Top 10 Social Media News Stories to Read: Week 1, Aug 2024

In the first week of August 2024, social media platforms experienced notable advancements and shifts that are reshaping the digital landscape. This week brought several significant updates and underscored emerging trends, profoundly impacting how we engage online. Here's a roundup of the top stories that are driving change and transforming our social media experiences.

1. Save Music Directly From YouTube Shorts

📲YouTube added a new “Save music” button for certain songs and custom soundtracks featured in Shorts. pic.twitter.com/gQRNk5A1aS
— Radu Oncescu (@oncescuradu) June 12, 2024

YouTube has introduced a new feature allowing users to save audio tracks from Shorts. This aligns with functionalities already present on TikTok and Instagram, making it easier for creators to bookmark music for future content, especially when following trends.

2. Reddit Partners With Various Sports Organizations

The AFL and @Reddit are pleased to announce the world's first sports partnership for Reddit Avatars, launching a limited series of AFL-themed Avatar gear on Reddit.

Full details: https://t.co/P3U0ni48IB pic.twitter.com/S3xYjr6qwd
— AFL (@AFL) May 19, 2022

Reddit has initiated collaborations with major sports entities such as MLB, AFL, NFL, and PGA. This partnership includes in-app activations like player AMAs and behind-the-scenes content, providing new advertising opportunities aimed at engaging diverse audiences.

3. New AI Studio Launches on Meta

Meta is rolling out a new tool called AI Studio which allows users to create their own AI chatbot versions of themselves. | via @philstarlife

Click below to read.👇https://t.co/P3QC5DR4ra
— The Philippine Star (@PhilippineStar) August 4, 2024

Meta has unveiled an AI studio designed to assist brands and creators in creating avatars and bots. These can be used for customer service and other engagement activities, offering templates and customization options for unique character designs.

4. Snapchat Adds Olympics AR Experiences

Samsung are using this Olympic game to celebrate those who are open with the clear 'Openness Medal'. Working closely with @BBHblacksheep & @tiktok_uk , we created an AR filter to deliver the Openness Medal to fans & Olympians across the globe. pic.twitter.com/Gk3LoESoMO
— Tommy (@talktotommy) August 2, 2024

For the 2024 Summer Olympics, Snapchat has introduced new AR experiences, including special lenses and filters. These features aim to enhance fan engagement with athletes and events, with some lenses developed in partnership with the IOC and linked back to the official Olympics app.

5. Snapchat Partners With Lincoln Center

Over MDW, we partnered with @Snap and The National Mall to celebrate the Lincoln Memorial’s 100th birthday with a new Custom Landmarker Lens.

We used photos from the 1822 ceremony and lined them up with the physical memorial to create this Landmarker experience! #snapchat #AR pic.twitter.com/yKfeagGWA9
— Balti Virtual (@BaltiVirtual) June 16, 2022

Snapchat has teamed up with Lincoln Center to create an AR exhibit titled "Ghost Variations." This exhibit uses a Snap AR lens to display large busts of famous composers, emphasizing mental health awareness as visitors navigate the experience.

6. Snap Sees User Growth But Falls Short on Quarterly Revenue Targets

$SNAP down -30% AH after CEO warns about missing revenue targets and slowing hiring.

"...the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month"$GOOG -4.5%$TWTR -3.5%$FB -8%$PINS -16% pic.twitter.com/4L1F9eYBq8
— Swing Pony Trades (@SwingPony) May 23, 2022

Snap's user base grew to 432 million daily active users in Q2 2024, marking a 9% increase or 36 million additional users compared to the previous year. Despite this growth, the company's revenue missed expectations, reportedly driven by a “weaker brand advertising environment” in some consumer sectors. As a result, Snap's shares fell 22% in after-hours trading.

7. OpenAI’s ChatGPT’s Advanced Voice Mode

Here's the first group call with @ChatGPTapp Advanced Voice Mode.

Watch ChatGPT act like a native interpreter speaking to @skirano in Italian, and to me in Urdu.

Bonus, look out for the Mario impression near the end 🍄 pic.twitter.com/TaVhJ6Q75J
— Ammaar Reshi (@ammaar) August 4, 2024

OpenAI is gradually introducing ChatGPT's Advanced Voice Mode to a select group of ChatGPT Plus users, with plans for full availability by fall 2024. This feature utilizes GPT-4o, a multimodal model that handles both voice and text tasks with reduced latency and can recognize emotional tones. Initially, the feature will offer four preset voices and includes safeguards to address potential impersonation and copyright concerns.

8. AI Comment Summaries in Testing on Meta

Meta's new AI comment summary feature will expose brands and incentives more comments.

Customer service matters more than ever.

Product matters more than ever.

Generous warranties matter more than ever. pic.twitter.com/ZLddJbiuMg
— Peter (@Peter_Quadrel) June 3, 2024

Meta is testing AI-generated comment summaries to give users a quick overview of post comments. While this feature could reduce the number of individual comments, it aims to provide a streamlined browsing experience.

9. TikTok Partners With DistroKid

#MusicBizMembers @tiktok_us & @DistroKid have announced a new partnership to ‘fast track’ the TikTok Artist Accounts for DistroKid members

Read more here: https://t.co/9EDxMNBDZz pic.twitter.com/JPSImdm7Sm
— Music Business Association (Music Biz) (@MusicBizAssoc) August 2, 2024

TikTok has formed a partnership with DistroKid, enabling independent musicians to create profiles with artist-specific features like ticketing and new releases. This integration allows DistroKid users to manage their TikTok accounts directly from the DistroKid dashboard.

10. Twitch Loses Market Share in Q2 2024

Twitch has saw a HUGE drop of market share in Q2 2023 according to Stream Hatchet.

They lost 10% of the market share to platforms like YouTube and Kick. pic.twitter.com/Xu7llcdKl4
— DramaAlert (@DramaAlert) July 31, 2024

Stream Hatchet's 2024 Q2 Live Streaming Trends Report reveals that Twitch's market share has dropped by 10%, now holding 60.3% with 5.1 billion hours watched. Meanwhile, YouTube Gaming's share has increased to 23%, with 23.4 billion hours watched. Newcomers like Kick are also gaining traction, showing shifts in the streaming landscape.

Takeaway

These highlights illustrate the dynamic progression of social media, emphasizing breakthroughs in technology, enhancements in user experience, and new regulatory challenges. From innovative features to evolving engagement strategies, the landscape is continuously evolving.

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