Latest / What the Flux / Social media ban hits retailers | ASIC fines Grill'd and MJ Bale | 2025's most downloaded app

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Social media ban hits retailers | ASIC fines Grill'd and MJ Bale | 2025's most downloaded app · What the Flux

• 0:05
  Speaker 1: This is what the flucks.
• 0:06
  Speaker 2: I'm bred and I'm justin and it's Friday, the twelfth
• 0:09
  Speaker 2: of December.
• 0:09
  Speaker 1: Juse boy. The final unemployment rate numbers for twenty twenty
• 0:12
  Speaker 1: five are in and they are flat. Yeah, the jobless
• 0:16
  Speaker 1: held steady at four point three percent in November, but interestingly,
• 0:19
  Speaker 1: there were twenty one thousand fewer people in work. How
• 0:22
  Speaker 1: doesn't actually work? There was a decline in the number
• 0:24
  Speaker 1: of people actively looking for work. No surprises when the
• 0:27
  Speaker 1: holiday season's coming up.
• 0:28
  Speaker 2: No surprises at all. We want a bit of a
• 0:30
  Speaker 2: break as we head into the middle of December when
• 0:33
  Speaker 2: things getting pretty expensive. One thing that can help you
• 0:35
  Speaker 2: out is winning fifty bucks at the end of a week.
• 0:37
  Speaker 2: That is all part of our weekly game Quick Sticks,
• 0:39
  Speaker 2: where week give way fifty bucks for the first person
• 0:41
  Speaker 2: to answer three business or finance questions correctly. So if
• 0:44
  Speaker 2: you want to win the fifty bucks today, make sure
• 0:45
  Speaker 2: you download the Flux out and turn on you notifications
• 0:47
  Speaker 2: to win.
• 0:48
  Speaker 1: Three marvelous stories today. Juzzy boy, let's do it for
• 0:51
  Speaker 1: our first. Australia's world first under sixteen social media band
• 0:55
  Speaker 1: has officially kicked in and that means TikTok Meta and
• 0:58
  Speaker 1: snap are plodding their next move.
• 1:00
  Speaker 2: No more doom scrolling for the under sixteens, b man.
• 1:02
  Speaker 2: So what is the update?
• 1:03
  Speaker 1: So rewind to November twenty twenty four, Juzzy boy, the
• 1:06
  Speaker 1: Australian government passed a new law to ban social media
• 1:09
  Speaker 1: usage for people under sixteen, and.
• 1:11
  Speaker 2: They weren't messing around. We're talking to Instagram and TikTok
• 1:13
  Speaker 2: and YouTube and Snapchat and Reddit and a couple of
• 1:16
  Speaker 2: others all gone for under sixteens at least.
• 1:18
  Speaker 1: The goal of this legislation is to protect children from
• 1:20
  Speaker 1: online harm and reduce bullying and.
• 1:22
  Speaker 2: B man, these platforms are given more than a year
• 1:24
  Speaker 2: to get their act together in time for the band.
• 1:26
  Speaker 1: Well, jusey boy, the day finally arrived on Wednesday.
• 1:29
  Speaker 2: Yeah, the band is officially in place, and if the
• 1:31
  Speaker 2: social media platforms don't cooperate, they could be slapped with
• 1:33
  Speaker 2: up to fifty million dollars in fines. Ouch.
• 1:36
  Speaker 1: So how's it going to work?
• 1:37
  Speaker 2: Well, if the platform suspects someone who is under sixteen,
• 1:40
  Speaker 2: then they have an obligation to shut down the account.
• 1:43
  Speaker 1: Unless the user can pass an age verification check.
• 1:45
  Speaker 2: But the technology isn't perfect and young Australians are already
• 1:49
  Speaker 2: finding workarounds.
• 1:50
  Speaker 1: Like switching to other social media platforms like Lemonade and YopE.
• 1:53
  Speaker 2: Not to mention, brands also have to find new ways
• 1:56
  Speaker 2: to reach the young audience members in this new digital age.
• 1:59
  Speaker 1: So what's the key learning here?
• 2:00
  Speaker 2: A ban on an entire demographic doesn't just shift user
• 2:03
  Speaker 2: behaviors for those affected, it can change entire business models. Yep.
• 2:07
  Speaker 1: A report by the E Safety Commissioner wouldveal that ninety
• 2:09
  Speaker 1: six percent of children aged between ten and fifteen use
• 2:12
  Speaker 1: social media.
• 2:13
  Speaker 2: And another report shows that Jen Alpha kids between five
• 2:15
  Speaker 2: and fifteen spend on average two and a half hours
• 2:18
  Speaker 2: a day on social media.
• 2:19
  Speaker 1: That is a whole lot of brain rot for jen Alpha.
• 2:22
  Speaker 2: Yeah you see man man. Under sixteens on social media
• 2:24
  Speaker 2: are also the growth engines for many businesses yep.
• 2:27
  Speaker 1: And huge brands have even built entirely new product offerings
• 2:30
  Speaker 1: after attracting Gen Alpha online.
• 2:32
  Speaker 2: Yeah, like Sephora, who developed four Kids to specifically target
• 2:36
  Speaker 2: Jen Alpha trends.
• 2:36
  Speaker 1: So does it well? Not only is this band going
• 2:38
  Speaker 1: to shift the number of users on social media platforms,
• 2:41
  Speaker 1: it's also going to force some businesses to rethink how
• 2:43
  Speaker 1: they acquire new customers.
• 2:45
  Speaker 2: And raise the question whether brands should even be thinking
• 2:48
  Speaker 2: about acquiring young teens in the first place.
• 2:51
  Speaker 1: For our second story, ASIK is on a finding spree
• 2:54
  Speaker 1: after hitting companies like Grilled, Bob Jane and MJ Bail
• 2:57
  Speaker 1: with fines for failing to lodge their financial accounts.
• 3:00
  Speaker 2: ASA candy out finds like their tickets to a Carols
• 3:02
  Speaker 2: by Candilate Conceptbeman tell me.
• 3:05
  Speaker 1: More, all right, So, the Australian Securities and Investments Commission
• 3:08
  Speaker 1: aka ASSEK is Australia's corporate regulator.
• 3:10
  Speaker 2: They keep a very close eye on Australia's corporate compliance.
• 3:14
  Speaker 1: And while we know public companies need to disclose their
• 3:16
  Speaker 1: financial accounts to the market, large proprietary companies also need
• 3:20
  Speaker 1: to disclose their deepest, darkest financial details.
• 3:23
  Speaker 2: Companies with more than fifty million revenue and one hundred
• 3:26
  Speaker 2: employees are considered large and also need a report.
• 3:28
  Speaker 1: And now ASIK has had just about enough of some
• 3:31
  Speaker 1: of these large proprietary companies who have failed to play
• 3:34
  Speaker 1: by the rules and the regulations.
• 3:36
  Speaker 2: Yep ASK has issued two point two million dollars worth
• 3:38
  Speaker 2: of infringement notices to twelve high profile companies.
• 3:41
  Speaker 1: We've been talking fession brands like White Fox, Boutique, MJ
• 3:44
  Speaker 1: bail and Age, as well as Grilled.
• 3:47
  Speaker 2: And these fines were allegedly for failing to lodge they
• 3:49
  Speaker 2: audited financial accounts for FI twenty four and Juzuboit.
• 3:52
  Speaker 1: Many of the execs from large proprietary companies claimed the
• 3:55
  Speaker 1: failure was just an administrative oversight.
• 3:58
  Speaker 2: And some others called it a recent sourcing issue.
• 4:01
  Speaker 1: But the size of the fines may also be contributing
• 4:03
  Speaker 1: to all of this.
• 4:04
  Speaker 2: So true, So what is the key learning here?
• 4:06
  Speaker 1: When the cost of breaking the rules is cheaper than
• 4:08
  Speaker 1: following them, enforcement can often stop working.
• 4:10
  Speaker 2: Yeah. For some large private companies, lodging audited accounts can
• 4:13
  Speaker 2: be a significant change to their current processes. It means
• 4:16
  Speaker 2: hiring bigger finance teams, it means engaging auditors, and it
• 4:19
  Speaker 2: means revealing performance they might wish to keep private. So maman.
• 4:22
  Speaker 2: If the fine is smaller than those costs, some businesses
• 4:25
  Speaker 2: might treat the fine as a fee rather than a deterrent.
• 4:28
  Speaker 2: In fact, of two hundred and seventeen companies investigated, one
• 4:31
  Speaker 2: hundred and fifty one of those companies were non compliant,
• 4:33
  Speaker 2: More than seventy percent non compliance.
• 4:36
  Speaker 1: Right now the fine for failing to provide the info
• 4:39
  Speaker 1: is up to one hundred ninety eight thousand dollars for
• 4:41
  Speaker 1: single failure, So our zig is trying to raise the
• 4:44
  Speaker 1: stakes by making the fines more expensive.
• 4:46
  Speaker 2: So expensive that non compliance becomes a big, big problem
• 4:49
  Speaker 2: for the businesses.
• 4:50
  Speaker 1: For our third and final story, chatjbt has officially become
• 4:54
  Speaker 1: the most downloaded free iPhone app for twenty twenty five,
• 4:57
  Speaker 1: meaning it's overtaken your tiktoks, Instagrams, and even your Googles.
• 5:02
  Speaker 2: Just when the social media companies thought that the under
• 5:03
  Speaker 2: sixteen's band was bad, they get hit with this tell
• 5:06
  Speaker 2: me mom.
• 5:06
  Speaker 1: So we know that chatjpt got to jump on all
• 5:09
  Speaker 1: the other AI chatbots when it launched in November twenty
• 5:11
  Speaker 1: twenty two.
• 5:12
  Speaker 2: And since then other chatbots like Claude and Perplexity and
• 5:15
  Speaker 2: deep Sea they've also launched too, but.
• 5:17
  Speaker 1: Josey boy in none have been as broadly used as
• 5:19
  Speaker 1: chat GPT.
• 5:20
  Speaker 2: And now chatjpt's topped Apple's annual list of most downloaded
• 5:24
  Speaker 2: free iPhone apps.
• 5:25
  Speaker 1: Yep it beat out Threads, TikTok, Instagram, Google Maps, Gmail,
• 5:29
  Speaker 1: And to.
• 5:30
  Speaker 2: Put this into perspective, CHATJPT was only the fourth most
• 5:32
  Speaker 2: downloaded free app last year, didn't even crack the top
• 5:35
  Speaker 2: ten in twenty twenty three, and bie man, I know
• 5:37
  Speaker 2: you're a big game art. So Apple also released its
• 5:39
  Speaker 2: wider rankings and block Blasts took out the top three.
• 5:43
  Speaker 1: K and you're like this one, Josey Boy Minecraft topped
• 5:45
  Speaker 1: the paid list.
• 5:46
  Speaker 2: Look at that for you, yeah, and be made. This
• 5:48
  Speaker 2: shows just how quickly AI chatbots have moved from the
• 5:51
  Speaker 2: cool party trick to a daily essential for millions of people.
• 5:54
  Speaker 1: It is, so what is the key learning here?
• 5:55
  Speaker 2: In technology? Becoming the default option is often more powerful
• 5:59
  Speaker 2: than being the option.
• 6:00
  Speaker 1: When it all becomes the instinctive first step in any
• 6:03
  Speaker 1: individual's workflow, it builds a moat that's hard for competitors
• 6:06
  Speaker 1: to cross.
• 6:06
  Speaker 2: Yeah, that's how Google on the Search was, and it's
• 6:08
  Speaker 2: how Google Maps replace the old mel ways and the
• 6:11
  Speaker 2: old sidways and the Garman and Tom Tom as well.
• 6:13
  Speaker 1: And chetchpt's rise to the number one spot really signals
• 6:16
  Speaker 1: that it's fast becoming a new default behavior.
• 6:19
  Speaker 2: So b Man, well, it's a nice feather in chatch
• 6:21
  Speaker 2: epts cap. Being number one it means so much more
• 6:24
  Speaker 2: to them, but also to competitors like Google Flux Mam.
• 6:26
  Speaker 2: It has been another big year of big business news
• 6:29
  Speaker 2: and big podcast from the Flux team. It is our
• 6:31
  Speaker 2: last episode of the year of bite sized business news,
• 6:34
  Speaker 2: but over the next week we'll be having recaps of
• 6:36
  Speaker 2: some of the biggest stories in the biggest sectors for
• 6:39
  Speaker 2: this year. Think tech, think AI, think ratail so big.
• 6:42
  Speaker 2: Thank you once again for listening to What the Fluck
• 6:44
  Speaker 2: podcast in twenty twenty five and looking forward to an
• 6:46
  Speaker 2: even biggert twenty twenty six with you.
• 6:48
  Speaker 1: Thanks for listening and we'll see you on Monday.