Earnings season was dominated by two companies—both existential threats to their competition.
, who are seeing the panoply of different apps they use transmogrify into a number of Frankenstein’s monsterlike super apps that look and act principally the same as each other, just with a different logo. “Strategically, it’s a mess,” says Owens. “Platforms need to double down on investing in content and nurturing their creators from first viral hit to global star. But the shift to a purely algo-sorted feed disempowers creators.
While all the apps compete in a race to be copycats of each other, they face other big issues. Snap, Twitter, and Meta’s results all highlighted one of the existential issues for online advertising and user tracking: The changes introduced in iOS 14.5 that allowed users toApple’s introduction of app-tracking transparency empowers end users—but leaves apps shorn of access to user data that they had grown accustomed to profiting from.
The change hit Meta properties particularly hard, and has dealt the company a one-two punch in combination with the rise of TikTok, which is stealing Meta’s users—and therefore its advertisers, who want their products to be seen by the most people.
But Meta CEO Mark Zuckerberg was ruing Apple for more than its changes to how apps can track their users. The company is embroiled in a “very deep, philosophical competition” over the future direction of the metaverse, Zuckerberg said in internal comments.
As for Apple itself, the results on July 28 showed that unlike some of its competitors, the company was able to beat analyst estimates for its total revenues, and to manage to keep its head above water. “This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers,” said Tim Cook, Apple’s CEO.
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