The Scoop: 5.17.22

Digital topics and trends are all over the place right now 🤪. We’re breaking down serious topics related to privacy and finance to seriously intriguing topics related to the future of social media according to Elon Musk! We’re not crying, you’re crying. 🙈. But when times get tough, we rely on nostalgia to get us through. And what’s more nostalgic than seeing Tumblr making its return, and Redbox, the DVD kiosk making headlines.

Roe V. Wade Leaked Draft Sparks Privacy Concerns/Need to Take a Stance

The leaked draft Supreme Court opinion that would overturn Roe v. Wade has sparked many crucial conversations, including concerns about data privacy. The conversation continues to evolve both on social and IRL, but for now you should know:

• Privacy experts are concerned about how data could be used to penalize anyone seeking or considering an abortion. The personal health data stored in menstrual cycle-tracking apps, among others, could provide evidence for when a pregnancy starts and stops. And it’s not just menstrual cycle apps – people living in states that criminalize providing access to abortions are being warned to safeguard their digital footprints regarding abortions, including internet searches, location history, call and text logs, emails and financial records.

• Corporate America is trying to determine the right response – or lack thereof – in the wake of this draft. A growing number of companies are expressing their support for reproductive rights, but others have kept their voices down for various reasons, including fear of alienating consumers/constituencies and the fact that the Supreme Court hasn’t yet ruled on the case. However, should a ruling come out overturning Roe v. Wade, companies should be prepared for pressure from consumers and socially interested/affected parties to take a stance.

Sources: Boston Globe, CNN Business, NPR, The Wall Street Journal

Buy Now, Pay (For What) Later?

The latest trend on TikTok – funny enough – is about managing debt. 💰 “Buy now, pay later” services from Klarna, Sezzle, Zip (formerly Quadpay), Afterpay and Affirm are popping up left and right on the platform, presenting themselves as easier, more seamless alternatives to credit cards. And data shows there is a market for these services. In 2021, Americans spent more than $20 billion through buy now, pay later services. 😲 It’s not all sunshine and rainbows though. In December, the Consumer Financial Protection Bureau ordered five big players to share information about their business practices, due to concerns over consumers accumulating debt and companies skirting regulations and harvesting consumer data. While these services may have exploded due to fast fashion, their use is quickly expanding to other day-to-day purchases, with Amazon, Target, Walmart and Rite Aid also using them. Even gas stations are partnering with these services. A recent Ipsos poll found that respondents were interested in using buy now, pay later for dental work, car repairs and rent. Of those surveyed, 56% were interested in point-of-sale loans for medical bills, which more than a quarter of Americans are struggling to pay. These companies will be under scrutiny as growth explodes and impacts more industries, as an example of how consumer social media trends impact the larger consumer and patient space.

Sources: Forbes, Morning Consult, Fast Company, Progressive Grocer, KFF.org

The Democratization of Social Media

Over the past decade, we’ve seen headline after headline reporting data leaks and unethical uses of consumer information, which has led to mistrust of large institutions across various sectors. The market has responded to this shift with a move toward decentralization. First there was blockchain, then came NFTs and the Web3 revolution. And now we’re entering a new era of social finance – SocialFi for short – that aims to merge social networks with blockchain and NFTs! 🤯What might these decentralized social networks look like? Topline: consumers will be part owners and managers of the platforms they’re active on. We could have more control over how networks run, with input into data privacy standards and censorship guidelines (and into the types of ads they’re served!), and direct control over sharing and profiting from the sale of our personal data. ❗ Data from these Web3 networks will be spread among users instead of being stored on one centralized server, making them far more secure than the traditional social platforms of today. Last but certainly not least, content creators (read: us) could receive a piece of the pie – profiting from both the use of our personal data and advertising revenue. SocialFi platforms are not yet widely adopted, but platforms such as Torum, Boom Platform and Monaco Planet are gaining traction, and we’re here for it. 😏

Sources: Forbes, New York Times, New York Post, Cybavo Vault, Grow Following

What’s Next in Social Media

It’s incredible to think how fast social media has evolved. From AOL chatrooms to TikTok dances, people have used platforms to share themselves with the world and those with similar – or not so similar – interests. The evolution started with platform founders – those who took the first step toward the unknown. From there, it has become a land of inspiration, copycats and mimicking each other. So is Elon Musk really going to change things? From a functionality standpoint, there’s nothing new there, we can edit content/posts on most platforms already. But what about Musk’s view of “Twitter as a digital town square”? Will he be able to monetize a social platform in the right way? Will a subscription model work for social media? Many have tried, even Twitter. 😉 But wait! Almost minutes before we submitted this issue to be finalized, he’s second guessing himself because of the bots on Twitter! Overall, we remain positive about his take over, more so curious to see what will happen. After all, he has changed the future for cars. Will he lead the disruption for social?

Sources: WIRED, The Conversation, PROTOCOL

And in Other News…

Global nonprofit uncovers that 28 of the top 32 mental health apps fall short on consumer privacy, and users have a right to be concerned.

Game developers are angling to become the next big media owners [paywall] – and brands are taking notice.

Contributing Writers and Editors: Nick Cardillo, Carissa Dagleish, Ricki Kahn, Lauren Fernández Meihls, Amanda Oberstein, Jennie Szink and Bre Thomlison

Real Chemistry’s The Scoop is brought to you by an editorial collective, featuring industry updates and insights from subject matter experts across social media, digital and influencer activation teams.

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