One year ago this week, a small group of journalists launched a completely reimagined approach to covering the news. We called itThe Recount. Its mission: To be the leading outlet for video journalism in today’s age of mobile, non-linear, on-demand television. We started with a single product focused on politics. We called it The Daily Recount, and we envisioned it as a “remix” of the most important news sourced from scores of outlets, from national and international broadcast news to radio to podcasts to digital and social media and more. Our promise was simple: We’ll deliver the news quickly and free of the bullshit and bad faith that was drowning out our national discourse.
Now one year old, The Daily Recount was and continues to be an extraordinary media artifact – each segment is constructed from elaborately sourced samples of sound, graphics, and video clips. It employs no narrator, no “suits on set” — instead our journalists build an entirely new product from the 24/7 barrage of batshit crazy which leaps from our tangled media ecosystem. My friend and co-founder John Heilemann calls it “Hip-Hop journalism” – a radical re-interpretation of a standard form, built on the beats, samples, and melodies of what’s come before.
The video above is from a conversation at The Recount’s SHIFT event last month, between Nick Clegg, Facebook VP, Global Affairs and Communications, and myself. If you can’t bear to watch 30 or seconds of video, the gist is this: Clegg says “Thank God Mark Zuckerberg isn’t editing what people can or can’t say on Facebook, that’s not his or our role.”
Marketers – especially brand marketers: Too many of you have lost the script regarding the critical role you play in society. And while well-intentioned TV spots about “getting through this together” are nice, they aren’t a structural solution. It’s time to rethink the relationship between marketers, media companies (not “content creators,” ick), and the audience.
If you’ve read Shoshana Zuboff’s Surveillance Capitalism, you likely agree that the most important asset for a data-driven advertising platform is consumer engagement. That engagement throws off data, that data drives prediction models, those models inform algorithms, those algorithms drive advertising engines, and those engines drive revenue, which drives profit. And profit, of course, drives stock price, the highest and holiest metric of our capitalistic economy.
So when an upstart company exhibits exponential growth in consumer engagement – say, oh, 3,000-percent growth in a matter of two months – well, that’s going to get the attention of the world’s leading purveyors of surveillance capitalism.
As the coronavirus crisis built to pandemic levels in early March, a relatively unknown tech company confronted a defining opportunity. Zoom Video Communications, a fast-growing enterprise videoconferencing platform with roots in both Silicon Valley and China, had already seen its market cap grow from under $10 billion to nearly double that. As the coronavirus began dominating news reports in the western press, Zoom announced its first full fiscal year results as a public company. The company logged $622.7 million in revenue, up 88 percent from the year before. Zoom’s high growth rate and “software as a service” business model guaranteed fantastic future profits, and investors rewarded the company by driving its stock up even further. On March 5th, the day after Zoom announced its earnings, the company’s stock jumped to $125, more than double its price on the day of its public offering eleven months before. Market analysts began issuing bullish guidance, and company executives noted that as the coronavirus spread, more and more customers were flocking to Zoom’s easy-to-use video conferencing platform.
But as anyone paying attention to business news for the past month knows, it’s been a tumultuous ride for Zoom ever since. As the virus forced the world inside, demand for Zoom’s services skyrocketed, and the company became a household name nearly overnight. Zoom’s “freemium” model – which offers a basic version of its platform for free, with more robust features available for a modest monthly subscription fee – allowed tens of millions of new users to sample the company’s wares. Initially, Zoom was a hit with this new user base – stories of Zoom seders, Zoom cocktail parties, and even Zoom weddings gave the company a consumer-friendly vibe. Just like Google or Facebook before it, here was the story of a scrappy Valley startup with just the right product at just the right time. According to the company, Zoom’s monthly users leapt from 10 million to more than 200 million – an unimaginable increase of 2,000 percent in just one month.
Andrew Yang has dropped out, which means the presidential campaign just got a lot less fun (you must watch this appreciation from The Recount, embedded above). The race also lost a credible and important voice on issues related to the impact of technology on our society. The fact that Yang’s campaign didn’t make it past New Hampshire didn’t surprise the political experts I know, but his rabid base both online and at campaign events clearly did.
Perhaps Yang’s message of a “Freedom Dividend” never really caught fire because stock markets are at all time highs, and his warnings about tech-driven job losses have yet to come to fruition. It’s hard to get folks to care about something that requires thinking beyond the daily headlines, and harder still to ask them to consider long term trends like AI-driven automation or the wholesale reconstruction of our social safety net. But when Yang started his quest, these issues rarely made it to the national stage. Now they’re part of our shared vocabulary.
Google’s (and now Alphabet’s) CEO opines in the FT (sub required) on why AI needs to be regulated, joining the chorus of tech leaders who have taken the apparent high road when it comes to regulation, even as governments around the world have shown next to no ability to actually regulate anything (well, I guess the Chinese have certainly regulated tech…in a not so great way). Astute readers will note that an op-ed in a paywalled publication, on a holiday no less, is not exactly placed to go viral. However, look a bit deeper, and you’ll realize that the Financial Times is very well read by Wall St., number one, and number two, it ain’t a holiday in Europe, where the most powerful people on the planet are gathering for Davos this week. Indeed.
While most of the op-ed is pretty weak sauce, a predictable call for governments to “work together” to “harness this technology for good,” I found this quote the most interesting: “Companies such as ours cannot just build promising new technology and let market forces decide how it will be used.” I wish Google, Facebook, Amazon and Apple had that point of view before they built the AI-driven system we now all live with known as surveillance capitalism.