Is “Go Big or Go Home” the Right Strategy for Social Video? Why TikTok Really Isn’t Bigger Than YouTube (Yet)

Did TikTok Really Pass YouTube in Time Spent? You probably saw the headlines — quoting data from App Annie — that time spent with TikTok surpassed YouTube in the US and the UK. It’s a great headline. But the math doesn’t back up the breathless conclusion. First, the data is only from Android users, which make up just 42% of total users and a paltry 12% of teens . A self-selecting group of 12% of an audience isn’t statistically valid. In addition, nearly a third of the US and UK population watches at least some YouTube on their TV. Sure, TikTok is also on TVs in the UK , but it’s unlikely that the penetration or usage is as high as YouTube’s. Plus, PC/browser viewing counted for over 10% of YouTube consumption in late 2020. Have you tried watching TikTok on your PC? Don’t get me wrong, I do believe that TikTok is pressing YouTube on total consumption. But click-bait headlines aside, it’s unlikely that Double-T has passed Big Red yet. And can we please have some more critical thinking around numbers??

The Everything Platform: Instagram pivots from photos to video . TikTok extends video length to three minutes. YouTube’s Shorts feature takes off. Everyone, it seems, is adding audio and newsletter features. You can even apply for jobs on TikTok now and get Cameo-like shout-outs . OK, I get the need to expand and increase shareholder value. And, I understand that you eventually need a return on those billions you spent obtaining your audience. But big multi-headed platform beasts are ultimately boring. That said, while the big networks plan to engulf and devour, it leaves room for new innovative startups to carve out their own creative niche — and then compete with the big boys.

Why Crypto and Creators Matter: I want to return to the notion that tokenization of people is critical to the creator economy’s growth. I started thinking about this when I discovered Mirror , which provides a token-based and distributed way for writers to build community and make money. It provides a fascinating counterpoint to Facebook’s Bulletin product , which picked its own top winners and won’t let anyone else in. But all roads lead back to the concept that everyone is becoming an equity owner — a topic Rex Woodbury explored this week . I realized this was an extension of my hindsight insight around MCN Revision3 — which I led and ultimately sold to Discovery in 2012. We worked with great creators, but our incentives weren’t aligned. Instead of promising a bigger paycheck than YouTube, we should have aligned incentives with equity. When we sold, some of our creators resented us, and I saw a similar blowback when I subsequently sold VidCon to Viacom in 2018. A crypto coin ($VidCoin , $Rev3) would have fixed this. Stock options and equity can be tough, but Rally , BitClout , Roll , Props , and others are all addressing this issue. They are all relatively difficult to use (today), but soon will be an essential fabric of allowing creators to derive aligned value from their creations.

Creator Payments V2: VidCon friend James Creech built on my quick analysis last week of platforms and how much they pay creators — and explored Twitter, Snap, and Twitch, too. YouTube is still on top, but Twitch is likely challenging it for the lead. Oh, and I made a dumb math mistake last week mistaking Pinterest’s 500 THOUSAND dollar fund for a 500 MILLION dollar fund. Feel free to pin the “Math is Hard” label on me, too.

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QUIBIS:?

• New video editor uses AL/ML to improve the process.
• Pinterest exec (and VidCon US 2021 speaker) Aya Kanai explains why Diet Ads are no longer welcome .
• The most important community metrics you need to track.
• Exposure Alert: How important is appearing on the front page of social video networks?
• Deloitte analyzes the creative economy in a new lengthy research report.
• More on the emerging “Finance Culture ”.
• Deep and narrow as a strategy for media success .
• How to write serialized fiction on Substack.?
• New startups to help solve work-from-home and work-from-office issues.
• FINALLY! Double-T adds a scrubber .

This Week at VidCon Now (see our new Agenda page for all the details):

• TUESDAY: Join me as we explore the tectonic shift happening with collegiate sports as thousands of athletes get access to their name, image, and likeness! Watch it live at 12 PM (PT) at live.vidcon.com .
• WEDNESDAY: VidCon Mexico explores tips, tricks, and best practices for creating Pinterest content. This session will be presented in Spanish. Watch it live at 9 AM (PT) at live.vidcon.com .
• THURSDAY: Join Zack Lugo as he stops by for this interactive Q&A session. Be sure to tune in early for your chance to ask him a question live on stage! Watch it live at 3 PM (PT) here .

Tip of the Week:?This week’s tip comes from one of my favorite animators, Rebecca Parham , founder and CEO of Let Me Explain Studios . Catch her live at VidCon in Anaheim this October.

?Just before graduation, one of my professors gave me the advice to never stop being a student. I think any successful person who has learned a new skill or picked up a new software on the job would tell you the same. But instead of just learning when it is necessary, why not be curious? The internet has no shortage of new and different. New trends, media, and platforms seem to pop up every day. And we humans tend to be judgmental, especially when we do not initially see the appeal or value of something. So, I challenge you to replace judgment with curiosity. Research. Ask questions. Talk to people involved. Participate. If you seek to understand with an open mind, then you may just find opportunities where you never thought to look.

What We’re Watching: Have you heard of the Beauty YouTuber Dialect ? Featured Creator Zack Lugo dances with Trey Makai in this fun TikTok . Elle Mills and Luke Korns chat about living in LA for Elle’s podcast. Spice up your Zoom videos — and more — with this quick lighting tutorial .

See you around the internet, and feel free to share this with anyone you think might be interested, and if someone forwarded this to you, you can sign up?on our website at?VidCon.com ?— scroll down and select “VidCon Weekly Industry Highlights”.

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Jim