Wednesday, July 10

🌟 Today’s Highlights:

• Facebook is decluttering the Reels viewing experience

• Instagram claims they’re sticking to short-form video

• Google is testing country labels on search snippets

• 📊 Stat of the Day: Snap is the cheapest channel for brands to acquire customers, at a $64.31 customer acquisition cost, while Reddit is the most expensive channel, at a $158.96 CAC. (Source: Business Insider)

• 💡Today’s Insight: How TikTok’s looming ban affected ad spend (so far)

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💡 Today’s Insight 💡

How TikTok’s looming U.S. ban has impacted ad spend (so far)

🗞 TL;DR - It’s been a little over four months since President Biden signed TikTok’s potential ban into law, and while users still haven’t landed on another social platform, the impact on ad spend is pretty clear in Adweek’s latest analysis.

💡 Insight - Ad spend on TikTok in March, before the ban was signed into law, was up 19% year-over-year. In April, growth fell to 11% and in May, 6%, according to MediaRadar data. To add insult to injury, four of TikTok’s top 10 advertisers significantly reduced spend on the app from March to April including Target (by 30%), DoorDash (by 25%), Bayer (by 20%), and Procter & Gamble (by 10%).

According to Adweek’s report, “As long as the possibility of a ban exists, advertisers are likely to divert spending to other platforms.” The already dwindling numbers on ad spend and reduction in top partners shows that the shift is already happening.

Advertisers are the first to take their money elsewhere, but it may be a signal of user activity overall. Users are still spending large amounts of time on TikTok – U.S. usership is even forecasted to grow 6% this year. But expert analysis also found that time spent on TikTok—and social media entirely—is slowing and may plateau by 2025. So, TikTok isn’t dead (yet) but the next year will certainly be interesting for the platform.

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🎙️ AIRCHAT - Airchat – remember, the buzzy audio social platform from a few months ago? – is pivoting less than three months after it launched. It now basically looks like an asynchronous Clubhouse (RIP).

🏆 OLYMPICSTOK - ‘Tis the Olympics season! TikTok has already jumped on a new promotional campaign in partnership with the U.K. Olympic team to highlight how the app helps to support athletes and creators.

⚡️ Today’s Headlines ⚡️

🤑 X might even give away free trials to convince you to go Premium

🧹 Facebook is testing an uncluttered Reels viewing experience

⏱️ Instagram claims it isn’t going to focus on long-form video

💬 Spotify is going to let users leave comments on podcast episodes

🏷️ Google is testing attaching country labels to search result snippets