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Sinking Ships and Sign-Up Surges
Monday, June 12th, 2023
1. Tiki and TikTok
Tiki, the wannabe TikTok replacement, is throwing in the towel and shutting down in India. Despite its impressive 35 million monthly users, the app couldn't escape the curse of the TikTok ban. Owned by a mysterious entity called Dol Technologies, Tiki's demise leaves us pondering how it was even funded. As the Indian short video market continues its consolidation, with other companies like Times Internet and Xiaomi giving up, Tiki's departure adds another laughable chapter to this tragicomedy of failed video apps. Farewell, Tiki, thanks for the entertainment and for leaving the Indian market wide-open for Instagram Reels!
2. Better.com: A Spectacular Sinking Ship
Digital mortgage lender Better.com has waved goodbye to the real estate business, and boy, were they killing it! They axed their in-house real estate team, opting for a partnership model instead, and the poor souls who got the boot were generously rewarded with "little to no severance" after enduring salary cuts. With rumors swirling about Better.com's exit strategy, it's no shocker that they couldn't compete with the housing market slowdown caused by rising mortgage rates. Better.com's layoff spree has been quite the spectacle, starting with those infamous Zoom firings and followed by multiple rounds of layoffs. They have a postponed SPAC deal which is definitely still happening…? The Better.com drama is the gift that keeps on giving.
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3. Twitter Shall Not Pay!
Twitter has decided to play hardball with Google by refusing to pay its Google Cloud bills. Reports suggest that Twitter's trust and safety teams might suffer the consequences, but specific details are as scarce as Twitter's character limit. And let's not forget that Amazon has also chimed in, withholding advertising payments until Twitter settles its outstanding bills. Elon Musk, the cost-cutting champion, is here to save the day. With his genius plan to slash infrastructure costs by a mere $1 billion, it's clear he's a master at turning struggling companies into success stories.
4. Netflix's Surprising Daily Sign-Up Surge
We recently reported on Netflix's brilliant move to squeeze every penny out of its customers by cracking down on password sharing. Somewhat surprisingly, their plan to charge users an additional $8 per month for each additional member outside of their homes is working like a charm! Daily sign-ups for Netflix have skyrocketed since this change, surpassing even the levels seen during the initial COVID-19 lockdowns. Well played, Netflix, well played.
5. UK Prime Minister Positioning UK to Take on Silicon Valley
Prime Minister Rishi Sunak will deliver an earth-shattering message to tech leaders: Britain must act swiftly to stay relevant in the tech world. Apparently, the "tectonic plates of technology are shifting," and Sunak's plan is for the UK to become the best country on Earth for starting, growing, and investing in tech businesses. He also wants to host a global summit on A.I. safety, making the UK the intellectual and geographical home of A.I. regulation. Move over Silicon Valley, the UK is here to revolutionize the tech scene with groundbreaking statements and grandiose visions!