TAINAN, TAIWAN – Media OutReach – 4 October 2022 – The TripBarometer Global Report indicated that 57% of travelers pay more attention to the local history and culture and 42% of Asian travelers prefer countries rich in culture and humanities, which would refer to cities like Kyoto, Chiang Mai, and Tainan.
The traditional banking system and economic instability are making it difficult for Latin Americans to get credit, but crypto lending is thriving across the region.
It is not easy for Latin Americans to borrow money from traditional banks at a time of extremely high interest rates and relentless inflation. So some in the region have turned to crypto to gain access to needed credit.
Back in 2020, when coronavirus pandemic-induced inflation hit, Latin American central banks were among the first to hike interest rates, with further increases in 2021 and 2022.
As a result, traditional banks’ lending rates grew exponentially, acting as a trigger to the growth of crypto platforms, which offer up to 50% lower rates and zero maintenance fees.
Ledn, a Canada-based lending platform with more than 125,000 users, started operating in Latin America in 2019. The region now accounts for 50% of the loans granted by the company, Ledn co-founder and Chief Strategy Officer Mauricio Di Bartolomeo told CoinDesk.
“As the adoption of cryptocurrencies grew in Latin America, we noticed that people had to sell their bitcoins to spend on their daily lives,” Di Bartolomeo said. “That was when we saw credit could help people grow their businesses or projects without selling their crypto.”
Ledn offers credits in U.S. dollars and the USD coin (USDC) stablecoin, with an annual interest rate of 7.9%. When receiving USD or USDC loans, the collateral in BTC must double the loan. The company provided $500 million in loans in Latin America, with an average amount of a bitcoin-backed loan of $9,206, Di Bartolomeo said.
In July, Buenbit, a Latin American crypto exchange, started offering crypto credits in Argentina via NuArs, a stablecoin pegged to the Argentine peso (ARS) that operates on Binance’s blockchain and must be collateralized in the U.S. dollar-pegged stablecoin DAI.
Since the launch of that lending feature, the amount borrowed from NuARS grew by 70%, Manuel Calderon, Buenbit’s financial manager, told CoinDesk. He said the borrowing limit expanded from 1 million ARS (equivalent to $3703) to 5 million ARS ($18.518) in September, adjusting to user demand.
Depending on the amount borrowed, the collateral required can go up to 90%, Calderon said. The annual interest rate is about 69.5%, though it can change on a daily basis as the markets fluctuate, he added. With Argentina’s traditional banks, loan rates can exceed 200% annually, according to data from major institutions surveyed by CoinDesk.
“This feature is designed for those who do not want to sell U.S. dollars but need to get hold of pesos for an expense, either short term or longer term,” Calderon said. “This way, you can keep the dollars and use them as collateral to take out a loan.”
Calderon said that approximately 30 loans are opened and 25 closed per day on Buenbit’s platform. “Users go from small and medium companies that want to get 5 million NuARS to buy machinery, to people who get only 3,000 pesos (US$11) to pay a small expense like eating in a restaurant,” he said.
In August, Num Finance, which developed a stablecoin pegged to the Peruvian sol called NuPEN, started offering loans in NuARS and NuPEN on its own platform in Argentina and Perú. According to Santiago Migone, Num Finance’s CEO, more than $250,000 were lent over the last month.
“Latin America is a region that has far fewer credit facilities than countries with similar incomes, such as Eastern Europe or South Africa,” Migone said. “There is a great incentive for crypto products that bring new modalities to help expand credit in several ways.”
Num Finance’s credits can be 100% collateralized with bitcoin, ether or DAI, among other crypto, while the interest varies according to the referencial rates of each country. In Argentina, the rate of NuARS is 59%, while NuPEN’s rate rises up to 6%.
A troubled region
In August, Mexico’s central bank announced a monthly rate hike for the tenth consecutive month, adding 75 basis points and taking interest rates to an all-time high of 8.5%.
Brazil, one of the first countries to tighten its monetary policy in 2020, accounts for the second-highest interest rate in the world with 13.75%. But the first place, by far, goes to Argentina, whose central bank announced in September a 550 bps raise, hitting a 75% reference interest rate.
Private banks are even more risk-averse when granting a loan. In Brazil, the largest private bank, Itau, offers personal loans with an annual interest rate that can go up to 172.85%, according to its website. In Argentina, the annual interest rate offered by the largest private player, Banco Santander, can reach 230%.
“These rates make it impossible for citizens to repay loans as inflation continues to rise,” Darian Yane, an Argentine economist specializing in crypto, told CoinDesk.
Latin America has some of the highest inflation in the world, with an average of approximately 11% year to year. These numbers have even affected the steadiest countries, such as Chile and Peru, whose citizens have recently started adopting crypto as a hedge against inflation.
Furthermore, in Latin America financial inclusion is still low. Up to 50% of its workforce works in informal conditions and therefore lacks a credit score necessary to apply for a loan.
“For someone living outside the banking system whose income is in local currency, who can’t access credit, can’t access a bank account, a credit card, anything … that’s when crypto becomes a solution,” Yane added.
Nigeria’s ability to increase its crude oil production dropped by 37 per cent in less than three years, according to industry statistics.
Data from the Organisation of the Petroleum Exporting Countries’ September 2022 Monthly Oil Market Report revealed that the country’s oil rig count dropped to 10 in August 2022, from 16 recorded in 2019.
An oil rig is a large structure with facilities to extract and process petroleum and natural gas that lie in rock formations beneath the seabed.
A breakdown on how the decrease occurred revealed that as of 2019, Nigeria’s rig count was 16. It dropped to 11 in 2020, and further decreased to seven as of fourth quarter 2021.
By first quarter 2022, it increased to eight, and then 10 by the second quarter 2022, and moved up to 11 in July 22, before dropping to 10 last month.
Further checks on the OPEC report showed that the rig counts of other member nations of the organisation such as Algeria, Iran, Iraq, Kuwait, Saudi Arabia and UAE were 33, 117, 54, 27, 68 and 50 respectively.
This was as the United States oil rig count rose by four to 763 in the week to September 16, its highest since August, energy services firm Baker Hughes Co said. This, it said, puts the total rig count up to 251, or 49 per cent over this time last year.
OPEC had said demand for its crude in 2023 remained unchanged from the previous MOMR to stand at 29.8 million barrels per day, which is around 0.9 mb/d higher than what was recorded in 2022.
Nigeria’s crude oil output fell to 900,000 barrels per day last month, according to OPEC.
The country’s crude grade, Bonny Light, also dropped by 10 per cent within the space of one month (July-August). Bonny Light which was sold for $117/b in July dropped to $106/b in August.
Nigeria’s crude oil production has been witnessing significant drop over the years from the 1.4mb/d recorded in 2020. Production gradually dropped to 1.3mb/d at the beginning of 2021, to 1.2mb/d in the first quarter of this year. As of the second quarter of this year, output dropped to 1.1mb/d, to 1mb/d in July, and 900, 000b/d last month.
Professor of Economics and Public Policy at the University of Uyo, Akwa Ibom State, Akpan Ekpo told The PUNCH that despite crude oil retaining 80 per cent of the total trade, Nigeria should no longer rely on revenue from crude oil.
Group Chief Executive Officer, Nigerian National Petroleum Corporation Limited, Mele Kyari, blamed the country’s low crude oil outputs on theft resulting from pipeline vandalism in the Niger Delta.
Lawyer advising NNPC on oil and gas projects and transactions and partner at Bloomfield Law Practice, Ayodele Oni, advised the Federal Government to provide solutions to the oil theft challenges bedeviling the country.
LONDON, UK – Newsaktuell – 3 October 2022 – While existing travel websites primarily display the cheapest or fastest travel option, the new BookSmart24 app also finds the most CO2- and emission-efficient variant for the chosen route. The platform enables users to make smart and responsible booking decisions and to realize that traveling in an environmentally conscious manner does not necessarily have to be more expensive.
The new environmentally friendly travel booking app for global markets. BookSmart. Travel Responsibly.
SmartChoice prefers routes with the lowest CO2 impact and is constantly developing further
The platform calculates and compares prices, travel duration, and the individual CO2 impact of each route based on proprietary algorithms. SmartChoice prioritizes and recommends the routes with the lowest carbon footprint while ensuring that fares and trip durations remain within an average value expected for the route in question. SmartChoice is constantly evolving and adapting to the fast changing mobility industry by taking into account additional parameters such as biofuels or the sustaiability of airports or train stations. A so far worldwide unique concept.
Next step: Offers for world-wide high-speed train services
For now, BookSmart24 offers its services for air routes. Soon, the focus will also be on high-speed trains around the world, which will be included in SmartChoice. This will provide consumers with combined offers from train and flight connections. The basic structure for a global high-speed train GDS (Global Distribution System) have already been installed on the platform and the service will be available soon. In a further step, urban multi-mobility concepts (public transport, car sharing, etc.) will be integrated into the platform in order to offer sustainable door-to-door travel worldwide.
The goal: to establish BookSmart24 as the leading global reference platform for more sustainable travel.
[This article contains information about House of the Dragon, some of which may contain spoilers.]
Streaming services are at the height of their popularity, with Disney+ and HBO Max gaining subscribers each quarter. The popularity of streaming services and the ease with which they offer fans is perhaps one of the reasons why House of the Dragon, HBO’s new flagship series, is breaking viewership records almost weekly.
Despite the complex relationship of the Targaryen family tree, fans still gather in front of their screens every Sunday night from 9 pm to catch a new episode. According to Variety magazine, Episode 6 drew three percent more viewers than Episode 5. While Episode 4 showed a five percent increase. This marks House of the Dragon’s third consecutive week of growth.
These figures for these increases are based on cable viewership across four airings on HBO, viewers on HBO Max, and other HBO platforms throughout the night. As it stands, season one of the series sees an average of 29 million viewers per episode across all platforms. On cable alone—through HBO itself—viewership for Episode 6 reached a high of 2.479 million viewers.
While it’s impossible to make a like-for-like comparison between House of the Dragon and its parent show, Game of Thrones, it’s worth understanding that HBO’s streaming platform wasn’t quite as robust when Game of Thrones first aired. Another thing to note is that Game of Thrones was brand new to viewers, while House of the Dragon is a highly anticipated series that rides on the back of its widely successful predecessor.
Some of the most popular episodes of House of The Dragon include the season premiere, drawing almost 10 million viewers across linear channels and streaming services in the U.S. alone. The premiere undoubtedly made history for HBO, bringing in the largest audience for any new HBO original series. In Episode 1, viewers meet a young Rhaenyra Targaryen, understand the family politics that plague House Targaryen and get a glimpse of the level of drama they can expect to see in the next nine episodes.
Another highly rated episode is Episode 4, which drew approximately 2.536 million viewers across four linear airings, according to Nielsen ratings in the U.S. The episode aired alongside week one of Sunday Night Football on NBC.
The highly discussed Episode 4 saw Rhaenyra and her uncle, Daemon, finally act on the growing sexual tension between the two of them. While they didn’t actually follow through with the act, their carousing led to rumors that eventually saw the dismissal of Ser Otto Hightower as the hand of King Viserys. Otto’s dismissal further sowed discord between Rhaenyra and Otto’s daughter, Alicent.
Lastly, Episode 6, which, as mentioned, brought in 2.479 viewers alone through cable, featured the most significant time jump yet. In this episode, casting swaps for Rhaenrya and Alicent were made. Emma D’Arcy replaces Milly Alcock, while Olivia Cooke takes over from Emily Carey, playing older versions of their characters. While nothing much has changed, plotwise, the episode allowed users to adapt to the new cast members and, yet again, set the tone for any changes. As both Alcock and Carey have become fan favorites, the increase in viewership for this episode signals to HBO that House of the Dragon might just be able to hang on to its viewership numbers despite significant changes.
Viewership numbers for Episode 7 are not out yet but, reviews for the episode have been good, with critics applauding the drama and writing.
If the trend continues, House of the Dragon might just surpass Game of Thrones in terms of viewership in the future. Considering how it’s much easier to follow than the events of Game of Thrones and the fact that you don’t need to be a Game of Thrones fan to watch House of the Dragon, the series might just be able to win new fans, too.
20 early-stage tech startups from Taiwan and across the world will take the stage to present their businesses to a curated global audience.
TAIPEI, TAIWAN – Media OutReach – 3 October 2022 – 500 Global, a leading multi-stage venture capital firm, will be hosting demo day for the 500 Global Accelerator Taiwan with TTA 2022. On October 28th, 20 startups will present their solutions in a range of sectors, including digital health, Future of Work, and Web3, to a curated global audience of industry stakeholders, corporate leaders, and partners.
The accelerator program represents 500 Global’s continued support of Taiwanese startups, as well as startups looking to expand into Taiwan. The firm oversaw the selection of pre-seed and seed stage tech startups that have developed prototypes with early traction. Over eight weeks, they underwent comprehensive training, tailored mentorship, and curated networking events.
“We’re proud of this year’s cohort and the businesses they’ve created to solve various industry gaps. Seeing the potential of these startups reaffirms 500 Global’s commitment to highlighting Taiwan as a destination for innovative technology. We look forward to showcasing them in front of a curated global audience on this much anticipated demo day,” says Tony Wang, Managing Partner at 500 Global.
The accelerator program received close to 200 applications, before being narrowed down to 12 Taiwanese and 8 international startups. The latter hail from Hong Kong, Korea, the United States, the United Kingdom, Malaysia, Canada, and Indonesia.
Demo Day will take place virtually on Friday, October 28, at 10am (GMT + 8). Please register your interest here for an opportunity to view the startups showcase.
Areix provides investech solutions. Its Web3 trading app, OlaWealth is built to empower novice traders to trade cryptos like a pro with a few clicks by tracking verified top traders and whale signals.
A social ecommerce marketplace for people with skin problems to be matched with customized skincare solutions by using validated community recommendations and our extensive ingredient database.
Helps organizers manage group events by securing the best time and place with an idea generator, interactive invite, and booking service.
Guidoor
Guidoor is a mobile app for creating NFT business cards. Users exchange more value from networking by attaching incentives or discounts to business cards.
A digitalization software for the beauty industry, that offers businesses an all-in-one platform for CRM, reservations, and POS, which helps to increase customer loyalty.
A digital biomarkers SaaS helping health researchers collect and analyze real-world physiological data from wearable devices (e.g. smartwatches) through our no-code CRM-for-research-studies.
A marketplace for science and technology where customers can buy low price supplies through highly efficient processes for their R&D work and productions.
Seekrtech’s app Forest helps people struggling to focus, improve their attention and pursue their goals by providing personalized focus guides and incentives via gamification.
An app that helps grassroots sports teams win more of their games through automated match video capture, statistical analysis, and shareable highlights.
Hashtag: #500Global
About 500 Global
500 Global is a venture capital firm with $2.7B in assets under management that invests early in founders building fast-growing technology companies. We focus on markets where technology, innovation, and capital can unlock long-term value and drive economic growth. We work closely with key stakeholders and advise governments and corporations on how best to support entrepreneurial ecosystems so startups can thrive. 500 Global has backed over 5,000 founders representing more than 2,700 companies operating in 81 countries. Our portfolio includes 49 companies valued at over $1 billion and 150+ companies valued at over $100 million. Our 180+ plus team members are located in 27 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies.
About TTA
Taiwan Tech Arena (TTA) is a deep tech startup ecosystem building program bringing academic/R&D talents, startups, accelerators, corporate and investors under one roof.
Located in Taipei Arena with 3,000+ m2 co-working and event space specifically designed for tech innovation, Taiwan Tech Arena aims to cultivate deep technology entrepreneurship, foster commercialization of innovation and build a vibrant cross border deep tech startup ecosystem.
NEW YORK, US – Media OutReach – 3 October 2022 – X Metaverse Pro, with an aim to re-architect the core part of the financial system, has developed a viable financial management ecosystem, thereby promoting the experiment of decentralized governance. The mission of its native token, XMETA, is to become a DEFI 2.0 reserve currency.
The high-liquidity market created by X Metaverse Pro aims to solve the common problem of low utilization of digital assets and has advanced capabilities. The project is currently at an early stage with a low valuation. However, with the concerted efforts of community members, X Metaverse Pro aims to better correlate ecological growth with the accumulation of XMETA value, which will soon bring considerable value to investors’ value income, the developers claimed.
X Metaverse Pro is an innovative blockchain financial project that started in the USA. It is committed to creating an open asset management system to help users realize fast transactions of the virtual property safely, transparently, and efficiently, and list commodities, trade, pay and hand over virtual commodities, sign and fulfill contracts, governance, and voting. The ecology accommodates NFT, DeFi, and Metaverse assets and connects the virtual and real worlds. Within X Metaverse Pro ecosystem, anyone can digitize assets and identities anytime, anywhere.
The core of the project is the X Metaverse Pro wealth management ecosystem. It launched the XMETA asset management service for the first time and simultaneously launched the XMETA digital asset management platform, the X Metaverse Pro protocol, and the decentralized asset management platform. The goal is to help different types of assets. Asset managers, including individual and institutional investment managers, can manage their investment portfolios safely, quickly, and efficiently, achieving high returns, the developers maintained.
The XMETA digital asset management platform provides an assortment of investment portfolio and management tools and automates many operations through smart contracts. The process simplifies asset management and effectively reduces fixed costs. On the XMETA asset management platform, the performance of investment managers can be tracked, and the traceability feature makes it easier for capable investment managers to be discovered. In addition to asset managers, developers can also participate.
X Metaverse Pro protocol also occupies a pivotal position in the whole ecosystem. The protocol’s core is implemented by smart contracts, providing competent custody and decentralized asset management services for cryptocurrency assets. Investors can create, issue, manage and invest in on-chain fund products through the X Metaverse Pro protocol.
The idea of XMETA’s decentralized asset management platform is to use DAO-governed asset management DEX to manage assets for users effectively. The platform creates a multi-signature wallet, which can flexibly add and delete multi-signature holders and change multi-signature conditions. At the same time, it supports a variety of APP modules to connect with the external ecology more quickly. Based on this prediction, the X Metaverse Pro decentralized asset management platform will be an asset management platform with both security and scalability.
X Metaverse Pro is a digital asset management ecosystem based on social trading. The real purpose of creating this project is to use traditional financial management methods such as hedge funds to manage digital assets, and the XMETA asset management business provides a complete platform level for this process.
X Metaverse Pro is a distributed asset management project in the metaverse field, and the X Metaverse Pro protocol is divided into two parts: core and module. The core is the primary transaction rules, which cannot be tampered with or changed. Modules allow users to participate in the design independently on a core basis. Due to the project’s independent nature, the platform can realize automatic updates, and there will not be too many technological obstacles.
According to the developers, the CEO of X Metaverse Pro has a unique background. He mentored Simons, who is regarded as an iconic figure in the American financial industry. The CEO of XMETA also has rich experience in traditional finance, encrypted finance, the Internet, and other financial fields, which will significantly help the future development of this project.
Hashtag: #XMetaversePro
The issuer is solely responsible for the content of this announcement.
About
X Metaverse Pro draws a blueprint for future asset management with a clear main line.
Cornerstone Technologies has covered 7,800 Private Residential EV Charging Parking Spaces and over 1,500 Public EV Charging Parking Spaces, now expanding to Europe and Asia.
JAKARTA, INDONESIA – Media OutReach – 3 October 2022 – Cornerstone Technologies, a leading innovator in EV Charging Total Solutions originated in Hong Kong, today announced its presence in Indonesia.
EV Charging Total Solution
Cornerstone Technologies has a strong in-house R&D team, developing one-stop EV charging solutions including award-winning chargers and software backend system to support the smooth running of the entire EV Charging System.
Cornerstone Technologies has both AC (Alternating Current) and DC (Direct Current) chargers that are Open Charge Point Protocol (OCPP)-compliant. With the connected platform, Charge Point Operators (CPO) and EV drivers can have access to real-time charging information and other access features to give them peace of mind and flexibility. Recently, Cornerstone Technologies is expanding beyond its home market, Hong Kong, and starting to tap into Switzerland, France, Spain, Bulgaria, Romania, Singapore, Malaysia, Cambodia and now Indonesia.
The Chief Executive Officer of Cornerstone Technologies, Mr. Vincent Yip stated his confidence in making Cornerstone EV charger to be the no.1 EV Charging solution provider and the most trusted brand for EV owners in Asia. “Given the immense experience in EV Charging and established technology platform, we are excited about the opportunity in Asia, especially Indonesia.” Mr. Yip further commented.
Extensive Job References with Governments and Private Sectors
Cornerstone Technologies has become tier 1 EV charging total solution provider for the Government. Thousands of EV charging points have been deployed supported with sophisticated CPO system. There are many “first’ technological solutions that have been developed by Cornerstone Technologies, among others: Load Management System to enable more EV chargers to be installed without having to increase electricity load, Integrated Parking System, a cashless and contactless billing system that integrates parking and charging fees into one, EVCSS (Electric Vehicle Charger Smart System) to monitor 1,800 EV chargers under various brands spread across 70 government carparks. The partnership with one of the corporations in Cambodia is also underway, more details on the operation for this market will be released soon.
Besides deploying EV chargers at thousands of residential parking spaces, Cornerstone Technologies has supplied ultra-fast 200kW DC chargers to one of Asia’s biggest public bus operators, KMB (Kowloon Motor Bus) supported withSupervisory Control and Data Acquisition system to manage the fleet.
Charge Point Operation (CPO) System
The “Cornerstone Go” CPO system completes with a Central Management System for data monitoring and reporting, Load Management System to regulate the electricity load within one car park for efficiency usage of electricity, as well as Payment System and Mobile App for a remote start and stop charging. These are crucial features for a successful charge point operator to thrive in this business. The development of the “Cornerstone Go” CPO System is intricate, however; the concept for EV owners is simple: just “Go” charge anywhere.
Cornerstone Technologies and EVCM
Cornerstone Technologies is proud to announce that PT Electric Viva Cepat Maju (EVCM) has been appointed as the sole distributor throughout Indonesia. EVCM is fully geared up to be a trusted Charge Point Operator who is committed to serve EV owners in Indonesia starting from installation to after-sales-service. The President Director of EVCM, Mr. Satria Nugraha candidly admitted“We have been very impressed with Cornerstone Technologies who is so ready to tailor their EV chargers to meet the requirements from PLN. They have imparted a lot of EV charging knowledge to ensure we are fully equipped to serve the Indonesian market.”
The transition from conventional vehicles to Electric Vehicles is imminent, therefore; the development and deployment of EV chargers must be accelerated. Currently, there is a big shortage of EV chargers everywhere in the world, the growth of electric vehicle production outpaced EV chargers deployment.
Whether you are a Property Developer, Fleet Management, Gas Stations Operator, Hotels, Super Markets or any Chain Stores, Government as well as individuals who are interested to find out how EV chargers can benefit your property, get in touch with EVCM at admin@evcm.co.id or call +62 8122206132
Please visit Cornerstone Technologies & EVCM at Electric Vehicle Indonesia event from October 5-7, 2022, booth number D1G2-06 at Jakarta International Expo, Kemayoran. One of the EV charging experts from Cornerstone Technologies, Mr. Vincent Chung is here to answer your questions.
Hashtag: #CornerstoneTechnologies
About Cornerstone Technologies
Founded in 2016, Cornerstone Technologies (Stock Code: 8391) is a leading innovator for EV Charging Total Solution in Hong Kong. We are the catalyst for a cleaner, brighter tomorrow. Harnessing the power of high-quality, reliable technology for everyone, we help fast track you toward a better future. For more information, please visit www.cstl.com.hk
The Central Bank of Nigeria, CBN, has indicated that banks would increase interest rates on customers’ deposits to between 10 percent and 30 percent of the Monetary Policy Rate, MPR.
Disclosing this during a virtual media briefing yesterday, the Director of Monetary Policy, Dr. Hassan Mahmoud, explained that the interest rate hikes were in line with the global trend.
The apex bank had raised the MPR to 15.5 percent at the end of its Monetary Policy Committee meeting on Tuesday.
Consequently, with the apex bank’s latest position banks are expected to move up the interest rate they pay customers on their deposits to about 20 percent, an unprecedented hike never seen in the banks.
Deposit rates have remained below five percent for demand and savings deposits while fix deposits attracted between 10 and 12 percent just before the new MPR.
On the effect of the rate hike, Mr. Mahoud said that CBN was optimistic that the desired result of arresting the rising inflation would be achieved.
Inflation rate for August 2022 was 20.52 percent, the highest in 17 years.
Mahoud stated: “Note that Central Banks have been raising rates across the globe because of the global inflation trend. But we didn’t raise rate just because others are raising rates. We raised rate because of the wide gap between the inflation rate and the interest rate.
“How does the rising inflation affect the economy? The volume of money was too high for the economy to absorb in terms of the flow of supply. Consequently, prices will go up because of the volume of money in the system.
“A lot of those funds standing idle. The banks are not lending the funds and as such impacting negatively on our Foreign Exchange market.
“It will also impact on the Foreign Exchange market and when the Naira depreciates, so also will increase the inflation rate. Besides, it will make our economy unattractive to foreign investors to bring in their money.”
Over the years, Snapchat has consistently defied its most ardent critics. The platform has grown from strength to strength rather than fading away as existing social networks mimic its features, and new ones, such as TikTok, target the same audience. This illustrates how people want more options and choices when it comes to social media (something that its critical advertisers understand).
As recorded by Statista, Snapchat boasts 347 million daily active users in Q2 2022, up more than 50 million from the same quarter in 2021. Data Reportal also sheds light on Snapchat’s presence with a total advertising reach of more than 617 million people. This puts it in the top 10 social networks globally. It is, in other words, a platform that advertisers simply cannot afford to ignore. This is as true on the African continent as it is anywhere else
In Nigeria, for example, Snapchat has more than 9 million users in addressable reach for advertising. This puts it on par with Instagram, and well ahead of platforms such as LinkedIn.
With this in mind, it is worth looking at what makes Snapchat so popular, why it’ll continue to be a good marketing option, and how advertisers can best take advantage of it.
Embracing technological evolution
Key to Snapchat’s success in recent years has been its willingness to continue evolving and embracing new technologies as they emerge. In particular, it utilises augmented reality (AR) in ways that appeal to its user base. Snapchat is a camera-first app, encouraging its audience to create personal authentic content featuring themselves.
For instance, some 250 million users make use of AR tools that allow them to add 3D experiences in the real world and overlay graphics on images every day. But the platform’s AR ambitions go far beyond augmenting the world only for entertainment. Earlier this year, Snapchat announced updates to its AR shopping features which make it easier for users to try out AR versions of a retailer’s product and to buy directly from the AR experience on Snapchat.
As a result, Snapchat isn’t just a place where brands can advertise to their customers. In fact, it’s more like a virtual showroom that allows people to see what products would look like on them or in their homes. ‘Product trial’ has a whole new meaning.
But even its more prosaic offerings give advertisers a lot to work with. Take Spotlight, its short-form video offering, for example. Spotlight offers a place where an infinite stream of full screen videos can be engaged with, tailored to the user’s interests. It saw instant success, growing 60% in activity year on year since mid-2021. Based on this growth, Snapchat announced earlier this year that they were testing ads on Spotlight, having successfully rolled them out in a revenue-sharing model with Snap Star creators.
Hyper-connected digital natives
It’s also important to highlight that Snapchat has been developing its technology for 10 years, and its followers have remained loyal through that evolution. Retaining a community that has grown with the app, Snapchat capitalises on the millennial generation and is constantly accruing a younger generation of users due to the cutting edge experiences it offers.
Zooming into Africa, these younger generations are becoming the centre of attention for Africa. The majority of purchasing power will reside in this audience, not to mention how connectivity in these countries becomes ubiquitous. Nigeria serves as a prime example of a market that is well positioned for digital growth – both in digital users and an audience to be capitalised on. With the combination of internet penetration currently sitting around 51%, and over 70% of the users on Snapchat being 21+ in Nigeria, the opportunity for advertisers is there in the short term to bring returns and prepped for the long term to invest in. Bundle this with a median age of 18 and the expected addition of 35 million more internet users by 2026 in Nigeria, and Snapchat anchors itself in the helm of a booming economy.
There is also a very exciting convergence taking place in the digital sphere with this spike in internet users: by 2025, nearly 75% of the global population and all social/communication apps will be frequent AR users. Right now, Snapchatters spend over 3 minutes a day engaging with AR experiences alone and more than 30 minutes on the app everyday – nevermind the fact that they open the camera over 30 times a day resulting in 2.4M snaps every minute around the world. And one of the most interesting nuggets to these behaviours is that it’s done by an audience barely found anywhere else. On any given day, 95% of Snapchat users aren’t on TikTok, 84% of Snapchat users aren’t on Twitter and 47% of Snapchat users aren’t on Facebook. Snapchat hosts a unique audience.
The right messaging with the right partnerships
Of course, advertisers can’t simply hope to slap their existing messaging onto Snapchat templates and expect great results. They have to ensure that the messaging matches the platform and that they’re reaching the people they want with it.
Here, the right partner can help. Brands should look to work with a media sales partner that not only understands platforms such as Snapchat inside out but also has extensive experience working in growth markets like Nigeria.
In doing so, they can reap the full benefits of being on a rapidly growing platform that’s becoming increasingly significant on the African continent.
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