Instagram announced a new shopping feature, “Drops”, on Wednesday, which is a tab that opens a feed of potentially trendy products for sale on the app. Placed on the Shop section, brands that want to be at the center of culture, community, and commerce can choose to launch products here. Instagram aims to compete with eCommerce giants with Drops.
Social networking giant Facebook on Wednesday said it will now allow users on its platform as well as those on Instagram to hide their public ‘like’ counts. This is part of the company’s efforts to give people control over their experience, a statement said.
Streaming platform Crackle Plus that promoted a $2 billion worth of content and ad-supported network “Chicken Soup for the Soul” earlier this month, has unveiled a new tool that allows marketers to measure campaign effectiveness, from brand awareness to customer acquisition – and help determine whether their CTV investments are paying off.
As competition for on-demand entertainment heats up, VTB Group and Russian billionaire Roman Abramovich are investing in Ivi.ru, the country’s most popular video-streaming service. In a $250 million investment round, Russia’s second-largest bank and steel billionaires Alexander Abramov and Alexander Frolov’s Invest AG joined as new shareholders.
Axios’ Local program has picked up over 350,000 members in its first four months. By the end of 2021, Axios Local expects to generate between $4 and $5 million, and by 2022, it expects to triple that amount. This year, the Charlotte location alone is expected to generate more than $2 million in sales.
Chinese gaming giant NetEase Inc.’s music streaming arm has filed for an initial public offering in Hong Kong to raise about $1 billion, as the Tencent Holdings Ltd. rival ratchets up competition in online content. It has submitted a listing application for Cloud Village Inc., which runs NetEase’s music streaming platform in China.
PayPal will soon allow users to move their digital assets to third-party wallets. Jose Fernandez da Ponte, who leads PayPal’s blockchain unit, made the announcement on Wednesday during Coindesk’s Consensus 2021 conference. This feature of moving cryptocurrencies to third-party services will also apply to PayPal’s mobile payments service Venmo.