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Chapter 1: What is the influencer economy and why is it significant?
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Welcome to Prof G Markets.
I'm Ed Elson. It is June 10th. Let's check in on yesterday's market vitals. The S&P 500 and the NASDAQ fell with tech and semiconductor stocks leading the declines. News that Iran shot down a US helicopter added to the selling pressure. Oil declined earlier in the day but rose again as President Trump said the US would respond to the attack.
And finally, Apple shares slid nearly 4% on day two of its developers conference as investors remained unimpressed by its AI vision. By the way, that was its worst day since February. Okay, what else is happening? There's a lot happening in the markets this week with the biggest IPO in history coming on Friday.
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Chapter 2: How are young consumers influenced by viral products?
Yeah.
Every industry has become winner-take-all, and that is maybe sort of a sign of our change. But one thing I think that makes me sort of less worried about it than other people is, who are those people?
And as I said, if in the 90s you had to be born into wealth and privilege to be in that top percent, and now, I mean, I think there's also something I find reassuring about the fact that, yeah, it's the algorithm, but it is also pleasing the masses. It is that ability to connect with a wider audience, which does also make it more democratic.
So, I mean, it's an interesting parable, I think, of technology in general and where the economy is going and how you have a new technology and it completely, you know, wipes out these jobs and sort of these incumbents who maybe were there for a variety of reasons, sometimes fairly, sometimes unfairly. And you get these new jobs coming in with new people.
Maybe like who don't have much of a business background. Maybe people who came from very humble business. Sometimes yes, sometimes no. And so in a lot of ways, what we're seeing in this influencer economy and what it's replacing is just sort of bigger than just this. It is for the whole economy. And, you know, there's good things and bad things about it, but it is change.
Rachel, do you think that influencers run it now? Is it basically, is the trajectory of businesses, whether it's in New York or otherwise, I mean, consumer businesses specifically, is their trajectory mostly determined by how much sunlight they get from a handful of influencers?
I don't think that that's like a make or break thing for a business. And I think, you know, I just ran a survey in my newsletter of like what are the best brands on social media to you. And some of the top brands are brands like this company called Merit, a beauty company, a fragrance brand called Fern. And people are really reacting to actually their restraint on social media.
They don't feel like they're flooding the zone and trying to be everywhere and work with every influencer. They're actually very strategic of how they show up. And there's a lot of intention behind it. And so I do you know, it's always fun to talk about what has momentum right now, which is this moment with influencers and influencers. you know, sort of a volume game.
And what I'm always interested in is like, what's the reaction to that going to be? And is it sort of a pullback of like, maybe a brand says we actually don't work with influencers or we've never paid anyone to talk about our products? And what would that look like as sort of a way to gain trust with consumers is a reaction that I foresee maybe coming along.
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Chapter 3: What role do social media algorithms play in product discovery?
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We're back with Prof G Markets. This also gets to something we've been talking about on the show recently, which is young people's interest in reducing their screen time or getting off of these online spaces. And also, by the way, I don't know if this has anything to do with the trends we're seeing, but getting off of alcohol. I mean, we've seen that young people aren't really drinking anymore.
There are these more sort of sober, curious event gatherings. And I wonder if these lines... If that's part of it, if it's an opportunity to kind of get together with your peers, be outside, partake in a social event versus it just going to get the product, whatever the product is. Alison, do you think that that's part of it?
Yeah, I mean, especially because they're not going to bars and drinking that, you know, it's like I once interviewed the CEO of Cinnabon and she was telling me in the Middle East they had a huge following. They didn't have lines, but just because she said when people drink less, sugar becomes sort of their vice.
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Chapter 4: Is the influencer economy a sustainable growth strategy for businesses?
Maybe in some ways still better. Rachel, I'll pose the same question to you before we end.
I think we're going to see right now, like the top, top influencers are extremely expensive. And I think we're going to see businesses start to realize that the follower count doesn't necessarily matter anymore. And they can be paying much smaller influencers also to be posting about their product.
And so I think we're going to see the split where they'll still be paying the really expensive influencers. But a good chunk of that budget is going to go to much smaller influencers who can still get scale despite not having a high follower count.
Really interesting stuff. Rachel Carlton is the author of the Lincoln Bio newsletter. Alison Schroege is senior fellow at the Manhattan Institute and columnist for Bloomberg, who just wrote about this topic. You should go check it out. Read it on Bloomberg. Rachel, Alison, thank you so much for joining me on the show. This was really interesting.
Thank you.
Okay, that's it for today. We appreciate you joining us for another Prof G Markets panel. If you have a guest you think we should speak to on this topic or any other, please drop us a line in the comments or email our producer Claire at markets at profgmedia.com. We hope to hear from you. This episode was produced by Claire Miller and Alison Weiss and engineered by Benjamin Spencer.
Our video editor is Brad Williams. Our research team is Dan Shallan, Isabella Kinsel, Kristen O'Donoghue, and Mia Silverio. And our social producer is Jake McPherson. Thank you for listening to Prof G Markets from Prof G Media. If you liked what you heard, give us a follow. I'm Ed Elson. I'll see you tomorrow.
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