Described as a ‘human stock market’ by its creator, NewNew is a social media app that lets you have your say on some of the decisions your favourite creators make.
Aimed at bringing content creators and their followers closer together, NewNew provides a platform where followers pay a fee to cast their vote on what someone should eat that day, or what they should write about next.
Not only does it connect creators more closely to their fans but it also monetises that connection. Is NewNew just a gimmick? Or the start of something big?
How does the NewNew app work?
The NewNew app is a place where content creators can set up a profile and attract followers. It is aimed at the likes of writers, painters, musicians and bloggers.
When setting up an account, creators are encouraged to ask their followers via video clips to vote on aspects of both their work and their personal life.
Followers pay a fee to cast a vote and can do this as many times as they like. However, there are no refunds if the decision doesn’t go their way.
Creators then receive a cut, minus NewNew’s commission.
A level up is for followers to pay extra to ask a NewNew creator to do something. For example, for a specific fee, you can ask your favourite writer to name a character after you in their new book. However, the power still lies with the creator and they can reject these ‘bids’. If that happens, the follower gets to keep their money.
What’s the hook?
The NewNew app describes itself as “a human stock market where you buy shares in the lives of real people, in order to control their decisions and watch the outcome”.
Its success will largely be based on whether it has mass appeal. Will people really care enough part with their hard-earned money to pick what someone has for dinner that evening?
While at the moment it comes across as a novelty, the boom in influencers and content creators over the past few years has changed the landscape of social media. And it may well be that Generation Z is happy to pay to have an element of control over those they follow.
There is a certain buzz to knowing your favourite musician has picked an album cover based on your vote. But as the community grows, how much influence is your vote likely to buy you?
For creators, it could be an easy money ticket. By asking for followers’ opinions, they not only become more in tune with their audience but also receive a fee for doing so.
Is it the next big thing?
The monetisation of social media is a strange thing. The idea of paying in order to ‘control another person’s life’ will not sit comfortably with a lot of people.
But the younger generation likes to be involved and engaged. The NewNew app is trying to capitalise on the successes of platforms like TikTok and Instagram.
However, the app could be open to misuse from both sides. Creators could find themselves committing to things that aren’t within their vision. And followers have no way of getting their money back if a creator decides to go a different way.
As a result, the appeal of NewNew is still largely untested. I would say investing in the traditional stock market is likely to be more rewarding than dipping your toe in the ‘human stock market’.