Hello Bidtellectuals!

This week’s Bidtellect of the Week goes out to all those in leadership positions in honor of National Bosses Day!

Quibi Quits
Ah, alas. Short-form is now short-lived. Quibi launched on April 6th with megacelebrities and a massive amount of content in tow. The new streaming app was meant to be the ideal form of scripted content for viewers on-the-go: 5-10 minute bite-sized episodes meant to be watched on the train or waiting in line for co􀃠ee. Content for “in-between moments,” according to execs. But Quibi launched right as the coronavirus pandemic hit its peak in the United States; offices closed and all forms of commuting ceased. There were no more in-between moments, only long unending days or extremely jam-packed stressful ones. Quibi didn’t release any official numbers, but they evidently didn’t hit their projected 7.5 million paid subscribers by year’s end, and advertisers experienced significant under deliveries.”Quibi published an open letter to employees, writing that they had exhausted every option and apologized. They are “winding down the business and looking to sell it’s content and technology assets.”

Pinterest Peaks
Meanwhile, image-sharing and inspo site Pinterest is having a much bigger year than planned. At the start of the pandemic, users turned to the app to assist in hunkering down: “It was cooking, kids’ activities, building out their home office and home fitness,” according to Chief Revenue Officer Jon Kaplan. Later, the platform became an escape and hope-filled inspiration board for the future. The platform’s monthly users grew more than 40% in the second quarter to 415 million. The expansion is led by new international users (50% growth rate) and Gen Z users, who are joining the platform at twice the rate of people older than 25.

 

eMarketer’s Latest Report Predicts eCommerce Holiday Cheer
This year, the already cost-conscious consumer will be looking to keep their holiday spending in check, as well as avoid brick and mortar locations. But fear not: ecommerce saves the holidays! Its growth will make up for the expected declines at brick-and-mortar retail. Cyber Monday will be the biggest online spending day in US history with sales of $12.89 billion, up 38.3% from last year. Black Friday is expected to be the second-biggest, with sales anticipated to increase by 39.4% to $10.20 billion, while Thanksgiving will see a dramatic 49.5% sales growth rate.

Good News:
Reese’s Made a Trick-or-Treat Robot Don’t want to get close to a potential germ-filled child during trick-or-treating this year? Reese’s might send you it’s 9-foot robotic trick-or-treat door that dispenses king-size Peanut Butter Cup candy bars along with smoke, lights, and a Halloween soundtrack. Other Halloween adaptations: Mars Wrigley unveiled an app called Treat Town, which lets users across the country virtually trick or treat with each other throughout October. Krispy Kreme also developed a “reverse trick or treat” promotion. Spooky!

Stay safe, friends!
Charlotte

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Charlotte Otremba is Sr. Manager of Communications and Marketing at Bidtellect.

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