It’s no secret that social media, like most things, is constantly adapting and changing to the world around us. Platforms are continually trying to stay up to speed with what consumers are expecting, and that often manifests itself into major changes being made to those platforms. February isn’t even over yet, but we’ve already seen huge changes in some of our favorite social media platforms. Here are three social media updates we’ve seen so far in 2020.
1. Instagram announces upcoming IGTV monetization.
One of the most prominent updates thus far is Instagram’s announcement that they are testing out options for monetizing IGTV videos. Although we’ve discussed IGTV and its issues gaining traction before, it looks like the lack of active users isn’t deterring the platform from working to improve its features.
It appears that, similar to YouTube monetization, creators can earn money by running short ads on their IGTV content. However, it’s looking like there will be eligibility requirements for who can and can’t monetize their videos – requirements that haven’t been announced yet. It will be interesting to see how this goes and if it turns out to be profitable for creators!
2. Vine seems to be reborn with the launch of Byte.
In late January, Byte, a new short-form video app similar to Vine, was released; since its release, it has seen stunning amounts of downloads. A huge amount of people remember Vine fondly, quoting videos from the platform on an almost daily basis. However, the app “died” in 2017, leaving users upset and missing the content.
Enter Byte. This app has been referred to as the “second coming of Vine” by many news outlets, and it seems like people are totally on board. The app saw 1.3 million downloads in its first week on the app store, though it remains to be seen how this platform performs long-term.
3. Linked CEO, Jeff Weiner, steps down.
Earlier this month, the CEO of LinkedIn announced that he would be stepping down. His position will be taken over by Ryan Roslansky, the company’s Senior Vice President. Jeff Weiner is not leaving the company, however; he will be stepping into the Executive Chairman position where he will focus on creating more global economic opportunities.
In an interview with Wired, Jeff Weiner was quoted discussing economic inequality, saying, “The people that have the social capital, create opportunities for people like them. The people that don’t have the social capital sometimes can’t get access. And so what we’re trying to do is provide opportunities, create opportunities, and help level the playing field for equal talent and close this network gap.” This could be a huge step for Weiner and LinkedIn as a whole as they try to break the vicious cycle of capital equaling power! We’re looking forward to seeing where he goes, as well as how Roslansky steps into his new position as LinkedIn’s CEO.
Social media updates have already come so quickly this past month and a half; it looks like 2020 is gearing up to be a huge year for many social media platforms. It’s exciting to see the way things change so quickly! Having trouble keeping up with the ever-evolving nature of digital marketing? Don’t worry – reach out to us here at Blackwood Creative. We’re the experts in digital and content marketing, and we’re in the business of building remarkable brands. Let’s go through this journey together!