| If you're finding value in our Creator Economy newsletter, I encourage you to consider subscribing to The Information. It contains exclusive reporting on the most important stories in tech. Save up to $250 on your first year of access. Hello! Earnings season is in full swing, but one of the most telling comments about the state of social media today came from courtroom testimony highlighting a persistent challenge facing TikTok—and a perennial strength for Meta Platforms' apps. Adam Presser, TikTok's head of U.S. operations and trust and safety, told a judge that only a "very minuscule" percentage of time— just about 1%— is spent on TikTok's Friends tab, which shows videos from a user's friends. His comments on Wednesday, part of an antitrust trial between Meta Platforms and the Federal Trade Commission, speak to a core difference between TikTok and social apps, including Instagram and Snapchat, that have rushed to adopt features that made TikTok popular—namely, short vertical video. But Meta and Snap, unlike TikTok, also can lean on their foundations as social networks, where friends follow and correspond with each other. Meta's chief financial officer Susan Li, on the company's first quarter earnings call Wednesday, pointed to a new Instagram feature called Blend, which allows users to create a custom feed of short-form Reels with friends in a direct message chat to "spark conversations over each other's interests." In January, she said Reels are reshared more than 4.5 billion times per day. "These features all lean into Instagram's position at the intersection of entertainment and social connection," Li said on the call, noting that creators remain a "big focus for us." TikTok has tried to roll out more features to encourage people to connect with friends on the app or use direct messaging, including adding group chats last year. But these features haven't taken off. Instead, the majority of time spent on TikTok is on the algorithm-fueled For You Page. Of course, sharing among friends has never been a big thing on YouTube, either, and that doesn't have seemed to hinder the Alphabet-owned video giant's growth. YouTube's revenue has been growing double digits in recent quarters. Still, the lack of social features may hinder TikTok as rivals like Instagram continuously try to lure viewers and creators away with features taken straight from TikTok's playbook. Here's what else is going on… See The Information's Creator Economy Database for an exclusive list of private companies and their investors. Pinterest is expanding its Inclusion Fund to include small businesses as well as creators. The Inclusion Fund aims to bring more diverse content to the app. Participants will receive cash and ad credits and access to other resources designed to boost their growth and ability to get discovered on Pinterest. Creators will also get a one-year subscription to tools from creator economy startup Later, which offers social media publishing and scheduling features. YouTube TV now has a dedicated podcast tab on its subscription app. The company also separated Shorts from long-form videos for a "cleaner layout." SAG-AFTRA, Hollywood's top labor union, is establishing an influencer and digital creator committee, which will be chaired by creator Patrick Janelle to provide support and representation for influencers. New York Magazine is now publishing Dinner Party, one of its daily newsletters written by Choire Sicha, on Substack, in addition to its regular email list. "We are always looking for new ways of finding and engaging potential readers, and Substack seemed like fertile ground for us," Joyce Tang, New York's editorial director for audience, told NiemanLab. Tang said the outlet is also interested in co-publishing other newsletters on Substack and potentially creating exclusive content for Substack in the future. House of Gunther, a new content house in Los Angeles bringing together a group of Gen Z influencers, launched on Wednesday. The house is being funded by the trust fund of Gunther the VII, a dog who is the subject of the Netflix series "Gunther's Millions." Content will include the dog's lavish lifestyle as he explores Los Angeles with the creators living in the house. Liz Gateley, the former head of originals at Spotify, launched Damsel Media, a new production company focused on creating content for female Gen Z audiences. Thank you for reading the Creator Economy Newsletter! I'd love your feedback, ideas and tips: kaya@theinformation.com. If you think someone else might enjoy this newsletter, please pass it forward or they can sign up here: https://www.theinformation.com/newsletters/creator-economy | 
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