- Scott Galloway is the best-selling author and professor of marketing at NYU Stern.
- The following is a recent blog post, reprinted with permission, originally posted on his blog, “No Mercy / No Malice”.
- In it, Galloway explains super apps and why they are important, both short-term and long-term.
Two years ago, I wrote a letter to the chairman of Twitter, demanding the replacement of Jack Dorsey as CEO. Or, more importantly, appoint a full-time CEO for the board. An executive who spends 90% of his time running another company and plans to spend half a year on another continent seems like a poor shareholder’s return strategy. Spoiler alert: It was.
This past February, as there were now directors on the board serving as fiduciaries, I predicted that Dorsey would be replaced by the end of the year.
Between the day Jack re-elected as CEO and the day he resigned (six years), Twitter’s stock rose 33%. The S&P 500, Facebook and Google grew 121%, 283%, and 447%, respectively.
My next prediction? Twitter will be acquired by the end of 2022, most likely with Sales Force or a fantasy company like PayPal or Stripe with FlyCurrency. Jack could also reunite with his siblings – in the dog-biting scene, the company that was formerly known as Square could get Twitter. Why? That is why it is now called a block. Super apps
A super app offers a set of Internet services on a single platform. Blockchain already has the arsenal of super app services: peer-to-peer payment (
), Crypto and stock trading (also cash app), lending (after pay), food delivery (caviar), music
(Tidal), and its core Merchant Payment Platform (Square). Socializing the platform is the logical next step in becoming America’s first super app.
I wrote about super apps last week. New York Magazine, and excerpts from this article appear below. It was timely: Super App stories have been in the news ever since.
- Square changed its name and blocked it – the announcement came 48 hours after Dorsey left Twitter. The “square” will be allocated to the merchant payment business. The three-dimensional mannequin encompasses all its different products. Twitter will give the block even more direction.
- ByteDance (TikTok’s parent company) has invested in iMile, the last mail courier service that connects most Chinese e-commerce companies with Middle Eastern customers. Dance videos are just a chore – eCommerce is a hook, and ByteDance is providing services to more young people with organ transplants.
- Grab, Singapore’s “Everyday Everything App” launches publicly following a ڈالر 40 billion SPAC deal. This is the biggest SPAC to date, although the stock fell more than 20% from the closing bell.
- Indian super app Paytm IPO with a value of $ 20 billion – the largest public list in the history of the country. However, it also lost more than one-fifth of its value on the first day of trading. Then slipped further before finding solid land at 14 14 billion.
Overall, the Super App lobby is getting crowded. Competitions in India now include: Amazon Pay, Google Pay, WeChat, and PhonePe (owned by Flipkart / Walmart). Southeast Asia also hosts many players: Gojic, Line, C Limited, Tokopedia, Zalo, and more.
And for good reason. The Super App Market is Digital Iron Throne. Super apps live on mobile and mobile. Is Internet in Emerging Markets For example, India has three times more cellular subscribers than the US, and Indians spend 17% more time on their phones daily.
In the long run, however, it is the world’s largest economy with the greatest reward. A platform that offers every aspect of the consumer experience in any market will be one of the most valuable companies in that market. The firm leading the super app in the United States will be the most valuable company in history. Below are some thoughts, along with excerpts from our original piece New York Magazine on November 24, 2021.
Metavers is best described as a conspiratorial deception between Mark Zuckerberg and the media – an imaginary notion that we are in the physical world without legs for hours of pleasurable activities, such as cooking and dating, causing nausea. Will trade in a virtual circle full of avatars. For most people, the CEO of Facebook’s desire to be the god of the universe that we can only enter by putting prophylactics on our heads. They are right. However, every time you hear Zuckerberg being called a meteor, he swaps into a super app and the plan seems less stupid.
A super app is the only mobile app that provides basic services, including chat and payments, as well as a suite of third-party “money apps”, from stores and restaurants to government agencies. Westerners are not familiar with them, but in most parts of Asia, the super apps are the Internet. The largest is China’s WeChat, which is probably the most widely used software on the planet. On WeChat, you can find a date, take a taxi, pay utilities, even get a divorce. An app reaches super status when it combines multiple services at once, making them so easy to toggle on, even if they’re not as good as single-purpose apps, the app is part of your digital life. Becomes your OS. The more services, the less reason to ever leave.
A super app can start small: WeChat started in chat. Gojik of Indonesia started the ride. And in India, Paytm was actually for buying prepaid mobile minutes. Eventually all spread out of their place and gained dominance. The economy of super apps is powerful – and potentially invincible. I believe that building the US Super App is strategically important for the next decade and could result in becoming the first $ 5 trillion company.
Already, there are many companies trying to replicate the Asian model – but to do so, they have to go through Apple and Google, the almost hegemonic mobile-OS providers, which are a superhero. Are investing billions to prevent the app from entering itself. Between users and the OS. Apple’s main transformation under Tim Cook is a decade-long project that expands the company’s ecosystem to eliminate the seating capacity of a super app at the top of iOS. It explains why Apple now offers both credit and debit payment systems, why you can use your Apple ID to sign in to a wide range of third party services, and Why is Jennifer Aniston being paid millions of dollars to produce? Inferior version of Murphy Brown.
Who are the strongest challengers of Apple and Google? Most obviously, the other big tech behemoths, Amazon and Facebook / Meta, which aim to jump on the bandwagon of alternative interactions, are a hypocritical way of saying “voice” (Amazon) and “VR” (meta). And while they’re both trying to skate where the cooking is going, Meta is on thin ice with a portal that makes you nauseous. Noise is low, and VR is over-hyped.
Fantastic is a potential center for aspiring super apps. Payments in particular: PayPal, which owns Venmo, and Block né Square. And new fantasies are emerging on a weekly basis, including corrupt businesses that are in a position to leap to frogs with the long legs of capital, which encompass the entire existing financial system. Fintech companies that reach the scale have valuable infrastructure, the acquisition of currency in case of overheated stocks, and confidence. Traditional big-tech leaders, especially social media companies, have been burning through acres of PR hat shields in recent years, constantly being attacked by the evil press as they ask people to come for adolescence.
And wait for the rebellion. Fintech has been (relatively) insecure. In addition, these companies launch their attack from the ground up: payments.
Payment processing is the basis of a super app. This is the glue that integrates with the basic features provided by third parties on the platform, and allows users to eliminate the need to enter credit card information on apps and sites. The shift in focus mediation, from advertising to a more powerful business of payments, promises to fuel a historic merger and acquisition binge that will reshape the line of industries that technically ridicule “content.” “. Probably the biggest gainers will be in finance – not just start-ups but Wall Street’s Old Guard, whose impending panic will be reflected in the M&A banker’s fees.
Financial services firms are already expanding into new markets. Some time ago, American Express received a reservation service race. There was a brand logic to this deal, as AmEx has long offered concierge services. In addition, JPMorgan recently bought Infatuation, a restaurant review site, and the owner of Zagat, which is much more interesting. In March, Square paid about ً 300 million for the music streamer Tidal, which caused a wave of WTF? Coverage You’ll find that Super App Victory has reached another level when it connects Jack Dorsey Square with another company it used to block on Twitter on Wednesday and Friday afternoons, and offers useful services.
I’ve been through the “.com” (ask your parents), mobile and social since the PC era, and now, half a dozen of them have gone through technological social changes. Each shift has created more wealth than ever before – even more losses. One thing they all had in common was that we never really saw them coming. In hindsight, these things seem obvious, but none of them have changed as much as we had hoped. For the most part, they are worse. Now the difference is that we can see super apps coming. In Asia, they are already here. As consumers, investors and political leaders, we have the opportunity to do better. To set the stage for competition and empowerment, not cooperation and anger. Whether our future is mediated by Siri, Alexa or Meta, it does not have to be a world of drugs and exploitation. The virtual world is not “what it is” but what we make of it.
Life is very rich
PS Making predictions can be dangerous. It could put you in Elon Musk’s Twitter cross hairs. Yet I persevere. Join the live stream of my free predictions on December 7th. You may not regret it.