Insyte Weekly: Figure AI releases its latest robot to disrupt manufacturing, WeChat discontinuing Malaysia operations, Teachers struggling with digital adoption, and More

This was an interesting week in the business world. The advancements in AI covered this week are extremely disruptive as they drastically change how the respective industries operate. Beyond that, we highlight the latest developments in the music, financial, and education industries. Here’s a breakdown of some of the week’s top stories.

Media & Entertainment

As reported by Iskra Petrova, Universal Music Group (UMG), the world's largest music label, has acknowledged a slowdown in growth for Apple Music and other streaming services, marking the first time the industry giant has publicly recognized this issue. While UMG suggests this slowdown is temporary, some industry insiders believe it could be a longer-term trend. Apple Music's subscriber numbers have not been updated since 2019, when they reached 60 million, raising concerns that growth may have stalled. Spotify and Amazon Music are also experiencing slower growth, though the broader music industry has been hesitant to admit this trend. Following UMG's announcement of disappointing streaming revenue, its shares dropped by up to 30%, reflecting investor anxiety. There's speculation that the music streaming market may have transitioned from its high-growth phase to a period of slower expansion, as most potential subscribers might already have accounts.

Media and Entertainment companies continue to leverage generative AI capabilities to produce innovative products. According to Reuters, ByteDance has expanded into the text-to-video market with its new software, Jimeng AI, joining the ranks of other Chinese tech firms and competing with OpenAI's emerging text-to-video technologies. Jimeng AI, developed by ByteDance's Faceu Technology, is now available to Chinese users on the Apple App Store, following its earlier release on Android. This launch is part of a broader trend among Chinese companies, such as Kuaishou and Zhipu AI, who have also introduced similar models. Jimeng AI offers subscription plans ranging from 69 yuan ($9.65) monthly to 659 yuan annually, allowing users to generate a substantial number of AI videos and images each month.

Edtech

The 2014 introduction of the Digital Technologies Curriculum (DTC) in Australia aimed to equip students with essential digital skills for the future. However, over two-thirds of teachers are struggling to implement the DTC effectively as highlighted during an interview by Andrew Broadly. Teachers face challenges such as keeping up with rapidly evolving technology, unfamiliar and technical curriculum content, limited resources, and low community awareness of the curriculum's value. To support teachers, the report recommends improving access to resources, raising community awareness of the DTC, and offering professional development opportunities.

As reported by Seyi Salau, ALX (a tech career accelerator with hubs in eight African countries, including Nigeria) was named the ‘Most Innovative EdTech Company of the Year’ at the 20th Titans of Tech awards. The recognition highlights ALX’s commitment to empowering young Africans through high-quality, industry-standard tech programs. Seun Babajide-Duroshola, ALX Nigeria’s country marketing manager, emphasized that the award reflects their dedication to advancing technology learning and innovation across Africa. Don Pedro Aganbi, the event’s convener, praised ALX for its impactful collaborations, including a recent $500,000 partnership with the Patoranking Foundation to equip future tech leaders with essential skills.

As revealed in a recent article in This Day Live, The Kayode Alabi Leadership and Career Initiative (KLCI) has launched Skill2rural.org, an edtech platform aimed at providing life and 21st-century skills training to young people in underserved and displaced communities. This idea, nurtured since the COVID-19 pandemic, builds on KLCI's efforts to continue educating youth through online resources when in-person programs were disrupted. Supported by the Mastercard Foundation and Western Union Foundation Fellowship, the platform offers pre-recorded sessions for educators and direct access for young people. Within 24 hours of its soft launch, the platform attracted 50 users, with plans to expand through partnerships across Africa. KLCI aims to reach at least 1 million young people by 2030, complementing the platform with ongoing in-person boot camps and mentorship opportunities.

Fintech

As reported by Ansari, FinTech leaders have emphasized the need for a broader licensing framework within the fintech ecosystem, with many companies voluntarily seeking regulation to support their expansion. They highlighted how digital lenders, having developed their "hero products," are now facing the challenge of identifying their next steps for growth. Sashank Rishyasringa, Co-Founder of Axio, acknowledged the proactive role of regulators like the RBI in supporting industry growth, despite the increasing regulations. Ashish Goyal, Co-founder of Fibe, noted significant changes in the lending ecosystem, particularly in underwriting models and digital lending apps. The focus now is on what more fintechs can offer to continue expanding, such as new online personal loan offerings.

Fintech News Malaysia reported that WeChat Pay Malaysia will stop accepting new e-wallet user registrations starting August 1, 2024, and will discontinue payment services from September 1, 2024, due to a "business strategy adjustment." Existing users can withdraw their e-wallet balances through the portal until December 31, 2024, with a special withdrawal arrangement available from January 1, 2025. To withdraw, users must log in to WeChat, navigate to “Pay and Services,” and follow the steps to complete the process. Identity verification is required for those who haven't completed it yet. Other WeChat services, including messaging and Weixin Pay, will continue operating, with Weixin Pay remaining available for Malaysians in China and Chinese tourists in Malaysia. The company will focus on RMB-denominated cross-border payments in Malaysia and plans to collaborate with local e-wallets for cross-border payment interoperability.

The financial advice industry is experiencing significant transformation driven by technological advances, demographic shifts, and changing consumer expectations. A report by the World Economic Forum and Accenture highlights six trends reshaping the sector: the need for innovation due to shifting demographics, the rise of holistic financial well-being, the demand for hyper-personalized services with digital access, and the push for transparent and fair pricing. Additionally, technology and AI are becoming vital in offering more personalized and cost-effective advice, while social media influencers, or "finfluencers," are increasingly influencing financial education, particularly among younger generations. Financial institutions must adapt by embracing these changes, modernizing their services, and building trust with a more diverse clientele to remain competitive.

AI & Technology

As reported by Ben Wodecki, Figure AI has introduced its next-generation humanoid robot, Figure 02, featuring advanced hardware and software upgrades, including enhanced AI and computer vision capabilities. The robot, standing at 5.6 feet and weighing 154 pounds, is equipped with new hands offering 16 degrees of freedom and human-equivalent strength, enabling it to perform various tasks in commercial settings. The robot's revamped computing hardware includes onboard vision language models for rapid visual reasoning and speech generation capabilities, developed in collaboration with OpenAI. The startup claims that Figure 02 is the world's first commercially viable autonomous humanoid robot and aims to integrate such robots into both the workforce and homes to enhance productivity and quality of life.

As reported by Katharine da Costa, Scientists have hailed a new AI technology as "game-changing" for its ability to identify individuals at risk of a heart attack within the next decade. Developed by Oxford University spinout Caristo Diagnostics, this AI model detects heart inflammation that is invisible on traditional CT scans. The technology is currently being piloted at five NHS hospital trusts in the UK, with a decision on broader NHS adoption expected soon. The AI platform, called CaRi-Heart, analyzes routine CT scans to detect coronary inflammation, which is linked to a significantly higher risk of cardiovascular disease and fatal heart attacks. Research indicates that this technology could transform patient care by allowing earlier interventions, such as medication or lifestyle changes, potentially preventing future heart attacks.

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