REUTERS - VK, the owner of the Russian social network VKontakte, reported a Q2 net loss of $56M, partly due to a $231M foreign exchange hit. The company said that total adjusted EBITDA had fallen 37% YoY to $69M.
Russia's VKontakte Owner VK Hit by Q2 Loss
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Instagram Faces Big EU Privacy Decision on Kids' Data Within Weeks
TECH CRUNCH - A final decision on a complaint against Instagram's handling of children's data in the EU is set to land within weeks following the completion of a procedural mechanism to resolve regulatory disputes over how to enforce the bloc's General Data Protection Regulation (GDPR). The DPC's deputy commissioner, Graham Doyle, confirmed the decision has passed through the GDPR's Article 65 dispute resolution process.
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YouTube Is the Most Popular Social Media Among Teens, Followed by TikTok
CBS NEWS - YouTube and TikTok's popularity among teens has skyrocketed in recent years, while other social media platforms, like Facebook, have seen a decrease in teens using their services. 95% of kids ages 13 to 17 say they use YouTube. And 19% say they use YouTube almost constantly. TikTok is the second most popular among this age group, with 67% of 13 to 17 saying they use it. On top of that, 16% say they use TikTok almost constantly.
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Nextdoor Posts 19% YoY Revenue Growth in Q2 2022
ADWEEK - Neighborhood social network Nextdoor reported revenue of $55M in Q2 2022, up 19% from the same period last year. The platform's 36.9M WAUs were up 26%. International weekly active users rose 51% YoY, led by Canada and Europe, particularly the U.K.
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Meta Platforms Raises $10B After Completing First-ever Bond Offering
INVESTING - Meta secured $10B in its first-ever bond offering as the social media company seeks share repurchases and funding to overhaul its business. They expect the move will allow it to develop a more traditional balance sheet and finance some lucrative investments in the future, including its plan to build a metaverse world.
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TikTok's Latest Test Feature Aims to Improve the App's Search Capabilities
TECH CRUNCH - TikTok is testing a new feature that enhances its search functions. The new feature highlights keywords in comments and links to search results for the term. TikTok's search function already allows users to discover content and trends, but the new feature would take the app's search capabilities even further. The feature is currently available to a small group of users who are part of a limited test.
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Yalla Announces Unaudited Q2 2022 Financial Results
PR NEWSWIRE - Yalla, the leading voice-centric social networking and entertainment platform in the MENA, announced its unaudited financial results for Q2 ended Jun 30. Revenues were $76.1M in Q2 2022, representing an increase of 14.2% from Q2 2021. Revenues generated from chatting services were $52.7M. Revenues generated from games services were$23.3M. Net income was $20.4M, compared with a net income of $18.4M. The net margin was 26.7%. Non-GAAP net income was $28.6M, compared with non-GAAP net income of $32.1M. Non-GAAP net margin was 37.6%. Average MAUs increased by 35.6% to 29.9M. The number of paying users on our platform increased by 65.3% to 10.6M.
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Snapchat Introduces Parental Controls Through 'Family Center' Feature
TECH CRUNCH - Snapchat is rolling out its first set of parental controls. Parents will be able to see which accounts the teen is having conversations with and view the teen's friend list and report potential abuse to Snap's Trust & Safety team for review.
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leap.club Is Building a Go-to Social Professional Network for Women
YOUR STORY - leap.club is building a first-of-its-kind network for women, memberships have been paid from day 1, and there's a waitlist. It is one of the only startups in India with 90% women on the team and ~50% of investors on their cap table are women. To onboard its 8.5K paying members, the team has spoken to 20K women and claims to have not spent any major money on user acquisition.
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Razer CEO Backs SG Social Networking Firm's $362K Pre-seed
TECH IN ASIA - Singapore social media startup NextBlock raised $362K in its pre-seed funding round, led by Plug and Play APAC. NextBlock aims for its platform to improve neighbor-to-neighbor communications by acting as a hub for users in a neighborhood to come together. The platform has brought in 15K users since its launch in June this year.
by Xavier Kong
See full article at Tech in Asia
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