Social Media and Influencer Marketing News You Can Use in August
We’re back with some more news you can use, where we’ll cover the latest social media and influencer marketing news that you need to be aware of as we start the month of August.
This week, we look at how the Olympics are being featured on X, Instagram testing a new feature for Reels, and Reddit makes an AI-relataed acquisition.
X Shares Insights into Olympics Engagement
Despite recent struggles, X is leveraging the 2024 Paris Olympics to showcase its advertising potential. Buoyed by record-high engagement numbers for the Olympics during the event, X aims to attract advertisers wary of the platform.
Engagement Surge: X reports a significant increase in platform activity surrounding the Olympics, with "a global audience tuned in...to share memes and reactions." This surge presents a lucrative opportunity for brands seeking audience engagement.
Portal to Paris: Addressing the need for focused Olympic content, X launched a dedicated space featuring trends and clips. "Trend Genius" also allows brands to insert ads alongside trending topics dynamically.
Targeted Ad Placement: X allows advertisers to tailor campaigns by associating them with specific athletes, sports, or sponsored teams.
Looking Ahead, the coming weeks will be crucial for X and Elon Musk. Success in capitalizing on Olympic hype could revitalize its ad business. Advertisers will closely monitor X's performance to determine if it can re-establish itself as a viable advertising platform.
Instagram Tests New Reels Filter for Posts with Notes
Instagram is doubling down on its Notes feature. Instagram rolled out Notes on Reels earlier this month, which enables users to leave comments and remarks on Reels (and feed posts too) that their connections are then able to see. This is no surprise, given the feature's popularity, especially among younger users.
Introduced earlier this month, Notes allows users to share short-form text posts with their followers. While the feature has been met with mixed reactions, it's clear that Instagram is heavily invested in its growth. With teens posting Notes at a staggering 10 times the rate of older users, the platform prioritizes features that resonate with this younger demographic.
Ultimately, Instagram's focus on Notes is a strategic move to retain its young user base and compete with platforms like TikTok. Whether you're a fan of Notes or not, it's clear that the feature is here to stay and will likely become even more prominent in the future.
Reddit Acquires Creative Optimization Company Memorable AI
Reddit's recent acquisition of Memorable AI signals a significant step in bolstering its advertising capabilities. For brands, this move empowers advertisers on the platform with new AI-driven tools to plan, optimize, and enhance creative assets, ultimately leading to improved campaign performance. Reddit made acquisitions before becoming a publicly traded company, but this is the first since then. Some of the takeaways from the Marketing Brew article that explain the "so what" behind the acquisition:
Proven Track Record: Memorable AI has already demonstrated its effectiveness through partnerships with major brands like L'Oréal and Unilever, providing a vote of confidence in its capabilities to advertisers who are new to the platform.
Strategic Expansion: This marks Reddit's first acquisition as a publicly traded company and follows previous investments in machine learning, natural language processing, and contextual advertising technologies. While it's still unclear how Reddit will use these new capabilities, they complement each other.
Attracting Performance Marketers: This acquisition is not just about enhancing its advertising capabilities, but also about aligning with its strategic focus. Reddit is keen on attracting performance-oriented advertisers who value measurable results. This is particularly important for many B2C brands, where accurately showing results at each stage of the funnel is a top priority.
Thanks again for spending time reading this latest update! If you enjoyed this week’s “news can use,” you won’t want to miss the latest on TikTok in my blog update surrounding the latest legislation that is forcing TikTok to be sold or be banned in the United States. Or check out more of my writing here.
