Digital Report 2024 and why Generative AI did not show up this time with Simon Kemp

04/02/24 • 67 min

"The key thing that I realize every time I look at the data is that the media is telling us a lot of nonsense. I think that the one thing I know is that the data tells a very different story to the media headlines. So I suppose my advice there is, never to accept clickbait at face value. If you're building a marketing plan, do your due diligence, and check the data because the data always surprises me. The one thing I know is that I'm always surprised. There's your key takeaway.” - Simon Kemp

Fresh out of the studio, Simon Kemp, co-founder and CEO of Kepios joined us for the 7th year to discuss the Digital Report 2024 and its pivotal insights. The dialogue kicked off with Simon pondering AI's potential impact on his job, then swiftly moved to the report's core findings. Simon also explored how digital marketing and content strategies are evolving due to generational differences, underscoring the necessity for content creators to adapt across diverse social media channels. Last but not least, Simon addressed the current lack of comprehensive data to include generative AI in this year's report. Last but not least, Simon shared his anticipation for what's on the horizon in the coming year.

Episode Highlights: [0:55] Quote of the Day #QOTD by Simon Kemp. [1:22] Introduction to Simon Kemp, co-founder and CEO of Kepios. [2:59] Are we going to be replaced by AI? [3:57] Key Takeaways for Digital 2024 report. [5:14] TikTok is still growing quickly despite the headwinds. [10:20] Mobile and social media are still growing especially in India. [12:43] Trendlines for e-commerce and search engine use. [15:22] How do you add generative AI to search engine use, for example, Perplexity AI? [17:51] Do generational differences in online behaviour change how digital marketing and content strategies work? [21:14] How do content creators adapt and decide which social media platforms to use? [23:43] Why the horizontal approach of broadcasting across all social media does not work anymore? [28:16] Success on any social media platform is based on chance and preparation. [32:04] Implications of TikTok’s potential ban in the US and how users shift from one platform to another. [35:25] From X (formerly known as Twitter) to Threads and TikTok to YouTube Shorts and Instagram Reels. [36:39] Insights on WeChat, Discord, and Telegram. [44:59] LinkedIn: a B2B social media platform for engagement but don’t discount YouTube. [48:57] The One Thing that Simon Kemp knows about Digital Report 2024 that very few do? [50:04] Why Generative AI usage is not in the Digital 2024 report. [54:59] Is Generative AI a new paradigm or should it be incorporated into existing digital use cases? [60:30] How Generative AI changes digital marketing, branding and advertising. [64:17] What Simon wished to add in the Digital 2024 but could not. [65:40] Closing.

You can find Simon Kemp at X (formerly known as Twitter): https://twitter.com/eskimon and LinkedIn: https://www.linkedin.com/in/eskimon/ and the Digital Report 2024: https://wearesocial.com/sg/blog/2024/01/digital-2024-5-billion-social-media-users/

Podcast Information: Bernard Leong hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G. Thomas Craig.

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Previous Episode

Is TikTok going to be banned in the US? An Asian Perspective with Jing Yang

"If we assume that happens, I'm sure TikTok, let alone ByteDance as a company as a whole, will survive - and maybe even continue to thrive after this. Because, let's put things into perspective, right? TikTok has more than 1 billion users globally and then the US represents just a little over a 10th of that, 170 million. So I'm not saying that it's not going to impact TikTok and ByteDance. But does it pose an existential threat? Probably not. I believe given we already talked about how ByteDance has been super profitable. I think that, even if they get banned in the US, this is by no means the end of TikTok or ByteDance." - Jing Yang

Fresh out of the studio, Jing Yang, the Asia Bureau Chief for The Information, provided an insightful analysis of the potential implications of the recent U.S. House of Representatives bill to force Bytedance to divest TikTok or face a ban in the US. Detailing a timeline of events, she illuminated how Bytedance and TikTok executives may have misinterpreted U.S. political signals. Despite Bytedance's profitability in China, she shed light on why TikTok is facing financial challenges and the complex dynamics between Bytedance and the investors of the company. Concluding her discussion, she offered her perspectives on the possible future of TikTok globally pending the outcome.

Episode Highlights: [0:40] Quote of the Day by Jing Yang. [1:27] Introduction: Jing Yang, Asia Bureau Chief of The Information. [3:53] Lessons shared by Jing Yang from her career journey. [5:19] Chronology of the different attempts by the US government to ban TikTok. [7:40] What are the chances of TikTok being banned in the US? [9:34] TikTok’s response to the US government after the announcement of the bill. [11:15] Impact of TikTok's potential ban in the US on content creators & users in the market. [12:52] The one thing that Jing Yang knows about the TikTok situation very few do. [14:10] Why TikTok misjudged the political situation in the US. [17:59] Project Texas and how it encumbered TikTok. [22:17] TikTok’s engagement with USDS. [25:14] Chew Shou Zi’s impact on negotiations with the US government after taking over as CEO of TikTok. [27:45] Assessment of Bytedance and TikTok’s team in handling the US government. [30:04] Why TikTok is in the red and losing money. [32:55] Can TikTok still be profitable with a potential US ban? [36:04] Investors of TikTok distancing themselves from the company. [40:26] Impact of political affiliations and donations on TikTok. [41:43] Future of TikTok [42:43] Closing

You can find Jing Yang at X (formerly known as Twitter): https://x.com/jingyanghk and LinkedIn: https://www.linkedin.com/in/jing-yang-33548123/ and her articles on The Information: https://www.theinformation.com/u/Jing%20Yang?rc=fk3gq1

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Next Episode

Saison Capital and Real World Asset Monetization in Crypto with Qin En Looi

"The one thing that has become quite clear in Asia, at least it's direct to retail - the government is not ready. The market is not ready. And there still needs to be a very high level of consumer protection. A lot more of a B2B-to-C approach. Where, let's say today's Web3 companies will need to partner up with existing licensed entities, whether they be licensed startups or even licensed institutions to provide their offerings to the retail. That's actually really good. Because it provides safeguards. We saw what happened last time when we didn't have those safeguards. So many retail investors lost money in FTX's spectacular blow-up, right? And that really hurt the space, that really hurt the trust, it really hurt the reputation of the space. So directionally it is inconvenient but necessary. For governments to I would say slow down or make access to retail a lot harder. Like in Singapore, we don't see any upcoming movements that crypto is going to be available to retail or easily available to retail anytime soon. We see the same in Hong Kong. The exception would of course be Dubai, but that's already more on the Middle East part, right? And then in the US, it's like a witch hunt. Basically, the long story short is it's still going to be very B2B2C driven, where the interface towards the masses, the retail, will still lie within licensed institutions." - Qin En Looi

Fresh out of the studio, Qin En Looi, partner of Saison Capital, dives deep into the current developments and the future of Crypto and Web3 investments. He began with an overview of Saison Capital and its investment thesis. He shares how Saison Capital invests in the fintech and crypto space, and the current emergence of real-world asset (RWA) monetization, specifically in the tokenizing of physical assets on the chain. Last but not least, he shares what great would look like for Saison Capital.

Episode Highlights: [0:00] Quote of the Day by Qin En Loi. #QOTD [1:20] Introduction: Qin En Looi from Saison Capital. [4:09] From entrepreneur to VC. [5:40] Lessons from Qin En’s career journey. [7:15] Overview of Saison Capital as a corporate VC and investment thesis. [11:10] Definition of Crypto, Web3 and Real World Assets (RWA) monetization. [14:40] Typical day as a VC for Qin En Looi. [17:53] Choice of Blockchains (L2, Alt-L1) for Development. [22:02] Web 2.0 vs Web3. [23:07] Case studies in Web3 and Crypto. [26:54] How Web3 model can reduce operational costs in TradFi. [31:27] Challenges of RWA in different crypto markets. [35:26] Fractional Ownership and Illiquidity in RWA. [36:02] Trends in Web3/Crypto and RWA. [39:45] The one thing that Qin En Looi know about RWA and Web3. [41:45] Role of Web3 in the Finance Industry. [43:06] What does great look like for Saison Capital? [43:45] Closing