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2023 to be the year of AVoD, e-tail media, and super apps

Dentsu International has come out with 2023 Media Trends guide for marketers worldwide. The unique report conveniently groups these key 2023 trends within three overarching categories reflecting core themes of Content, Commerce and Community. 2023 will bring changes in the content people consume and how they do it. The speed of the shift to digital platforms shows no signs of slowing down especially in the video on demand and gaming sector. Ad-funded video platform is set to overtake subscription channels with time, Gaming is becoming mainstream, interest in attention is growing as brands look beyond metrics of reach and viewability to assess consumer engagement and make more effective decisions. Digital commerce continues to evolve, both in importance and diversification of sites, apps and platforms. Consumers are now able to shop at any time from almost anywhere, paving the way for both retail sites and apps expanding their services and offerings to cater for shifting consumer demand and flexibility. Digitalised communities are a mainstay by now. They continue to change and reflect both technological and societal changes. ‘Going Live’ goes a long way – Brands and platforms are increasingly using the ‘go live’ functions to build a community, Responsibility takes centre stage – Communities are emerging through a common emphasis on brand responsibility.

The collapse of FTX — Is this crypto’s Lehman moment?

The collapse of FTX, one of the world’s largest cryptocurrency exchanges — might sound boring or esoteric, the kind of story you’d happily scroll past on your way to reading about Elon Musk’s latest Twitter tempest. But within the crypto world, it is already being referred to as the industry’s “Lehman moment” — a reference to the 2008 collapse of Lehman Brothers, which set off a global financial panic and made it clear to lay people just how much trouble Wall Street was in. There are two top exchanges where a majority of cryptocurrency trading around the world happens: Binance and FTX.

— Binance, the bigger of the two exchanges, is run by Chinese-born billionaire Changpeng Zhao. It has been extremely successful, and currently controls roughly half of the cryptocurrency exchange market.

— FTX, is run by Sam Bankman-Fried, a 30-year-old American billionaire and major Democratic donor. It had a valuation of $32 billion as of its last fundraising round. FTX is also better-known than Binance in the United States. Last week, it was reported on a leaked document that claimed Bankman-Fried’s crypto hedge fund, Alameda Research, had unusually large holdings of FTT tokens. The report suggested that FTX and Alameda, which were nominally separate businesses, were in fact closely related. After the report, Zhao announced that Binance would sell its entire stake of FTT tokens — worth about $500 million — because of “recent revelations’ ‘ about Alameda and FTX. The announcement caused FTT’s value to plummet.

Fearful of losing their money, investors pulled more than $6 billion out of FTX’s exchange over a three-day period, leaving the firm scrambling for cash to cover its obligations. Bankman-Fried tried to reassure investors, tweeting that “FTX is fine” and that “a competitor is trying to go after us with false rumours.” But the panic continued, and after unsuccessfully trying to arrange a bailout from private investors, Bankman-Fried announced that he would sell his firm to Zhao and Binance.

NFTs to usher the authenticity of Healthcare

In the last few years, NFT or NonFungible tokens have become one of the most popular assets in recent years. This ownership of unique items is stored and managed using blockchain and can’t be edited, recreated, copied, or switched making them a very lucrative investment option. strategy to attract patients and help them participate in research by providing their data with complete autonomy and also making a profit out of it. A lot of third parties then take this data for research to build and create new products, and they can reach out to patients directly through this digital marketplace. Unlike the old method, this allows patients to disclose their data in a secure and informed way. This also allows patients to gain ownership over their health records and make them more visible, with the help of blockchain technology and NFT Certifications. NFTs and Blockchains play a significant role in the fight against fake medications by using this verification process. With the help of “Token ID” assigned throughout its existence that stays with the NFT, leaving a digital footprint. Multiple Companies and organizations like blood banks are trying to use this technology and convince people to donate their blood using NFTs. This provides the donor with a Unique token making it easy to track and trace it through the System. With technologies like wearables, at-home fitness equipment, and other healthtracking devices gaining popularity and acceptance on a global level, multiple groups of people are questioning how health data is effectively being utilized while also managing it safely. This created an opportunity for entrepreneurs to embrace NFT to gather data in a decentralized way, maximize access, and allow patients to take back ownership of their health information. The development of health and personal data with keeping the focus on patientcentricity by organizations working in healthcare creates an abrupt necessity to manage data while also making sure to take care of patient data’s security and autonomy.

Twitter adds ‘Official’ label for PM Modi

An ‘Official’ label has been added to the Twitter handle of Prime Minister Narendra Modi and some other ministers as the US-based social media platform started rolling out a feature to distinguish between the Twitter Blue account and verified accounts. Modi’s verified blue tick Twitter handle @narendramodi was marked ‘Official’ with a tick mark enclosed in a circle. The same label was also seen on the Twitter handles of Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Defence Minister Rajnath Singh and some other ministers. Congress party leader Rahul Gandhi, some other opposition party leaders as well as sportspersons like Sachin Tendulkar too were given that label. This is in line with Twitter’s just-announced changes for verified accounts, as part of its new US$ 8 premium subscription product. The ‘Official’ label is given for select verified accounts including major media outlets and governments.

Reseller-led commerce, group-buying see less adoption in India

Social commerce companies Flipkart Shopsy and Dealshare are gradually reducing dependency on reseller-led commerce and group-buying respectively. Experts believe these models have inherent scaling challenges that have made it tough for companies to solely depend on these models in India. In group-buying, buyers form a group of 10 (or more) to get a significant discount on the bulk purchase. Bengaluru-based Dealshare, which has been offering this feature since its inception in late-2018, believes that India does not have the digital savviness required for the success of such a social commerce model. Sharing an anecdote, Dealshare co-founder, Sourjyendu Medda, said, “Sometimes, users in India fail to grasp concepts like using the same link as their group to earn group incentives. They will use a different link to make the purchase and will then wonder why they did not get the incentives or discount.” He added that group-buying doesn’t work on digital platforms in India. Mrigank Gutgutia, Partner, Redseer Strategy Consultants, added, “Group-buying like transactions are not so common in India. So, while there was a group-buying component in some companies’ business model, over a period of time the share of group-buying has come down. We could argue that traditional group-buying concept in India is yet to be proven at scale.” Group-buying was pioneered by a Chinese company Pinduoduo, which went on to become a huge success. However, Medda noted that now group-buying accounts for only 10 percent of the total demand generation of Pinduoduo. In a reseller model, resellers act as conduits between the app and the end-users and earn a margin on each product sale along with getting discounted products for their network.

Over 82% of biz executives polled in India see cybersecurity budgets rising

More than 82 per cent of business executives surveyed in India anticipate an increase in cybersecurity budgets in the coming year, according to a PwC report. The survey highlights that of all the risks affecting organizations, Indian respondents consider a catastrophic cyberattack, a resurgence of COVID-19 or a new health crisis, and a new geopolitical conflict among the top three risks. “Over 82 per cent of business executives in India foresee an increase in cybersecurity budgets in 2023,” said the PwC survey. According to the survey, 89 per cent of Indian business executives say their organizations’ cybersecurity team detected a significant cyberthreat to business and prevented it from affecting their operations, as against 70 per cent globally.  “It also highlights that 83 per cent Indian business executives say their organization’s cybersecurity team has improved supply chain risk management,” according to PwC release. According to the survey, organizations across the globe worry about more threats and cyber events in 2023 — 65 per cent of business executives polled felt cybercriminals will significantly affect their organizations in 2023 compared to 2022. In India, cloud-based pathways (59 per cent) and the internet of things (58 per cent) are top areas of concern, followed by mobile devices and software supply chains (54 per cent). Globally, mobile devices are considered most unsecured (41 per cent).

Koo launches new features

Koo app has announced the launch of four new features. It now enables users to upload up to 10 profile pictures, save a Koo, schedule Koos and save drafts. Mayank Bidawatka, Co-founder, Koo, said, “We are very happy to announce new features to millions of our users. Some of these are a first in the social space. We are the first ones to enable users to upload up to 10 profile pictures. We’ve made it extremely easy for power creators to now save a draft and schedule Koos for a future date and time. Saving a Koo functionality is not available in any other micro-blog. Users have taken really well to these features. We are happy to have crossed the 50 million user mark on the back of these enriching features. We have a very user-focused culture internally and with our ears close to the ground, we will keep building best-in-class features that users need to express themselves and connect with each other.” Koo recently clocked 50 million downloads. Present in 10 languages, Koo is currently being used by users in 100+ countries while it looks to invite a larger global audience to its platform.

Voice AI can streamline conversations for businesses and users alike

What about a system that’s capable of interacting and having conversations with us at a human level? And what if it could listen and hold a sensible conversation? Enter, Voice AI. This next-generation AI technology is ushering in a new era of conversational AI. With its power to learn on the go, this cutting-edge technology has the potential to change the world as we know it! Voice AI is conversational AI that is powered by NLP (Natural Language Processing) and relies on comprehending and interpreting human language to offer relevant conversations. Also, the algorithm used in Voice AI is continually learning and improving itself to generate the best logical response. In simple terms, you can talk to it the way you do with another person. Not only will it understand, but it can do far more than operating your AC or phone. For instance, it can be implemented in customer care to offer human-like customer support. Speech Recognition is one of the components that make Voice AI Tech a mind-changing technology.  The system uses ASR to convert human speech into computer language. This is accomplished via a recognition algorithm that scans the words and their phonics. There are numerous benefits to implementing Voice AI into your business. Customer support goes beyond answering FAQs. It involves responding to calls, sending out information, gathering feedback, and resolving issues. Voice AI can help by automating these monotonous tasks and freeing up the team to focus on more important tasks.

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