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May 10, 2024 10 mins
In today's episode, we'll discuss the ripple effects of Jack Dorsey's departure from Bluesky and what it signifies for social media's future. We'll touch on Reddit's impressive user growth and revenue surge in the first quarter. Find out why Instagram is now edging out TikTok when it comes to video-based user acquisition. Learn about the new feature from Threads that lets creators see how many people are viewing their posts. And we'll delve into the startling report indicating that publisher referrals from Facebook have halved. Stay tuned for all this and more on Creator Daily.
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Jack Dorsey, the former CEO of Twitter, now known as X, has confirmed his departure from Bluesky, a decentralized social media project. Dorsey, who still owns shares in Twitter, will no longer play an operative role in social media but remains committed to his other ventures. Notably, he will focus on Block, formerly Square, which includes a point-of-sale business and crypto-related bets, with a particular interest in Bitcoin's potential impact in Africa.
Dorsey's management style has been criticized by former employees of Block and Twitter as detached, and some suggest that his leadership lacked strength and foresight. His departure symbolizes the end of an era; social media has evolved to take on more serious economic and social responsibilities requiring mature leadership—a contrast to Dorsey's unconventional style. Social media CEOs like Mark Zuckerberg and Evan Spiegel have evolved, reflecting the industry's growth into a legitimate business sector.
While Dorsey has supported Elon Musk's involvement with Twitter and seems to align with Musk's critical view of the company's past management, his exit from Bluesky points to the significant changes in what social media once represented. It also emphasizes a point where idealism must meet the demands of capitalism, a junction where Dorsey has lingered for quite some time. With his latest move, he chooses a path that leans away from direct involvement in the industry he once helped shape, taking a backseat to focus on other interests.
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It's been a significant quarter for Reddit as the company has just delivered its first quarterly performance update since becoming a publicly listed company. The platform is experiencing a surge in user engagement, hitting an all-time high with 82.7 million daily active users, marking a 37% increase from the previous year. Revenue-wise, things are looking up with a substantial 48% year-over-year increase, translating to $243 million for the quarter.
However, it's worth noting that while daily active users have hit a peak, this doesn't necessarily represent the highest user activity Reddit has ever seen. In the past, around 2019, the monthly active users were reported at 430 million, which could suggest that daily active numbers had potentially been much higher at some point. But since Reddit has shifted its reporting standards to focus on daily metrics, this is the highest they've reported within that context.
Despite these gains, not everything in the report is rosy. The bottom line shows Reddit operating at a $575 million loss, mainly attributed to increased costs from stock-based compensation and related taxes following its IPO.
As Reddit continues to evolve, attracting more users and refining its revenue streams remains vital. The platform's international growth efforts and developments in ad options are proving to be key strategies in this effort. Reddit may also be benefitting from a user migration from X, as the platform becomes increasingly important for brand insights and genuine product discussions.
Looking ahead, it's clear Reddit is on an upward trajectory, even considering the short-term financial setbacks. As they work towards restructuring their business for better revenue potential, the focus will be on how they can continue to draw in users and establish themselves more firmly in the competitive social media landscape.
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Hey there! In a recent survey, Instagram has come out on top over TikTok as the platform of choice for video-based user acquisition among marketers. A whopping 79% of survey participants said they'd allocate at least three-quarters of their budget to Instagram when divvying up their user acquisition spend. TikTok landed the remaining quarter, despite 53% of those surveyed using both platforms in 2023.
This preference may be due in part to Instagram's advertising ecosystem, which may be seen as more mature and accommodating to marketers. The survey, conducted by Zoomd prior to the U.S. Congress pushing TikTok to drop its Chinese ownership or face a ban, also brought some other interesting insights to light. For instance, half of the mobile marketers have leveraged artificial intelligence to boost their user acquisition campaigns. What's more, influencers and creators continue to be essential, with 56% employing them in 2023 for user acquisition – a
Mark as Played
Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:04):
Welcome to another episode of Creator Daily. I'm your host Michael, covering the
top news story's latest strategies and emergingtrends in the overall creator landscape. In
today's episode, we'll discuss the rippleeffects of Jack Dorsey's departure from Blue Sky
and what it signifies for social media'sfuture. We'll touch on Reddit's impressive user

(00:24):
growth and revenue surge in the firstquarter. Find out why Instagram is now
edging out TikTok when it comes tovideo based user acquisition. Learn about the
new feature from Threads that let's creatorssee how many people are viewing their posts,
and will delve into the startling reportindicating that publisher referrals from Facebook have
had Stay tuned for all this andmore on Creator Daily. Jack Dorsey,

(00:52):
the former CEO of Twitter now knownas x, has confirmed his departure from
Blueski, a decentralized social media project. Dorsey, who still owns shares in
Twitter, will no longer play anoperative role in social media, but remains
committed to his other ventures. Notably, he will focus on block formerly Square,
which includes a point of sale businessand crypto related bets, with a

(01:15):
particular interest in Bitcoin's potential impact inAfrica. Dorsey's management style has been criticized
by former employees of Block and Twitteras detached, and some suggest that his
leadership lacked strength and foresight. Hisdeparture symbolizes the end of an era.
Social media has evolved to take onmore serious economic and social responsibilities, requiring

(01:37):
mature leadership, a contrast to Dorsey'sunconventional style. Social media CEOs like Mark
Zuckerberg and Evan Spiegel have evolved,reflecting the industry's growth into a legitimate business
sector. While Dorsey has supported ElonMusk's involvement with Twitter and seems to align
with Musk's critical view of the company'spast management, his exit from Blue Sky

(02:00):
points to the significant changes in whatsocial media once represented. It also emphasizes
a point where idealism must meet thedemands of capitalism, a junction where Dorsey
has lingered for quite some time.With his latest move, he chooses a
path that leans away from direct involvementin the industry he once helped shape,
taking a back seat to focus onother interests. It's been a significant quarter

(02:24):
for Reddit, as the company hasjust delivered its first quarterly performance update.
Since becoming a publicly listed company,the platform is experiencing a surge in user
engagement, hitting an all time highwith eighty two point seven million daily active
users, marking a thirty seven percentincrease from the previous year. Revenue Wise,

(02:46):
things are looking up, with asubstantial forty eight percent year over year
increase, translating to two hundred fortythree million dollars for the quarter. However,
it's worth noting that while daily activeusers have hit a peak, this
doesn't necessarily represent the highighest user activityReddit has ever seen in the past.
Around twenty nineteen, the monthly activeusers were reported at four hundred thirty million,

(03:08):
which could suggest that daily active numbershad potentially been much higher at some
point, but since Reddit has shiftedits reporting standards to focus on daily metrics,
this is the highest they've reported withinthat context. Despite these gains,
not everything in the report is rosy. The bottom line shows Reddit operating at
a five hundred seventy five million dollarsloss, mainly attributed to increased costs from

(03:32):
stock based compensation and related taxes followingits IPO. As Reddit continues to evolve,
attracting more users and refining its revenuestreams remains vital. The platform's international
growth efforts and developments in ad optionsare proving to be key strategies in this
effort. Reddit may also be benefitingfrom a user migration from X as the

(03:54):
platform becomes increasingly important for brand insightsand genuine product discussions. Looking ahead,
its clear Reddit is on an upwardtrajectory, even considering the short term financial
setbacks. As they work towards restructuringtheir business for better revenue potential, the
focus will be on how they cancontinue to draw in users and establish themselves

(04:15):
more firmly in the competitive social medialandscape. Hey there. In a recent
survey, Instagram has come out ontop over TikTok as the platform of choice
for video based user acquisition among marketers. A wopping seventy nine percent of survey
participants said they had allocate at leastthree quarters of their budget to Instagram when
divvying up their user acquisition spend.TikTok landed the remaining quarter, despite fifty

(04:42):
three percent of those surveyed using bothplatforms in twenty twenty three. This preference
may be due in part to Instagram'sadvertising ecosystem. Which may be seen as
more mature and accommodating to marketers.The survey, conducted by Zoomed prior to
the US Congress pushing Tikis Talk todrop its Chinese ownership or face a ban,
also brought some other interesting insights tolight. For instance, half of

(05:06):
the mobile marketers have leveraged artificial intelligenceto boost their user acquisition campaigns. What's
more, influencers and creators continue tobe essential, with fifty six percent employing
them in twenty twenty three for useracquisition and swings, towards greater investment in
such content creators this year. Thesurvey did highlight some challenges as well,

(05:30):
particularly the struggle mobile marketers face withnew privacy driven tracking changes on iOS and
Android. Only a small proportion areprimarily using first party data, but budgets
for retargeting and retention campaigns are onthe rise. It also painted an optimistic
picture for user acquisition budgets, withover half the respondents looking to crank up

(05:50):
their spending this year. Lastly,when it comes to making money from their
apps, in app purchases remain themost popular method among eighty one percent of
versus respondents, close behind half ofthe marketers utilize in app advertising, and
thirty eight percent depend on payments fordownloads or subscriptions. So it seems when

(06:10):
it comes to user acquisition, Instagramstill has that captivating pull for marketers.
Social media platform Threads has introduced viewcounts on individual posts, a feature similar
to what Elon Musk's X rolled outback in twenty twenty two. Now,
users on Threads can see how manytimes their posts have been viewed, which

(06:30):
appears at the top when you tapon a thread. Adam Massari, the
chief of Instagram and Threads, believesthis provides crucial context for users trying to
gauge their reach beyond just likes andcomments. However, while these stats could
reassure users that their content isn't beinghidden or restricted, it also poses a

(06:51):
risk. There's a chance that youcould see thousands have viewed your post,
but none engaged with it, whichmay not be the motivational pus bush some
are hoping for. It's possible thiscould even dissuade users from posting if they
observe high viewership but low engagement.The new feature is part of an ongoing
trend in social media to provide moredetailed analytics to users, especially those looking

(07:15):
to enhance their visibility and content strategy. Even so, the impact of view
counts on user behavior and content creationremains to be seen as social media platforms
continue to experiment with ways to increaseuser engagement and content sharing. A new
report released by Chartbeat and similar Webindicates a significant drop in Facebook's referral traffic

(07:39):
to publisher websites. The data coveringseven hundred ninety two news and media sites
shows a fifty percent decline in Facebookreferrals over the past year, an ongoing
trend that points to Meta's strategic shiftaway from news content. Since twenty eighteen,
traffic from Facebook to news sites hasplummeted by fifty eight percent, from

(08:00):
one point three billion to just fivehundred sixty one million in the last month.
This trend has particularly affected smaller mediaplayers, who have seen a substantial
decrease in traffic from Facebook. Metahas been actively reducing news content in its
apps, ending its Facebook News projectin December last year and announcing a reduced

(08:20):
reach for political content. The companyis focusing on AI recommended videos and user
feeds instead, moving away from prioritizinguser engagement metrics like comments and likes,
and leaning more on time spent asa measure. This change is part of
a broader strategy shift following public feedbacksuggesting a desire for less political content,

(08:41):
a sentiment further reinforced after Mark Zuckerberg'scongressional hearings post Capital Riots. By steering
clear of news and political content,Meta aims to present a more positive user
experience and decrease its regulatory scrutiny.For news publishers, the decline in Facebook
referrals could be challenging financially, yetthe shift might be beneficial overall for the

(09:03):
state of social media. Meta's pivotreflects a broader industry movement to reduce the
spread of misinformation and avoid politically chargedcontent. The company's approach, mirrored in
its new app Threads, focuses onupbeat and entertainment based content, which seems
to be resonating with users. Despitethe challenges for publishers, Meta's transition might

(09:26):
lead to a more positive and engagingexperience for social media users overall. That's
a wrap. On today's episode ofCreator Daily, I'm your host, Michael,
and it's been an absolute pleasure sharingthe latest news strategies and trends from
the Creator landscape with you. Remember, if you want to dive deeper into
any of the stories we talked abouttoday, you can find all the juicy

(09:46):
details waiting for you in the shownotes, links, resources, articles.
It's all there to help you stayahead of the curve. And hey,
we're not just a voice in yourheadphones. We're a community, So if
you've got thought questions or that lightbulb moment you're itching to share, don't
hesitate to shoot us an email atCreator Daily at podcrafter dot com. We'd

(10:07):
love to hear what's on your mind. Thanks for tuning in, and be
sure to hit that subscribe button soyou don't miss out on our next episode.
Until then, keep creating, keepinnovating, and keep being awesome.
Catch you next time.
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