This week in social media news, TikTok tests three minute-long videos, LinkedIn launches a new market data tool called Sales Insights, Salesforce acquires Slack for $27.7 billion, Facebook buys customer relationship management startup Kustomer for $1 billion. Snapchat is shelling out $1 million to creators per day to encourage them to share their best video Snaps to its new vertically scrollable feed Spotlight and more.

TikTok Looks To Expand Video Length Limit To Three Minutes

TikTok is testing a new feature that would let users upload videos of up to three minutes in length, as spotted by social media expert Matt Navarra.

Why it matters: TikTok previously only allowed videos of up to 15 seconds long then extended that to 60 seconds. The short-form nature of the videos is one of the main reasons TikTok exploded over the past year. Though the new three minute limit will enable brands and creators to include more information in their content, longer videos could detract from the succinct experience users have grown accustomed to.

The details: As seen in this screenshot from Navarra, TikTok has given some creators early access to uploading videos of up to three minutes long, a feature they can test on mobile and desktop.

LinkedIn Launches New Data Tool Called Sales Insights

LinkedIn has added a new product to its Sales Solutions portfolio called Sales Insights that lets businesses access real-time market data generated by its global network of 722 million members.

Why it matters: According to LinkedIn, the number of sales operations roles more than doubled in the last two years, increasing 2.7 times fast as the sales function overall.

The details:  As per LinkedIn:

“LinkedIn Sales Insights gives you clear visibility into the size and fast-growing nature of specific departments, functions, and accounts so that you can accurately plan your sales strategy in order to point your sales teams to the right accounts and drive more revenue.”

Salesforce Acquires Slack For $27.7 Billion

Salesforce has acquired Slack for $27.7 billion, the company announced. As part of the deal, Slack will become an operating unit of Salesforce, which will continue to be led by chief executive officer Stewart Butterfield.

Why it matters: Salesforce recently surpassed $20 billion in annual revenue while Slack saw net losses of $147.6 million during the two quarters ending July 31.

The details: According to the press release, Slack will be deeply integrated into every Salesforce Cloud. Together, the companies will create “the most extensive open ecosystem of apps and workflows for business and empower millions of developers to build the next generation of apps, with clicks not code.”

The deal gives Salesforce an edge over Microsoft, whose Teams platform has acted as Slack’s competitor.

Facebook Invests $1 Billion To Monetize Its Messaging Services

In an effort to encourage more businesses to use its messaging apps, Facebook has acquired a customer relationship management software startup called Kustomer for a little over $1 billion, reports the Wall Street Journal.

Why it matters: The move is part of Facebook’s larger push to enhance its social commerce capabilities as more than 175 million people contact businesses using WhatsApp. 

The details: Kustomer’s offerings enable brands to aggregate and respond to customer inquiries that come through via Messenger. According to WSJ, in October Kustomer started integrating with Instagram.

 Kustomer was founded in 2015, and a year ago was valued at $710 million, as reported by WSJ.

Reddit Averages 52 Million Daily Active Users In October

Reddit averaged 52 million daily active users (DAUs) in October, a 44 percent increase from the same month last year, reports the Wall Street Journal.

Why it matters: This marks the first time Reddit has disclosed a metric that more accurately reflects its user growth. Comparatively, in September Facebook averaged 1.82 billion DAUs, and in Q3 Twitter reported 187 monetizable daily users.

The details: After Reddit’s direct ad revenue growth dropped from 40 percent to 27 percent in Q1, the platform has rebounded, growing by 83 percent year-over-year in Q3, Reddit’s chief operating officer Jen Wong told WSJ.

In 2019, Reddit’s ad revenue reached more than $100 million. This year, it’s on track to grow by more than 70 percent, reports WSJ. Wong told WSJ that the expansion of Reddit’s ad business to new global markets will bolster its future revenue growth.

The company is looking to employ nearly 300 people worldwide by the end of this year, and grow head count by 75 percent over 2021.

TikTok Gets An Extension To Finalize Sale Of App To Oracle, Walmart

According to Reuters, the Trump administration has granted TikTok’s parent company ByteDance a new seven-day extension to complete the sale of TikTok to Oracle and Walmart.

Why it matters: The Trump administration’s August order mandated that ByteDance finalize the sale by November 12, but a day after the deadline the US granted ByteDance a 15-day extension.

The details: ByteDance now has until December 4 to divest TikTok.
“The Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a one-week extension…to allow time to review a revised submission that the Committee recently received,” a spokesperson for the Treasury Department told CNN.

Snapchat Is Paying Creators $1 Million A Day For Videos Posted To Spotlight

Snapchat is shelling out $1 million a day to creators to inspire them to post short, entertaining video Snaps to its new vertically scrollable TikTok-like feed, Spotlight

Why it matters: The incentive for posting to the Spotlight is akin to TikTok’s creator fund, which will grow to over $1 billion in the US in the next three years.

The details: As per Snapchat, users 16 or older can “earn a share of more than $1 million” by submitting their best video Snaps to Spotlight. The videos must follow the platform’s content guidelines and terms.

Currently, Spotlight is available in the US, Canada, Australia, New Zealand, the UK, Ireland, Sweden, Denmark, Germany and France. Snapchat says it’ll expand to more countries soon.