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- 🚀 David vs Goliath 🥊
Hi Everyone. This is Take Off. We're like a hidden Easter egg in your favorite video game - surprising, delightful, and adding an extra layer of fun to your tech news consumption.
Here's what we're serving up today:
David vs Goliath 🥊
The Great Reduction is Still Here ✂️
Trending Tools ⚒️
Wednesday Wires 💰
David vs Goliath 🥊
The Tech World is known for its great rivalries.
Apple vs Microsoft
Visa vs Mastercard
Amazon vs TikTok
Wait a sec. What was that last one?
Yes, you read it right folks.
TikTok is gearing up for a battle not only against the social media incumbents such as Meta and Snap but also against the E-commerce behemoth - Amazon.
Source: Tenor
The David
TikTok has given a whole new elevation to social media by giving the world the next digital nicotine - Short Form Video.
This has made it the fastest growing social media platform in the US. But it doesn’t want to stop there. Tiktok is hoping to diversify revenue which despite surging 30% to over $110 billion came largely from social media advertising.
Enter TikTok Shop. A 1-stop solution for your rational impulse purchases directly within the app while scrolling through an endless stream of meme videos.
#TikTokMadeMeDoIt
TikTok’s great ambition sets it up for a clash not just with Amazon but also its fellow country rivals, Temu and Shein. However, instead of luring customers by selling items at a 98.99% discount, TikTok is counting on its social media reach and the appeal of viral videos to hook buyers.
The Goliath
Reports suggest that TikTok aims to grow the size of its US e-commerce business 10x to $17.5 billion.
That's obviously pocket change in comparison to Amazon’s gargantuan revenue of $500+ billion from their E-commerce biz. However, TikTok’s looking at the bigger picture.
The Social Commerce market is starting to develop in the US and TikTok wants to be at the front of it. And let’s not forget the fact that it is pretty darn good at it.
Their social commerce biz in SEA raked in almost $20 billion from merchandise alone last year!
But it’s not going to be an easy battle. Amazon is the OG of E-commerce, with a logistics and distribution network that’s the envy of, well, everyone.
So we’re pretty sure that they ain’t going anywhere anytime soon.
What’s your take on this? Will TikTok Shop be a success or failure?
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The Great Reduction is Still Here ✂️
It seems like the tech industry is kicking off the new year with a whole bunch of pink slips, hinting that The Great Reduction might not be over just yet.
@techroastshow There’s no such thing as a free lunch #techbro #techie #softwareengineer #siliconvalley #seattle #sanfrancisco #humor #funny #foryoupage #ceo
As the entire world goes bonkers over AI, it’s not just overhiring getting the blame for job cuts anymore. AI’s sneaking into the picture as the latest reason to say - It's not you, It's me to employees.
Counting Casualties
Even though it’s just been 2 weeks, more than 5500 tech workers have been laid off.
Google laid off more than 1000 people.
Amazon also let go of several hundred employees.
Twitch axed 35% of their workforce.
Apple is closing San Diego AI Team.
The Why Behind the Goodbye
Most of the layoffs are still a result of good ‘ol fashioned 2023 style correction of the overhiring. Tech companies were like hiring like there’s no tomorrow from 2020 to early 2022, betting on us being eternal couch potatoes.
Then came the financial cold shower. Thanks to JPow and Co, borrowing money became as wallet-friendly as buying a yacht, forcing companies to shift gears from Growth At All Costs -> Profit At All Costs, hence the workforce trimming.
2023 saw 262,682 employees being laid off, a number that hadn’t been seen since the dot-com bust in early 2000’s.
Even though the state of public markets has seen a drastic improvement over the last year - all thanks to none other than AI, many analysts are left wondering what effect will the technology that has helped to propel the industry have on the human labor market.
What’s your take on it? Do you think that more tech layoffs are imminent this year?
☄️ Asteroids ☄️
Uber's $1.1 billion buyout of Drizly ends in closure! After a 3-year solo run, Uber pulls the plug, refocusing on Uber Eats for all-in-one food, groceries, and alcohol delivery. 🚕💔
Apple vs Beeper drama heats up! Beeper's iMessage workaround hits a snag as Apple users face Mac bans, stirring debates on fair play vs. monopoly. 🍏🤖
OpenAI's new Collective Alignment team aims to humanize AI, inviting public input to shape AI ethics! Balancing innovation with responsibility, they're testing democratic AI guardrails amid scrutiny. 🧑🤝🧑🤖
⚒️ Trending Tools ⚒️
🤓 Adintelli - Earn revenue from your GPTs with ads
📈 Ubique - Grow your business with compelling video messages
🤑 Go reply - Knowledge sharing through brief consultancy sessions.
🟰 Equals - Analyze and report on live data from the comfort of your spreadsheet.
💰 Wednesday Wires 💰
Weavix rockets $23.6M in funding for frontline worker comms! Pioneering smart radios with video, text, and data analysis, they're redefining workplace chatter. 📡👷♂️🌟✨
Electra's electrifying €304M Series B for EV charging! Paris-based, focusing on fast-charging stations across Europe, they're accelerating with 1,000+ points. ⚡️💰
Onera Health snoozes €30M Series C for home sleep studies! Dutch startup's clinical-grade tech brings polysomnography to your pillow, bagging FDA nod. 🌙💤
📰 Recommended Reading 📰
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