Subscription media taking over

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Hello readers,

We might be spending more than 10 hours on Netflix every week, but that’s not the sole reason why subscription-based businesses are booming in Indonesia. Independent content creators are also cashing in between US$500 to US$5000 every month, thanks to membership platforms like Patreon.

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Your quick bytes for today:

1. Alibaba growth better than expected

The Chinese ecommerce giant reported a better quarterly revenue and profit than estimated, thanks to its cloud-computing revenue that grew by 59% and its commerce business, which jumped 34% in revenue year on year.

2. Apple hits $2 trillion market cap

Apple has become the first US company to reach a $2 trillion market cap. This milestone came amid its ongoing lawsuit against Fortnite developer Epic Games and just two years after the company had reached its $1 trillion valuation on August 2, 2018.

3. Amazon launches Gold Vault

Users in India can now make digital gold investments through Amazon Pay, the financial services arm of ecommerce giant Amazon. But it’s not the only one providing this service: Other competitors include Paytm, PhonePe, MobiKwik, and Google Pay.

Indonesians have also taken a shine to investing in gold through mobile apps, and unicorns Gojek, Bukalapak, and Tokopedia have already jumped on the trend.

4. Swiggy delivery staff on strike

The delivery staff of India-based food delivery startup Swiggy has been on a week-long strike. Since last Friday, around 5,000 of the company’s personnel have been protesting, claiming that the company had cut their incentives by half.

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