VOLUME 52

Happy Friday. Hope everyone has been having a great week. As always, thanks for subscribing. Let’s get into it.

— Jacob Pace

Creators Mourn the Loss of Former YouTube CEO Susan Wojcicki

Tech and creator communities across the internet have been mourning the loss of Susan Wojcicki, the former CEO of YouTube, who passed away on August 9 at the age of 56. Her death, announced by her husband Dennis Troper, was caused by lung cancer.

Wojcicki joined Google as its 16th employee and played a pivotal role in the company’s early success. In fact, she actually rented out her garage to Larry Page and Sergey Brin in 1998, which became Google's first office. Wojcicki later became the CEO of YouTube, where she led the platform's growth into the behemoth it is today.

The news of Wojcicki's passing sent shockwaves through the creator community, with many of YouTube's most prominent personalities expressing their condolences and sharing memories of her impact on their careers.

• PewDiePie, one of YouTube's biggest stars, tweeted: "Susan Wojcicki was a visionary leader who helped shape YouTube into what it is today. Her support for creators was unmatched, and her legacy will live on in the millions of voices she empowered. Rest in peace, Susan."
  

• Marques Brownlee (MKBHD) shared on Instagram: "I had the honor of meeting Susan several times. Her dedication to making YouTube a better platform for both viewers and creators was evident in everything she did. We lost a true pioneer in tech today."
  

• Lilly Singh also took to social media, stating: "Susan was more than just a CEO; she was an advocate for creators, constantly pushing for better policies and features that benefited us all. Her influence on the platform and on my career is something I'll never forget.

Many, including myself, would say that Wojcicki's contributions to the tech world go beyond her role at YouTube. She was widely considered a pioneer for women in technology, a mentor to many, and an advocate for the creator economy.

We will forever remember Susan and her amazing work in the world of content and technology. Our thoughts and prayers go out to her family and loved ones during this difficult time.

Meta and Universal Music Group Sign Deal on AI Music

What’s the scoop: Meta and Universal Music Group (UMG) have announced an expanded global, multi-year agreement aimed at boosting creative and commercial opportunities for UMG artists across Meta’s platforms, including Facebook, Instagram, Threads, Messenger, and WhatsAppThis agreement builds on the partnership initially established between the two companies in 2017, further creating more tools for songwriters to generate revenue and providing creators with access to copyrighted music.

Why it matters: As we all know, music and social media have had a checkered past, so that fact that these two conglomerates are coming together on a new deal is significant in itself, to ensure that songwriters are fairly compensated. The deal also aims to address unauthorized AI-generated content involving UMG artists by collaborating on solutions, as this area remains largely unregulated and chaotic. As the world of digital creators continues to grow, creating more scalable solutions for copyrights is critical. Seeing as Twitch recently came to terms with all three major labels on terms to provide catalog access for DJs, the growth at this intersection is promising.

Bumble Shares Fall 30% Amid Challenging Market Outlook

What happened: Bumble’s stock hit an all-time low after the online dating service slashed its full-year revenue outlook. The company now expects only a 1% to 2% increase in year-over-year revenue, down from the previous forecast of 8% to 11%.

Why the shift: The downward revision comes amid declining customer spending on the app, signaling potential challenges ahead for Bumble’s growth. The second-quarter revenue, which fell short of estimates, contributed to a 37% drop in share prices, reflecting investor concerns about the company’s future.

What’s next: Bumble plans to implement strategies aimed at reigniting user growth and improving customer value, but the road to recovery may take a while as the company navigates these financial hurdles.

Paramount Restructures Shuts Down TV Studios to Focus on Streaming

What happened: Following the recent deal with Skydance Media, Paramount TV Studios is shutting down as part of a broader restructuring effort by the company. This move comes as the company shifts to streamline operations and allocate resources towards higher growing segments such as Paramount+, which just recently turned a profit.

What’s next: All current series and development projects made under the Paramount Television Studios umbrella will move to CBS Studios. I think this will be the first of many seismic shifts to come from Paramount over the coming months as the company transforms itself to keep up with the ever-growing media industry.