⏱Apple vs The Small Guys
90 Second News Issue #24
Good morning everyone! ~16 more hours of the work week left, finish strong!
Just a friendly reminder that we have a podcast as well if you prefer to listen on the go!
For our friends who may not be as Spanish-ly inclined, the headline above says, “Duolingo is worth how much? Why?” This past week, the app that lets users learn a second language raised a round of fundraising that valued the company at $2.4bn. This valuation comes hot on the heels of the news that Duolingo is on track to more than double its revenue in 2020 to more than $200m. Surprisingly, 80% of that revenue comes from the 4% of users who pay for the service while the remaining 20% comes from advertisements.
Pfizer announced yesterday that it will be asking the FDA for approval for their experimental Covid vaccine within the next couple of days. They also reported that in their final stage the vaccine proved to be 95% effective, making it the leading solution in the market by .5%. Pfizer is optimistic about the possibility of the drug becoming widely available by the end of the year if regulators were to allow the drug to pass.
After a couple of major lawsuits targeted at Apple (primarily by Epic games), and threats of an antitrust suit being brought on by the government, they recently changed their commission structure for the app store. Under the new system, Apple will only take a cut of 15% from developers making less than $1m a year instead of their traditional 30%.
Other than for something for criminals to rob in movies of course. Anyway, Google announced yesterday that they will be releasing a feature that lets users open a bank account through their Google Pay app. This new addition will launch at the start of 2021, and is primarily targeting the “mobile-first generation” by jumping headfirst into the scene that includes Venmo, Cash App, and more.
1:24- A link we love
The Rockefeller Center Christmas tree was put up earlier this week, and we’ve got to say, the 75ft tree leaves a little to be desired. But what else do you expect from 2020?
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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