IT SEEMS LIKE AUDIO PLATFORMS ARE ALL THE RAGE THESE DAYS. APPS LIKE CLUBHOUSE ARE BREAKING THE NORM. HERE ARE THE NEW DEVELOPMENTS EXPLAINED.
The inception of the Internet has ushered in a new era of "digital social lives" where people share the best of moments with the world. It seems to me like every social media platform has carved out a certain niche for themselves today:
Instagram for the Gen Z
Facebook for the boomers (at least in Asia)
WhatsApp for instant communication with everyone
LinkedIn for professional networking
Twitter for intellectual gratification
Snapchat for photogenic private memory sharing
Tiktok for entertainment
In this highly saturated world of social media, it was believed that the high amount of competition and network effects would make it impossible for any new entrant to create a major dent. However, a new app called Clubhouse seemed to have taken the digital world by storm.
WHAT WORKED FOR CLUBHOUSE
The most important factor was the new audio-only format. Users at Clubhouse can chat only through voice messages. This wacky new approach acted as a major differential for the users.
The invite-only format gave it a sense of exclusivity and awe which an open network would not. This model hyped up the app so much so that clubhouse invites are being sold in the black market for hundreds of dollars in China (where it was banned yesterday)
An iOS-only launch has given it a premium edge against its mass-oriented competitors.
SOME PARTING THOUGHTS
Twitter & Facebook are planning to launch their own clones in order to cash in on this trend. Huge swathes of consumer data and integrated user experience in their own apps are some advantages them have over the newbie app. Even Shark Tank VC Mark Cuban is launching his own app Fireside in order to monetize the fanbase of the podcasters. This gave me an idea of how Spotify can launch a similar experience where friends can chat amongst themselves as well as fans of certain artists & podcasters can have their own member-only audio based chat. It can open up another revenue stream for Spotify or it can add the future to lure more premium members!
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