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- 7 VCs explain why the creator economy still has legs
- Macy’s is using 10x more influencers to market On 34th brand
- Twitch Streamer Overtakes Kai Cenat for Most Subscribed Channel
- Sprout Social Acquires Tagger Media
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Great Reads
ByteDance's potential strategy to strengthen its new app, Lemon8, by leveraging the popularity of TikTok
ByteDance is reportedly exploring an integration between TikTok and its other app, Lemon8, as revealed by product intelligence firm Watchful.ai. This new feature would allow users to synchronize their Lemon8 posts with TikTok and utilize TikTok's music and sound editing capabilities. Lemon8, a lifestyle social networking platform described as a blend of Pinterest and Instagram, gained rapid traction earlier this year.
This surge was potentially manipulated via TikTok, where numerous influencers showcased Lemon8 without disclosing the promotional nature of their content. Insider sources previously highlighted that ByteDance may have compensated creators to advertise Lemon8 on TikTok. The speculated integration might be ByteDance's strategy to fortify Lemon8's position in case of a potential TikTok ban. However, the release of this integration remains uncertain. As of now, Lemon8 has accumulated around 25 million global downloads.
7 VCs explain why the creator economy still has legs
The creator economy, once a hot buzzword in Silicon Valley, witnessed a decline of approximately 68% in venture capital investments from Q1 to Q3 last year. Nevertheless, investors remain optimistic, seeing the dip as cyclical, influenced by the post-pandemic shift and other factors. Many believe the creator economy hasn’t yet matured. With the rapid emergence of new platforms, competition increases, pushing platforms to offer better monetization to attract creators. There’s a consensus that the best creator-focused ventures will always find funding.
Notably, models that cater to both top creators and the long tail efficiently are desirable. Investment interests now lean towards firms providing predictable monetization structures, making the space appealing for both debt and equity investors. As the ecosystem faces challenges in 2023, experts hope for a resurgence in 2024. Monetization splits in short-form videos might emulate YouTube's model, but competition will be the ultimate determining factor. The focus is also on protecting creators, especially in unstable economic conditions. The consensus is that influencer marketing remains potent, with micro-influencers offering the best ROI. The overarching trend emphasizes access to capital and predictable earnings, which are key for a mature industry.
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Campaign Insights
Macy’s is using 10x more influencers to market On 34th brand
Macy's is launching its new private label brand, On 34th, targeting women aged 30-50. As part of its promotional efforts, the retailer is increasing its influencer marketing tenfold, collaborating with 56 influencers for the campaign, compared to its previous influencer endeavors. Notable names include Ali Manno, a former “Bachelorette” star; YouTuber Sazan Hendrix; and body positivity promoter Kristine Thompson.
Additionally, 300 Macy's employees, dubbed the Macy’s Style Crew, will participate. The brand, named after Macy’s iconic Herald Square store in Manhattan, offers a range of daily and evening styles. This launch is Macy's strategy to rejuvenate its private label business, particularly after hiring former Target private label designer, Emily Erusha-Hilleque. With recent reports indicating a 7% decline in net sales, Macy’s aims to attract and engage customers authentically through these influencers. The promotional strategy encompasses diverse platforms like social media, online video, and podcast advertising
Logan Paul & KSI’s Prime sponsors Bayern Munich to add to Arsenal and Barcelona deals
Logan Paul and KSI's drink brand, Prime Hydration, has secured a sponsorship deal with top German Bundesliga team, Bayern Munich, making them the third major football team to partner with Prime after Arsenal and Barcelona. Bayern Munich, having clinched the Bundesliga title for a decade straight and being the most widely supported club in Germany, announced that Prime would be the "new official Hydration partner of FC Bayern München."
Initially, PRIME Hydration will be exclusively available at the Allianz Arena during match days, with plans to launch special FC Bayern X PRIME limited-edition bottles and expand retail operations in Germany later in the year. Both KSI and Logan Paul expressed their excitement over the partnership and the brand's substantial growth, with Bayern's executive board member, Andreas Jung, highlighting the collaboration's potential to attract a new audience. Prime Hydration also sponsors other sports entities, including the UFC and athletes like Israel Adesanya and Alex Volkanovski.
Influencer Remi Bader Talks TikTok, Revolve and Size Inclusivity
Influencer and curve model, Remi Bader, is advocating for the fashion industry to better cater to plus-size consumers. Speaking at the trade show, Magic in Las Vegas, Bader detailed her journey from being a user on TikTok to aiding brands in embracing size inclusivity.
After losing her job at Tidal, Jay Z's music streaming service, in 2020, Bader used TikTok to voice her struggles with shopping as a plus-size woman. Her candid try-on sessions on the platform, which blend humor with genuine experiences, have garnered over 2.2 million followers. Bader has since collaborated with online retailer Revolve, leading them to launch their inaugural plus-size collection. Despite the success, Bader acknowledges challenges, like the limited sales in the 3X-4X range, and highlights the need for brands to invest more in educating plus-size customers about available product ranges. She remains committed to her advocacy, especially as she prepares for the next Revolve collection.
UGC is growing—but can it overtake traditional influencer marketing?
As skepticism towards traditional influencers grows, especially among Gen Z, brands are pivoting to user-generated content (UGC) for a more authentic and cost-effective approach. Platforms like Kale, with over 50,000 creators, offer compensation for social product posts, democratizing content creation beyond just big influencers. TikTok, recognizing UGC's potential, now rewards users for brand-related posts.
However, while UGC emphasizes broad reach, questions about content quality and brand control arise. Therese Little of Traackr sees UGC as complementary to influencer marketing, not a replacement. Chris Jacks from HireInfluence points out that UGC may lack the brand consistency of structured campaigns. In the evolving digital marketing landscape, UGC is becoming an indispensable tool, challenging brands to either adapt or risk obsolescence.
Lippe Taylor Group forms strategic partnership with MedFluencers
Lippe Taylor Group has partnered with MedFluencers, a physician-founded influencer marketing agency, to foster innovation in the healthcare and pharmaceutical sectors. Their collaboration aims to establish trustworthy influencer partnerships for authentic peer-to-peer insights. The focus of this alliance includes HCP influencer program standardization, compliance education, and cultivating digital peer and patient relationships. MedFluencers meticulously vets its influencers through its Pulse platform, ensuring reliability.
These influencers span various medical fields, creating content across platforms like Instagram, TikTok, YouTube, and Twitter. Paul Dyer, Lippe Taylor Group's CEO, underscores the significance of influencer credibility among medical peers. Corey Martin of Lippe Taylor emphasized that credentialed creators play a crucial role in combating misinformation. Founded in 2020, MedFluencers helps clients navigate the evolving influencer marketing landscape. In contrast, Lippe Taylor reported a 48% revenue growth in 2022, reaching $50 million in the U.S.
In China’s Clothing Markets, a Battle Over the Future of Livestreaming
During the pandemic, Chinese wholesalers at Hangzhou's Sijiqing, known as “China’s No.1 clothing street,” embraced livestream e-commerce to sustain sales. However, growing discomfort with livestreamers offering aggressive discounts and intruding into stores led Sijiqing to ban livestreaming, sparking a national debate.
The ban has been seen as an attempt to revert to pre-pandemic norms, despite the livestreaming industry's massive growth and the critical role it played during lockdowns. Critics argue that the future demands a blend of traditional and online retail, warning against completely shunning emerging technologies. They emphasize that the focus should be on quality service rather than unsustainable price wars
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Interesting People
Twitch Streamer Overtakes Kai Cenat for Most Subscribed Channel
In a significant shift on Twitch, a new streamer, Jynxzi, now ranks as the most subscribed channel, surpassing former leaders like Kai Cenat and Hasan Piker. This change underscores the dynamic nature of streaming platforms, where captivating content and authenticity are paramount for audience engagement.
Notably, Kai Cenat, who broke several Twitch records earlier this year, has seen a decline in subscribers. Meanwhile, Jynxzi, with over 106,175 subscribers, shines for his lively streams, notably in the game "Tom Clancy's Rainbow Six: Siege." His unique approach to entertaining his audience, like sending voice messages to competitors during matches, bolsters his charisma and appeal. As Twitch's rankings continue to fluctuate, industry professionals should stay attentive to these shifts and the ever-changing tastes of global audiences.
Benefit Cosmetics Taps Alix Earle for Limited-edition Beauty Bag
TikTok influencer, Alix Earle, is collaborating with Benefit Cosmetics for a special campaign at Ulta Beauty. This collaboration will feature Earle's favorite products from Benefit, including the popular Hoola Matte Bronzer, Roller Lash Mascara, 24-HR Brow Setter, and unique hair clips. Until September 9, customers can receive a free "Alix Made Me Buy It" makeup bag, which includes Earle's signature hair clips, with any Benefit purchase over $60 at Ulta, either online or in-store.
This partnership is a debut for Earle, renowned on TikTok for her influential beauty product recommendations. Benefit Cosmetics had previously collaborated with other influencers, like Desi Perkins and Laura Lee. Recently, Earle also joined "Call Her Daddy" podcast host Alex Cooper's new podcast platform, The Unwell Network, with the first shows set to premiere in September.
Twitch Streamer Kai Cenat Breaks Silence After New York City Giveaway
Twitch streamer Kai Cenat addressed the chaos that unfolded during his recent giveaway event at New York City's Union Square. Promising free video game consoles and other items, the event drew hundreds of fans and escalated quickly. By 4 p.m., the New York Police Department (NYPD) reported that thousands had gathered, leading to disruptions like garbage throwing, barricade tearing, traffic blockages, and even car vandalism. This required the intervention of 1,000 NYPD officers.
Cenat expressed his disappointment during a Twitch livestream, emphasizing his positive intentions and distancing himself from the disturbances. He said, "Being from New York, it has been my dream to give back to the community... I don’t condone any of the things that went on that day.
From mumfluencer to interviewing Drake: How Bobbi Althoff became TikTok's It Girl overnight
Bobbi Althoff went from parodying mum influencers on TikTok to interviewing the superstar, Drake. This sudden rise left many intrigued about her real identity. Three weeks post her podcast episode with Drake, Bobbi shared more about her background. Her strategy involved offering $300 for a celebrity guest introduction. Rick Glassman and Funny Marco were her initial guests, but after Drake noticed and followed her, she invited him, and he accepted.
Some speculated her industry connections, referencing her father's supposed link with Snoop Dogg. However, Bobbi clarified that her father merely picked up discarded doors from Snoop's neighbor's house. Bobbi's determination for content creation stems from her challenging upbringing and the desire to offer her children a better life. She values authenticity in her interviews, allowing celebrities to be genuine. Despite her online character's nonchalance, in reality, Bobbi's focus is securing a stable future for her family.
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Industry News
Updated FTC Endorsement Guides Hold Virtual Influencers to Actual Standards
The Federal Trade Commission (FTC) has updated its "Endorsement Guides" to include virtual influencers, reflecting the rise of hyper-realistic virtual endorsers in advertising. The expanded definition of "endorser" now encompasses both human and virtual entities. Key guidelines when engaging virtual influencers include ensuring natural alignment with the product, specifying content volume and exclusivity terms, clearly marking advertising relationships, and guaranteeing claims reflect real consumer experiences.
Content should be preapproved, and both brands and agencies are held accountable for influencer content and disclosures. Special caution is advised when targeting ads at minors. The FTC's standards also address fake reviews and other fictitious endorsements, underscoring a commitment to genuine advertising practices.
Sprout Social Acquires Tagger Media
Sprout Social, a leading social media management software provider, has acquired influencer marketing platform, Tagger Media, in a $140 million deal. This acquisition comes in response to the evolving landscape of influencer marketing, which has significantly impacted brand visibility and engagement. Justyn Howard, Sprout Social's CEO, highlighted the merger's aim to bridge the gap between primary social media tactics and influencer marketing, offering comprehensive social insights for businesses.
Tagger Media's platform allows firms to identify influencers, strategize campaigns, evaluate rival approaches, and assess ROI. Both companies anticipate that this union will enhance their market position and foster innovation in the burgeoning influencer marketing space. Sprout Social's CFO, Joe Del Preto, expressed optimism about Tagger bolstering the company's revenue growth, targeting $1 billion in subscription earnings.
Twitter/X's new monetization requirements for creators
Elon Musk's X, formerly Twitter, has revised its creator payout program. Now, creators need only 5 million impressions over three months (down from 15 million) to qualify for ad revenue sharing. The cash-out threshold is also lowered from $50 to $10. However, there's a catch: only impressions from verified accounts count, preventing bot-driven view inflation.
This adjustment might decrease earnings for creators, especially since X doesn't show "verified views." The platform began these payouts in July, targeting a total of around $5 million, but faced delays due to increased sign-ups. On the advertising front, X introduced ad sensitivity settings, letting advertisers select content adjacency levels. This initiative expands their partnership with Integral Ad Science, aiming to place ads appropriately. X's CEO, Linda Yaccarino, mentioned the company is close to breakeven and is working on a user video call feature.
Optional Tik Tok FYP Algo?
TikTok will allow its European Union users to turn off its potent content-selection algorithm, thanks to the EU's Digital Services Act (DSA), which aims to harmonize AI and digital services with human rights. This algorithm has been known to profoundly influence user behavior, often without their full awareness.
The new opt-out feature champions cognitive liberty, allowing users a choice beyond algorithm-curated content. They can view trending videos in their locality or a feed from creators they follow. The law also prevents targeted ads towards 13-17-year-olds and improves content reporting mechanisms.
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Great Paywalled Content
Cavinder twins and Jake Paul partnership launches with podcast - Fortune
TikTok influencers, Haley and Hanna Cavinder, have teamed up with Jake Paul's Betr, a venture-backed sports-betting and media platform. The Cavinder twins, notable for their basketball careers at Fresno State and the University of Miami, recently introduced their podcast, Twin Talk, to the platform. These twins, once among the highest-earning college athletes due to the NCAA's name, image, and likeness (NIL) monetization, see a natural alignment with Betr's focus on sports and entertainment.
They also hold equity in the company. This blending of sports media, betting, and influencer involvement echoes the success of platforms like Barstool, which recently saw its founder Dave Portnoy repurchase the company for just $1 after a $550 million sale. Betr, valued at $300 million, has attracted significant venture capital interest and seems to be emulating the Barstool approach, with the Cavinder twins as a pivotal addition. Their podcast's inaugural episode features Jake Paul.
TikTok influencer posts her five-figure monthly earnings online. She says pay transparency is as 'authentic' as it gets - Insider
Victoria Paris, a 24-year-old TikToker, is candidly sharing her earnings to highlight the importance of pay transparency. Starting her TikTok venture during the Covid-19 lockdown, Paris transitioned from roles such as a personal trainer and nanny to becoming a full-time influencer.
Through TikTok's new Creativity Program Beta, she's revealing her income, emphasizing that individuals deserve fair compensation for their work. In 2021, she earned $42,497 from TikTok's Creator Fund, with brand partnerships being her primary income source. Recently, Paris disclosed earning over $10,000 in a month solely from TikTok. Despite her growing income, she remains concerned about maintaining her brand's relatability. Paris attributes her success to authenticity, believing it resonates universally.
DTC founders as influencers—behind the marketing risks and rewards - Ad Age
Direct-to-consumer (DTC) brands increasingly leverage their founders as primary influencers. Emily Weiss of Glossier and Nell Diamond of Hill House Home are exemplary cases, having used their personal social media presence to effectively promote their brands. However, relying too heavily on founders carries risks. Tyler Haney, formerly of Outdoor Voices, drew negative attention when criticizing her brand on social media after departing.
Additionally, allegations against Reformation’s founder, Yael Aflalo, resulted in calls to boycott the brand. Experts advise diversifying marketing strategies to minimize the risks associated with a founder-centric approach. Despite the genuine authenticity founders bring to their brand's promotion, ensuring the company has a broad, integrated marketing strategy can protect the brand from potential pitfalls associated with founder departures or controversies.
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