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Is Quibi Back? Short-Form Drama Apps Break Revenue Records in First Quarter of 2024

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Quibi founder Jeffrey Katzenberg ultimately blamed the COVID-19 pandemic for the failure of his short-form video app, but maybe it was just too soon. In the first quarter of 2024, 66 short drama apps like ReelShort and DramaBox pulled in record revenue of $146 million in global consumer spending. In March 2024 alone, consumers spent $65 million on short drama apps, a 10,500% increase from the $619,000 spent in March 2023. In Q1 2024, short drama apps were installed nearly 37 million times, up 992% from 3.4 million in Q1 2023. Short drama apps claimed a 6.7% share of the total across all three categories combined, up from 0.15% a year ago.

Ex-Gaming Entrepreneurs Secure $2.5M in Funding for NFT Marketplace in Effort to Keep Users, Even During Non-Profitable Periods

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Former web3 gaming founders raise $2.5M for their NFT marketplace to retain users even when there ‘isn’t money to be made’Even though NFT sales volume is still down 88% from 2022 all time-highs (and down 38% year-to-date), Pallet Exchange is building a new type of NFT marketplace focused on user retention. “It’s cool if there’s a lot of financial innovations happening, but at the same time we saw there’s pain points from a user experience,” Li said. It’s using social media tactics like in-app messaging that lets people interested in the same NFT collections engage with each other on its marketplace. That’s when Seiyans, an Sei-based NFT collection fueled by meme culture, capitulated the new blockchain and marketplace into the talk of the crypto world. Down the line, Pallet plans to look into working with big partners in the art marketplace and create a separate marketplace for those creators.

Terrific Traction: Threads Dominates X with Triple the Daily Downloads on iOS

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For example, on February 25, 2024, Threads saw 486,803 installs on Google Play and 342,228 on iOS. X, by comparison, saw 225,408 Google Play downloads and 112,625 on iOS, Appfigures data shows. That’s nearly triple the downloads on iOS for Threads and more than double the downloads on Google Play. Then, Threads had 382,999 daily installs on iOS versus just 113,649 installs of X on the same platform — or more than triple. Threads’ Google Play downloads were 660,882 at this time, versus just 210,475 for X on the Play Store — also more than triple.

Decline in Investment for Black Entrepreneurs for Three Consecutive Years (2023 Update)

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Funding to Black founders was down in 2023 for the third year in a rowBlack founders in the U.S. raised 0.48% of all venture dollars allocated last year. The past two years saw Black founders raising at least 1%. Last year, though, suspicions were confirmed as the market cooling really did appear to have an extreme impact on the Black community. In Q1’23 and Q2’23, Black founders raised 0.74%. There’s been a consistent yearly decline in funding since the murder of George Floyd in 2020, which saw a record-breaking amount of capital flow to Black founders as the tech industry promised to better support them.

“First Ever: Apple Surpasses Samsung in Global Smartphone Shipments”

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The tech giant accounted for 20% of the global market with 234.6 million shipments last year. Samsung closed the year with 226.6 million shipments, while Xiaomi and Oppo saw 145.9 and 103.1 shipments, respectively. Transsion rounded out the top five with 94.9 million shipments. According to the report, global smartphone shipments declined 3.2% year over year to 1.17 billion units in 2023. “The fourth quarter (4Q23) saw 8.5% year-over-year growth and 326.1 million shipments, higher than the forecast of 7.3% growth.”

Expensive Seed Deals Were Rare in the Underwhelming 2023 Venture Capital Market

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Hopes that it would become easier for startups to raise capital in 2023 were left unmet as the year ended. The Exchange explores startups, markets and money. New data from business database PitchBook paints a modestly dim picture of venture capital investment activity in the fourth quarter of 2023. Per PitchBook’s preliminary count, startups in the U.S. raised 2,879 rounds worth about $37.5 billion in the fourth quarter — the lowest quarterly deal value since Q3 2019, and the lowest deal count since Q4 2017. Across stages, venture capital investment activity in the United States is flagging, and this extends past aggregate figures — for example, we saw less total capital invested in U.S. startups last year than in 2020.

The Rise of Tech’s Diversity and Inclusion Backlash

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The responses to his tweet are split between the two factions that have appeared within venture in recent years: those who support diversity, equity and inclusion (DEI) efforts, and those who do not. Wealthy power players like Peter Thiel and Elon Musk have been very outspoken against the premise of DEI, with their thoughts shared and spread widely throughout the ecosystem. “DEI must DIE. DEI received a lot of support after the murder of George Floyd back in 2020, but support has waned these past few years. In a sense, they were right, and the decreased DEI support in business and tech has created ripple effects.

“Cryptocurrency values experience grounding in 2023, with VC anticipation of resurgence in 2024”

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Crypto valuations ‘came back to earth’ in 2023, but VCs expect them to rise again in 2024The past couple of years have proved to be a turbulent time for the crypto industry. But a recent spike of interest in crypto, driven by rising Bitcoin and Ethereum prices, is rebuilding momentum, and many think that next year could be promising for crypto startups’ valuations. Fundraising was difficult for both startups and venture capitalists in 2023, according to Lydia Chiu, VP of business development at Ava Labs. In 2022, the crypto venture capital deck “saw a complete reshuffling,” with “many tourist VCs in retreat and their weaker portfolio investments bleeding out,” he added. “Anyone should’ve expected venture funding to dry up in 2023, and it did,” said Will Nuelle, general partner at Galaxy Ventures.

Adobe Faces Major Challenge as Figma’s $20B Deal Falls Through

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Adobe and Figma ended their $20 billion acquisition dream this morning after regulators signaled it would continue to be rough going. Figma still gets a $1 billion consolation prize as part of the deal, and as the leader in collaborative design, should land on its feet just fine. Adobe put on a brave face in their public statement, but it has to be deeply disappointed with this outcome. Figma, for its part, has not stood still since the deal was announced, proceeding and planning as the independent company it is. If he is right, that’s precisely why Adobe wanted to buy the company because it saw that too.