Insyte Weekly: Google's new features, fintech opportunities, touchless gaming technologies and more

This week was filled with really exciting business news. Here’s a breakdown of some of the news you should know about.

Media & Entertainment: Google, Spotify’s new features and profitability, and touchless gaming

As reported earlier this week, Google Gemini will allow users to choose their preferred music streaming platform from within the app. The integration of music streaming providers within the Google Gemini app's settings page is a significant development for Android smartphone users. This feature will allow users to select their preferred music streaming service, such as Spotify, YouTube Music, or Apple Music, as the default media provider for Gemini. This means that Gemini will be able to respond accurately to music playback-related prompts, addressing a key limitation that has prevented some users from fully embracing Gemini as a voice assistant. With these enhancements, more Android users may consider switching to Gemini for its broader capabilities and improvements in handling various commands, including music-related requests.

Spotify's Stream On event unveiled several new tools and features aimed at helping artists grow their audience and revenue on the streaming platform according to Aisha Malik. One of the highlights is the introduction of "Marquee," a full-screen sponsored recommendation for new releases designed to reach listeners interested in an artist's music. This feature is touted to be 10 times more cost-effective than ads on popular social media platforms.

New features like "Spotify Clips" for 30-second videos on artist profiles and "Countdown Pages" for upcoming releases aim to engage fans more deeply. Spotify's app redesign integrates personalized feeds and new modes like "Smart Shuffle" for playlist recommendations and enhanced podcast autoplay.

These innovations come amid Spotify's growth in artist payouts and its commitment to empowering artists and enhancing user experiences on the platform.

There was more cause for celebration for Spotify as the company announced its first quarter 2024 earnings, showing solid growth and performance:

• Monthly Active Users increased by 19% year-over-year to 615 million.

• Subscribers grew by 14% year-over-year to 239 million.

• Total Revenue saw a 20% year-over-year increase, reaching €3.6 billion.

• Gross Margin reached 27.6%.

• Operating Income improved to €168 million.

Accessibility is becoming increasingly important within the gaming community. MotionInput is a new innovative software solution for this challenge and it sounds like a game-changer in making gaming more accessible for people with disabilities as highlighted by Paul Charter. By using facial expressions and physical gestures captured through a webcam, it allows users to create custom inputs for gaming actions, eliminating the need for traditional controllers or specialized equipment. The development of MotionInput by Professor Dean Mohamedally and his team at University College London over the past four years showcases the potential of technology to democratize access to gaming and promote equitable computing.

Meta released new features for its smart glasses this week. Meta's latest updates for its Ray-Ban Meta Smart Glasses include new features like a cat-eye frame style, video calling capabilities, Apple Music compatibility, and the rollout of its multimodal AI assistant reports Victoria Song. The cat-eye frame style and video calling feature were showcased by CEO Mark Zuckerberg in an Instagram reel, where he also discussed new colors for existing models like Wayfarer and Headliner, with the latter getting a low-bridge fit option.

Fintech: Decline in Fintech Funding

The fintech funding landscape has experienced a decline since 2021, although industry insiders view this as more of a stabilization rather than a downturn according to Ranica Arrowsmith. This environment presents opportunities for regional and community banks to engage in fintech partnerships.

The fintech landscape is evolving towards a focus on artificial intelligence (AI), with investor excitement in AI-powered tools increasing. Fintech companies incorporating AI solutions are gaining attention for their ability to address key industry challenges such as cybersecurity, fraud prevention, and customer experience enhancement.

As the funding environment shifts towards a more cautious approach, fintech companies are focusing on developing practical and efficient solutions rather than pursuing rapid growth. Financial institutions and investors are looking for demonstrable products and business models with long-term viability, highlighting the importance of secure and robust technology solutions that address real-world challenges in the banking industry

Tourism: Concerns about Kenya’s visa-free policy, Amsterdam combat over-tourism

Kathleen Wong reports that Amsterdam is intensifying its efforts to combat over-tourism by imposing strict regulations on the development of new hotels and limiting the number of overnight stays in the city. These measures aim to maintain the livability of Amsterdam for both residents and visitors. Since 2017, Amsterdam has had stringent policies regarding new hotel construction. However, the recent initiative aims to control the growth of overnight hotel stays in the city. Under the new regulations, new hotels can only be built under specific conditions, such as if another hotel closes. Additionally, new hotels must meet higher standards, particularly in sustainability.

Kenya's decision to go visa-free for travellers worldwide starting in 2024 was initially celebrated as a bold step towards globalization and boosting tourism. However, the implementation of the new policy, requiring an electronic travel authorization (ETA) for entry, has raised concerns about its cost and administrative requirements according to Lindsey Puls. The introduction of the ETA system has created complications, especially for travellers from countries that previously enjoyed visa-free access to Kenya. They now face additional paperwork, processing fees, and a waiting period of 72 hours before receiving authorization to travel. This can be particularly challenging in emergency travel situations.

In a bid to foster intercontinental tourism, Namibia has introduced visas on arrival at Walvis Bay Harbour port starting from April 18, 2024, aiming to boost tourism and trade as reported by Drenush Morina. This policy is also available at other key entry points like Hosea Kutako International Airport and Walvis Bay Airport, along with various border posts such as Trans Kalahari, Katima Mulilo, Ngoma, Impalila Island, Oshikango, Mohembo, Ariamsvlei, Noordoewer, and Oranjemund. The visa on arrival costs 1,200 Namibian dollars (approximately 63 U.S. dollars) and is valid for 90 days.

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