Global consumer social app spending is expected to hit $17.2 billion by 2025, up from $6.78 billion in 2021, according to a study by San Francisco-based mobile analytics firm App Annie. That’s a 29 percent compound annual growth rate (CAGR) over five years — a brisk pace credited mainly to live streaming. By 2025, the lifetime total spend on social apps is expected to reach $78 billion, according to App Annie. Meanwhile, time spent using social media the globe over totaled a whopping 740 billion hours for the first half of 2021, with 548 billion hours devoted to live streaming. Read more

Facebook and Luxottica Group’s luxury sunglass manufacturer Ray-Ban unveiled new smart glasses that enable the user to record via cameras hidden in the frame. The Ray-Ban glasses — priced at $299 — are based on the classic Wayfarer model, with the addition of a very small recording light, two 5-megapixel cameras, three microphones and four gigabytes of storage. The glasses, which will come in 20 style combinations and either clear or prescription lenses, are powered by Facebook technology. Both Facebook and Ray-Ban parent Luxottica stated that, “privacy is built into the product.” Read more

The Federal Trade Commission released Comscore figures showing Facebook’s marketplace dominance. From September 2012 through December 2020, the network generated 92 percent of the monthly time U.S. users spent on social media. In contrast, the combined market shares of Snap, Google+, MeWe and Friendster never exceeded 18 percent in any month during that time frame. A federal judge dismissed the case in June noting that the FTC did not offer details of its monopoly claim; these findings are now part of the FTC’s lawsuit. Read more

The High Court of Australia upheld a lower court ruling that found media companies — including newspapers and TV stations — that post on Facebook are liable for Facebook users’ comments on those posts. It stated that, by creating a public Facebook page, media outlets “facilitated and encouraged comments” from users and are responsible for defamatory content. News Corp Australia, a subsidiary of News Corp, and Nine Entertainment, which owns the Sydney Morning Herald, called for legislators to protect them from liability. Read more

Amidst political turmoil and economic struggle, El Salvador has announced it is adopting Bitcoin as its national currency, becoming the first country in the world to do so. But things got off to a rough start this week as the Bitcoin e-wallet went offline for several hours as consumer download demand overwhelmed government servers. El Salvador President Nayib Bukele said the country will spend more than $225 million to launch Bitcoin. Global Bitcoin enthusiasts supported the initiative by buying $30 of Bitcoin, but that didn’t prevent the currency from declining 9.9 percent Tuesday evening. Read more