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A remastered Sharknado launches next week to mark the 10th anniversary of the made-for-TV phenomenon. Wow. Time really flies when youâre flooding LA with tornado-riding, man-eating sharks â and the airwaves with five whole sequels and spinoffs we must name here: Lavalantula, Sharknado: Heart of Sharkness, and 2 Lava 2 Lantula.
Also: If the joy of sharing this email isnât enough for you, weâve got new referral prizes to sweeten the pot. Scroll to the bottom to see the goods.
In todayâs email:
The fediverse: What is it and why does it matter?
WeWork: It isnât dead yet, but weâre proofreading its obituary.
Weekend Reads: Sleep in, then treat yourself to these links.
Around the Web: Predicting SEOâs future, how to help Maui wildfire victims, and more.
đ Listen: Trapital covers the economics of hip-hop. Its founder recaps the genreâs journey to becoming a billion-dollar global phenomenon.
Pixel Madness
The fediverse, explained
Some say the fediverse is the future of social media. But it also feels like the good olâ days.
2023-08-11T00:00:00Z
Juliet Bennett Ryla
Upon launching Threads, Meta said its plan was âto make [it] part of the fediverse.â Now, itâs taken a step forward by allowing verified Threads profile links on platforms like Mastodon.
But quick follow-up Q: What the hell is the fediverse?
I thought the fediverse was short for Star Trekâs United Federation of Planets. Mark thought it was a fan group for Swiss tennis player Roger Federer.
Wrong!
The fediverse â a portmanteau of âfederationâ and âuniverseâ â is a collection of interoperable social media platforms.
A few examples:
Mastodon, for microblogging
Write.as, for blogging
PeerTube, for videos
Pixelfed, for images
Funkwhale, for audio
How are they different from traditional social media?
Fediverse platforms use ActivityPub, a decentralized social networking protocol. A protocol defines how communication systems transfer info â use the same one, speak the same language.
And while traditional companies host all content on their own servers, anyone can set up a fediverse server, AKA an âinstance.â Some are more general, like Mastodonâs âsocial,â but they can also be more specific â e.g., for journalists, New Yorkers, or Roger Federer fans.
Instances can interact with each other on the same platform or across different platforms:
Say youâre on Mastodon.
From Mastodon, you can follow your friend on Pixelfed.
Your friend posts a photo of his casserole on Pixelfed. You see it on Mastodon.
You comment, âMmm, delicious!â on Mastodon. He sees it on Pixelfed.
Note: Instances can block each other, and instances and platforms can set ground rules, so itâs not a total free-for-all out there.
Why would I use this?
You donât want a Big Tech company, like Meta, to hold all your data.
You want to use social media to connect with people online in an ad-free, algorithm-free environment â like you used to.
You hate being locked in: You can ditch any fediverse platform and join another without losing all your friends and content.
ButâŚ
⌠your friends and fave creators may stick to what they know â decentralized stuff can be difficult to parse and makes people think of crypto and NFTs.
Also, itâs hard to monetize sans ads or algorithms, so people who use instances may have to rely on donations to monetize them. If you want to be an influencer, youâre probably better off on TikTok.
TRENDING
Thatâs weird: A Canadian woman said sheâs received 50+ unwanted Amazon packages, mostly containing shoes, from a buyer in North America, racking up $300+ in customs charges. The Better Business Bureau suspects a vendor-return scheme, where foreign sellers ship items to different addresses to avoid storage and shipping return fees.
SNIPPETS
Luxury merger: Kate Spade and Coach parent Tapestry Inc. will acquire Michael Kors and Versace parent Capri Holdings in an $8.5B deal expected to generate $12B+ annually.
Disney will bump the prices of its ad-free Disney+ and Hulu tiers by $3, launch its ad-supported $8 tier in Europe and Canada in November, and â like Netflix â crack down on password sharing.
The annual Emmy Awards have been pushed from Sept. 18 to Jan. 15 due to the ongoing writers and actors guild strikes, which began in May and July, respectively.
X CEO Linda Yaccarinosaid the platform will soon support video calls, no phone number required.
Serve Robotics, the delivery startup formerly known as Postmates X before Uber acquired Postmates in 2020, is going public via a reverse merger with Patricia Acquisition Corp.
Amazon dropped several private-label brands, including 27 of its 30 clothing brands, as it seeks to increase profits and defend itself from antitrust scrutiny.
Virgin Galactic successfully completed its first private-paid space flight Thursday morning. On board were British Olympian Jon Goodwin and mother-daughter duo Keisha Schahaff and Anastatia Mayers, who won their seats via a charity fundraiser.
Shake it off, rake it in: Taylor Swiftâs Eras tour is expected to become the first tour to hit $1B in ticket sales. Elton Johnâs Farewell Yellow Brick Road tour is the current record holder at $900m+.
Chart
Olivia Heller
WeWork is a poor limping gazelle in a nature documentary
Once one of the worldâs most valuable startups, WeWork stock now costs less than a gumball.
2023-08-11T00:00:00Z
Ben Berkley
WeWork has cheated death 2x before â in 2019 and 2021 â but this time feels different.
The coworking company told its investors this week there is âsubstantial doubtâ it can stay afloat. To say its stock has plummeted would be disrespectful to the word âplummeted.â
The cost of a souvenir WeWork share this morning would make a parking meter scoff â just 18 cents.
Howâd we get here?
Hubris certainly played a role: The exploits of its founder, Adam Neumann, are literally already a TV show.
Neumann pushed an unsustainable rate of growth and expanded the companyâs focus before getting its core business in order â with a would-be empire of schools, apartments, gyms, and even Martian colonies in mind instead.
Covid didnât help matters, but WeWorkâs first brush with death came before the pandemic. The company spent wildly on leasing, renovating, and outfitting prime real estate around the world â but never attracted enough customers to pay for it.
As a result, WeWork has lost $15B since the end of 2017, perThe New York Times. Once valued at $47B, its closing valuation on Thursday was just $274m.
Can this be salvaged?
If so, donât expect the company to look the same as it does today; WeWorkâs only path back to viability includes major cost reductions.
Itâs still seeking a new CEO to lead the way there, perReuters. The last man to fill the seat, Sandeep Mathrani, departed in May. Three board members also exited this week.
Plus, customers âare canceling memberships at a faster clip than expected,â perThe Wall Street Journal.
In nature doc terms, a defenseless WeWork has nowhere left to hide â the lion is gonna pounce, itâs gonna be a gruesome scene, and here we all are, unable to look away.
Free Resource
5 tips for breaking into TikTok
Lookinâ at you, old-timer. And smiling. (Love you.)
But youâre probably scared to make the jump to TikTok. Itâs not even the cloud around regulation â itâs the clout implications. We understand.
In such strange digital corners, just take a page from the pros. Here are five steps from our social media team on making relevant short-form videos.
âž On this day: In 1929, Babe Ruth of the New York Yankees became the first MLB player to hit 500 homers. The fan who caught the ball exchanged it, at Ruthâs request, for $20 and two signed baseballs.
đ Blog: Predictions for the future of SEO and next gen search.
đ How to:Help victims of the Maui wildfires via volunteering or donations.
đż Chill out: By scrolling through this user-submitted gallery of bonsai trees.
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Todayâs email was brought to you by Jacob Cohen and Juliet Bennett Rylah. Editing by: Ben âThought the fediverse was some Kevin Federline thingâ Berkley.