Remember when there were clear cut barriers within social media? We saw defined areas of focus.
This all went out the window. Elon Musk bought Twitter and announced the goal for the everything application. That was only a couple years ago.
Think about the social media world then.
- Twitter was microblogging
- Facebook was, well, Facebook
- Instagram was for photo sharing
- YouTube was long form videos
- TikTok was shorts
This was the basic landscape. No longer.
It is a trend that is not only in plat with social media. We are seeing the concept expand to other digital platforms.
There Are No More Moats For Digital Platforms
The future is one where a platform needs to be all encompassing. This is especially true with AI.
When it comes to media, nothing tops video. This is where the overwhelming majority of value is placed by the markets. Video content companies have higher market caps than those who deal in other forms of media.
For this reason, being in the video game is crucial. One company that is trying to do this is Spotify.
Obviously, audiobooks are something that people mostly sit and passively listen to. They are great in the car, when going on a long trip. However, with regards to interaction, audio is not the best format.
Spotify is looking to enhance the offering of its platform by getting into video. Part of the solution is to expand using video clips. This plus other visuals is being counted on to improve the user experience.
These initiatives are part of Spotify’s effort to improve its audiobook offering and bring listeners closer to their favorite authors and stories.
One notable feature being introduced is the option for authors or publishers to submit a short video — up to 30 seconds — for their audiobooks. The videos may feature anything from a segment of an interview to behind-the-scenes footage from the audio recording process, or even a message from the author.
Companies are having to expand in to different areas in an effort to retain users. Over the next couple years, competition is going to get fierce.
Shorts On A Streaming Application
We are seeing this concept move into the streaming world.
Tubi is one of the more successful streaming platforms, especially considering the fact much of its competition is losing money.
This streaming site is looking to get into the shorts game, albeit with a twist.
It is introducing 'Scenes' which is going to be shorts of film or television shows. This is more of a preview feature although it is a step beyond simply just a trailer.
In my view, this is actually a terrific idea. This platform, like many of them, offer a image pertaining to the video along with a short write up. When dealing with a host of choices, it is often difficult to hone in on something due to the limited information.
With scenes, one could watch a few to get the gist of the film or show.
My guess is this will also help to keep people on the platform for longer. The metric for streaming services appears to be total time viewed. These services are rated by the number of hours of viewing their users engage in.
As we can see, the old moats are falling away. This is a lesson for Web 3.0. It is a hindrance to think of a platform with regards to social media.