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Hello reader,
Knowingly or unknowingly, each of us has likely been part of a fad at some point. Intermittent fasting or the Atkins, Keto, and Paleo diets are just a few short-lived crazes in fitness. More bizarre trends, such as latex balloon pants, have popped up in fashion.
Fads have sometimes been leveraged for good. For instance, the Ice Bucket challenge of the mid-2010s spurred swarms of people to donate to support research into ALS and provide care for those afflicted, raising over US$220 million worldwide.
Evidently, these momentary obsessions spring from seemingly nowhere, and businesses – especially in the social media space – can also generate these fleeting trends. My mind immediately darts back to the frenzy that Clubhouse created at the height of the pandemic in 2021.
The audio-only app, which was designed in a virtual conference hall setting, saw its user base grow 10x month over month at the time. However, active users have declined over 60% since its peak, as Clubhouse failed to grasp the role of a social platform and lacked a clear path to profitability.
Bondee, a wildly popular social app, appears to be heading down a similar road. Today’s featured piece highlights how the platform, which initially captured hearts in Southeast Asia with its cute 3D avatars and slick social features, is already looking a little like a fad.
Further, with question marks over monetizing its business model, the company risks becoming another blip on the radar. The premium story assesses some options Bondee has on its table to turn its fortunes around.
Today we look at:
- Is Bondee just a fad?
- Indonesia US$110 million incentive program to boost EV adoption
- Other newsy highlights such as Grab prepaying US$600 million in debt and Singapore launching a probe into Terra after the US$40 billion crypto crash
— Shravanth
P.S.: If you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.
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More than just a fad?
Image credit: Timmy Loen
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