New Zealand markets close in 2 hours 6 minutes
  • NZX 50

    11,246.86
    +127.29 (+1.14%)
     
  • NZD/USD

    0.5703
    -0.0028 (-0.48%)
     
  • NZD/EUR

    0.5883
    +0.0006 (+0.10%)
     
  • ALL ORDS

    6,779.20
    +119.40 (+1.79%)
     
  • ASX 200

    6,575.60
    +113.60 (+1.76%)
     
  • OIL

    82.34
    +0.19 (+0.23%)
     
  • GOLD

    1,664.80
    -5.20 (-0.31%)
     
  • NASDAQ

    11,493.83
    +222.08 (+1.97%)
     
  • FTSE

    7,005.39
    +20.80 (+0.30%)
     
  • Dow Jones

    29,683.74
    +548.75 (+1.88%)
     
  • DAX

    12,183.28
    +43.60 (+0.36%)
     
  • Hang Seng

    17,565.37
    +314.49 (+1.82%)
     
  • NIKKEI 225

    26,402.81
    +228.83 (+0.87%)
     
  • NZD/JPY

    82.2640
    -0.2860 (-0.35%)
     

Amazon reportedly testing a new photo, video stream app

The online retailer is reportedly testing a new app similar to TikTok, while influencers are convincing followers to unsubscribe from Amazon over labor disputes.

Video transcript

SEANA SMITH: Amazon is reportedly looking to take a page out of TikTok's playbook. The "Wall Street Journal" reporting that Amazon is testing a feature in its app that would show users a photo and video feed like the popular social media app that they can then share with others. Right now, the test is only visible to Amazon employees. But, Dave, this is just the latest example of a tech giant trying to find a way to replicate the success that TikTok has had.

We know it was the most downloaded app of 2021. There was a Pew study out-- 67% of teens use the app. So it makes sense that Amazon is trying to replicate something like TikTok and really attract maybe some of those younger users.

DAVE BRIGGS: It makes a lot of sense. And global domination has long been in their sights, and far be it from me to doubt Amazon to enter any space-- health care, streaming, football, content. So this seems like a natural progression. And to your point, every social media, everyone in online ads has a TikTok problem.

So if you're not emulating TikTok, you are falling behind. Now, the interesting aspect to this is Amazon currently has a different TikTok problem. They have 70-plus very influential TikTok creators who are now banning Amazon saying, all right-- and the movement is called this-- People Over Prime Pledge-- they're asking their 50 million followers to stop using Amazon Prime until Amazon gives in to the Amazon labor union demands, which include $30 an hour minimum wage, among other things.

So it'll be interesting to see if they need these TikTok influencers to make that change, because this pledge, they are not going away. It's from Gen Z for Change. And they want change. And 70 creators with 50 million followers can probably demand it.

SEANA SMITH: Wow, certainly. That's huge, and that could potentially be a massive problem here for Amazon going forward.