Hey Snackers,
Nearly every app has a DM feature now, but yesterday's coolest message traveled for three years in a bottle. Only a matter of time before Facebook releases "Messenger in a Bottle."
Stocks dipped as investors continued chewing on the Fed's announcement. The central bank may wind down its easy monetary policies sooner than expected.
No crying in the Clubhouse... Well, maybe a few tears. Yesterday, Spotify launched its Clubhouse competitor "Greenroom." The social audio app is a Spotify-branded revamp of Locker Room, a sports-talk app that Spotify bought in March. Greenroom expands beyond Sunday football, to convos about music, culture, and Q&As with artists and podcasters.
Two parties on the same night... Claaassic high-school conundrum. To lure people to yours, you might throw in Taco Bell and even a DJ. Spotify does things a little differently. In its quest to steal ears from Apple, Spotify has spent nearly $1B on pod-related acquisitions — including The Ringer, Gimlet, and Parcast. Now it's beefing up the VIP list.
A great party requires great hosts... That's why "Greenroom" isn't really about guests — it's about creators. Right now, podcasters and musicians don't really care whether you listen on Spotify or Apple. Spotify is trying to lure creators by giving them a platform where they can connect with fans. Think: a host-led AMA session right after your favorite pod. By going social, Spotify can take its party to another level. We’ll see if Apple takes the hint.
June 19, 1865… More than two years after the Emancipation Proclamation, federal troops marched into Texas to take control of the state and ensure all enslaved people were freed. Juneteenth commemorates the end of slavery in the US — and the US government just made it a federal holiday. Beyond this recognition, lawmakers have been discussing how to make amends. Amid a national reckoning over racial injustice, more attention is being paid to reparations.
150+ years later… The economic effects of slavery are still being felt. Even after Emancipation, Black Americans were denied land ownership, home loans, and capital, while segregation affected educational and job opportunities. That all led to the racial wealth gap: the typical white family has 8X the wealth of the typical Black family.
Reparations could take many forms… Including: individual payments, college tuition, student loan forgiveness, and housing grants. Since 2019, cities and states have been making moves toward their own reparations:
Reparations could help close the racial wealth gap… which would improve racial equity, and support broader US economic growth. Pew predicts that the racial wealth gap will drain at least $1T out of the US economy annually over the next decade. In April, House lawmakers voted to advance a historic bill that would establish a committee to develop reparations proposals. That could help more cities and states take action.
Authors of this Snacks own shares of: Apple
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