Meta's ad targeting troubles, Ask Jason, Hive Social's data mishap & more | E1629 | Summary and Q&A

TL;DR

Hive Social, a social media platform founded in 2019, gained traction as a combination of Twitter, Instagram, and Myspace. However, it was forced to temporarily shut down due to serious security issues that allowed unauthorized access to user data and private messages.

Key Insights

• 🔉 Hive Social gained traction as a promising social media platform offering unique features like adding music to profiles.
• 🥺 The platform faced serious security issues, leading to a temporary shutdown to address vulnerabilities.
• 😑 Users expressed disappointment over the shutdown but showed understanding for the need to prioritize security.
• 🤞 The future of Hive Social remains uncertain, with users hopeful for a relaunch after the security issues are resolved.

Transcript

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Questions & Answers

Q: What was the key feature of Hive Social that set it apart from other social media platforms?

Hive Social allowed users to add music to their profiles, creating a more personalized and interactive experience. This feature was highly appreciated by users looking for a unique social media platform.

Q: Why did Hive Social shut down temporarily?

Hive Social faced serious security issues that allowed unauthorized access to user data, private messages, and shared media. To address these vulnerabilities, the company made the decision to temporarily shut down its servers and fix the issues before relaunching.

Q: Will the shutdown of Hive Social be permanent?

The shutdown is temporary, and the company has stated that it plans to fix the security issues and relaunch the platform for a better and safer user experience. However, the timeline for the relaunch is currently unclear.

Q: How did users respond to the shutdown of Hive Social?

Many users expressed disappointment and frustration over the shutdown, as they had enjoyed the unique features and user experience offered by Hive Social. However, they also understood the necessity of addressing the security issues and were hopeful for a relaunch in the future.

Summary

In this video, the host discusses the recent ruling against Meta's ad tracking by default by the EU privacy regulators. He explains the potential impact on targeted advertising as a default business model and the steps involved in the ruling process. The host also talks about the climate editor leaving Semaphore and the controversy surrounding Chevron sponsoring the publication's content. Additionally, he mentions the upcoming crypto segment and answers a few questions from founder University entrepreneurs. The video concludes with a segment on Hive Social, a new social network that temporarily shut down due to security issues.

Questions & Answers

Q: What is the potential impact of the EU's ruling against Meta's ad tracking by default?

The potential impact is that targeted advertising could no longer be a default business model. This could have significant implications for Meta and the broader ad industry. While there are still steps to be taken before the ruling is enforced, the outcome could be a major shift away from targeted advertising.

Q: How does Meta currently allow users to opt out of personalized ads?

Meta has previously allowed users to opt out of personalized ads based on data from other sites and apps. This can be done by disabling the Facebook pixel that tracks users across the web. However, Meta has not given users the option to opt out of ads based on their activity on its own platform, such as videos watched on Instagram or interactions on Facebook.

Q: What led to Meta's struggles with ad revenue growth in Q2 of this year?

Meta's struggles with ad revenue growth in Q2 of this year can be attributed to Apple's introduction of iOS 14 and its data privacy protections. Under these new policies, users had the option to opt out of targeted advertising. A large majority of users chose to opt out, leading to a decrease in Meta's ad revenue and ending its 10-year streak of growth.

Q: Why did Semaphore's climate editor leave the publication?

The climate editor, Bill Spindle, left Semaphore after expressing concerns about the over-dependence on Chevron advertising and its impact on the publication's climate and energy reporting. Spindle believed it was inappropriate to have Chevron advertising alongside climate-related content. While Semaphore claimed to adhere to robust ad acceptability guidelines, Spindle stated that his concerns were not addressed adequately.

Q: What business model did Hive Social employ and how did it plan to make money?

Hive Social planned to combine elements of Twitter, Instagram, and Myspace. It allowed users to add music to their profiles and offered a feed based on user interests. The platform did not use personalization algorithms and aimed to generate revenue by unlocking additional music options for a fee.

Q: What security issues led to the temporary shutdown of Hive Social?

Hive Social faced serious security issues that could potentially allow attackers to access user data, including private posts, messages, shared media, and even deleted content. The Berlin-based security collective, Baroques, discovered these issues and reported them to the platform. While Hive Social claimed to have fixed the issues, Baroques cautioned against the risk of immediate exploitation and the platform chose to temporarily shut down.

Q: Is profitability from day one necessary for SaaS startups in the pre-seed to seed stage?

Profitability from day one is not necessarily expected in SaaS startups at the pre-seed to seed stage. Investors look for a clear understanding of the business model and a reasonable burn rate. A path to profitability within a couple of years is preferable, but high growth and capital efficiency are often prioritized over immediate profitability.

Summary & Key Takeaways

• Hive Social, founded in 2019, aimed to combine elements of Twitter, Instagram, and Myspace into a new social media platform.

• The platform allowed users to add music to their profiles and categorize their feed by interests, providing a unique user experience.

• However, serious security issues were discovered, leading the company to temporarily shut down its servers to address the vulnerabilities.