The world of online shopping is evolving, and it's time to ask some bold questions. Will the rise of shopper auctions challenge the dominance of ad auctions? After all, Instagram's efforts to become a shopping platform have been less than seamless.
Auctions are the new entertainment
Livestreaming is transforming the way we shop, turning it into a spectator sport. And auctions are at the heart of this exciting new trend. From cheap trinkets to fine art, livestreamed auctioneering is captivating audiences. Take Bonnie Brennan, the new CEO of Christie's auction house, who started in advertising because the art world couldn't pay the bills. Now, Christie's and Sotheby's are leveraging livestreams to attract more bidders, and it's working! Their auction livestreams are attracting millions of views during popular weeks.
But here's where it gets controversial: are these auction houses using livestreams to promote themselves, or could they be open to embracing advertising? The app Whatnot, for instance, has successfully made live shopping a thing in the US, even allowing sellers to pay for better visibility.
The Instagram conundrum
Meanwhile, fashion influencers are seeking alternatives to Instagram, despite its efforts to become a shopping destination. Substack, surprisingly, is gaining traction as a monetizable platform for these influencers. The unpredictable Instagram algorithm and the limitations on affiliate earnings have pushed creators to explore other options. Substack offers more control and longevity for their content, making it an appealing choice.
AI's growing pains
In other news, AI continues to cause headaches for various industries. The Washington Post's new AI-generated audio summaries feature faced immediate backlash due to errors and fictional quotes. Amazon's AI-powered Video Recaps also faced a similar fate, with inaccurate recaps of 'Fallout' Season 1. These incidents highlight the challenges of implementing AI without thorough testing.
The week's highlights:
- Donald Trump signs an executive order to curb state-level AI regulations, as reported by the New York Times.
- AdMonsters explores the implications of the IAB Tech Lab's new CTV Ad Portfolio for the sell side.
- Tipsheet provides an inside look at AgenticAdvertising.org, a new governance initiative for AdCP.
- A Harris Poll survey reveals that marketers must address digital 'beigification' and consumer distrust of brands.
- The Wall Street Journal delves into the trend of corporate America embracing 'storyteller' titles.
- Bloomberg reports on the plunging shares of Netflix and Paramount Skydance following their bidding war over Warner Bros. Discovery.
- TechCrunch covers Reddit's legal battle against Australia's new age ban, arguing its unique position among social media platforms.
- Digiday discusses the AI-induced talent paradox in programmatic agencies.
What do you think about the future of shopper auctions and the role of AI in various industries? Are these trends here to stay, or just passing fads? Share your thoughts in the comments below!
