Microsoft’s new expense tracker Spend hits the App Store

Microsoft’s new expense tracker Spend hits the App Store

The team behind mileage-tracking app MileIQ, a company Microsoft acquired a few years ago, is out with a new application. This time, the focus isn’t on tracking miles, but rather expenses. The new app, simply called “Spend,” arrived on the App Store on Thursday, offering automatic expense tracking for work reimbursement purposes or for taxes.

Spend doesn’t appear to be a part of some grand Microsoft plan to take on expense tracking industry giants, like Expensify or SAP-owned Concur, for example. At least, not at this time.

Instead, the app is a Microsoft Garage project, the App Store clarifies.

Microsoft Garage is the company’s internal incubator when employees can test out new ideas to see if they resonate with consumers and business users.

Through the program, a number of interesting projects have gotten their start over the years, like the Cortana-based dictation tool, Dictate; mobile design creation app Sprightly; short-form email app Send; the Word Flow keyboard for smartphones; a Bing-backed alternative to Google News; and dozens more.

The new Spend app, at first glance, looks well-designed and easy to use.

Like most expense trackers, it offers features like the ability to take photos of receipts, expense categorization features, and reporting.

However, what makes Spend interesting is the app’s automated tracking and matching, and its user interface for working with your receipts.

The app begins by automatically tracking all your expenses from a linked credit card or bank account. You can then swipe on the expenses to mark them as personal or business. These expenses are automatically categorized, and you can add extra tags for added organization.

You can also add notes to purchases, split expenses, and customize expense categories, in addition to tags.

And the app can generate expense reports on a weekly, monthly or custom bases, which can be exported at spreadsheets or PDFs. There’s a web dashboard for when you’re using the app at your computer, but Spend doesn’t appear on the MileIQ main website at this time. It does, however, have a support site.

How well this all works, in practice, requires further testing.

MileIQ had been the top-grossing finance app in Apple’s App Store for the last 20 months at the time of its acquisition back in 2015. Microsoft had said then the team would work on other mobile productivity solutions going forward.

Since joining Microsoft, the team that created MileIQ has added capabilities to MileIQ, such as MileIQ for Teams, new intelligence features and a partnership with Xero. MileIQ is also now included with Microsoft 365 Business and Office 365 Business Premium plans

However, Spend is the first standalone app built by the team in that time.

The company says the new Spend app is an early version, and they plan to revise it going forward as they make improvements.

Microsoft responded to a request for comment, but didn’t provide any details about its eventual plans for Spend, like whether it will have business model or be included with Office subscriptions.

10/19/18: Updated after publication with information about Microsoft’s comments.

Source: Mobile – Techcruch

Robinhood cuts trading fees, grows profits with in-house clearing

Robinhood cuts trading fees, grows profits with in-house clearing

As zero-commission stock trading app Robinhood starts preparing to IPO, an engineering investment two years in the making could accelerate its quest for profitability. Most stock broker services have to pay an external clearing house to reconcile trades between buyers and sellers. Now with 6 million accounts up from 4 million just 5 months ago, that added up to a huge cost for Robinhood since it doesn’t demand a trading fee like the $7 to $10 that incumbent competitors E*Trade and Scottrade charge. Relying on outside clearing also introduced bottlenecks around its innovation and user sign ups, limiting onboarding to business hours.

But today Robinhood will start migrating accounts to its new in-house clearing service over the next few months. That will save it from paying clearing fees on stock, option, ETF, and cryptocurrency trades. In turn, Robinhood is eliminating or reducing some of its edge case fees. $10 broker assisted trades, $10 restricted accounts, $50 voluntary corporate actions, and $30 worthless securities processing will all now be free. Robinhood is meanwhile cutting its margin on fees passed on by banks or FedEx, so ACH reversal fees will drop from $30 to $9, overnight check delivery from $35 to $20 and overnight mail from $35 to $20.

“What’s really interesting is that this is the only clearing system built from scratch on modern technology in at least the last decade” Robinhood co-founder and co-CEO Vlad Tenev tells me. Most clearing services ran mainframes and Terminal-based UIs  that aren’t built for the pace of startup innovation. Going in-house “allows us to vertically integrate our business so we won’t have to depend on third-parties for foundational aspects. It’s a huge investment in the future of Robinhood that will massively impact our customers and their experience, but also help us out on building the kind of business we want to build.”

There’s a ton of pressure on Robinhood right now since it’s raised $539 million to date, including a $363 million Series D in May at a jaw-dropping $5.6 billion valuation just a year after raising at $1.3 billion. Currently Robinhood earns revenue from interest on money kept in Robinhood accounts, selling order flow to exchanges that want more liquidity, and its Robinhood Gold subscriptions where users pay $10 to $200 per month to borrow $2,000 to $50,000 in credit to trade on margin. Last month at TechCrunch Disrupt, Robinhood’s other co-CEO Baiju Bhatt told me the startup is now actively working to hire a CFO to get its business ready to IPO.

Whoever that CFO is will have an easier job thanks to Christine Hall, Robinhood’s Product Lead for Clearing. After stints at Google and Udacity, she was hired two years to navigate the regulatory and engineering challenges or spinning up Robinhood Clearing. She explains that “Clearing is just a fancy word for making sure that when the user places a trade, the price and number of shares matches what the other side wants to give away. In the less than 1 percent chance of error, the clearing firm makes sure everyone is on the same page prior to settlement.

Robinhood Clearing Product Lead Christine Hall

Forming the Robinhood Securities entity, Hall scored the startup the greenlight from FINRA, the DTCC, and the OCC. She also recruited Chuck Tennant, who’d previously run clearing firms and would grow a 70-person team for the project at Robinhood’s Orlando office. They allow Robinhood to clear, settle (exchanging the dollars and shares), and ensure custody (keeping records of asset movements) of trades. 

“It gives us massive cost savings, but since we’re no longer depending on a third-party, we basically control our destiny” Tenev says. No more waiting for clearing houses to adapt to its new products. And no more waiting the whole weekend for account approval as Robinhood can now approve accounts 24/7. These little improvements are critical to Robinhood staying ahead of the pack of big banks like Charles Schwab that are lowering their fees to compete as well as other startups offering mobile trading. The launch could also blossom into a whole new business for Robinhood if it’s willing to take on clearing for other brokers, including fintech apps like Titan.

Clearing comes with additional risk. Regulatory scrutiny is high, and the more Robinhood brings in-house, the more security work it must do. A breach could break the brand of user trust it’s been building. Yet if successful, the launch equips Robinhood for an ambitious future beyond playing the markets. “The mission of the company has expanded a lot. It used to be all about stock trading. But if you look at Robinhood 5 years from now, it’s about being best-in-class for all of our customers’ financial needs” Tenev concludes. “You should be able to get everything from Robinhood that you could get from walking into your local bank.” That’s a vision worthy of the startup’s epic valuation.

Source: Mobile – Techcruch

Apple is worth over $1,000,000,000,000

Apple is worth over ,000,000,000,000
It happened. Apple won the race to $1 trillion in market capitalization. Following this week’s earnings release, Apple shares (NASDAQ:AAPL) briefly traded at $207.05, which values the company sightly over $1 trillion based on the most recent share count of July 20.
While the smartphone market is more or less saturated, Apple managed to increase its margins and the average selling price thanks to the iPhone X.
iPhone sales grew by 1 percent, but revenue jumped by 20 percent. With $53.3 billion in revenue, the company managed to grow by 17 percent year-over-year.
iPad sales are more or less flat while Mac sales are down. For the past few years, Apple has been saying that services are going to become a key part of the company’s bottom line. All various services (Apple Music, iCloud, Apple Pay, etc.) now represent $9.6 billion in revenue.
But let’s be honest. Apple is killing it on the iPhone front, and it’s all that matters.

Big tech companies have been performing incredibly well for the past year. Alphabet (Google), Amazon and Microsoft now all have a credible shot at crossing the $1 trillion mark.
It’s a meaningless milestone, but an impressive one — $1,000,000,000,000.
Apple has been the biggest company in the world when it comes to market cap for years. It might not remain the case forever, so the company can celebrate this moment.
Now that tech companies have become so big, it raises a ton of questions. Do they cause antitrust issues? Is there enough regulation to make sure they don’t hold too much economical and political power?
Apple (and Tim Cook) are more powerful than many countries and political leaders. Let’s hope they use this power for good.
Apple shares are now slightly below today’s high:

Source: Gadgets – techcrunch

Apple comes close to reaching $1 trillion

Apple comes close to reaching trillion
Update: Apple shares have now crossed the magic number that values the company at $1 trillion.
Apple has been performing incredibly well on the stock market for the past few days (NASDAQ:AAPL). While Yahoo Finance says that Apple is now worth over $1 trillion, this hasn’t yet happened. The company sent a filing to the SEC with an updated share count.

While everyone thought the magic number was $203.45, it was based on an outdated number. According to the filing, there are 4,829,926,000 Apple shares in circulation. Apple is going to hit $1 trillion when shares are worth $207.043 — so let’s say $207.05.
That’s why I posted a post earlier today claiming that Apple already hit $1 trillion — I’m sorry for the confusion. Shares are currently trading at $205.62. So Apple shares still need to jump by 0.7 percentage point to reach the market capitalization of $1 trillion.
Public companies don’t always have the same number of shares over time. Some companies, such as Apple, frequently buy back some of its own shares. It’s a vote of confidence as it means that you think your shares are going to keep going up in the future. It also reduces the number of outstanding shares, which mechanically increases the value of each share. Executives at bigger companies also get paid in shares. Sometimes, companies also issue new shares to raise capital.
For all these reasons, public companies need to send updated share counts. And it can take a bit of time before websites, such as Yahoo Finance, update their data set. In all cases, you should keep an eye on Apple shares today and see if they hit $207.05.

Source: Gadgets – techcrunch

Twitter buys a startup to battle harassment, e-cigs are booming, and a meditation app is worth $250M

Twitter buys a startup to battle harassment, e-cigs are booming, and a meditation app is worth 0M

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines. This week TechCrunch’s Silicon Valley Editor Connie Loizos and I jammed out on a couple of topics as Alex Wilhelm was out managing his fake stock game spreadsheets or something. (The jury is out on whether this was a good or bad thing.)

First up is Twitter buying Smyte, a startup targeting fixes for spam and abuse. This is, of course, Twitter’s perennial problem and it’s one that it’s been trying to fix for some time — but definitely not there yet. The deal terms weren’t disclosed, but Twitter to its credit has seen its stock basically double this year (and almost triple in the past few years). Twitter is going into a big year, with the U.S. midterm elections, the 2018 World Cup, and the Sacramento Kings probably finding some way to screw up in the NBA draft. This’ll be a close one to watch over the next few months as we get closer to the finals for the World Cup and the elections. Twitter is trying to bill itself as a home for news, focusing on live video, and a number of other things.

Then we have Juul Labs, an e-cigarette company that is somehow worth $10 billion. The Information reports that the PAX Labs spinout from 2015 has gone from a $250 million valuation all the way to $10 billion faster than you can name each scooter company that’s raising a new $200 million round from Sequoia that will have already been completed by the time you finish this sentence. Obviously the original cigarette industry was a complicated one circa the 20th century, so this one will be an interesting one to play out over the next few years.

Finally, we have meditation app Calm raising a $27 million round at a $250 million pre-money valuation. Calm isn’t the only mental health-focused startup that’s starting to pick up some momentum, but it’s one that’s a long time coming. I remember stumbling upon Calm.com back in 2012, where you’d just chill out on the website for a minute or so, so it’s fun to see a half-decade or so later that these apps are showing off some impressive numbers.

That’s all for this week, we’ll catch you guys next week. We apologize in advance if Alex makes it back on to the podcast.

Equity  drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocketcast, Downcast and all the casts.

Source: Mobile – Techcruch

Venmo is discontinuing web support for payments and more

Venmo is discontinuing web support for payments and more

PayPal-owned, peer-to-peer payments app Venmo is ending web support for its service, the company announced in an email to users. The changes, which are beginning to roll out now, will see the Venmo.com website phasing out support for making payments and charging users. In time, users will see even less functionality on the website, the company says.

The message to users was quietly shared in the body of Venmo’s monthly transaction history email. It reads as follows:

NOTICE: Venmo has decided to phase out some of the functionality on the Venmo.com website over the coming months. We are beginning to discontinue the ability to pay and charge someone on the Venmo.com website, and over time, you may see less functionality on the website – this is just the start. We therefore have updated our user agreement to reflect that the use of Venmo on the Venmo.com website may be limited.

The decision represents a notable shift in product direction for Venmo. Though best known as a mobile payments app, the service has also been available online, similar to PayPal, for many years.

The Venmo website today allows users to sign in and view their various transaction feeds, including public transactions, those from friends, and personal transactions. You can also charge friends and submit payments from the website, send payment reminders, like and comment on transactions, add friends, edit your profile, and more.

Some users may already be impacted by the changes, and will now see a message alerting them to the fact that charging friends and making payments can only be done in the Venmo app from the App Store or Google Play.

It’s not entirely surprising to see Venmo drop web support. As a PayPal-owned property after its acquisition by Braintree which later brought it to PayPal, there’s always been a lot of overlap between Venmo and its parent company, in terms of peer-to-peer payments.

Venmo had grown in popularity for its simple, social network-inspired design and its less burdensome fee structure among a younger crowd. This made it an appealing way for PayPal to gain market share with a different demographic.

It’s also cheaper, which people like. PayPal doesn’t charge for money transfers from a bank account or PayPal balance, but does charge 2.9 percent plus a $0.30 fixed fee on payments from a credit or debit card in the U.S. Venmo, meanwhile, charges a fee of 3 percent for credit card payments, but makes debit card payments free. That’s appealing to millennials in particular, many of whom have ditched credit cards entirely, and are careful about their spending.

Plus, as a mobile-first application, Venmo was offering a more modern solution for mobile payments, at a time when PayPal’s app was looking a bit long in the tooth. (PayPal has since redesigned its mobile app experience to catch up.)

Another factor in Venmo’s decision could be that, more recently, it began facing competition from newcomer Zelle, the bank-backed mobile payments here in the U.S. which is forecast to outpace Venmo on users sometime this year, with 27.4 million users to Venmo’s 22.9 million. In light of that threat, Venmo may have wanted to consolidate its resources on its primary product – the mobile app.

Not everyone is happy about Venmo’s changes, of course. After all, even if the Venmo website wasn’t heavily used, it was used by some who will certainly miss it.

Reached for comment, Venmo explained the decision to phase out the website functionality stems from how it sees its product being used.

A Venmo spokesperson told TechCrunch:

Venmo continuously evaluates our products and services to ensure we are delivering our users the best experience. We have decided to begin to discontinue the ability to pay and charge someone on the Venmo.com website. Most of our users pay and request money using the Venmo app, so we’re focusing our efforts there. Users can continue to use the mobile app for their pay and charge transactions and can still use the website for cashing out Venmo balances, settings and statements.

The company declined to clarify what other functionality may be removed from the website over time, but noted that using Venmo to pay authorized merchants is unaffected.

Source: Mobile – Techcruch

Zelle forecast to overtake Venmo this year

Zelle forecast to overtake Venmo this year

Despite some concerns over its adoption by scammers, new payment service Zelle is shaping up to overtake rival Venmo this year, according to a new forecast from eMarketer. The firm expects Zelle to grow more than 73 percent in 2018, to reach 27.4 million users in the U.S., ahead of Venmo’s 22.9 million. Square Cash will trail with 9.5 million users.

This growth isn’t necessarily chalked up to user preference, but rather, ubiquity.

Zelle is backed by a network of over 30 U.S. banks, as their means of winning over users from other payment apps including Venmo, PayPal, and Square Cash. The banks had wanted to develop their own alternative these apps for several years, but only recently had those efforts gained momentum. The Zelle website now claims participation from over 100 financial institutions, as well as processor partners CO-OP Financial Services, FIS, Fiserv and Jack Henry, and network partners VISA and MasterCard.

The participating banks are now integrating Zelle into their own websites and mobile apps – meaning, users are finding Zelle as they use their existing banking applications. They’re not seeking it out directly, in many cases.

“One of the main hurdles new apps face is building trust and a sizable audience,” explained eMarketer forecasting analyst Cindy Liu. “But Zelle has leapfrogged the early stages of adoption by having the benefit of being embedded into the already existing apps of participating banks,” she said.

Earlier this year, Zelle said it was signing up users at a rate of 100,000 consumers per day, and claimed it had processed 247 million payments totaling $75 billion in 2017. That’s a sizable chunk of the peer-to-peer payments market.

Emarketer’s forecast estimates the total number of U.S. p2p mobile payment users will grow 30 percent in 2018 to reach 82.5 million people, or 40.5 percent of U.S. smartphone users. It also expects the total transaction volume of p2p mobile payments to grow 37 percent this year to reach $167.08 billion. By 2021, that figure will reach over $300 billion.

That leaves room for all services to carve out their piece of the market, even if Zelle ends up in the lead.

Source: Mobile – Techcruch

Revolut announces a Robinhood-like trading product

Revolut announces a Robinhood-like trading product

Fintech startup Revolut likes to announce new things all the time. Even though nothing is going live today, it’s interesting to see where the startup is heading. The company is working on a trading platform for traditional shares without any commission.

You’ll find stock from public companies from the U.K. and the U.S., as well as various ETFs and options. In other words, Revolut is going to become the Robinhood of Europe.

While American customers have been using Robinhood for years, the rest of the world has been lagging behind when it comes to stock trading.

You still have to open an account on a painfully slow website and pay a few euros for every transaction. Some companies even ask you to send a letter to create an account. And if you want to buy stock through your existing bank account, it usually costs even more.

Revolut promises that you won’t pay any commission when you buy or sell shares. The company plans to make money on margin trading, securities lending and interest on cash. Unfortunately, Revolut didn’t say when the feature would launch.

Premium subscribers will be able to test the feature first. Eventually, you’ll also get additional perks if you’re a premium subscriber. Trading will be available to all Revolut users in Europe and future markets. The company plans to launch in the U.S., Canada, Singapore, Hong Kong, Australia and New Zealand in the coming months.

Revolut’s premium subscription is becoming a sort of Amazon Prime for financial products. You pay £6.99/€7.99 per month and you get unlimited foreign exchange transactions, travel insurance, access to new features and more.

It’s clear that Revolut plans on making predictable revenue on this premium subscription. And maybe the trading platform will make more people subscribe to Revolut Premium.

Additionally, Revolut now officially has 2 million users. It’s funny to see that Revolut is announcing this new milestone just days after N26 announced a million users. Interestingly, Revolut has 900,000 users in the U.K., where N26 has yet to launch.

Source: Mobile – Techcruch

Here’s Mary Meeker’s essential 2018 Internet Trends report

Here’s Mary Meeker’s essential 2018 Internet Trends report

Want to understand all the most important tech stats and trends? Legendary venture capitalist Mary Meeker has just released the 2018 version of her famous Internet Trends report. It covers everything from mobile to commerce to the competition between tech giants. Check out the full report below, and we’ll add some highlights soon. Then come back for our slide-by-slide analysis of the most important parts of the 294 page report.

  • Internet adoption: As of 2018, half the world population, or about 3.6 billion people, will be on the internet. That’s thanks in large part to cheaper Android phones and Wifi becoming more available, though individual services will have a tougher time adding new users as the web hits saturation.
  • Mobile usage: While smartphone shipments are flat and internet user growth is slowing, U.S. adults are spending more time online thanks to mobile, clocking 5.9 hours per day in 2017 versus 5.6 hours in 2016.
  • Mobile ads: People are shifting their time to mobile faster than ad dollars are following, creating a $7 billion mobile ad opportunity, though platforms are increasingly responsible for providing safe content to host those ads.
  • Crypto: Interest in cryptocurrency is exploding as Coinbase’s user count has nearly quadrupled since January 2017
  • Voice: Voice technology is at an inflection point due to speech recognition hitting 95% accuracy and the sales explosion for Amazon Echo which went from over 10 million to over 30 million sold in total by the end of 2017.
  • Daily usage – Revenue gains for services like Facebook are tightly coupled with daily user growth, showing how profitable it is to become a regular habit.
  • Tech investment: We’re at an all-time high for public and private investment in technology, while the top six public R&D + capex spenders are all technology companies.

Mary Meeker, analyst with Morgan Stanley, speaks during the Web 2.0 Summit in San Francisco, California, U.S., on Tuesday, Nov. 16, 2010. This year’s conference, which runs through Nov. 17, is titled “Points of Control: The Battle for the Network Economy.” Photographer: Tony Avelar/Bloomberg via Getty Images

  • Ecommerce vs Brick & Mortar: Ecommerce growth quickens as now 13% of all retail purchases happen online and parcel shipments are rising swiftly, signaling big opportunities for new shopping apps.
  • Amazon: More people start product searches on Amazon than search engines now, but Jeff Bezos still relies on other surfaces like Facebook and YouTube to inspire people to want things.
  • Subscription services: They’re seeing massive adoption, with Netflix up 25%, The New York Times up 43%, and Spotify up 48% year-over-year in 2017. A free tier accelerates conversion rates.
  • Education: Employees seek retraining and education from YouTube and online courses to keep up with new job requirements and pay off skyrocketing student loan debt.
  • Freelancing: Employees crave scheduling and work-from-home flexibility, and internet discovery of freelance work led it to grow 3X faster than total workforce growth. The on-demand workforce grew 23% in 2017 driven by Uber, Airbnb, Etsy, Upwork, and Doordash.
  • Transportation: People are buying fewer cars, keeping them longer, and shifting transportation spend to rideshare, which saw rides double in 2017.
  • Enterprise: Consumerization of the enterprise through better interfaces is spurring growth for companies like Dropbox and Slack.
  • China: Alibaba is expanding beyond China with strong gross merchandise volume, though Amazon still rules in revenue.
  • Privacy: China has a big opportunity as users there are much more willing to trade their personal data for product benefits than U.S. users, and China is claiming more spots on the top 20 internet company list while making big investments in AI.
  • Immigration: It is critical to a strong economy, as 56% of top U.S. companies were founded by a first- or second-generation immigrant.

Source: Mobile – Techcruch

GIF lord Imgur caves to video to hasten profitability

GIF lord Imgur caves to video to hasten profitability

Imgur is the internet’s best time sink, where 250 million monthly users silently consume an endless community-curated collection of absurd GIFs, inspiring tales, pop science explainers and giant meme dumps. But what it’s never had is video. That was a differentiator that made it ideal for quiet browsing in class, on public transit or in bed. Since none of the content required audio, you never had to worry about grabbing your headphones or disturbing those around you.

But the lack of video was also holding Imgur back. Sometimes you need to hear a crazy cat meow, or a baby giggling, or a crappy robot explode. So users would have to hunt down the “sauce,” aka the GIF’s source video, on another site. Oh, and advertisers love video and will pay a boatload more for it than a silent GIF or static image.

And so, Imgur is evolving with today’s launch of video. You can check them out, including this ream of popular GIFs reunited with their soundtracks, on the Imgur Unmuted channel.

The shift comes at a pivotal moment for the company. Launched in 2009, founder Alan Schaaf bootstrapped the startup to 130 million monthly visitors over the course of five years before finally taking a $40 million Series A from Andreessen Horowitz in 2014. Two years later it augmented its flimsy banner ads with full-screen promoted posts while trying not to damage the irreverent nature of the app.

Imgur’s Chief Operating Officer Roy Sehgal, its Sheryl Sandberg, tells me that as of recently “we were cash flow positive” before revealing “we expect to be profitable this year.”

Video could push Imgur to that milestone. The more organic video posts from users, the easier it will be for Imgur to slide in lucrative video ads. Facebook printed money with the same strategy, rolling out auto-play video in 2014 to pave the way for video ads that command high prices from businesses. Imgur recently began allowing video ads, but they stuck out, seeming to violate the app’s code of silence. Now Imgur is training its users to tolerate or even embrace audio and video.

Next comes video editing

Starting today, everyone can watch videos on Imgur, while iOS users can post video, with that opening to more people soon. Wisely, sound is off by default so you won’t get accidentally blasted, and technically you could just pretend they’re GIFs if you don’t click the audio button in the bottom right. They’re also limited to 30 seconds, so you won’t have lengthy YouTube reposts or as many copyright concerns, and they can be trimmed in the uploader.

“We’ve been making the transformation from an image community to a community-powered entertainment platform,” says Sehgal. Video could keep Imgur’s legion of users growing, and make sure they can experience today’s hottest content in whatever format it’s made for.

“We realized there was a vector of content we were not supporting that we thought our users would want,” Sehgal notes. The launch comes following the addition of much-requested Favorites folders and chat, and the Snapchat Stories-esque Snacks GIFs that no one asked for.

But video will bring a new sense of FOMO to those watching discretely. They’ll either have to swipe past the videos or miss the aural dimension. That could splinter Imgurians, who are otherwise united by a homescreen that shows identical top-rated content to everyone, unlike the fractured and personalized landing pages of most social networks. Some of Imgur’s funniest content relies on inside jokes powered by everyone having the right prerequisite knowledge from seeing the same things.

“They are definitely surprised,” says Sehgal, but he claims “the reaction has been very positive.” That’s not exactly clear from reading the Imgur Most Viral homepage, which just got a desktop redesign with bigger previews and easy access to popular tags you can explore. GIFs and still images still dominate and I’ve hardly seen any videos.

That could change as Imgur plans on equipping users with new editing tools to help them turn generic clips into weird and wacky stuff people love to upvote. Imgur’s existing Video-To-GIF creation tool has been a hit. Hopefully future editing tools will let people add custom subtitles, stickers, interjected titling screens and more. Those will be crucial to keep video from making Imgur generic.

Alan Schaaf, founder of Imgur, and his sister/community director Sarah Schaaf, speaking at TechCrunch Disrupt

The pivot to video may be inevitable for all online content. Combined with every app from Instagram to Netflix to Airbnb adopting Snapchat’s Stories, there’s an unsettling convergence going on. Video may be the most vivid and emotive medium. Yet we’ll lose something if there’s a social network singularity where they all have the same features.

Imgur is looking to become a business that’s palatable to a mass audience with video. But it must take care not to forfeit esoteric absurdity that’s made it a vacation from the overwhelming news and envy spiraling of other feeds.

Source: Mobile – Techcruch