Archive for the ‘Social Networking’ Category

Big Tech Wants You to Live in a Virtual World. Prepare for Real Problems. – The Wall Street Journal

Heard of the metaverse lately? It has been hard not to.

Facebook Chief Executive Mark Zuckerberg mentioned techs latest buzzword 16 times on his companys most recent earnings call last month. The future of Facebook, he said, is a metaversea virtual environment where you can be physically present to hang out, play games, work and create.

But he didnt coin the term. Tech companies ranging from Intel Corp. to Unity Software talked up the metaverse last year. And Microsoft CEO Satya Nadella discussed the the enterprise metaverse in his companys earnings release last montha day before Facebooks call.

Nvidia has been an especially loud proponent of the idea. Last year, the company launched a platform called Omniverse for connecting 3-D worlds into a shared virtual universe. Chief Executive Jensen Huang used the companys largest annual conference in October to publicly credit Neal Stephensons 1992 science fiction novel Snow Crash as the original inspiration for the concept of a virtual reality successor to the Internet, noting the metaverse is coming.

Never mind that, in an interview for a 2017 article about his novel, Mr. Stephenson told Vanity Fair he was just making sh-t up. Decades after the book was published, technologys leaders are taking his ideas more seriously than ever.

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Big Tech Wants You to Live in a Virtual World. Prepare for Real Problems. - The Wall Street Journal

FA Says Ameriprise Ahead In Social Media Marketing. This Might Be Why. – Financial Advisor IQ

When 17-year UBS Financial Services veteran financial advisor Marc Gendell moved to Ameriprise Financial in June, his new affiliations social media marketing was among its biggest draws.

Gendell, who has been in the industry since 1998, said earlier this month that Ameriprise is ahead of the curve in this regard and he started getting new referrals almost immediately after making the move.

Ameriprise believes that social media is a highly effective way for advisors to prospect for clients, especially in their localities, and the upside is too great to ignore.

Thats relatively progressive thinking in an industry that has generally been slow to embrace social media its use picked up last year, partly as a response to fewer opportunities for in-person networking and wary of compliance complications.

The use of LinkedIn has been most pervasive, with 48% of advisors using the platform in 2020 compared to 33% in 2017, according to a report from the Investment Adviser Association and National Regulatory Services. Growth has been more pronounced with Twitter, with 21% of advisors using the platform in 2020, sharply higher than 4% in 2017, the report notes.

Ameriprises social media strategy includes pre-approved, original and automated content for LinkedIn, Facebook and Twitter with compliance already built in, according to information on its website.

Ameriprise's Social Media Tips Source: Ameriprise Financial Five tips for advisors to use social media to build their practices Mitigate Risk. Partnering with a social media back engine like Hearsay helps mitigate compliance risk by screening both inbound and outbound content for keywords and phrases to avoid. Be dynamic and be yourself. Social media is about authenticity. Even when youre posting pre-approved content, add a personal note to better connect with your audience, provide insights and distinguish you from your competition. Listen and engage. Social media is a conversation, so its important to not just post, but to listen and engage, too. Grant On Behalf Of access. For social media to be most effective you should post regularly and never go dark. Bring your social network to life. The most powerful relationships are the more personal ones.

Gendell who joined Ameriprise in Atlanta and has $285 million in client assets, according to the firm says social media has opened completely new opportunities for client prospecting for him across the U.S. He has been able to connect with prospects beyond his locality and with multiple people children, grandparents, siblings, aunts and uncles within families.

Posts that get more personal such as fun office updates get the best results, according to a spokesperson for Ameriprise.

Sometimes, posts that get engagement have nothing to do with work, says Niraj Chhabra, an Ameriprise advisor registered with the firm since 2006 who has an attorney client-focused practice in New Jersey.

We leverage Facebook paid ads to advertise our attorney seminars and networking events, Chhabra said. We also recently started using Facebook videos to spotlight successful and interesting attorneys. In addition to financial articles, Im able to share glimpses of my personal life with clients and prospects."

Facebook post of advisor's attorney networking event

GoSocial for a fee

If Ameriprise advisors want a social media presence beyond a standard LinkedIn profile, they have to enroll in a monthly fee-based program called GoSocial that grants them access to a catalog of pre-approved social media posts, among other things.

The need for social media marketing to comply with regulations is part of the reason for the fee, according to the Ameriprise spokesperson, who didnt disclose the actual fee or its structure. GoSocial has been in place for six years, the spokesperson noted.

Broker-dealers are required to review and archive all social media posts and comments. By giving advisors a slate of options to post, that review gets done on the front end by the firms supervision team, the spokesperson notes.

Advisors can always create their own content that must go through Ameriprise compliance checks, or they can adapt pre-approved material, according to the spokesperson.

That ability for advisors to customize their content is a key differentiator Ameriprise provides within this program, the spokesperson said. Custom content drives significantly higher engagement rates within the social media platforms and thus this functionality helps our advisors drive meaningful connections with clients and prospects.

Social media posts risk violating the Securities and Exchange Commissions advertising rule under the Investment Advisers Act of 1940. However, the SEC amended that rule in December to allow testimonials and endorsements, including on social media. The changes will go into effect in November 2022.

Without giving specific numbers, the Ameriprise spokesperson says the number of advisors enrolled in GoSocial is five times the industry average and they reported both higher usage and higher effectiveness within the social media channels.

GoSocial is powered by Hearsay Social, a provider of social media services for the financial services and insurance industries, the spokesperson says.

Do you have a news tip youd like to share with FA-IQ? Email us at editorial@financialadvisoriq.com.

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FA Says Ameriprise Ahead In Social Media Marketing. This Might Be Why. - Financial Advisor IQ

Facebook, Market Definitions, and the Goldilocks Problem – AAF – American Action Forum

Executive Summary

Introduction

In July 2021, a federal judge dismissed the Federal Trade Commissions (FTC) antitrust complaint against Facebook in part due to its inability to establish a concrete claim of market power in a properly defined antitrust market. On August 19, the FTC refiled its antitrust claims against Facebook, this time seeking to more clearly define the market it accuses Facebook of dominating and the claims that it had maintained that dominance through buying and burying potential rivals in its acquisitions of companies such as Instagram and WhatsApp.

While this revised complaint is more specific than the prior complaint, there is already debate about if the proposed market definition is accurate. Market definition for todays Big Tech players as well as the technology industry in general is a key point of dispute in debates around antitrust. In order to succeed with its case, the FTC will need to show Facebooks dominance in the market it has defined, and the court will need to accept its arguments justifying the relevant market. The current proposed market definition is narrow and, even if successful, could have consequences for consumer welfare due to the innovation and changes involved in such a dynamic market. At the same time, defenders of tech companies should be careful to avoid hyperbolic and overly expansive definitions of markets that would allow behaviors that truly are harmful to consumers. As Congress considers the potential for additional FTC powers regarding antitrust and even proposals that would lower the standards for proving the relevant market, it is important to examine the impact that misguided market definitions could have on consumer-benefitting actions.

Antitrust Law and Identifying the Relevant Market

The relevant market for the purposes of competition law considers both the product market and the geographic market for the company in question. While there are ongoing debates over whether Big Tech companies compete on a national or international level, for the purposes of an antitrust case the geographic market is less debated: A court is likely to consider the range of competitors and substitutes available in the United States. (There is a more complicated debate regarding the relevant geographic market for retail and e-commerce that this piece will not address.) The question of the relevant product market for various technology services such as Facebook or Google remains an intensely debated issue.

There are a series of tools courts use when determining if the proposed market constitutes the relevant product market. These include an examination of demand substitutes, supply substitutes, and additional competitors. In general, when determining if demand-side substitutes exist, the analysis looks at the ability of consumers to switch to other products were a price increase to occur. Some argue that given the fact that many technology services are free, it is difficult to conduct such analysis for these products and services; economists, however, have pointed to other objective tools that can be used for similar analysis. In other scenarios, the market may be better defined by the effect of such changes on suppliers rather than on consumers, and therefore a similar analysis of relevant price changes can be conducted. These tools are used to determine an appropriate relevant market that reflects the relevant constraints of competition and geography on a product or service.

Issues with Overly Narrow Market Definitions

The FTC has succeeded in past antitrust enforcement actions with narrower definitions of the relevant market than some consumers would expect. This success, however, may be less beneficial to consumers and stifle the ability of a business to adapt to a rapidly changing industry. Two notable examples of this dynamic are past FTC actions concerning office supply stores and video rentals. These examples help illustrate the potential negative impact on consumers of narrow market definitions.

In 1997, the FTC blocked the merger of office supply stores Staples and Office Depot. In this case, the agency used a definition that limited the relevant market to only the sale of office supplies through office superstores as opposed to the sale of office supplies. This distinction limited the market to three major players at the time (Staples, Office Depot, and Office Max) and ignored the competition from smaller local suppliers, general retailers such as Walmart and Costco, and the potential for online retail to emerge as a competitive force. To support this narrow definition, the FTC provided evidence that these office supply retailers viewed each other, and not general retailers, as their primary competition and that market concentration from the merger would likely increase prices in this market. The judge accepted the FTCs theory of the case and blocked the merger. The retail market, however, continued to evolve, but these still separate supply stores struggled to remain relevant and compete. In 2013, when OfficeMax and Office Depot sought to merge, the changes in the retail landscape including the emergence of online retail led to a broader market definition that allowed the merger to proceed.

The market definition included in the refiled Facebook case may have a similar static view of the market that misses the emerging competitors that consumers actually have to choose from. In hindsight, even if the growth of online retail could not have been predicted, the narrow market definition in the Staples-Office Depot case was likely more limited than the substitutes consumers already had encountered and considered such as Walmart and Costco. In the refiled Facebook case, the FTC seeks to define Facebooks market as personal social networking services that connect friends and family. This definition eliminates not only targeted social networking services such as running app Strava or professional networks such as LinkedIn that may seek to serve a specific community or interest, but also those that are more aimed at general broadcast such as TikTok and Reddit. But when examining market definition, the question should be focused on how consumers view potential substitutes. Many users use Facebook in a variety of ways, including for the more general broadcast usage discussed or for their specific community or interest. The result is there are already applicable substitutes that are popular and used by many of the same consumers in the same way Costco or Walmart was for office supply stores. Additionally, as International Center for Law and Economics Sam Bowman noted in an analysis of the FTCs original case against Facebook, such definitions could even exclude the challenged Instagram or WhatsApp from the relevant market.

Hindsight may be 20/20, but a narrow definition of the market neglects the reality of existing substitutes and the range of ways in which people use various services. Looking only at one aspect of the market may result in enforcement actions that could limit more beneficial services or unfairly prevent its ability to respond to consumer demands in an evolving market.

Another example of antitrust enforcers failing to see the impending changes to a market and instead sticking to a narrow market definition is found in the case of video rental giants Blockbuster and Hollywood Video. In 2005, the FTC blocked the merger of the two market leaders in video rental. The dynamics of the home entertainment market, however, were beginning to change with the growing popularity of new entrants such as Redbox and Netflix. In this case, regulators acted on a presumption that home entertainment would forever mean going to the video store while early indication showed a broader change in the market. The static view proposed by antitrust enforcers in a narrow market definition may miss the impact of innovative changes that are improving consumers experience in the market.

The FTC proposed definition of personal social media networks may be risking a similar error. Gen Z is consuming more creator-driven content through services such as YouTube and TikTok and shifting away from social media platforms such as Facebook. These competing services continue to see rapid growth and have even begun to surpass Facebooks success by some measures. A definition of personal social media networks that ignores the changing landscape social media is undergoing more generally may prove misguided in hindsight, as did ignoring new trends in home entertainment in favor of only a narrow definition of video rental stores. The result is the company subject to antitrust enforcement may not be able to adapt their experience to the consumer demands and may struggle to keep up with market dynamics. Such a static snapshot of market definition may be outdated by the many years it takes for a case to conclude.

Can the Market Be Too Expansive?

While much of the issue of market definition focuses on concerns that a market may be misidentified to show market power that does not really exist, a market still must be clearly definable and not so broad as to miss potentially harmful behavior to consumers. The objective economic tests used for market definition in identifying potential substitutes and appropriate geographic areas largely serve as a balance for such concerns.

While a service such as Facebook may have many uses and compete in different markets, it is hyperbolic to claim the entire internet serves as competition. Again, if past cases serve as an illustration, while limiting the market to only video rental stores with a large geographic footprint may seem too narrow and problematic in hindsight, there are distinctions that can be made between home entertainment and a more general entertainment category including movie theaters and amusement parks. While in some ways market definition seems to be a Goldilocks issue of too expansive, too narrow, or just right, the focus on consumer welfare and the experience of consumers coupled with existing economic analysis tools can serve well to yield a balanced approach even in dynamic and zero-price markets such as social media.

Conclusion

The FTC continues an aggressive approach to antitrust enforcement that seems to have lost its focus on consumers and their welfare in favor of achieving policy goals or punishing a disfavored industry with unclear evidence of harm. The dynamic nature of the technology industry makes it difficult to correctly define the market, but overly narrow definitions risk harming consumers through unnecessary interference. Congress should ensure that there remains sufficient oversight of the FTC and that its activist desires do not undermine its purpose as a consumer protection agency in favor of other policy goals.

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Facebook, Market Definitions, and the Goldilocks Problem - AAF - American Action Forum

Comcast Business to Acquire Masergy, a Pioneer in Software-Defined Networking and Cloud Platforms – Business Wire

PHILADELPHIA--(BUSINESS WIRE)--Comcast Business today announced it has signed an agreement to acquire Masergy a Plano, Texas-based pioneer in software-defined networking (SDN) and cloud platforms for global enterprises. The acquisition accelerates Comcast Businesss increasing growth serving large and mid-size companies, particularly U.S.-based organizations with multi-site global operations.

With over twenty years experience and innovation in managed network, cloud, and security services, Masergy has become a leading provider to companies worldwide serving more than 1,400 customers in nearly 100 countries. The combination of Comcast Businesss leading advanced fiber network and Masergys innovative services will enable Comcast Business customers to manage their international operations and networks more efficiently and securely.

Masergy provides a perfect complement to our portfolio of enterprise services and solutions and will allow us to instantly and dramatically amplify our growth in the global enterprise market, said Bill Stemper, President, Comcast Business. Were excited to welcome Masergys employees and leadership to Comcast Business as we bring continued innovation and superior experience to our customers.

Masergy enables secure application performance across the network and the cloud with Managed SD-WAN, Unified Communications as a Service (UCaaS), Call Center as a Service (CCaaS) and Managed Security solutions. Masergy has been recognized for the past five years as a Visionary in Gartners Magic Quadrant for Global Network Services.

On behalf of everyone at Masergy, we are thrilled to join the Comcast Business family and are extremely excited for the next chapter of Masergy. We are confident that together we can significantly enhance our service offerings to businesses of all sizes in their journey to the cloud, said Chris MacFarland, Chairman and CEO, Masergy.

Comcast Businesss acquisition of Masergy is subject to regulatory approval and other customary conditions. Financial terms of the acquisition were not disclosed.

About Comcast Business

Comcast Business offers a suite of Connectivity, Communications, Networking, Cybersecurity, Wireless, and Managed Solutions to help organizations of different sizes prepare for whats next. Powered by the nations largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nations largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest growing providers of Ethernet services.

For more information, call 866-429-3085. Follow on Twitter @ComcastBusiness and on other social media networks at http://business.comcast.com/social.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on broadband, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit http://www.comcastcorporation.com for more information.

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Comcast Business to Acquire Masergy, a Pioneer in Software-Defined Networking and Cloud Platforms - Business Wire

On the secular importance of churchgoing – Austin Weekly News

When the Pew Research Center conducted its most recent Religious Landscape Study back in 2014, it found that while 76% of adults in the Chicago metro area considered religion at least somewhat important in their lives, only 29% reported attending a religious service at least once a week.

Pew discovered that while the percentages of adults who say they believe in God, pray daily, and attend religious services regularly declined only modestly in recent years, this modest decline was driven significantly by the nones.

The nones are the growing minority of Americans, particularly in the Millennial generation, who say they do not belong to any organized faith.

The nones accounted for 23% of the adult population in the U.S. in 2014, up from 16% in 2007, according to Pew.

And, as the nones have grown in size, they also have become even less observant than they were when the original Religious Landscape Study was conducted in 2007, Pew officials wrote. The growth of the nones as a share of the population, coupled with their declining levels of religious observance, is tugging down the nations overall rates of religious belief and practice.

That decline in religious observance has meant a shift in the Catholic landscape in Oak Park, with all four of the villages parishes undergoing readjustments meant to confront declining church attendance and the many challenges that decline brings.

I approach this social reality from the standpoint of the narrator in Philip Larkins 1954 poem Church Going, who can never resist the impulse to stop inside of an empty house of worship and wonder when churches will fall completely out of use, what we shall turn them into.

When churches become obsolete, we should all worry regardless of what, or whether, we believe. Thats because religious spaces (and Ill reference the Christian church, in particular, since thats the one Im most familiar with) are actually important binding agents in the civic glue that holds together our secular society. At their best, churches, the Black church in particular, helped build American democracy.

As the political scientist Robert D. Putnam wrote 20 years ago in his famous book Bowling Alone: The Collapse and Revival of American Community, churches are one of those places that help build social capital, which Putnam defines as the connections among individuals social networks and the norms of reciprocity and trustworthiness that arise from them.

In Change: How to Make Big Things Happen, the communications scholar Damon Centola disputes some of the received opinions weve come to have about social networks in the age of Twitter, Facebook, Instagram, TikTok and YouTube. While social networking is dominant, actual social networks are fraying.

As Centola writes, social networks are basically the totality of peoples relationships, which may and may not be (more likely not) the same as Facebook friendships.

Networks include everyone we talk to, collaborate with, live near, and seek out, Centola writes. Our personal network makes up our social world.

If we want to do more than make a dance go viral on TikTok, if we want to create a movement to protect voting rights, for instance, we need to rely on what Centola calls strong-tie networks, as opposed to weak-tie networks.

The geometry of weak-tie networks looks a lot like a fireworks display, the author writes. Each person is at the epicenter of their own explosion, and their weak ties reach out randomly in every direction. Each tie jumps to a different, sometimes faraway place. There is very little social redundancy in weak ties. These people tend not to be connected to one anothers friends.

The geometry of strong-tie networks looks more like a fishing net, he adds. These networks have the appearance of an interlocking sequence of triangles and rectangles. This pattern, often referred to as network clustering, is distinctive for its abundance of social redundancy. People are connected to one anothers friends.

The Black church, working in tandem with other civic binding agents like the National Association for the Advancement of Colored People (NAACP) are what created the strong-tie networks responsible for the Civil Rights Movement.

Rosa Parks was effective because she was not alone, Centola writes, echoing Putnam. She was part of a massive social network of citizens who coordinated their efforts to protest segregation in the American South.

For instance, before she became famous for sitting on a bus (an act that ultimately paved the way for the massive misconception of Parks as a mere domestic servant with tired feet who was passively foisted into history), she was one of the NAACPs best sexual assault investigators.

Twelve years before the 1955 Montgomery Bus Boycott, Parks worked to investigate instances of Black men falsely accused of rape a common pretext for lynching and Black people sexually assaulted by whites.

The historian Danielle L. McGuire documents this overlooked aspect of Parks biography in At the Dark End of the Street: Black Women, Rape, and Resistance A New History of the Civil Rights Movement from Rosa Parks to the Rise of Black Power.

Too often, when we learn about historical figures and successful people, their social networks get obscured. We tend to see them as if they sprang fully formed into the world. But this isnt how change works in reality, Centola argues.

Social networks are the coordinating sinews that allow large numbers of regular people from many different walks of life to act together, he writes. When people act as a coordinated whole, then any one persons action that of Rosa Parks, for example carries with it a mass of anonymous people. That is how revolutions are sparked.

So, as Centola explains, if we want to see how change really works, the first step is to stop looking for the special people in the network and instead start looking for the special places.

Places like Holt Street Baptist Church, where King and other local leaders at the time met to strategize and stage the Montgomery bus boycott. Today the historic church, sadly, sits abandoned.

When I think of our present crisis of churchgoing, I think of my own church, a Baptist congregation in Maywood going through its own challenges.

Like the Catholic parishes in Oak Park, membership is down. Our pastor of some five decades died a few years ago. Next weekend, well be tasked with selecting his permanent successor. I dont attend services very regularly, so Ive decided to recuse myself from the voting (well pick one candidate among five finalists).

I still, however, consider myself a member. This church, after all, was where I grew up, was nurtured, and where I developed.

Sundays were a production, from morning until late in the evening, when Id often fall asleep on the pews, often under the sound of relatives preaching (my grandfather, stepfather, grandmother and a great-aunt were all ministers, assigned based on a rotating schedule, to deliver a sermonette on any given evening).

Before those late-night Vespers services, as they were called, a small group of us would gather for what was called Baptist Training Union or BTU, for short. This was roughly an hour in a room picking through Bible scriptures before convening to sing hymns and share testimonies.

The experience, much like Sunday school some 10 hours earlier, has stayed with me. I realize now that it helped build character, provided reading and comprehension lessons, and wove around me a strong-tie network that I dont think I could have gotten anywhere else.

One of my Sunday school teachers was Don Williams, who was also a minister at my church. Williams, the father of Cook County Clerk Karen Yarbrough, was the second Black mayor of Maywood (Maywoods first Black mayor, Joe Freelon, was the longtime chairman of our churchs deacon board).

Williams was also once the leader of the Maywood branch of the NAACP, where he discovered a bright, charming and enthusiastic young student-leader and decided to appoint the teenage boy to be the civil rights organizations local youth leader. That boy was Fred Hampton.

Various institutional nodes, whether churches or civic organizations like the NAACP, often interconnect, creating amplifying effects. Don Williams, Joe Freelon, Fred Hampton. I feel their cumulative influence intimately within me and that sense of history and tradition feeds my own sense of purpose.

Its a powerful thing knowing that you arent alone in the world, that youre part of a community of people who have been before you; who live, struggle and have their being beside you; and who will come after you.

What happens, as Larkin asked many years ago, when these binding institutions wither and die (a shape less recognizable each week, a purpose more obscure)?

I trust Larkins answer. Humans will be compelled to recreate them, since someone will forever be surprising a hunger in himself to be more serious.

Whether or not its possible, in our lonely TikTok and Twitter age, to create alternative institutions that are as effective at weaving social networks strong enough to spark the moral revolutions the world desperately needs right now is another question.

CONTACT: michael@oakpark.com

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On the secular importance of churchgoing - Austin Weekly News