💰FB is giving creators $1B


July 19, 2021

{date(‘MMMM dd, yyyy’,time(“now”))}
The Hustle

The person who put up ~$30m for a seat next to Jeff Bezos on his flight to space tomorrow reportedly dropped out because of a scheduling conflict.

That’s like saying, “I was gonna go to space but I had to run some errands.”

Today’s rundown:

  • $1B for creators. Facebook is playing catch-up.
  • Pilot shortage. Who’s flying the planes?
  • Digits. Cool numbers from around the web.
  • Buy now, pay later. Apple says, “sure, why not.”

Alright, let’s get to it.

The big idea
Mark Zuckerberg's profile

Facebook wants to give $1B away… to creators

In the latest edition of “how dafook do we beat TikTok,” Facebook is bookmarking $1B for creators who use its platforms.

The invite-only program will reward creators for using specific features on Facebook and Instagram, or for reaching predefined milestones.

This isn’t the first cash offer to lure creators:

  • Last summer, Zuck and crew made offers to draw top TikTokers ahead of the launch of Reels (their TikTok competitor)
  • TikTok responded by launching a $200m creator fund of its own
  • In November, Snap pledged $1m per day to get creators to use Spotlight (its TikTok clone)

But the real problem is product-related

With so much focus on helping brands and small businesses advertise, Facebook has left creators looking elsewhere.

TikTok and YouTube have seized the moment, building products that inherently support creator monetization.

For example: When Vine shut down in 2016, Logan Paul turned to Facebook to post videos but left for YouTube when he realized the platform didn’t have tools to help influencers make money.

$1B is a serious haul, but it may be too little, too late

Business writer (and friend of The Hustle), Nathan Baschez suggested Facebook offer a $1B king’s ransom to creators a year ago, calling it the only way to shift momentum toward Reels.

In the meantime, TikTok was the most downloaded app in the 1st half of 2021 and became the 1st non-Facebook app to pass 3B downloads worldwide earlier this month, per Sensor Tower.

Up against this momentum, backing up the Brink’s truck may be Facebook’s only chance. Thankfully, the firm’s market cap is just shy of $1T, meaning a billi might just be the beginning.

Share on Facebook Share on Twitter Send as email to a friend View on our website
SNIPPETS

Hollywood evolving: Studios use Cameo, TikTok, and Twitter Spaces to drive theater traffic. #emerging-tech

Bitcoin bounty: The US government offers crypto to fight cybercrime. #fintech-cryptocurrency

E-bike mania begins: The VanMoof is a transportation revelation. #clean-energy

FAANG frenemies? Amazon complaint gets Fakespot (an app that finds fake reviews) kicked off of Apple’s App Store. #big-tech

TikTok jobs: Chipotle and Target are using TikTok to find workers. #ecommerce-retail

Travel News
airplane cockpit

Learning this control panel is very lucrative right now (Source: Alexander Hassenstein / Getty Images)

Air travel is back, but who’s flying the plane?

As Americans return to the skies at near pre-pandemic levels, airlines have been on a hiring and plane-buying spree.

But staffing shortages are still affecting carriers. American Airlines just canceled voluntary leaves for its 3.3k flight attendants and plans to hire 800 more by March 2022.

One of the toughest positions to fill is the pilot

And many airlines are experiencing a huge backlog when it comes to training new and returning captains, per CNBC.

The pilot shortage has several pandemic-related causes:

  • Many pilots quit, took buyouts or early retirement, or changed jobs
  • Reduced travel prevented pilots from maintaining their minimum takeoffs and landings
  • New pilots can take weeks to train, while retraining lasts days

To try to keep up, airlines are…

… adding training capacity, hiring more flight instructors, and clipping flight schedules.

Trever Rossini, owner of InFlight Pilot Training in Minnesota, told Fox 9 it’s “probably the best time in the history of aviation” to become a pilot.

Meanwhile, travelers should expect continued limited flights and delays as airlines staff up. But hopefully not like this nightmare flight from Vegas to Stockton, California, that somehow took 17 hours.

Share on Facebook Share on Twitter Send as email to a friend View on our website
Free Resource

With over 740m users…

LinkedIn has gone from “a colorful version of Indeed” to a very relevant B2B social network.

Leveraging this platform is proving to be the move for tons of scaling businesses (especially if you’re recruiting). Because on Instagram you show your brand’s best angles to the world…

… but on LinkedIn you can talk to professionals and dig a bit deeper.

So how’s your LinkedIn marketing game?

LinkedIn is plenty ripe for networking and brand boosting.

People scrolling through LinkedIn love to see inspiring and informative posts from their favorite thought leaders. That could be you. (The thought leader, we mean.)

HubSpot knows how to thought-lead: 594k followers is no fluke.

Watch this 6-minute video to hear top tips for crafting LinkedIn content that hits.

Time to link up →
Digits
Angels baseball player

Shohei Ohtani, the double threat: great player and great person (Souce: Forbes)

Digits: a $1B plane app, millions of weddings, and ‘green cement’

1) A Delta pilot is suing the airline for $1B for stealing his in-flight crew messaging app idea that he once pitched to the company.

2) Netflix fired 3 marketing execs for bad-mouthing their higher-ups in Slack messages they thought were private.

3) Shohei “Showtime” Ohtani, the Los Angeles Angels’ baseball star from Japan, donated his $150k in Home Run Derby earnings to dozens of Angels support staffers.

4) Next year, nearly 2.5m weddings are expected in the US. That’s the most since 1984 and should make up for the 40% plummet in marriages that happened in 2020.

5) 40% of American workers would prefer 10-hour/4-day workweeks, while 35% would prefer 8-hour/5-day weeks, according to a new poll.

6) ‘Green’ cement (not the color, unfortunately) could be a $300B industry, and new startups are flocking to the space along with investors like Mitsubishi, Microsoft, and Amazon.

Huge Tech
Apple iPhone

You best believe Apple will squeeze every drop of juice it can from the iPhone (Source: Apple)

Apple joins the ‘Buy Now, Pay Later’ party

Here’s a question nearly every industry faces now: “What if [insert scary Big Tech firm] does what you’re doing?”

The latest example is the “Buy Now, Pay Later” (BNPL) market, where consumers pay for goods over multiple installments.

The model helps merchants sell customers on big ticket items and attract young shoppers who are shunning credit cards (but still want to spend).

Apple announced a BNPL product last week

And leading BNPL stocks fell: US-based Affirm dropped 10% while Australia-based Afterpay declined 7%.

Europe’s largest BNPL player is startup Klarna… we imagine investors of the $46B fintech firm said something along the lines of “Yo, WTF?”

Even with $195.5B in cash on hand…

Apple itself won’t be extending BNPL loans to consumers. That duty falls on Goldman Sachs, per Protocol.

For Apple, the move is a way to squeeze more juice out of its 1B+ iPhone users. The company’s services segment — including iCloud and Apple TV+ — generated $16.9B in the previous quarter (~20% of revenue).

A BNPL product will juice those numbers (and scare the living daylights out of competitors).

Share on Facebook Share on Twitter Send as email to a friend View on our website
Meme of the day
Aviation meme

Source: Aviation Humor

SHARE THE HUSTLE
Hustle Cons Greatest Hits ebook

Over the years, we’ve learned… secrets.

The business secrets, tips, and tricks that have helped founders go from zero to millions — and even billions — of dollars.

Want to see ‘em? Just refer {3-referral_count} more friends to The Hustle and we’ll send you our curated set of interviews with founders from brands like Zola, AWAY, Vungle, Bonobos, and more.

Here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Stickers

Laptop lookin’ sparse? Water bottle lookin’… clear?

You’re only {5-referral_count} referrals away from your first Hustle swag, Sam’s Stickers. Slap a few of these bad boys on the ol’ laptop and let everyone in the coffee shop know that you know. You know?

Here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Pint Glass

Look at you, smarty pants. You’ve already shared The Hustle with {referral_count} friends and enemies.

But hey, just because you’re a business nerd doesn’t mean you can’t enjoy a cool bevvy. Get {10-referral_count} more referrals and we’ll send you a pint glass etched with The Hustle logo.

Anyway, here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Ambassador Rewards

You’re only {15-referral_count} referrals away from earning our signature dad hat meant for ladies, gents, and dads alike to show folks they’re in the club.

Here’s a message you can use to share with your friends:

Hey! Do you read The Hustle? It’s the best daily business newsletter out there — only takes 5 minutes to read and you’ll sound like the smartest person in the room. Sign up here, it’s free: {referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Always be Hustlin' tee

You’re close to the most coveted item in Hustle-land: The Always Be Hustlin Tee.

The fabric? Luxurious. The cut? Relaxed, yet refined. The message? Indisputable.

Share this link with {25 – referral_count} more of your friends to get the goods:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Hustle Hoodie

Damn, you’re on a roll. You’ve got the pint glass. You’ve got the hat. It’s time to complete your collection, don’t you think?

Get {50 – referral_count} more referrals and we’ll send you our favorite piece of Hustle swag: The Startup Sweatshirt. Slipping into this piece of fleece might just transport you to Silicon Valley (or maybe somewhere better, your pick).

Share this link to get the goods:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Trends Screenshot

Hey, we see you. You’re out there spreading the gospel of The Hustle like it’s nobody’s business. Seems like you might be ready for a little more…

Get {100 – referral_count} more referrals and we’ll slide you a free subscription to Trends.

And no, this ain’t an ad. We just think you’re the kinda person who would thrive in our top-tier community (it’s usually $299) full of founders, investors, and builders (AKA ambitious, no B.S. business folks like you — and enjoy our premium research and content.

Share this link with {100 – referral_count} more of your friends to get the goods:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →
SHARE THE HUSTLE
Plane

If you love us so much why don’t you just marry us?

Get {1000 – referral_count} more referrals and we’ll fly you to The Hustle HQ in beautiful, downtown eastern Austin, Texas. Round-trip flight, 2 nights in a hotel downtown, and some wining and dining with The Hustle fam.

Heck, you practically work here anyway. Copy & paste this link to share:

{referral_url}

P.S. You can always check your referral count here.

Share The Hustle →

How did you like today’s email?

Join 1.5m+ professionals getting The Hustle daily news brief

Business and tech news in 5 minutes or less

100% free, no ads or spam, unsubscribe anytime

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.

If you don’t like it, unsubscribe any time. Privacy policy.