Domain Daily: Spotify Challenges Amazon

The Dose

  • Crypto for Billionaires

  • Meta Calls It Quits

  • Spotify Library

Billionaires Buy Crypto

According to Forbes, about 30% of the world's wealthiest people directly or indirectly invest in cryptocurrencies.

The Point: A Pew Research Study found that only 16% of the general public owned cryptocurrencies. In March, NBC News said that number was closer to 20%. Either way, the super-rich are embracing the asset class at a higher clip. That said, Forbes says members of the three comma club are mostly just dipping their toes in the water. 80% of those surveyed said crypto made up less than a tenth of their portfolios. Of course, none of this is meant as an endorsement of cryptocurrencies. That's a decision everyone has to make for themselves. And obviously, billionaires can afford to take risks the average person can't. But, the higher adoption rate among the richest is a clear indication of crypto's growing legitimacy.

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Meta Nixes Its Watch

Technical issues have forced Meta to abandon its plans to enter the smartwatch market.

The Point: Meta's been working on a smartwatch for at least two years. Given Apple's dominant position, they claim 30% market share, it was always going to be an uphill battle to win wrist space. So Meta planned to differentiate their wearable by equipping it with two cameras. Unfortunately, as it turns out, the second camera proved too challenging to implement. That, along with the company's plan to cut costs, ultimately doomed the project. Bloomberg says the company continues working on other "wrist-worn devices," but didn't elaborate on what they may be.

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Spotify's Next Move Is Audiobooks

Spotify CEO Daniel Ek told Axios that the company is looking to go head to head with Amazon in the $10 billion audiobooks market.

The Point: Spotify isn't afraid of making bold moves. The company spent over $1 billion to build its presence in podcasting, a market Apple had cornered. Now it's taking on another tech titan. By some measures, Amazon's Audible accounts for 90% of specific audiobook categories. Nevertheless, Ek thinks it's a risk worth taking. That's because he expects the market to grow to $70 billion. "There's one dominant player in audiobooks and that's similar to what the podcast space looked like in 2018," Ek told Axios. "We think that by entering the market, there's a great chance to win but also expand that market, and if that takes more acquisitions, we're flexible to do that."

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