Amazon aggregators, once pandemic darlings, have hit a downturn
Wake up — it's tech time. I'm Jordan Parker Erb, and today I'll be walking you through what's going on with Amazon aggregators, and taking you inside more industry layoffs.
Let's get straight to it.
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1. "The party is over" for Amazon aggregators. Once white-hot investment targets raking in billions in venture capital, Amazon aggregators are hitting a slow down. We spoke with insiders who shared what's next as funding evaporates.
- Aggregators, which roll up top-performing brands on Amazon and attempt to optimize them to increase profitability, boomed during the pandemic. Some saw their valuations quickly climb into the billions.
- But as investors grow leery because of concerns over the macro environment and aggregators' business models, some are announcing significant staff cuts.
- Now, industry experts are anticipating challenges and changes in the space — including consolidation, fire sales, and dramatic pivots.
What's next for the former pandemic darlings.
In other news:
Thomas Trutschel/Photothek via Getty Images
2. Apple plans to slow hiring. According to Bloomberg, the company will pull back on hiring and spending growth for some teams next year. Despite the changes, Apple still plans an expanded product launch next year that includes a so-called mixed-reality headset. Read more here.
3. Airbnbs are booming near Elon Musk's SpaceX project in South Texas. Over the past year, the number of short-term rentals in Brownsville, Texas has nearly doubled, with cheap homes, a lack of regulation, and proximity to Musk luring in property investors. Inside the Airbnb gold rush.
4. Amazon Prime Video is getting a facelift that looks a lot like Netflix. The tech giant is rolling out a flashy new redesign for its Prime Video homepage, complete with an easy-to-find navigation sidebar and a Top 10 list. Get a look at Prime Video's redesign.
5. Vimeo and TikTok are conducting layoffs. Vimeo, the online video and software company, is laying off dozens of its 1,200 employees. Meanwhile, Wired reports that TikTok has begun laying off staff as part of a company-wide restructuring, as the app faces new political pressure in the US.
6. A startup beat Elon Musk's Neuralink to implanting its first chip in a patient. A brain-computer startup implanted a chip into an ALS patient's brain earlier this month. The chip is designed to allow patients with severe paralysis to communicate using their thoughts. Here's the rundown on the chip.
7. A tech recruiter went viral after posting about her job loss on LinkedIn. After posting her story, the employee landed interviews with Amazon, TikTok, and Lyft. We explain how posting on LinkedIn can help you land a new role after a setback.
8. Netflix customers in five countries will have to pay for additional households. Customers across Latin America will be charged a fee if they want to use their account in another household, an attempt by Netflix to crack down on password sharing. Everything you need to know.
Odds and ends:
Hyundai
9. Hyundai unveiled an electric concept car based on a 1970s design. Built with a retro look and modern technology, the N Vision 74 is powered by a hydrogen fuel cell and batteries — and promises a range of 373 miles and a top speed of 155 mph. Check out the N Vision 74.
10. Instagram will let you place orders via DM. Shoppers in the US can now pay for products and track shipping directly from their DMs. Here's how it works.
What we're watching today:
- Netflix, Johnson & Johnson, and others are reporting earnings. Keep up with earnings here.
- A court hearing is expected in Twitter's suit against Elon Musk for exiting the takeover deal.
- The 2022 Bloomberg Crypto Summit kicks off today in New York.
- Microsoft Inspire is happening virtually through July 20.
- VB Transform starts today virtually and in San Francisco.
Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.
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