YouTubers in Legal Trouble After Crypto Promotion 🚨
Eight prominent finance YouTubers are caught in a legal battle as they face a staggering $1 billion lawsuit connected to their promotion of the crypto exchange FTX. The individuals who filed the lawsuit alleged that these YouTubers and a talent agency played a part in helping FTX market its financial offerings.
In case you're unaware, FTX was a well-known platform for trading stocks and digital currencies but experienced a massive downfall due to financial mismanagement. This collapse left countless customers and investors facing significant financial losses.
😵 FTX filed for bankruptcy on November 11, 2022.
👩⚖️ CEO Sam Bankman-Fried is now facing 12 criminal charges.
The talent agency cited in the lawsuit has connections with three YouTubers implicated in the case: Graham Stephan, Andrei Jikh, and Erika Kullberg. This association introduces further intricacy to the situation and prompts questions about the degree of the agency's participation in promoting FTX.
Who’s Responsible? 🤔
The lawsuit claims FTX attempted to appear as the "secure" option by having well-known YouTube personalities and celebrities endorse and discuss the platform.
FTX Arena / Miami Herald
Interestingly, the YouTubers involved in the lawsuit were not even the most prominent endorsers and supporters of FTX. The platform had managed to attract a star-studded lineup of investors and endorsers, including:
Big Picture: Determining responsibility in such cases can be challenging, as even well-established investment firms like Sequoia Capital did not predict FTX's downfall.
This case highlights the importance of striking a balance between viewers exercising their judgment and influencers taking care of their promotional activities. Both parties must know the potential risks associated with the endorsed products or services.
As a result of this incident, some influencers might reevaluate their approach to promotions, opting for more thorough due diligence before endorsing products in the future.
For instance, it has been reported that YouTuber Meet Kevin has decided to stop accepting sponsorships following the FTX fiasco. This example could signal a shift in how influencers manage their promotional activities moving forward, with an increased focus on accountability and responsibility.
YouTube Podcasts Get An Update 🎙
YouTube / Create a podcast in YouTube Studio
YouTube recently announced the ability to upload podcasts directly in “Creator Studio.” You will be able to upload podcasts in the same way you would upload a normal video.
🇺🇸 Only available in the U.S. (as of now).
🎵 Podcasts are coming to YouTube Music.
🖼 Podcasts will have square thumbnails.
In order to create a "podcast," you'll need to put together a video playlist and designate it as a podcast. Videos within that playlist will be considered podcast “episodes.”
Big Picture: YouTube adding podcast capabilities to their platform seems to be a direct attempt to compete with rival streaming services like Spotify. Our latest newsletter discussed how Spotify's recent acquisition of podcast networks and exclusive content signaled its push into the podcasting space. With YouTube entering the game, creators have another platform to share their content and potentially reach a larger audience.
Twitch CEO Steps Down After 16 Years 👇
Lawrence Sumulong/Getty Images
Emmett Shear, the CEO and co-founder of Twitch has announced his departure from the company after a 16-year tenure. Shear's leadership played a significant role in the development and growth of the live-streaming platform.
Originally launched as Justin.tv in 2007, the platform began as a general-purpose streaming site. At the time, gaming-related content accounted for only 2% of watch time on Justin.tv. However, Shear and his team recognized an opportunity in this niche audience and decided to pivot towards it, eventually leading to the birth of Twitch in 2011.
Under Shear's guidance, Twitch became the premier platform for gamers, developers, and fans. The platform hosted numerous esports tournaments, charity streams, and non-gaming content such as music and art. Features like chat integration, emotes, and direct support for creators fostered a sense of community and interactivity on the platform.
In October 2006 we started working on live video for the internet. That became Twitch. More than 16 years later, I'm now a father and ready to move to my next phase of life. I wrote a blog post, but the short version is: thank you so much to everyone who built this with me.
— Emmett Shear (@eshear)
Mar 16, 2023
You can also watch the biggest lessons the ex-Senior Director of Product of Twitch learned from Emmet here:
Shear's tenure at Twitch was marked by efforts to create a positive and inclusive environment. He aimed to address harassment, hate speech, and copyright issues on the platform, which made Twitch an online home for millions of users. In 2022, the platform reportedly welcomed 31 a million average daily visitors.
As Shear steps down, the gaming community will be keen to learn what the future holds for Twitch. His departure marks the end of an era for the platform, and the foundations he established will continue to shape the live-streaming landscape as the company moves forward.
A new-and-improved way to host, record, edit, monetize, and promote your podcast, all for 100% free.
Spotify integrated the previously acquired “Anchor.fm” into this tool.
Spotify just launched a new-and-improved podcast service 👇
- A free way to host, record, host, edit, and monetize your podcast.
- Anchor is now "Spotify for Podcasts."
— Always Creating (@alwayscreatingg)
Mar 17, 2023
The entire Microsoft 365 suite of tools now has AI-powered tools. You can now increase productivity and creativity in Word, Excel, Powerpoint, Teams, and more. Here’s a tweet summarizing all the use cases:
🚨 Microsoft unveiled "Co-Pilot" for Microsoft 365:
It will be available to use in:
- Microsoft Excel
- Microsoft Word
- Microsoft Teams
- Microsoft Outlook
- Microsoft Powerpoint
Here's what you need to know:
— Always Creating (@alwayscreatingg)
Mar 19, 2023
Google was ahead of the curve and announced their new AI-powered tools a day before Microsoft. You find more details here:
Introducing a new era for AI and #GoogleWorkspace:
✅ Draft, reply, summarize & prioritize your Gmail
✅ Brainstorm, proofread, write, & rewrite in Docs
✅ Bring your creative vision to life with auto-generated images, audio, & video in Slides
And more → https://t.co/vGsTGN3w9i https://t.co/XnkTWvrwgT
— Google Workspace (@GoogleWorkspace)
Mar 14, 2023
What you might’ve missed:
TikTok might get banned in the U.S.
Stranger Things star is now streaming on Twitch.
KFC partners with 2 streamers for a commercial.
YouTube TV announces “Multiview” mode.
Ryan Reynolds leverages social media in a $1B exit.