8.8.2016

Good to Know: It’s #InternationalCatDay. BTW, over the weekend, the hashtag #FirstSevenJobs was trending thanks to @mariancall. People shared their first seven jobs. Did you? If not, it’s not too late! Take a min, reflect a little, and tweet at us (@virtual_skinny)!

THE SKINNY

When You’re Just Looking Out (For clickbait)…

Facebook doesn’t want its users to deal with ‘clickbait’ articles in your newsfeed.

When You Need To Use It In A Sentence …

Clickbait aka articles with headlines that leave you feeling misled, tricked, or underwhelmed after clicking the link (e.g., Headline: You won’t believe what XYZ celeb did! The Actual Content: [Insert uninteresting, mundane activity like a grocery story run].

When They’ve Heard You Loud & Clear …

Facebook users aren’t amused and complain about these annoying clickbait articles. So, FB decided to put some brainpower behind solving the problem. FB employees have narrowed down types of click bait into two groups. Category 1: ‘Curiosity gap headlines’ (see example above) and Category 2: Flat out misleading headlines.

When You’ve Found A Solution …

FB’s changed up its algorithm so that publishers who dabble with the worst type of clickbait just simply won’t reach the number of FB users they’d like. But no need to go to basic, boring, and bulky headlines just yet. FB’s only going after the worst offenders.

When Others Chime in…

Last night, John Oliver dug deep into journalism and even talked ‘clickbait’ and what that means for the future of journalism.

WHAT ELSE IS GOING ON?

Didn’t They Tell You That I Was a Savage?

In case you haven’t heard, Instagram hit ‘copy and paste’ on Snapchat’s Stories. That’s right … Insta pulled a boss move and copied Snapchat’s Stories feature. The basic concept is that you can post pics at the top of your newsfeed, but it’ll “disappear” after a day. Insta’s version is called ‘Instagram Stories.’ #ShockerButNotReally Turns out people seem to like it better. And business wise, Snapchat should be worried. Instagram’s got a larger audience (its 350 million daily users v. Snapchat’s 150 million users) and possibly better tools. Uh Oh!

THE STREETS ARE TALKIN

E-commerce site Jet.com tried to take on e-commerce giant Amazon. But, it didn’t work. Walmart stepped in and paid $3 billion in cash money for Jet.com. Now, it’s back to the Wal-Mart v. Amazon matchup. Advantage, Walmart?

Back on! Online fantasy sports sites FanDuel and DraftKings can now legally operate again in New York. But, there’s a catch. NY Governor Andrew Cuomo says the sites’ contests are now considered a “game of skill,” which basically means NY regulators will be watching. And, the sites will have to pay new fees.

Google is off to the races in India. The company’s winning the emerging market (ahead of Facebook and Microsoft) with its free Wi-Fi program, and that’s major! #NextBillion

Yahoo’s going through things right now. But, it’s still got its eye on the prize. It’s launching Yahoo View, a TV watching site, with the help of Hulu.

In more TV watching news, Comcast, Time Warner, Disney, etc. have all poured money into online companies to reach younger audiences. But not Viacom. The company hasn’t gone down the digital investments road yet. Rumor has it that Viacom has its eye on BuzzFeed. Unlikely, but anything’s possible…

Speaking of not making investments, Chinese Internet giant Alibaba has no plans to get involved with U.S. streaming service Netflix.

MAKING MOVES

Twitter just lost a member of its Comms team. Jim Prosser is heading over to marketplace lending company SoFi.

Everyone’s trying to be a tech company, including healthcare and consumer goods company Johnson & Johnson. J&J is kicking of its new tech business with the help of former Dropbox exec Marc Leibowitz.

After almost 8 years on Google’s self-driving car projects, Chris Urmson is peacing on account of he’s ‘ready for a fresh new challenge.’

And now that Verizon is buying Yahoo, the Internet company’s VP of global PR & Communications Anne Espiritu is ready to dip. She’s going the startup route and is joining health-care company Oscar Insurance Corp.

1.27.2016

Good to Know: Spread the word! The Virtual Skinny’s weekly FinTech is here. Tell your peeps to sign up here.

THE SKINNY

When Everyone’s Talking About You …

At last week’s World Economic Forum in Davos, Switzerland, “fintech” was all the rage. Apparently, the term is no longer just for startup companies using technology to shake up the financial services industry. Traditional banks are saying they are about that “fintech” life too.

When You’re Not Quite Part of the Convo …

Though fintech was the talk of the town and startup execs made their first trip to Davos, incumbents were still running things and led discussions about the “Fourth Industrial Revolution” and “The Transformation of Finance.” It’s an interesting time, especially since old-school financial firms have as much as US $150 billion of revenue to lose to fintech startups according to consulting company Oliver Wyman.

When Someone Rains On Your Parade…

Not everyone is buying into the fintech hype, some bankers are pointing out major hurdles like regulation. Large banks also want to make sure that the new kids on the block play fair when it comes to offering consumer services. Not to mention, there’s talk on Wall Street. that fintech upstarts may have already reached their peak. Cue companies folding and/or merging with banks, potentially.

When You Have Other Options …

European officials like Dutch Finance Minister Jeroen Dijsselbloem aren’t shying away from fintech. Turns out that Dijsselbloem thinks European economies are way too reliant on traditional banking. He says alternatives are a good thing, and regulators should embrace that. Financing options are good for people and small- and medium-sized businesses.

WHAT ELSE IS GOING ON?

Belle of the Ball…

Also at Davos, ex-JPMorgan Chase exec Blythe Masters just pulled US $52 million to fund her blockchain technology startup Digital Asset Holdings (DAH). Where’d the money come from? A bunch of banks including Masters’ former employer forked over cash to help fund the new company, but it took longer than expected. Some banks opted out all together. Literally everyone is talking about “blockchain this” and “blockchain that,” but the technology’s real world uses haven’t quite caught up to talk of its potential. But, Australia’s main stock exchange, ASX, is on board. It inked a deal with DAH to settle trades and transfer money faster.

THE STREETS ARE TALKIN’

Peer-to-peer money transfer app Venmo is looking to make some money this year, and it plans to use its new feature “Pay with Venmo” to do just that starting today. Think of it as an alternative to paying for stuff online with your credit card.

Alternative lending startup Social Finance (SoFi) wants you to know who they are so it’s willing to shell out 20% of its annual budget for an ad spot during this year’s Super Bowl. In case you’re wondering, SoFi’s main jam is refinancing student loans and personal loans for qualified millennials.

Decentralize All The Things aka DATT, a social network based on blockchain technology, is almost complete. Start the six-month countdown.

When it comes to FinTech, London, Silicon Valley, Hong Kong, and Singapore are the usual suspects, but Mexico and South Africa are right on their heels.