How the tech giants disrupt every industry including the Banking Sector by Scott Galloway
Another installment of Winners and Losers and how the tech giants disrupt every industry including the Banking Sector by Scott Galloway. Go checkout and follow their YouTube channel at: https://www.youtube.com/user/l2thinktank/featured
A winner: YouTube. The original gangster video is not showing any signs of aging and its recent earnings report, Alphabet cited YouTube as one of the main catalysts for its 22% year-on-year revenue growth in the fourth quarter. YouTube has over a billion users; that’s one seventh of the world’s population. And reaches more 18- to 49-year-olds than any cable TV network in the US. According to our research, YouTube accounts for more than half of social interactions for brands, surpassing even Instagram. YouTube also dominates live video, despite only introducing live video last summer. 45% of US consumers watch live video on YouTube compared with just 24% on Facebook.
A loser: banks. Tech giants are disrupting every industry and banking could be next. One-third of consumers indicate they would switch to Google, Amazon, or Facebook if they offered financial services. Despite evidence that digital channels reduce the bank’s transaction costs by 95%, our research reveals less than half of brand home pages are optimized for mobile services, and just 16% show up in the top 10 search results for relevant non-branded keywords. With 9 in 10 millennial consumers now using digital to access financial services, the future likely belongs to digitally adept banks.
A winner: Procter & Gamble for laying down the law on digital. Last week, the world’s largest advertiser rolled out strict metric and third-party verification requirements for the companies it works with. P&G will no longer pay any digital media company, ad tech firm, or agency that fails to comply. “We don’t want to waste time and money on a crappy media supply chain”. CPG firms have a lot at stake as consumer spending shifts online. E-commerce sales will contribute half of CPG growth, jumping from 8 billion in 2013 to an estimated 36 billion in 2018. However, this growth comes off a small base as less than 5% of CPG products are purchased online.
In addressing the fake news scandal, the president and CEO of the Interactive Advertising Bureau, Randall Rothenberg, stated the following: “If you do not seek to address fake news you are consciously abdicating responsibility for its outcome. the depletion of truth and trust that undergird democratic capitalism”. Right on Randall! When you cut onions, onions cry. It’s nice to see someone from the Interactive Advertising Bureau, who I have absolutely no fucking idea what you guys do, show some stones. You and I are going to mate. Our children are going to be smart and angry. We’re going to run it for Congress in Michigan, Pennsylvania, and Florida and take this shit back, Rondell. Randall… we’ll see you next week.