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It’s Friday, October 6th, FutureParty people. And for those who aren’t aware, it’s one of the greatest holidays of the year: National Noodle Day. Amazingly, we’re not making this up, giving you an official excuse to load up on delicious spaghetti, ramen, or pad thai. Every culture knows noodles are worth celebrating.
In other news… X experiments with everything, AI recommends your Friday night movie, and Bandcamp finds modern success in old media.
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SOCIAL MEDIA
Things are breaking // Illustration by Kate Walker
X cracks under the weight of its ambitions
The Future. X is throwing a bunch of new features against the wall in hopes of boosting lost ad revenue (historically the big moneymaker for the company) and increasing engagement directly on the platform (the sign of a good user experience). But potentially without enough cash to fund and scale the projects, owner Elon Musk, one of the richest men in the world, may need to take on strategic outside financing to stay afloat.
Everything but the kitchen sink
X is the poster boy platform of wanting to expand into new business while crumbling its existing ones.
It’s planning on getting into the social-shopping craze, testing features that would allow for one-click checkouts, live shopping, and the ability to serve product ads via DM (a move sure to feel like email spam).
It’s doubling down on video and trying to incentivize brands, sports leagues (like its rich deal with the NFL), and artists to post exclusive ads and content directly to the platform (such as through its Amplify program, which it hopes to revive).
It also, bizarrely, got rid of headlines on shared articles because Musk said links lead people out of the platform, which he wants to disincentivize… suggesting people should instead just “post content in long form.”
Will any of these changes work? It remains to be seen, but CEO Linda Yaccarino spent yesterday trying to convince the company’s lenders that the reboot will make a difference, especially as Musk’s initial plan to turn X into a subscription powerhouse has flatlined at 815,000 and 865,000 signups… or 3% of the app’s user base.
All the upheaval has X likely valued at $8 billion, according to Reuters. That’s far less than the $44 billion Musk paid for it and even less than the $13 billion in debt the lenders hold.
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ARTIFICIAL INTELLIGENCE
“I’ll handle it, human” // Illustration by Kate Walker
Pix programs an AI entertainment curator
The Future. Startup Likewise, founded by former Microsoft communications chief Larry Cohen and backed by Bill Gates, is launching an entertainment recommendation chatbot called “Pix.” Even though streaming services are beginning to test their own AI-powered curation systems, having an easy-to-use virtual assistant that can send knowledgeable recs across streamers and surface relevant information on those titles may make them all obsolete… as long as it remains much cheaper than the streamers themselves.
Automated scroll
Can’t think of something to watch? Now you can ask AI.
Pix, which uses Likewise’s proprietary data and tech from OpenAI, will be able to offer on-demand, personalized recommendations for movies, shows, books, and podcasts.
People can ask Pix for recs via text, email, on the Pix mobile app, the company’s website, or via voice-remote on Pix’s TV app.
Pix’s recommendations span all currently available streaming services, with users able to ask for recommendations from specific groupings — making sure they don’t get recs for titles on streamers they don’t have.
Pix’s recommendations are updated in real time, making sure users don’t get sent titles that are no longer available, and will send users recs based on their preferences when they become available.
When Pix sends a recommendation, it also sends a webpage that includes information like “description, rating, reviews and, for movies and TV shows, a trailer to watch,” according to TechCrunch.
Pix is currently free for users, leveraging ads to generate revenue — a move straight from the social media playbook. Which means, in the near future, expect this to become a paid subscription… just like your slate of streaming services.
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MUSIC
That good stuff
Bandcamp stays profitable by pushing physical sales
The Future. Andrew Thompson, founder of research project “Components,” breaks down why Bandcamp (which is in the process of being sold) has a better music business model than Spotify. The key to Bandcamp’s success is vinyl sales, which has re-emerged as the top way for fans to listen to their favorite artists. Coupled with the outsized demand for moviegoers to watch Oppenheimer in IMAX 70mm, premium physical products and experiences may be undergoing a renaissance after a decade of all-you-can-stream digitization.
Record revenue
While Spotify built a one-size-fits-all subscription model that was meant to reach people on a massive scale, Bandcamp focused on creating a tiered system that allows musicians to decide how their music can be consumed.
On Bandcamp, artists can let fans listen to songs for free, pay a nominal fee for digital downloads, and set robust prices for physical media — all on the same page.
The artists who do the best on the platform are those who can convert its biggest fans into regular physical-media consumers — especially vinyl, which accounts for 30% of items sold.
Those big fans are the lifeblood of Bandcamp — just 20% of users drive a whopping 80% of the company’s revenue. And although Bandcamp only had $20 million in revenue last year, the company is profitable and actually the biggest seller of independent music worldwide.
Meanwhile, Spotify may have a $26 billion market cap, but it’s been in the red 14 of the past 19 quarters since it went public. The company has had to expand into podcasts, and now audiobooks, to increase its margins.
Spotify will still be the premier destination for users to try out new artists and launch them into the cultural conversation. But for those looking to make some money once they’ve established their fanbase, Bandcamp may provide an enticing model.
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“Drink responsibly” has a fresh meaning
Yes, the old meaning of “drink responsibly” is still VERY relevant. (It’s always good to pace yourself and stay hydrated). But “drink responsibly” also means drinking ZBiotics before you drink!
You see, alcohol produces acetaldehyde — which is toxic to the body. But when you have a ZBiotics Pre-Alcohol Probiotic Drink before a night out, it breaks down the acetaldehyde while you imbibe. So you won’t feel horrible the next day. And that’s pretty responsible if you ask us!
Try it with the code TFP15 for 15% off.
Highlights
The best curated daily stories from around the web
Media, Music, & Entertainment
Kevin Costner is boldly releasing his partly self-funded Western epic, Horizon, in two back-to-back parts next summer — with the first installment dropping on June 28th, 2024 and the second on August 16th. Read more → deadline
Charter and Comcast have banded together in hopes of taking on Apple, Amazon, and Roku with the release of their Xumo streaming box. Read more → thr
Sony is rebooting its service that allows PlayStation users to buy and rent Sony Pictures movies and shows… but this time, with the ability to stream in the equivalent of 4K. Read more → variety
Fashion & E-Commerce
Vuori, a Lululemon rival backed by Softbank, plans to IPO mid-next year at a valuation of over $4 billion. Read more → bof
Uber wants to fulfill the most annoying trip of all — taking your package to the post office. Read more → wsj
The first physical shoe from Nike’s NFT-focused marketplace, .SWOOSH, is dropping on October 20th on the SNKRS app… but only for customers who purchased and unboxed one of its digital sneakers earlier this year. Read more → bof
Tech, Web3, & AI
Amazon’s answer to SpaceX’s Starlink, Kuiper, is launching its first two satellites today. Read more → engadget
Google’s Pixel 8 smartphone is loaded with AI photo-editing features that border on capturing memories that never happened. Read more → wired
Microsoft’s redesign of its military-focused goggles, which features a HUD display of “battlefield information,” gets a thumbs-up from the Army. Read more → bloomberg
Creator Economy
Will Ferrell and iHeartMedia are teaming up on a comedy creator fellowship called “Big Money Players Circle,” giving selected participants access to mentorship, brand partnership, and iHeart’s content network. Read more → variety
A deepfake of MrBeast hawking 10,000 iPhone 15 Pros for $2 each was allowed to go viral on TikTok for a few hours before being taken down (granted, it does sound like a MrBeast stunt). Read more → tubefilter
Patreon has updated its service to become an all-in-one subscription/content creation/business-running platform to bring people back from managing their communities across rivals TikTok, YouTube, and Discord. Read more → theverge
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Today’s email was written by David Vendrell.
Edited by Melody Song. Copy edited by Kait Cunniff.
Published by Darline Salazar.