ShareChat Beta Gets WhatsApp Branded Shares
It’s common for social media users to share posts and videos with their friends and family on WhatsApp. Now, regional language social media player ShareChat is looking to monetise this habit with a new feature, ‘Branded Shares’. The new feature allows advertisers to append their ad with the content every time a post from ShareChat or Moj is shared on WhatsApp. “The core behaviour of users coming on ShareChat is that they look at their favourite content and in one click, they share it to their WhatsApp groups,” said Gaurav Jain, head of emerging business at ShareChat and Moj, which are among the biggest language first video platforms. “Now, for the first time, we have opened this up for monetisation.”
Generative AI: 5 trends that will impact the future of OTT and video streaming platforms
Rise of Citizen Content Creators
Generative AI is empowering individuals with original story ideas, enabling them to build content faster and more efficiently. This trend opens doors for citizen content creators who can harness the power of AI algorithms to improve their storytelling techniques and enhance post-production processes.
Foster Experiences and Creativity
Generative AI significantly reduces the cost and barriers to testing and experimenting with newer experiences, content formats, and visuals. This trend enables content creators to explore uncharted territories and push creative boundaries.
Improved User Experiences
One of the advantages of generative AI is its ability to enhance user experiences. Through personalized recommendations, enhanced content discovery, and seamless operations, generative AI drives higher engagement, viewer satisfaction, and platform growth.
Optimising Monetisation Strategies
Generative AI can analyze vast amounts of data related to user behaviour, purchase history, demographics, and market trends. By identifying patterns and correlations, it can uncover hidden insights that can inform monetisation strategies.
Continuous Supply Streams
Generative AI enables the entertainment industry to meet the evolving demands of audiences by producing a wider range of content that caters to diverse interests and preferences. The collaboration between generative AI and content creators will ensure a seamless content supply chain.
McKinsey’s technology trends for 2023
Applied AI
With AI capabilities, such as machine learning (ML), computer vision, and natural-language processing (NLP), companies in all industries can use data and derive insights to automate processes, add or augment capabilities, and make better decisions. McKinsey research estimates the potential economic value at stake from applied AI to be $17 trillion to $26 trillion, and the share of companies pursuing that value has been increasing. Applied AI has seen rapid growth in demand for talent, with job postings more than tripling since 2018.
Industrializing machine learning
Industrializing machine learning (ML), commonly referred to as ML operations, or MLOps, refers to the engineering practices needed to scale and sustain ML applications in an enterprise. These practices are enabled and supported by an ecosystem of technical tools that is rapidly improving, both in functionality and interoperability. As AI adoption has increased, job postings for related roles have increased, growing nearly fourfold since 2018 and 23.4 percent from 2021 to 2022.
Generative AI
Generative AI marks a tipping point for AI. Unlike previous AI, it can enable the creation of new, unstructured content—such as text, audio, video, images, code, simulations, and even protein sequences or consumer journeys—based on information it learns from similar formats of unstructured Data. Generative AI has seen strong and accelerating growth in talent demand since 2018. Hiring demand in 2023 will likely be significantly higher due to increased interest and investment.
Next-generation software development
Next-generation technologies are transforming the capabilities of engineers at every stage of the software development life cycle (SDLC)—from planning and testing to deployment and maintenance—and enabling more nontechnical employees to create applications. Next-generation software development has seen the most dramatic growth in hiring demand among the tech trends, with job postings increasing sixfold since 2018.
Trust architectures and digital identity
Digital-trust technologies enable organizations to manage technology and data risks, accelerate innovation, and protect assets.
Web3
Web3 goes beyond the typical understanding of cryptocurrency investments—more significantly it refers to a future model for the internet that decentralizes authority and redistributes it to users, potentially giving them increased control over how their personal data are monetized and stronger ownership of digital assets.
Advanced connectivity
Advanced-connectivity improvements will enhance user experiences for consumers worldwide and increase productivity in industries such as mobility, healthcare, and manufacturing.
Immersive-reality technologies
Immersive-reality technologies use spatial computing to interpret physical space; simulate the addition of data, objects, and people to real-world settings; and enable interactions in virtual worlds with various levels of immersion provided by augmented reality (AR), virtual reality (VR), and mixed reality (MR).
Cloud and edge computing
In the future, enterprises will leverage an infrastructure footprint that involves compute and storage at multiple location points, from on-premises to closer-to-premises (the edge) and from small regional data centers to remote hyperscale data centers.
Quantum technologies
Quantum technologies promise to take advantage of the unique properties of quantum mechanics to perform specific types of complex calculations exponentially more efficiently than classical computers, secure communication networks, and provide a new generation of sensors capable of massive improvements in sensitivity over their classical counterparts.
Future of mobility
More than a century after mass production of automobiles began, mobility has arrived at a second great inflection point: a shift toward autonomous driving, connectivity, the electrification of vehicles, and shared-mobility (ACES) Technologies.
Future of bioengineering
Breakthroughs in biology, combined with innovations in digital technology, could help organizations respond to demands in areas as diverse as healthcare, food and agriculture, consumer products, sustainability, and energy and materials production by creating new products and Services.
Future of space technologies
The most significant development for the space industry in the past five to ten years has been decreasing technology costs, which are making new capabilities and applications more accessible.
The last trend is in creating a sustainable world. This consists of electrification & renewables and beyond.
Amazon has drawn thousands to try its AI service competing with Microsoft & Google
Amazon.com’s cloud division has drawn thousands of customers to try out its service vying with Microsoft and Google in a key area of artificial intelligence.The company also announced new AI tools including a program for building more conversational customer-service agents, technology access from the startup Cohere and a healthcare system for generating clinical notes after a patient visit. Organizations including Sony, Ryanair and Sun Life have tried out Amazon Bedrock, a service the company announced in April that lets businesses create applications with a range of AI models. Such generative technology can produce new text, images and other content on command. Amazon Bedrock is the company’s answer to services announced by Google and Microsoft, cloud rivals that have developed or marketed AI garnering significant public attention. Microsoft has invested in OpenAI, the startup that created ChatGPT and the AI model known as GPT-4. Amazon’s disclosure of thousands of Bedrock users, previously unreported, shows its efforts are attracting interest as well. The company wants to offer a broader range of AI models than peers to win business, including access to updated technology from startups Anthropic and Stability AI. Amazon’s role as the largest cloud provider by revenue – already hosting myriad customers’ data – distinguishes it, too, the company has said. The cloud provider also previewed Agents for Amazon Bedrock, which lets businesses create chatbots that execute tasks and give more personalized answers drawing from their proprietary data. An airline could build a virtual agent that books a flight for a traveler, for instance, based on a customer’s price, destination and seating requests. The business potential for such agents have recently gripped Silicon Valley. And as part of its AI push, the company made an appeal to the healthcare industry specifically. It announced a service called AWS HealthScribe to let software vendors build apps to transcribe and analyze conversations between a doctor and patient.
Every Tech Firm will Soon be an AI Company: Clegg
Nick Clegg, President, Global Affairs, Meta India has talked about Meta’s AI policy. Some excerpts:
Meta has been in the AI story for a very long time. There’s barely a feature or a piece of content on Instagram or Facebook, which is not touched by AI already. And we have been one of the leading companies on AI research. We’ve always been very interested in and supportive of open innovation. So over the last decade, we’ve open sourced over 1000s of AI databases and models. Obviously, the whole technology has been given a shot in the arm with the development of generative AI and the emergence of these large language models. We still feel current models are best shared. Which is why we have partnered with Microsoft, AWS etc. On open sourcing he said Indian developers, entrepreneurs, researchers, and academics don’t need to spend billions of dollars, because it’s extremely expensive to build these large language models which require huge compute capacity, they can piggyback on our investments. It’s also self interest because of course, the more people innovate using llama, the more we can reincorporate those innovations into our own into our own products. All tech companies will become AI companies. India is already the world’s second largest developer ecosystem. Given the kind of dynamism and sort of hunger and technical expertise of people here, we will see a huge amount of AI powered innovation from entrepreneurs and developers and creators and influencers in India. It will be across areas such as health, education etc. Any foundational technology needs regulation. Rather than trying to regulate the technology itself, we need to be clear about what harms or uses you’re trying to regulate. It’s of fundamental importance that there should be as much alignment as possible between major jurisdictions because this technology is far bigger than any one country or any one company or any sector. The EU, the US and India are three big regulatory planets in the world.
Meta plans retention ‘hooks’ for Threads as over half of users leave app
Meta Platforms executives are heavily focused on boosting retention on their new Twitter rival Threads, after the app lost more than half of its users in the weeks following its buzzy launch, Chief Executive Officer (CEO) Mark Zuckerberg told employees. Retention of users on the text-based app was better than executives had expected, though it was “not perfect,” said Zuckerberg. “Obviously, if you have more than 100 million people sign up, ideally it would be awesome if all of them or even half of them stuck around. We’re not there yet,” he said. Zuckerberg said he considered the drop-off “normal” and expected retention to grow as the company adds more features to the app, including a desktop version and search functionality. Meta is looking at adding more “retention-driving hooks” to entice users to return to the app, like “making sure people who are on the Instagram app can see important Threads,” said Chief Product Officer Chris Cox.
Azure crosses 50% of all cloud revenue, AI products see sharp organic growth
For the first time, Azure accounted for 50% of the total Microsoft Cloud’s $110 BN in annual revenue in constant currency. The announcement was made by Microsoft chief executive officer Satya Nadella at the quarterly result declaration. For the quarter ending June 30, Microsoft reported a revenue of $56.2 BN up by 8% from the last fiscal year. It was driven by Microsoft Cloud’s revenue of $30.3 BN, up 21% year on year. The revenue of Microsoft Intelligent Cloud unit which has the Azure cloud computing rose by 15% to $24 BN in the quarter. Nadella also said that Microsoft’s customers are leveraging the next generation of artificial intelligence (AI) to address opportunities and challenges they face. “We remain focused on leading the new AI platform shift, helping customers use the Microsoft Cloud to get the most value out of their digital spend, and driving operating leverage.” The Azure OpenAI Service, which offers access to several large language models and tools, is being used by more than 11,000 organizations across industries including Volvo Group, IKEA, and Flipkart, among others. On average, 100 new customers were added every day this quarter, the company spokesperson said.
National Health Authority launches 100 Microsites Project to spur digital health
To promote digital health adoption and make healthcare more accessible, the National Health Authority (NHA) has launched 100 Microsites Project under Ayushman Bharat Digital Mission (ABDM). According to the ministry of health and family welfare, these microsites will serve as clusters for small and medium-scale clinics, nursing homes, hospitals, labs, pharmacies, and other healthcare facilities that are ABDM-enabled and offer digital health services to patients. The microsites will be established across the country in various states/union territories, primarily implemented by State Mission Directors of Ayushman Bharat Digital Mission, while the National Health Authority will provide financial resources and overall guidance, it added.
635 URLs, including 120 YouTube news channels, blocked for publishing fake news
The government issued directions to block public access to 635 URLs, including 120 YouTube-based news channels, since December 2021 for publishing fake news and content not found to be in the interest of sovereignty and integrity of the country, the Rajya Sabha was informed on Thursday (July 17). In a written reply, Information and Broadcasting Minister Anurag Thakur said the websites in question had published content not found to be in the interest of sovereignty and integrity of India, defence of India, security of the state, friendly relations with foreign states or public order or for preventing incitement to the commission of any cognizable offence relating to the above, including fake news, in accordance with the provisions of Section 69A of the Information Technology Act. Mr. Thakur said the Ministry of Information and Broadcasting has, since December 2021, issued directions for blocking from public access of 635 URLs, including 120 YouTube-based news channels, under the provisions of Part-III of IT Rules, 2021. In reply to a separate question, Mr. Thakur said the Ministry of Information and Broadcasting had issued advisories dated 13.06.2022, 03.10.2022 and 06.04.2023 to print, electronic and digital media to refrain from publishing advertisements of online betting platforms or their surrogate products/services.
‘Mass’ consumers with income between Rs 2.5-10 lakh to be growth engine for eCommercemarket
The retail boom in India will be driven mainly by those who are earning between Rs 2.5-10 lakh annually and presents a $1.3 TR opportunity by 2030, a new report has stated. This segment of ‘mass’ consumers is projected to drive ~US$ 1.3 TR in the overall Indian retail market and nearly 45% of the $300 BN eCommerce opportunity in India by 2030. ‘Mass’ consumers may drive more than ~USD 135 Bn GMV of the USD 300 Bn total eCommerce opportunity in India by 2030. The report said that this segment looks for ‘bang for buck’ or products that offer the highest value for money. Internet has become a major source in their purchase decision making journey to locate the best deals and has made them equally tech-savvy as the affluent segment. The report by Redseer found ~75% of the mass consumers comprised of millennials and Gen-Z consumers. “While Gen-Z, who are young and independent, show purchase preference for apparel, BPC, and electronics, the value-driven independent millennials tilted towards BPC (beauty & personal care), food & grocery, and apparel. Gen-X constituted about 13% and spent a higher share on food and grocery, followed by health and wellness. Although Gen-Z consumers have distinct characteristics from older generations, they are also value-conscious at the core,” the report adds. The survey also found that this segment is also willing to tilt towards unbranded items if they liked the quality. purchase decisions for this segment include- prices/deals and discounts on eCommerce platforms, quality of products, and the trust on the platform. The population- earning up Rs 10 lakh- comprises the middle class. The middle class is the fastest-growing major segment of the Indian population in both percentage and absolute terms, rising at 6.3% per year between 1995 and 2021. It now represents 31% of the population and is expected to be 38% by 2031 and 60% in 2047.
Myntra Plans Makeover of Pvt Label Strategy, 50 Jobs to be Hit
Flipkart-owned fashion platform Myntra is undertaking an internal restructuring resulting in around 50 employees being laid off. Several employees have been briefed about the changes now and an internal announcement may take place as part of an earlier planned town hall. While the impacted roles will be across verticals, a majority of staff in the inhouse brands vertical would be most affected. These changes are part of a new strategy at Myntra, which plans to focus on select private labels instead of scaling a plethora of in-house brands it had started in the apparel space. Roadster, HRX and Mast and Harbour, among its largest brands, would be key focus areas for the Flipkart subsidiary. “In our endeavour to cater to the ever-evolving needs of our customers, new developments, and technology innovations, we recalibrate our business priorities and review our organizational structure from time to time. As part of this business-as-usual recalibration, wherever a small number of roles may be impacted, we offer our employees an opportunity to alternate positions, where available, within the organization as well as group companies,” a spokesperson of Myntra said. Myntra over the past many years launched around 20-25 such brands, internally referred to as ‘master brands’. Invictus, Ether and Sangria are among part of Myntra’s master brands. The changes come at a time when the largest online fashion retailer has been increasing its focus recently on adding Gen-Z consumers to its user base with products like FWD.
Indians are the Most Impatient Online Shoppers in the World
Indians are the most impatient online shoppers in the world with nearly 38% of consumers expecting their deliveries to arrive in less than two hours, said a global report by Wunderman Thompson. “The fundamental insight at the heart of our business is that Indian customers love fast delivery. This is remarkably clear in customer retention data, survey data and even in regular conversations that we have with our customers,” said Aadit Palicha, co-founder at quick commerce platform Zepto. India saw an emergence of several quick grocery platforms such as Swiggy Instamart, Blinkit, Dunzo, Big Basket Now and Zepto, which built their fortunes by delivering groceries to customers within an average 30-minute time frame. While the quick delivery model remains a work in progress, companies said it has grown at a breakneck speed. “Demand and growth in quick commerce is not challenging at all compared to building capabilities and infrastructure to support it. Within tech-led retail, commerce and service, this segment is the fastest growing category with no signs of slowdown,” added Palicha. India also ranks ahead of all countries in terms of highest percentage of digital products bought online at 45%, according to the report that surveyed over 31,000 consumers across 18 international markets. With such a high percentage of shopping online, there is even more pressure to make the experiences good. In fact, 72% consumers, highest globally, said they will not shop with retailers, brands or marketplaces which do not match up to their expectations, according to Wunderman Thompson. Also, more than a third or 37% of products are returned by Indians, the second highest returners by country after UAE.
Over half of Indian crypto investors in for long term
53.2% of Indians who have invested in cryptocurrency are looking for long-term returns, findings of a report released by crypto exchange WazirX showed. Women were more keen on being invested in crypto for the long term as compared to men. “85% of female respondents were HODLers, whereas the proportion of male respondents stands at 53.8%,” it said. HODLers, according to the report, are the ones who invest in crypto for long-term returns. The report was based on a survey of investors on WazirX aged between 18 years and 60 years. In the age group of 18-30 years, 40% of respondents said they have invested more than Rs 40,000 in digital assets. Interestingly, despite the bear market, 80% of investors in this age group indicated that they have invested in Crypto in the last one year. Among those aged between 31-45 years, 50% have invested more than Rs 40,000 in virtual digital assets. In the last one year, 84% of these investors have invested in Crypto. The report further highlighted that getting high returns on their crypto investments was still the top objective of these investors. Among 31-45-year-old investors, 38.5% wanted to invest for high returns. 19% wanted to invest as they wanted more control over financial assets indicating their knowledge of digital assets beyond an investment tool. “Interestingly, among 45 to 60 and 60+ (age) investors, the scope of high ROI and gaining from speculative assets were the most important reasons,” it said.