News story of the week: Twitter CEO reveals he doesn’t ‘Like’ Twitter
Okay, so the above headline isn’t strictly true. We click-baited you, hit you with some ‘trendy’ misinformation – something that Twitter is keen to move away from, in addition to generally cleaning up its act.
This week CEO Jack Dorsey admitted he wasn’t a fan of the ‘Like’ button and the social network would be getting rid of it ‘soon’. Twitter’s reasoning? To incentivise healthier behaviour and spark stronger debate. According to The Telegraph, psychologists have suggested that the ‘Like’ button may be causing social media addiction among users who crave endorsement from their peers. GUILTY.
Irrespective of the button’s shortcomings, it does provide a good indicator of engagement for brands, so the question really is, what will Twitter replace it with, if it even replaces it at all? If it doesn’t, will marketing teams EVER be able to justify their budgets ever again?!
Comment piece of the week: Going far enough? The tax on big tech
In Monday’s Budget, Philip Hammond announced a long-overdue digital services tax. Its purpose? Tackling big American tech, accused of using ‘creative’ accounting and avoiding tax.
A notable target for Hammond is Facebook. Last year, the naughty network reported a UK profit margin of just 4.9% of its revenue, while its global profit margin was 50%. The new legislation will work to tax revenue, rather than profits.
The Guardian’s financial editor, Nils Pratley argues that while the budget levy could go much further for the likes of Facebook, Google and Amazon, Hammond deserves credit for finally taking the plunge.
We’re looking forward to seeing where the money will be spent. At the very least we demand a new seal sanctuary, but will probably settle for the safety of the NHS.
Number of the week: Financial eduction works!
New research from the clever folks over at Moneyhub finds that investors who use money management technology such as apps hold DOUBLE the amount of savings than the national average, with a rather large overall wealth of £429,970.
CEO Samantha Seaton states this firmly dispels the notion that that apps are almost only the preserve of hipsters to keep track of spending on avocados. Quite!
Quote of the week
We are @Foco_Global on Twitter, what’s your excuse?