SRAX Recap: Verizon Unveils 5G, Amazon Raises Minimum Wage, Reddit at 1 Billion Video Views

In this week’s digital news, Verizon unveils 5G in a few cities, Amazon raises minimum wage to $15/hr, Reddit surpasses one billion monthly video views, and more.

Verizon 5G comes to life

Residents of Houston, Indianapolis, Los Angeles, and Sacramento became the first recipients of Verizon’s 5G service this week. This faster connection is an end-to-end solution and requires home installation, meaning it will likely spread slowly throughout each metropolitan area. Verizon promises 300Mbps and peak 1Gbps connection speeds using the broadband that’s included in the $50-70 monthly price. The bundle includes three months of YouTube TV and the choice of an Apple TV or Google Chromecast. Verizon reportedly chose Houston, Indianapolis, Los Angeles, and Sacramento because of their progressive state/local leaders. At this point, the only element slowing down the spread to other cities is production of the required hardware.

Amazon raises minimum wage to $15/hr

Amazon employees across the United States rejoiced this week as the company announced a minimum wage increase to $15/hr. The raise applies to full-time, part-time, temporary, and seasonal employees. Plus, the increase includes all of Amazon’s subsidiary companies, like Whole Foods and Zappos. Senior VP of Global Corporate Affairs, Jay Carney, says the company is trying to set an example for the workforce. They’ll work with Congress to increase the federal minimum wage, making the issue a key focus for the company. Amazon currently has roughly 250,000 permanent employees, as well as 100,000 seasonal workers who help at busier times, such as Christmas. The raise will be effective starting November 1, 2018.

Reddit’s native videos reach 1 billion monthly views

One year into hosting native video, Reddit has quickly ramped up to an average of one billion monthly views. Advertisers see higher conversion rates and more engagement with video ads, and Reddit is no exception. Offering competitive reach and results, the company is now officially on the radar for digital marketers worldwide. In general, advertisers see 2.3 times more conversions with video ads compared to static ads. And in these terms, Reddit is now on par with Facebook. Mobile video views on Reddit have doubled since August, making the market all the more lucrative for advertisers. The volume of video content on the sight has already increased by 30 percent, and it’s trending to increase exponentially.

Facebook faces scrutiny from EU regulator following most recent breach

Last week Facebook came forward regarding a massive breach which exposed an initially reported 50 million users. A hacker used a combination of three bugs to take over accounts, however, potentially affecting many more users. Ireland’s Data Protection Commission (DPC), a regulator for the EU, awaits further information before making their call. They could open a formal investigation into the breach to discern whether Facebook violated the GDPR, which is the EU’s strict new data privacy legislation. If the DPC rules that Facebook violated policy, they could face a fine of $23 million or 4% of Facebook’s global annual revenue for the previous year, whichever is higher. If Facebook cooperates with investigators, the fine could be less severe.

Twitters revamps account creation and content sharing procedure

For starters, the popular social media platform reports that it’s now detecting more than 9 million spam profiles per week. On top of that, Twitter has established a new set of rules that’ll impact profile creation and content distribution. Accounts that mimic profile photos, bios, and locations have proliferated on the platform over the past few years, and this new move shows Twitter expanding their ability to target and remove these accounts. These fake accounts have begun rapidly spreading misinformation and scams to confuse users, particularly the accounts which impersonate political figures. Twitter is also cracking down on accounts that distribute hacked materials, or those that threaten or encourage others to do so. The platform will continue to expand their reach as it pertains to political misinformation, and this update seems like a step in the right direction. 

Published on October 5, 2018

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