Three Things to know today (May 20th)
May 20, 2020
1. Facebook and Instagram are rolling out Shops, turning business profiles into storefronts.
Is Zuck trying to build the next QVC? Yesterday, Facebook (FB) announced the launch of Shops, a way for businesses to set up free storefronts on Facebook and Instagram. This major new push into e-commerce will include an Instagram shopping tab, shoppable live streams, and more. The shops, which will be powered by third-party services, including Shopify, BigCommerce, and Woo, are designed to turn the social network into a top-tier shopping destination. This move could be quite lucrative for FB, while also helping to rebuild the economy while the pandemic continues.
2. Spotify (SPOT) jumped +8% after signing Joe Rogan, arguably the most influential voice in podcasting, to a $100M exclusive multi-year deal.
Spotify just made waves in the podcasting biz, signing The Joe Rogan Experience to an exclusive multi-year licensing deal. Rogan is arguably the most influential voice in the space, with 200M+ fans, but Spotify just lured him away from YouTube, Apple, and others. This deal smells like offense to us: Spotify hopes that Rogan’s fans love him enough to follow him to Spotify, then produce a halo effect on other podcasts on Spotify, which it can then use to sell subscriptions and ads. Once people have a favorite podcasting platform, they tend to listen to all their podcasts via that one app.
3. Apple is buying older shows for its TV+ platform, stepping up its challenge to Netflix.
“Apple is aiming to build a back catalog of content that can better stack up against the huge libraries available on Netflix, Hulu and Disney+.” (Bloomberg) It’s a subtle strategy shift for Apple TV+, which has mostly steered clear of buying rights to old shows since it launched in November. Perhaps it’s realizing that the formula for streaming success is a mix of old and new content. The question is, what hit classics will Apple acquire? What will be its “Seinfeld?”
Cash Management
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