California’s landmark law to protect user data, the California Consumer Privacy Act, will take effect on Jan. 1. The legislation is meant to protect people’s information as they spend more time online, giving them more knowledge about what data is being collected about them, and where it is being sold and disclosed to.
This is just the tipping point for the largely unregulated social media and online world. As people become more aware of how their online activity is being used, whether it is to target advertising or political messages, they will put more pressure on government officials to protect their personal information. At the same time companies that rely on data for advertising, especially giants like Facebook and Google, will have to work with legislators to comply while growing their businesses.
Teens will become more conscious about the emotional effect of social media
With younger generations relying on mobile phones as their communication conduits, they are more online than any previous generation. About 95 percent of teens have access to a smartphone — and a little under half of them are online on a “near-constant basis” according to a Pew study.
Interesting enough, a quarter of teens told Pew they felt social media had negative effects on their lives. Facebook use itself has been linked to unhappiness, while a University of Pennsylvania study showed that limiting social media use to 30 minutes a day could lead to a decrease in feeling lonely or depressed.
Armed with the knowledge about the positives and negatives of social media, since there is more research than ever before, today’s teens will be more aware of the effects having an Instagram-perfect life could have on their well-being.
TikTok Won’t Stop
Teens still watch about 20 hours of television a week, but they’re also more likely to find their entertainment through other avenues like YouTube. A lot of this content relies on user-generated material, leading to the rise of creator-made shows, and clips and memes becoming the viral watercooler topics of today.
Enter TikTok: An entertainment platform perfect for people with short attention spans but a lot of creative energy. Instead of simple passive comments about the world or mundane facts about your day, TikTok allows people to share performances to help inspire, entertain, or get people talking. For the creators themselves, it’s one way to stand out in a crowded world and know you made a difference thanks to view counts. It’s why the platform is poised to take over in the next decade.
Welcome the era of social commerce
Online retailers have always struggled with getting people to buy things right after they see it online. Shoppers usually see an ad, put it in a digital cart and maybe come back to purchase it later on, if at all.
Thanks to Instagram however, companies are having more success with people purchasing things directly from an ad. As the behavior to click-through advertisements to purchase an item immediately becomes more comment, more ad dollars will flow from traditional brick-and-mortar store marketing to digital advertising inside social feeds. And, as messaging apps become more prominent, a greater number of people will get used to chatting with chatbots to get that customer experience rather than talk to a salesperson in-store.
U.S. automakers are saying that the blockade of the Ambassador Bridge, a crucial border crossing between the U.S. and Canada, is affecting their production lines. Michelle Krebs of Cox Automotive warns that the disruption "couldn't come at a worst time," amid chip and labor shortages in Detroit.
AND DETROIT-BASED AUTO MAKERS SAY THEY ARE SHUTTING DOWN PLANTS OR SCALING BACK PRODUCTION BECAUSE OF PARTS SHORTAGES.
Sonos reported better than expected Q1 earnings amid chip shortage with the release of its Roam product. CFO Brittany Bagley joined Cheddar News to discuss the smart speaker maker's successful report and its plans to hit its 2024 targets as people leave their homes as pandemic restrictions ease. "Even as people head out in the world, it doesn't mean they don't like to listen to music at home or watch a streaming movie at home," she said. "So there's still a real role for us and our products in peoples lives, sort of, no matter what else they're doing."
Lynn Martin, president of the NYSE Group, explains why investors at the New York Stock Exchange should still feel confident despite the recent Wall Street volatility and discusses the landscape for 2022 when it comes to IPOs and retail investors.
The merger of WarnerMedia and Discovery received Justice Department approval on Wednesday, and Patty Hirsch, EVP of consumer and digital platforms at WarnerMedia, joined Cheddar News to discuss current and future offerings from the media conglomerate that will control both HBO Max and Discovery+. "Content really drives so much, and CNN has always had a very long history of creating an incredible documentaries, incredible content … and this service I think is going to ultimately provide the kind of content consumers want and the kind of content that consumers are going are going to pay for," she said. Hirsch also discussed NFTs in use through its Turner Sports and DC brands.
Black entrepreneurs lead the way in the creation of new businesses, but they often cannot get the necessary funding to get their business off the ground. The Fearless Fund is on a mission to change that, and help Black business owners get venture capital. The fund also offers a unique grant program meant to help entrepreneurs with growth, peer coaching, and more, including grants between $10,000 and $20,000. Arian Simone, Co-Founder and General Partner of Fearless Fund, joins Closing Bell to discuss the Fund's mission, how it helps Black entrepreneurs, and more.
Multinational food company Kellogg’s reported an earnings beat amid supply chain issues and an extended labor strike. Kellogg’s Chairman and CEO c joined Cheddar News to discuss overcoming the obstacles and what's to come for the company. "The first half of the year is really going to be one about rebuilding inventory, and into the second quarter, starting to reestablish promotional activity for our customers and our consumers," Cahillane said. "And then the back half of the year, obviously, we're really much more back in business, and we expect to exit the year with our business in cereal being just as strong as it's ever been."
Sting has sold his catalog of more than 600 songs for $300 million to Universal Music. The deal gives the label the rights to all of his work, including “Every Breath You Take," as well as all future royalties.
Miller Lite is opening the first branded bar in the metaverse, by way of Decentraland, as a way to advertise during the Super Bowl this year without buying an expensive TV commercial slot. Sofia Colucci, global vice president of Miller Family of Brands, joined Cheddar to talk about the new marketing concept. "We have a lot of great partnerships with NFL teams throughout the year but were shut out of advertising during the Super Bowl game, so this pushes us to think creatively and also think of what feels really relevant right now," Colucci said. "There's no question that there's a lot of excitement with the metaverse, and we wanted to participate but in a way that felt right for Miller Lite."
Plans to add affordable housing to a development in Yellow Springs, Ohio, were squashed after comedian Dave Chappelle and other community members spoke out against the project. Chappelle threatened to pull the plug on his local comedy club and restaurant projects if the development had been approved.
Jason Moser, Senior Analyst at The Motley Fool, joined Wake Up With Cheddar to talk about the big takeaways from Disney's Q1 report, which showed the company nearing 130 million Disney+ subscribers as parks revenue ticks up.
