Sep
14
2021
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LinkedIn launches a $25M fund for creators, will test Clubhouse-style audio feature in coming weeks

When LinkedIn first launched Stories format, and later expanded its tools for creators earlier this year, one noticeable detail was that the Microsoft-owned network for professionals hadn’t built any kind of obvious monetization into the program — noticeable, given that creators earn a living on other platforms like Instagram, YouTube and TikTok, and those apps had lured creators, their content and their audiences in part by paying out.

“As we continue to listen to feedback from our members as we consider future opportunities, we’ll also continue to evolve how we create more value for our creators,” is how LinkedIn explained its holding pattern on payouts to me at the time. But that strategy may have backfired for the company — or at least may have played a role in what came next: last month, LinkedIn announced it would be scrapping its Stories format and going back to the proverbial drawing board to work on other short-form video content for the platform.

Now comes the latest iteration in that effort. To bring more creators to the platform, the company today announced that it would be launching a new $25 million creator fund, which initially will be focused around a new Creator Accelerator Program.

It’s coming on the heels of LinkedIn also continuing to work on one of its other new-content experiments: a Clubhouse-style live conversation platform. As we previously reported, LinkedIn began working on this back in March of this year. Now, we are hearing that the feature will make an appearance as part of a broader events strategy for the company very soon.

“We’ll be starting to test audio with a small pilot group in the coming weeks,” said Chris Szeto, senior director of product at LinkedIn, who heads up its audio efforts. “Given the trends in virtual, hybrid events we are also working on making audio part of our overall event strategy rather than a standalone offering, so that we can give people more choice about how they want to run and engage with their audiences.”

Notably, in a blog post announcing the creator fund, LinkedIn also listed a number of creator events coming up. Will the Clubhouse-style feature pop up there? Watch this space. Or maybe… listen up.

In any case, the creator accelerator that LinkedIn is announcing today could help feed into that wider pool of people that LinkedIn is hoping to cultivate on its platform as a more dynamic and lively set of voices to get more people talking and spending time on LinkedIn.

Andrei Santalo, global head of community at LinkedIn, noted in the blog post that the accelerator/incubator will be focused on the whole creator and the many ways that one can engage on LinkedIn.

“Creating content on LinkedIn is about creating opportunity, for yourselves and others,” he writes. “How can your words, videos and conversations make 774+ million professionals better at what they do or help them see the world in new ways?”

The incubator will last for 10 weeks and will take on 100 creators in the U.S. to coach them on building content for LinkedIn. It will also give them chances to network with like-minded individuals (naturally… it is LinkedIn), as well as a $15,000 grant to do their work. The deadline for applying (which you do here) is October 12.

The idea of starting a fund to incentivize creators to build video for a particular platform is definitely not new — and that is one reason why it was overdue for LinkedIn to think about its own approach.

Leading social media platforms like TikTok, Snapchat, Instagram and Facebook and YouTube all have announced hundreds of millions of dollars in payouts in the form of creator funds to bring more original content to their platforms.

You could argue that for mass-market social media sites, it’s important to pay creators because competition is so fierce among them for consumer attention.

But on the other hand, those platforms have appeal for creators because of the potential audience size. At 774 million users, LinkedIn isn’t exactly small, but the kind of content that tends to live on there is so different, and maybe drier — it’s focused on professional development, work and “serious” topics — that perhaps it might need the most financial incentive of all to get creators to bite.

LinkedIn’s bread and butter up to now has been around professional development: people use it to look for work, to get better jobs, to hire people, and to connect with people who might help them get ahead in their professional lives.

But it’s done so in a very prescribed set of formats that do not leave much room for exploring “authenticity” — not in the modern sense of “authentic self”, and not in the more old-school sense of just letting down your guard and being yourself. (Even relatively newer initiatives like its education focus directly play into this bigger framework.)

With authenticity becoming an increasing priority for people — and maybe more so as we have started to blur the lines between work and home because of COVID-19 and the changes that it has forced on us — I can’t help but wonder whether LinkedIn will use this opportunity to rethink, or at least expand the concept of, what it means to spend time on its platform.

Apr
06
2021
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Sendbird raises $100M at a $1B+ valuation, says 150M+ users now interact using its chat and video APIs

Messaging is the medium these days, and today a startup that has built an API to help others build text and video interactivity into their services is announcing a big round to continue scaling its business. Sendbird, a popular provider of chat, video and other interactive services to the likes of Reddit, Hinge, Paytm, Delivery Hero and hundreds of others by way of a few lines of code, has closed a round of $100 million, money that it plans to use to continue expanding the functionalities of its platform to meet our changing interactive times. Sendbird has confirmed that the funding values the company at $1.05 billion.

Today, customers collectively channel some 150 million users through Sendbird’s APIs to chat with each other and large groups of users over text and video, a figure that has seen a lot of growth in particular in the last year, where people were spending so much more time in front of screens as their primary interface to communicate with the world.

Sendbird already provides some services around that core functionality, such as moderation and text search. John Kim, Sendbird’s CEO and founder, said that additional developments like moderation has seen a huge take-up, and services it plans to add into the mix include payments and logistics features, and that it is looking at adding in group audio conversations for customers to build their own Clubhouse clones.

“We are getting enquiries,” said Kim. “We will be setting it up in a personalized way. Voice chat has certainly picked up due to Clubhouse.”

The funding — oversubscribed, the company says — is being led by Steadfast Financial, with SoftBank’s Vision Fund 2 also participating, along with previous backers ICONIQ Capital, Tiger Global Management and Meritech Capital. It comes about two years after Sendbird closed its Series B at $102 million, and the startup appears to have nearly doubled its valuation since then: PitchBook estimates it was around $550 million in 2019.

That growth, in a sense, is not a surprise, given not just the climate right now for virtual interaction, but the fact that Sendbird itself has tripled the number of customers using its tools since 2019. The company, co-headquartered in Seoul, Korea and San Mateo, California, has now raised around $221 million.

The market that Sendbird has been pecking away at since being founded in 2013 is a hefty one.

Messaging apps have become a major digital force, with a small handful of companies overtaking (and taking on) the primary features found on the most basic of phones and finding traction with people by making them easier to use and full of more interesting features to use alongside the basic functionality. That in turn has led a wave of other companies to build in their own communications features, a way both to provide more community for their users, and to keep people on their own platforms in the process.

“It’s an arms race going on between messaging and payment apps,” Sid Suri, Sendbird’s marketing head, said to me in describing the competitive landscape. “There is a high degree of urgency among all businesses to say we don’t have to lose users to any of them. White label services like ours are powering the ability to keep up.”

Sendbird is indeed one of a wave of companies that have identified both that trend and the opportunity of building that functionality out as a commodity of sorts that can be embedded anywhere a developer chooses to place it by way of an API. It’s not the only one: Others in the same space include publicly listed Twilio, the similarly named competitor MessageBird (which is also highly capitalised and has positioned itself as a consolidator in the space), PubNub, Sinch, Stream, Firebase and many more.

That competition is one reason Sendbird has raised money. It gives it more capital to bring on more users, and critically to invest in building out more functionality alongside its core features, to address the needs of its existing users and to discover new opportunities to provide them with features they perhaps didn’t know they needed in their messaging channels to keep users’ attention.

“We are doing a lot around transactions and payments, as well as logistics,” Kim said in an interview. “We are really building out the end to end experience [since that] really ties into engagement. A couple of new features will be heavily around transactions, and others will be around more engagement.”

Karan Mehandru, a partner at Steadfast, is joining the board with this round, and he believes that there remains a huge opportunity, especially when you consider the many verticals that have yet to adopt solid and useful communications channels within their services, such as healthcare.

“The channel that Sendbird is leveraging is the next channel we have come to expect from all brands,” he said in an interview. “Sendbird may look the same as others but if you peel the onion, providing a scalable chat experience that is highly customized is a real problem to solve. Large customers think this is critical but not a core competence and then zoom back to Sendbird because they can’t do it. Sendbird is a clear leader. Sendbird is permeating many verticals and types of companies now. This is one of those rare companies that has been at the right place at the right time.”

Jul
21
2015
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ClubHouse Is Like Salesforce For The Engineering Team

Screenshot 2015-07-21 09.10.08 In this day and age, the entrepreneurial spirit has been awakened in even those that can’t build software, which can make the engineering team a slightly mysterious entity.
ClubHouse, founded by Kurt Schrader and Andrew Childs formerly of Intent Media, aims to bring more transparency and predictive models to the process of engineering. The company has raised $2 million in seed thus far. Read More

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