Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en snapchat sort of in a position where they have to become a platform to compete because Facebook and Instagram have sort of just declared like did you see today snapchat did a like I do they’re like Developer Conference thing yeah tell me about that thing that they introduced so they introduced us a few things and they were like hey you know last time we introduced games and games are doing great and they were talking about just kind of hyping up games to get more people to build mini games on snapchat but they introduced other things called minis and minis is actually I think a bigger move by them so minis are basically the mini applications built into snapchat what they’re doing is they’re copying WeChat which is the big messaging app in China we chat has like a million little apps built in like oh you need to pay your bills you just do it through WeChat and how do you do that well there’s this little mini website but the you know the utility company makes that’ll just pop up in your WeChat and you hit pay and it’s paid or you want to do this you want to buy movie tickets together you do it within WeChat like we don’t do that in iMessage we don’t do that in facebook Messenger but that’s what all these companies would love to bid love to be WeChat here in the States so snapchats taking a big stab at doing that and they announced like so for example one of the minis is headspace so you can do like sort of a quick meditation with anybody else on like one of your friends from snapchat they did a movie ticket buying thing they did you know so they did several of these and just not again I don’t know how the Sox drive but what’s interesting here is that snapchat sort of in a position where they have to become a platform to have sort of just declared like we will steal your we took your mojo already and if you come up with some new great mojo like guess what you know Evan Spiegel you’re the head of product at Facebook actually whatever you come up with we are gonna put in our apps as soon as humanly possible so their only strategy they have basically two core strategies one is maybe they can create snap classes these like AR glasses and they can just sort of get off the cell phone game and get into the glasses game before anybody else so that would be like a snap mini website they call them snap minis and what they are are little mini websites that that can pop up and be a little like utility things to do inside snapchat besides message each other now the second thing is becoming a platform because Facebook and Instagram don’t do a great job of letting other companies build on top of them people distrust those companies they’ve built apps on top of Facebook and messenger before and gotten screwed and so they don’t have great ecosystems so snapchats kind of pushing their chips into the middle of the table and saying come build on us we’ll treat you better than those guys will and you kind of leave it you kind of believe it because it’s really their only way to compete with Facebook and Instagram so they kind of have to actually honor this so anyways a quick idea so in general I think that being early to these platforms in these app app ecosystems is a good thing there’s been several snap kit apps that have been like number one and number two on the App Store’s so they’ve gotten a ton of distribution from it what’s a snap snap kit is basically the tool set that snapchat gives you to build build stuff so it’s like okay snap kit will say you want to access their bitmoji cool snap kit lets you just type one line and you get their bitmoji character you can do stuff with snap kittens their camera with all their lenses I’m doing this course with Goggin and things we talk about our inflections so what are what our inflections and there’s a variety of styles of inflections there’s technology inflections which is like basically like oh my god the Internet is now in everyone’s house that is an inflection there’s an opportunity there or a belief inflection is like wow people really don’t trust the media what can we do to help or people are afraid to be in groups of thousands of people how can we fix it what we are seeing right now is a technology inflection or a platform inflection is the detection yes and this is it this is like when so Pandora the music company Tim told me that the company was around for three years and it was doing horrible and he said they heard about the Apple Store for some reason Steve Jobs reached out to them and said you guys might be a good like place to put your here and once that happened he was cool and this I don’t know if it will be but this is potentially one of those yeah these are asymmetric bets [Music] you