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This Week in Socials 25th October 2024

Instagram Launches Halloween-Themed Features to Enhance User Experience

With Halloween approaching, Instagram has launched several festive celebration features. These updates include interactive animations, a dedicated Halloween font, and themed templates in Stories, all designed to encourage user engagement and creativity.

One of the most intriguing updates is the addition of “secret” Halloween keywords in Direct Messages (DMs) and Notes, which will trigger unique animations when used. Words like “Halloween,” “Happy Halloween,” and “Trick-or-treat” will unlock special effects, while Halloween-themed emojis will activate similar animations. These subtle touches add an immersive, interactive element to Halloween messaging on the platform, enhancing user experience with a spooky twist.

Instagram has also introduced five custom “Add Yours” templates in Stories, part of its Discovery Surface. Users can explore the “Happy Halloween” section within the “Add Yours Templates” to find themed prompts that encourage them to share Halloween-inspired images or costumes or answer fun questions. These templates allow users to engage with their followers through Halloween-themed prompts, building community and excitement around the holiday.

Additionally, a new “Halloween” font and text effects have been introduced, adding another layer of creative expression for users to embrace the Halloween spirit in Stories and posts.

Financial Struggles Continue for X (formerly Twitter) Amid Changing Business Model

On a more sobering note, X is facing significant financial challenges that could lead to another year of revenue decline. After Elon Musk acquired Twitter in 2022, which brought a $44 billion debt to the company, X’s revenue dropped from $4.4 billion to approximately $3.4 billion in 2023. Projections suggest that X could bring in around $2.9 billion in 2024—marking a potential second consecutive revenue decline.

X’s primary revenue stream remains ad sales, which have been under pressure as the platform faces stiff competition and an evolving digital ad landscape. Musk has also aimed to increase subscription revenue through X Premium, the platform’s paid service, but uptake has been limited. According to data from Appfigures, X Premium has attracted around 1.3 million subscribers, generating $176.4 million annually, which only contributes about 6% of the platform’s overall revenue—far from Musk’s goal of reaching 50%.

Debt servicing costs are another significant factor in X’s financial struggles. With approximately $1.2 billion due annually as part of Musk’s leveraged buyout, the platform is facing a difficult road ahead. Musk’s decision to pass the debt costs directly to the company means that these debt service obligations now account for nearly half of X’s projected annual revenue. If this financial pressure continues, X may face challenges meeting operating costs or even risk insolvency if revenue declines further.

As X remains closely tied to Musk’s own political endorsements, the November 2024 presidential election could play a role in its trajectory. Depending on the outcome, Musk may explore alternate strategies for sustaining the platform financially and operationally.

TikTok Partners with UnitedMasters to Support Independent Musicians and Drive Music Trends

In a strategic move to further cement its influence in the music industry, TikTok has announced a partnership with UnitedMasters, a prominent distribution platform for independent artists. This collaboration will give TikTok access to UnitedMasters’ catalog, allowing artists to leverage TikTok’s platform to reach new audiences and gain commercial exposure.

The partnership also integrates UnitedMasters’ music into TikTok’s Commercial Music Library, which provides creators with licensed tracks to use in videos. This feature benefits artists by helping their music gain visibility while giving TikTok creators more variety in song choices for their content. Notable UnitedMasters artists, like BigXThaPlug, Anycia, and Tobe Nwigwe, have already achieved remarkable success on TikTok, helping to underscore the platform’s potential to launch new talent and establish music trends.

In recent years, TikTok has proven to be a powerful platform for music discovery and promotion, driving trends that often translate into broader commercial success. A TikTok-commissioned report showed that users are highly engaged with music discovery on the app, with 75% of users actively discovering and sharing new music through TikTok clips. By partnering with UnitedMasters and earlier with DistroKid, another music distribution service, TikTok is further enhancing its role as a leading platform for artist promotion and audience-building.

This collaboration is beneficial for TikTok’s ecosystem, aligning emerging artists with a platform known for its viral music trends. For independent musicians, it’s a valuable opportunity to connect with a global audience early in their careers, and for TikTok, it strengthens its reputation as a platform driving cultural and musical trends worldwide.

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