1. Insta Announces New Shopping Feature
Over the past year, Instagram has enhanced the shopping experience on its platform by introducing product tags in the Feed, product stickers in Stories, and a shopping destination within Explore. Now, they are introducing a new feature for those who like to shop ‘till they drop: Checkout. Checkout is a tool enabling users to buy products directly from the app in a simple, convenient, and secure way. Instead of navigating through different browsers and dealing with different checkout pages, all payment information will be stored in one place. Items eligible for checkout will have a blue button underneath the Instagram image.
Once tapped, you’ll be prompted to enter your email address to complete the order with that particular seller. Then, delivery and payment information will automatically be stored after your first purchase. To date, more than 20 brands have started using Checkout, including Nike, Adidas, Dior, H&M, MAC Cosmetics, Michael Kors, Oscar de la Renta, Prada, Uniqlo, Warby Parker, and Zara.
2. Disney’s Acquisition of Fox
Just after midnight, Disney finally closed the deal on 21st Century Fox. In a $71B acquisition, Disney now controls assets like Twentieth Century Fox, National Geographic Partners, Deadpool, and the Fox-owned Marvel characters such as X-Men and Fantastic Four. Disney also walked away with 60% ownership of Hulu. This deal is one of the biggest mega-mergers ever with the goal “to provide more appealing high-quality content and entertainment options to meet growing consumer demand; increase its international footprint; and expand its direct-to-consumer offerings.” “This is an extraordinary and historic moment for us—one that will create significant long-term value for our company and our shareholders,” said Robert Iger, Disney CEO. What does Fox get out of this deal? Fox CEO Rupert Murdoch’s family took the remaining assets that weren’t part of the Disney deal and slid them on over to their new company, Fox Corp. (AKA “New Fox”). An “opportunity to cash out assets at a possible peak; and pragmatism in finally resolving the professional fates of Murdoch’s sons, Lachlan and James, as well as the fortunes of four other Murdoch children who do not play a role in the company,” said NPR reporter David Folkfenflik.
3. FB’s Discriminatory Ad Targeting
Facebook has decided to make changes to its ad platform by the end of this year due to multiple lawsuit cases and years of criticism surrounding their discriminatory ads. These lawsuits range from housing ads that exclude certain races, religions, and genders to Fortune 500 companies blocking older workers from their Facebook job ads. Facebook’s COO Sheryl Sandberg said, “One of our top priorities is protecting people from discrimination on Facebook. Today, we’re announcing changes in how we manage housing, employment, and credit ads on our platform.” Facebook has agreed to pay $5M to settle five lawsuits and find a way to stop discriminatory advertising on its platform. They will also partner with the National Fair Housing Alliance, the American Civil Liberties Union, and the Communication Workers of America Union to help prevent discrimination across all their platforms (think Facebook, Instagram, and Messenger). As Facebook advertising is a $56B money maker, tapping into these ad changes comes at a critical time as Facebook can’t seem to get out from under the spotlight.
What do these Facebook ad changes include?
- Anyone who wants to run housing, employment or credit ads will no longer be allowed to target by age, gender or zip code.
- Advertisers offering housing, employment and credit opportunities will have a much smaller set of targeting categories to use in their campaigns overall.
- Building a tool so you can search for and view all current housing ads in the US targeted to different places across the country, regardless of whether the ads are shown to you.