially the tech/social media space.
I believe the Twitter layoffs are also motivated at least in part by Elon’s desire to restructure Twitter. I think he wants Twitter to be the trusted ‘Town Square’ for the world, a place where people can come and get accurate information about what’s happening in the world, then discuss. A lofty goal, which requires addressing a content moderation team that, under Jack, was frequently criticized for suspending and censoring users based on simply disagreeing with their opinions.
Regardless, job cutting is an unfortunate reality of doing business in a weak economy, so we could very well see more such moves in the coming weeks and months.
NFT artists on Instagram are testing out a new feature — creating and selling NFTs in the app
— Blockworks (@Blockworks_) November 3, 2022
Instagram has begun rolling out the ability to mint and sell NFTs to some US creators. Additionally, there will be no service or gas fees for either the creator or collector. This moves essentially makes Instagram an NFT marketplace, and creates direct competition for current NFT marketplaces such as OpenSea and Rarible.
After today’s payout, artists have shared more than $100k in streaming royalties with collectors through Royal. pic.twitter.com/NRuc86iW4y
— royal (@join_royal) November 4, 2022
Admittedly, this story isn’t a huge deal short-term, but I wanted to highlight it as a signal for where revenue sharing via NFTs is headed for the music industry. If you’ve read this blog, you know I am super bullish on music NFTs. With music NFTs, artists have the ability to sell or give an NFT to fans, that can guarantee the owner a share of the streaming royalties for that song or album. For life. Music NFTs give fans the ability to literally own the songs of their favorite artists. Once we start to see artists leveraging music NFTs to grow their fanbase and take it to the next level, then the sky is the limit for the technology. So I think it’s important to highlight and celebrate the smaller milestones now, that will lead to the massive ones tomorrow. Just think, in 5 years time, every digital album you buy from your favorite artist could include a partial ownership in the lifetime streaming revenues that the album generates.
So that’s it for this Monday’s edition of the Marketing Minute. I hope you have a wonderfully productive week, I may have another post on Weds with more news on Twitter, I honestly haven’t decided yet. Either way, I will definitely be on Twitter, so find me there, and have a great week!