🏂 Shaun White Launches The Snow League

In today’s newsletter we discuss Shaun White launches The Snow League, Meta Draws In A Younger Crowd With Facebook Marketplace, Rocket Companies to acquire Redfin, Elon Musk's xAI buys 1M sqft property in Tennessee, Gemini files for an IPO, and Pierce Brosnan says 007 must remain British.

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WHAT WE’RE READING

Meta Draws In A Younger Crowd With Facebook Marketplace

Facebook has long grappled with the challenge of attracting and retaining younger users, especially as platforms like TikTok and Instagram capture the attention of Gen Z and younger millennials. Facebook Marketplace has emerged as a compelling feature that keeps this vital demographic engaged.

Facebook Marketplace was launched in 2016 as a digital platform where users can buy, sell, and trade items within their local communities. Its user-friendly interface and integration with the main Facebook app have contributed to its rapid growth. As of 2021, Marketplace boasted over 1 billion monthly users worldwide, with more than 300 million in the United States alone. This massive user base positions Marketplace as a formidable player in the online commerce arena.

Key Features:

• Facebook Marketplace is a platform for local buying, selling, and trading.

• Launch: Established in 2016.

• User Growth: Reached over 1 billion monthly global users by 2021, with over 300 million in the U.S.

The economic significance of Facebook Marketplace is substantial. In an average month, up to 1.228 billion online shoppers make purchases through the platform, accounting for approximately 40% of Facebook's 3.07 billion monthly active users. This high engagement translates into considerable revenue for Meta Platforms, Facebook's parent company, as Marketplace facilitates transactions that drive advertising and other commerce-related income streams.

• Economic Impact: 1.228 billion monthly shoppers.

• Engagement: Represents approximately 40% of Facebook's monthly active users.

• Revenue Driver: Contributes to Meta's advertising and commerce-related income.

Several factors make Facebook Marketplace particularly attractive to younger users. The platform offers a plethora of affordable options for furniture, clothing, electronics, and more, resonating with budget-conscious young adults seeking value for their money. The emphasis on local transactions allows for easy pick-up and drop-off arrangements, a significant advantage for those without reliable transportation. Younger generations are also increasingly eco-conscious, and Marketplace provides an avenue for buying second-hand items, aligning with their sustainability values.

Despite a general decline in Facebook's popularity among younger demographics, Marketplace has managed to capture their interest. Globally, individuals aged 18 to 24 comprise 19% of Facebook's user base, while those aged 25 to 34 make up 31%. This indicates that a significant portion of Marketplace users likely falls within these age brackets, underscoring its appeal to younger audiences.

In an effort to enhance the Marketplace experience, Meta has entered into strategic collaborations. A potential partnership with eBay could enable users in select countries to browse eBay listings directly through Facebook Marketplace, expanding the range of available products and potentially increasing user engagement.

The Facebook Marketplace platform has also faced challenges. In November 2024, the European Commission fined Meta nearly $867.28 million for linking Marketplace to the main Facebook platform, citing anti-competitive practices. Additionally, concerns about scams and fraudulent activities have been raised, prompting calls for Meta to implement more robust safety measures.

While Facebook continues to navigate the evolving social media landscape, Marketplace stands out as a feature that effectively engages younger users. Its convenience, economic benefits, and alignment with the values of younger generations make it a pivotal component of Facebook's strategy to remain relevant and valuable to a diverse user base.

🏡 Business

Rocket Companies plans to acquire Redfin in a $1.75 billion all-stock deal, aiming to merge real estate search with mortgage services. The goal is to create a seamless home buying experience, leveraging AI to guide customers from search to closing.

This acquisition targets significant revenue synergies and cost savings by integrating Redfin's platform with Rocket's mortgage expertise.

Key points:

• Integrated Experience: Combining property search and mortgage processes.

• AI-Driven Guidance: Utilizing AI to simplify the home buying journey.

• Leadership Continuity: Redfin CEO Glenn Kelman will continue leading Redfin.

• Expected Closing: The deal is set to close in mid-2025.

• Expanded Reach: Rocket gains access to Redfin's web traffic and agent network.

The move reflects a trend toward consolidated real estate services, aiming to provide a more efficient customer experience.

🎬 Entertainment

Following Amazon MGM Studio’s acquisition of the James Bond franchise, Pierce Brosnan has said he believes that the next James Bond should be a British actor, and he’s not wrong.

I think I speak for the entire world when I say with 100% confidence that every actor that plays James Bond MUST be British in order to maintain the essential characteristics of the character’s British roots. Pierce Brosnan said it's "a given" that the role should remain within British actors, as the character has always been portrayed in literature and film as a British secret agent.

The debate surrounding the next James Bond has included discussions about diversity in casting. I’m all for diversity, but this is an established film franchise that needs to stay true to its roots in order to honor not only the franchise’s movie heritage, but it's also what fans are turning out to see when they watch a James Bond movie.

Now what I think could be very interesting, and allow the James Bond franchise the ability to expand the 007 universe, would be to introduce new characters that offer diversity, an American female character that they could spin off into a new series, or perhaps a man of Moroccan descent from Africa. That would allow for expansion of the 007 canon that could in turn draw in new audiences. Just a thought.

🤖 AI

Elon Musk's artificial intelligence company, xAI, has purchased a 1-million-square-foot property in Southwest Memphis, Tennessee. This acquisition marks a significant step in xAI's efforts to expand its AI infrastructure amid growing competition in the tech industry.

The investment builds on xAI's December announcement outlining plans to expand its Colossus supercomputer, aiming to house over one million graphics processing units (GPUs). Colossus is central to Musk's AI ambitions, as the billionaire seeks to outpace rivals like OpenAI. 

To address concerns about the high energy consumption of data centers, the new Memphis facility will include an $80 million water recycling plant and the largest global deployment of Tesla Megapacks for data center operations. Additionally, Tesla plans to construct a 1-million-square-foot factory in Texas to manage and store its Megapack energy products.

🪙 Crypto

Gemini, the crypto exchange and custodian founded by the Winklevoss twins, has confidentially filed for an IPO in the U.S.. The company is reportedly working with Goldman Sachs and Citigroup for the potential listing. This move comes after the SEC ended its investigation into Gemini without taking action and after Gemini settled a lawsuit with the Commodity Futures Trading Commission.

Gemini is among several crypto firms considering going public as the SEC appears to be scaling back its litigation efforts in the early months of the Trump administration. Crypto exchange Kraken is also reportedly considering an IPO by the first quarter of 2026, with other companies like Circle, Bullish, and Blockchain.com also planning U.S. listings.

🏂 Sports

Shaun White, an icon of snowboarding, is launching the Snow League to unify what he sees as a fragmented sport. After a career filled with Olympic gold and X Games victories, Shaun White aims to bring cohesion back to professional snowboarding. He perceives a "disjointed" landscape with siloed tours and events, hindering fan engagement and athlete momentum.

The Snow League is designed to:

• Centralize Competition

• Elevate Athlete Profiles

• Drive Innovation

• Increase Fan Engagement

• Bridge the gap

Key financial details include:

• The Snow League has secured $15 million in funding from investors.

• Season One of the Snow League features a $1.6 million prize purse, with equal prize money for men and women.

• All 36 competing athletes will receive a $5,000 appearance fee.

• Each event will distribute $370,000 across the field.

Shaun White's motivation stems from a deep love for the sport and a desire to ensure its continued growth. The Snow League faces challenges, but Shaun White's reputation and significant financial backing provide a strong foundation for revitalizing snowboarding.

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irl Media NEWSLETTER is written, edited, and published by Chris Thompson.