Have you guys heard of Sing by Smule? It’s this incredibly sticky karaoke app that’s got a steep subscription model (at $45 a year, it’s 3x the price of The Economist!)
Featuring a huge song catalogue, and a gamified model - singers can sing together and ‘battle’ for singing all the notes correctly - the app is incredibly addicting and also a huge time drain. One song, averaging 3 minutes, might take 3 or 4 tries to get right before you publish it on the app. The whole process can easily eat up an afternoon. (They have also evaded legal issues by having users upload the MIDI tracks of many of the songs - so they’ve relied somewhat on an open source model to build the business.)
My big bet is....
that the next time Snap experiences negative user growth, they will buy a company like Smule. Not for its attractive revenue model. (Although it is an attractive recurring revenue biz). Nor for its audience (I doubt these are unduplicated users to Snap, anyway)...
...But, for time spent on platform metric.
a measurement that, I believe, will increasingly become the only valuable one on social media.
We’re past the scorched earth stage of the internet. The pioneers have gone West - the Lewis and Clark’s have laid claim to each eyeball that has the internet on a phone or a computer. Everyone who is going to be on the internet, is. [At least in America, anyway. (And not babies...yet.)]
We’re now in the new land grab: the one for attention. Only the strong will survive this next frontier - can your content be more compelling than content on any other platform? How much time can you get your users to spend with you? The longer you have them, the more ads you can show them. (See also: Twitter content partnership announcement at NewFront’s 2018).
If you can’t create great content, you’ll have to acquire it...somehow.
Watch this space.