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🙃 Instagram’s crazy week

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This week, The Hustle Daily Show hit 1m downloads. Huge thanks to everyone listening, and if you haven’t checked it out yet — give it a listen today!

In today’s email:

  • Instagram’s rough week, explained.
  • Chart: Europe wants AC.
  • Weekend reads for your Friday kalimotxo.
  • Around the web: Twitter university, paper masterpieces, “prairie madness,” and more interesting internet finds.

🎧 On the go? Listen to today’s 10-minute podcast to hear Zack and Juliet discuss Rite Aid’s refusal, Comcast’s stagnant business, and Airbnb’s impact on the housing and rental markets.

The big idea
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Instagram’s rough week, explained

Someone recently told me they stopped using Instagram and, instead, scroll through Airbnb for fun.

Others are doing that, too. Not the Airbnb thing, but the spending-less-time-on-Instagram thing.

For many, the preferred destination is TikTok. So to combat the trend, Instagram’s been making increasingly blatant moves to TikTok-ify itself.

This week…

… new updates gave rise to an angry mob which included Kylie Jenner and Kim Kardashian.

  • By bringing algorithm-driven recommendations to feeds, funny clips from a random 15-year-old in Nebraska could theoretically outperform Kim K’s yacht pics. Hence the uproar.

In response, Instagram head Adam Mosseri, quite literally looking like a Minion, said that the updates need work but video is still the focus.

To make matters worse, all this was followed by Meta posting its first-ever quarter of declining sales Wednesday.

Then yesterday…

… in an interview with tech reporter Casey Newton, Mosseri said Instagram will walk back these changes so the company can design a better experience around them.

But while his update may have eased the tension, Meta still finds itself in a pickle.

  • On one end, it’s squeezed by TikTok in terms of engagement and ad dollars. On the other, it’s working toward the Metaverse, and a strong Instagram is necessary to fund its virtual future. (Apple, in the meantime, is finalizing its own VR headset.)

For the time being, Mosseri has put out the fires. Perhaps now he can figure out why my friend is more interested in scrolling Airbnb than Instagram.

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SNIPPETS

After the bell: Apple stock jumped in extended trading after the company beat estimates for sales and profits. CEO Tim Cook expects to accelerate revenue in Q4 despite “pockets of softness,” which sounds like something you’d find in an actual apple.

Trending down: US GDP dropped 0.9% in Q2, marking the second straight quarter in decline. While it doesn’t officially mark a recession, two consecutive negative quarters has long been considered an unofficial sign of one.

Who’s got Spirit? JetBlue, that’s who. The airline agreed to purchase Spirit Airlines for $3.8B in a move that will make it the fifth-largest domestic airline by market share.

Flatlined: Comcast’s broadband business remained flat between April and June, making it the first time since 2008 the company has not added 100k+ subscribers in a quarter. Peacock subscribers remained flat at 13m as well.

Trademark filings revealed TikTok might be working on a music streaming service to take on Spotify and Apple Music. The app,  which has become a platform for music discovery, released SoundOn, its own distribution platform for artists, in March.

Banned: Rite Aid joined the list of pharmacies that will not fill ADHD prescriptions from telehealth startups Cerebral and Done. Walgreens and CVS have already adopted similar policies.

Ask The Hustle: A while back, we invited you to slide into our DMs, and ~300 of you wrote in with questions. Now, we’re here with some nuggets. First up: How do you grow a social media following without buying followers?

Chart
residential homes with AC in Europe vs the US

Selina Lee

AC sales are heating up in Europe

About 91% of US homes have air conditioning. But in Europe, it’s far less common. Why?

The climate: It’s neither as hot nor as humid in many parts of Europe as it is in many parts of the US.

  • The UK is often dreary and damp — much like Seattle, where only 44% of US households are equipped with AC. (Conversely, in Greece, where summers get toasty, 99% of households do have AC.)

They don’t like it: Cranking the AC can be seen as wasteful, and some Italians think it’s bad for your health.

But that could all change given recent heave waves

Amid record-breaking heat and wildfires across Europe, portable AC sales in Britain spiked 2.4k% in a week, per The Washington Post.

An International Energy Agency estimate sees AC units across the EU more than doubling from 110m in 2019 to 275m by 2050.

Of course, more energy use…

… leads to more emissions, leads to more climate woes.

But Paul Hockenos, a Berlin-based author who covers renewable energy, suggests some more planet-friendly solutions, including:

  • Energy-efficient units
  • Passive cooling (opening windows at night, drawing shades by day
  • Geothermal cooling (which moves heat into the ground)
  • Switching to clean energy

Then there’s this guy who’s proposing Naked Day.

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AROUND THE WEB

🔔 On this day: In 1981, nearly 1B people tuned in to watch the wedding of Prince Charles and Lady Diana Spencer.

👂 That’s interesting: What’s “prairie madness” and how did it affect 19th-century American settlers?

🧠 Useful: Check out this collection of the best newsletters, threads, and Twitter follows on a variety of topics, including productivity, finance, and more.

🎨 Art: Lucy Jean Green makes incredible artworks out of paper, like this one.

🐶 Aww: And now, a true maestro.

Shower Thoughts
  1. “Finger whistling must’ve really lost popularity in the past couple of years.”  SOURCE

  2. “Happy Birthday is the only song that’s more endearing when sung out of key, and more obnoxious when sung in key.”  SOURCE

  3. “Champagne is the most wasted alcohol.“  SOURCE

  4. “When you buy a bell pepper you also buy the potential for unlimited free bell peppers.”  SOURCE

  5. “Ideally, purchasing a smoke alarm is a total waste of money.”  SOURCE

 
via Reddit
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