Facebook loses $124 billion, cracks down on data and Snapchat’s rumoured shopping feature - Epic Social

Every Sunday we will be recapping what happened this week in the world of social media, keeping you up to date!

Snapchat’s rumoured ‘Eagle’ feature

TechCrunch have reported that app researcher Ishan Agarwal has spotted code buried in the platform’s app for Android. This code suggests that Snapchat is creating a feature that will combine shopping and snapchatting into one. The feature, reportedly named “Eagle”, will let users “press and hold to identify an object, song, barcode, and more”. The idea is that the user scans an item and this data then redirects them to a third-party website, where they can choose to purchase the item. It was previously reported that Amazon was one of these sites – however, all mentions of Amazon have now been removed from the code.

Snapchat have had a rocky year so far and since their controversial redesign and public celebrity backlash, the app has been on a steady decline. The platform has recently announced they will be shutting down their payment service, Snapcash. It was launched in 2014 but has not been able to match it’s competitors.

The platform was offered a $3 billion Facebook buyout in 2013 but rejected the offer and has since been trying to set themselves apart with their shopping features.

Check out a taster of what the new feature could look like below!

Source: TechCrunch

Facebook is cracking down

Both Instagram and Facebook are cracking down on users who are underage. Facebook’s policy states that users must be at least 13 years old to sign up to the platform. It’s known that are a number of underage users who are faking their age to create a Facebook account. The platform is now reportedly taking extra steps to suspend accounts it suspects of being run by users under the age of 13. Suspected accounts will have to provide proof of ID to prove their account is legit. Facebook is proving it is taking data protection seriously in a bid to rebuild the trust it lost following the Cambridge Analytica scandal.

Last week, Facebook suspended data analytics firm, Crimson Hexagon from accessing data from both Facebook and Instagram. The firm’s archive is reported to have over 1 trillion social media posts. While reports have said that Facebook has not accused the firm of any wrongdoings, they have suspended the firm pending investigation into how they have been handling user data and where the data is being used.

Facebook loses $124 billion in one day

Thursday saw Facebook faced with the biggest stock fall to date in the history of America. The social media giant lost $123.4 billion in value overnight. This huge loss follows Facebook’s revelation that while the company is still growing, the second quarter of 2018 highlighted that this has been the company’s slowest growth in more than two years. The platform fell short of investor expectations reporting revenue of $13.2 billion.

Since the Cambridge Analytica scandal and Facebook’s slow growth, it’s clear that investors have lost faith in the platform and are now looking to invest their finances elsewhere. As Facebook heads towards sponsored advertising and targeted adverts, it’s unclear where the platform will end up. They will need to prove that they have a better grip on handling their users’ data and keeping it protected in order to regain investor trust.  

That’s all from this week!

Check back next Sunday for a roundup of the week’s highlights.