This installment of my newsletter is free for everyone. I send this email daily.
If you would also like to receive it every morning, join the 40,000 other people who care about Business, Tech & Growth, by clicking the button below or share it with a friend who’d find it useful.
ByteDance Starts Selling TikTok’s AI to Other Companies
ByteDance, headquartered in Beijing, is the parent company of TikTok. It has launched a separate division, BytePlus, to conduct the sale.
The USP of TikTok’s AI
What makes other companies interested in the sale is the opportunity to leverage TikTok’s recommendation algorithm, hugely popular for recommending videos based on past interaction with the app. Through this sale, other brands get a chance to access this algorithm and personalize it for their applications and customers.
The selection of videos the app will recommend to you depends on a set of parameters, including which types of videos you like or create or comment on and share. The information involved in the videos, such as captions and hashtags, and other parameters such as the location setting and the preferred language of use, proves instrumental in deciding the recommendations.
Other features offered for sale include TikTok’s speech and text translation, real-time video effects, and data analysis tools.
Companies that have already purchased these features include US fashion app Goat, Singapore travel site WeGo, Indian gaming platform GamesApp, and Indonesian shopping app Chilibeli.
59% of Young Adults Earmark Their Pandemic Savings for Real Estate Down Payment
Nearly 60% of American young adults have allocated their pandemic savings on a down payment for a home.
- The significance of the Data: Even a raging pandemic has failed to curb the aspirations of owning a home, especially among the Young Adults, otherwise known as a ‘rent forever generation’.
- The Source of the Pandemic Savings: Millennials tucked away extra cash, which often went as high as $3,000 a month, that they would’ve otherwise spent on eating out and travel.
Experts believe that young adults will keep on driving the housing market in the years to come. As wealthier members of this group invest their savings in down payments, the market will keep getting unequal. The low-income chunk of the demographic will be left out.
Didi App Suspended in China Over Illegal Collection of User’s Personal Data
Didi, a leading name in China’s ride-hailing market, faced a huge setback when the ride-hailing giant’s global app was ordered to be removed from all smartphone app stores in the country by the Cyberspace Administration of China.
As for the reason for the suspension, the CAC was not happy with Didi’s compliance mechanism. It asked Didi to bring changes to adhere to the Chinese data protection regulations. By this time, Didi had already raised $4.4 billion in an IPO. Although the CAC did not reveal the exact point of its disagreements with Didi Global’s data collection mechanism, it was evident that the company was illegally collecting personal user data. The CAC also mentioned that its investigation into Didi’s operations intends to safeguard “national security and the public interest.”
Didi was quick to respond by stopping the registration of new users and agreed to remove the app from the store for the time it would take to comply with rules and users’ rights.
Historic Test-Flight of a Flying Car Between Two Cities in Slovakia
The AirCar prototype flew between Nitra and Bratislava. It took the vehicle 35 minutes in the air, half the time a road vehicle would have taken to complete the same journey.
The flying car is a dual-mode car-aircraft vehicle. During the test run, it took off from an airport, flew in the air, and then landed and retracted its wings to become a regular roadways vehicle. The pilot who flew it in the air also drove it through the roads of downtown Bratislava.
Stefan Klein, the founder of AirCar, who also drove and piloted the vehicle in the air, believes his invention has turned science fiction into reality. Many experts believe that Klein’s invention can potentially expand the horizon of transportation as a category.
How Much Americans Spent on this Year’s Fourth of July?
Projections by the National Retail Federation’s Independence Day Data Center estimated 86% of Americans to have celebrated the 4th of July this year compared to the 76% of the last year. Personal finance website WalletHub looked at category-wise spending into food, alcohol, and fireworks.
Spending on food items was estimated to be $7.52 billion, a whopping growth of $1 billion compared to last year’s $6.52 billion, whereas spending on beer and wine was estimated to be $1.4 billion, still a bit short of 2019’s $1.6 billion. As for spending on fireworks, it remained the same as that of last year at $1.5 billion.