Business

How the coronavirus is changing the influencer business, according to marketers and top Instagram and YouTube stars

Macy Mariano.
Macy Mariano.

Macy Mariano.

  • Marketers and digital creators are adjusting to rapid changes in the influencer-marketing industry as the coronavirus continues to spread globally.

  • As with most businesses in the ad industry, professionals are trimming budgets, canceling events, and looking for alternative revenue streams.

  • Business Insider spoke with influencer-marketing professionals across the industry to better understand how they are adjusting their businesses to continue to earn a living during the coronavirus pandemic and the resulting economic turmoil. 

  • Subscribe to Business Insider’s influencer newsletter: Influencer Dashboard.

This post will be added to when new information becomes available and was last updated on July 9, 2020.

As the near-term effects of the coronavirus outbreak continue to be felt across the global economy, businesses and creators in the influencer-marketing industry are doing their best to adapt.

Influencers have seen some of their sponsorship deals shut down and events cancelled, with many shifting their

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Business interruption insurance claims are a worry, BoE says before court rules

By Carolyn Cohn and Huw Jones

LONDON (Reuters) – The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses caused by the coronavirus crisis.

Anna Sweeney, the BoE’s executive director for insurance, said the sector has remained robust in the face of the COVID-19 pandemic’s impact on assets they hold and on liabilities.

“The highest level of uncertainty remains around business interruption,” she told a City & Financial online event.

Britain’s Financial Conduct Authority goes to court this month to clarify whether an array of wordings in business interruption insurance policies back claims for compensation for disruptions caused by pandemic lockdowns.

“A number of insurers are taking steps to make sure there is no ambiguity about who is and isn’t covered for

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Arm offloading its internet of things services business ‘makes float more likely’

Cambridge-based chip firm Arm dominates the smartphone market - Arm Holdings/Bloomberg News
Cambridge-based chip firm Arm dominates the smartphone market – Arm Holdings/Bloomberg News

Arm’s decision to spin-off its “internet of things” (IoT) services business and focus on its core chip design business are signals a float is “now more likely”, analysts say.

The SoftBank-owned chip designer announced it would hive off its IoT services division late on Tuesday. The Cambridge firm, which was bought by SoftBank in 2016 for £24bn, said it would transfer two businesses to the Japanese conglomerate, which would then oversee them directly. 

Arm has built up the business under four years of ownership by the Japanese firm.

SoftBank has the experience to make the most of the potential of the IoT sector, said Arm’s chief executive Simon Segars. 

Mr Segars said: “SoftBank’s experience in managing fast-growing, early-stage businesses would enable ISG to maximize its value in capturing the data opportunity. 

“Arm would be in a stronger position

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AeroPay Launches Compliant Digital Payments For Cannabis Business

Financial technology company AeroPay has introduced a new suite of digital payment solutions for cannabis businesses.

The tech enables digital payments by utilizing so-called “smart bank transfers” and allows business-to-business (B2B) and customers-to-business (C2B) transfers.

The technology covers all aspects of the cannabis industry, and it includes both in-person and online payments.

Dispensaries will be able to provide its customers with convenient and contactless digital payment option, the company said.

“Cannabis businesses have long been underserved by the current payments landscape and we saw an opportunity to help them by leveraging AeroPay’s existing technology,” said in a Monday press release the company’s CEO and founder Daniel Muller.

The Chicago-based next-generation company has been providing a broad range of industries with alternative ways to make their payments since 2017.

Ryan Coffey, AeroPay’s director of business development, stated that businesses and customers within the cannabis space “have been forced to rely almost

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Hollis Wong-Wear Builds a Business to Fuel Her Art

In NerdWallet’s Money/Makers Q&A series, we talk with artists and innovators about their money moves, including unique struggles they’ve faced and lessons they’ve learned along the way.

Musician and activist Hollis Wong-Wear built up a business model that gives her more freedom to pursue creative work. (Photo by Janae Jones)

Hollis Wong-Wear knows what it means to fight for what you’re worth. The Los Angeles-based musician and activist has worked for years to build the business infrastructure needed to make her passion profitable — while championing the social causes she believes in.

In the beginning, that meant working on music for free while holding down a side job. She began collaborating with other musicians, such as Macklemore and Ryan Lewis, and got a deep understanding of the logistics of making money as a musician.

Once she had that foundational knowledge, Wong-Wear professionalized. She formed an S corp, a type of

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How Miami’s seaport is surviving the loss of cruise ship business during the pandemic

Just last November, PortMiami was bustling with construction workers bringing to life five new cruise terminals and two cruise company headquarters. Future cruise business was all but guaranteed: Fiscal year 2020 was set to break the port’s 2019 record of 6.8 million passengers, up 22 percent from 2018.

The county agreed to pay $700 million toward the projects, and the cruise companies — Carnival Corporation, Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings, MSC Cruises and Virgin Voyages — agreed to repay the county $5.8 billion over the next 20 to 62 years.

In November, port director Juan Kuryla described the deals as “iron clad.” When asked by the Herald what would happen to the promised return on investment if for some reason cruise ships were only half full or if the ships did not to come to Miami at all, Kuryla said the companies would still be on the

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The booming business of encrypted tech serving the criminal underworld

Criminals have turned to supposedly secure encrypted smartphones rather than normal messaging services - PA
Criminals have turned to supposedly secure encrypted smartphones rather than normal messaging services – PA

For the astonished detectives it was like “getting the keys to Aladdin’s cave”. Over the last few years, senior arms dealers and drug traffickers across Europe had come to rely on EncroChat, a shadowy tech company selling hyper-secure smartphones offering “guaranteed anonymity”.

Assured of their safety, crooks discussed products and prices in exhaustive detail, without the usual codewords. EncroChat’s steep subscription fees, running to thousands of pounds every year, were an offer no self-respecting contraband logistics professional could afford to refuse.

That is why EncroChat’s systematic infiltration by British and European police forces, finally made public on Thursday after more than 740 arrests, was an intelligence coup equal to the Enigma breakthroughs of the Second World War. One underworld insider, speaking to Vice News, was eloquent in their brevity: “People are f—–.”

EncroChat is far

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Facebook Business Page Tips That Will Help You Make More Money

If you own a business, you need a web presence. First and foremost, that means you should have a great website. There’s no way around that. But what about social media? Is it necessary to have a Facebook business page?

Let’s see. In December 2019, Facebook had an average of 1.66 billion daily active users, according to its fourth quarter results. So, if you own a business, you want a Facebook page. The trick is to do it right.

Here’s how to make one that will not only start some social chatter but will create new customers for your business.

Building Your Facebook Business Page

The first thing you need to do is to create your Facebook business page. While it’s not difficult to do, you should be thoughtful about how you put it together. Here are a few tips.

Make a Professional, Not Personal Profile

You don’t want to

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Queer Eye’s Tan France Uses His ‘Hellacious’ Start in Business to Help Owners During the Pandemic

When it comes to launching a small business amid tough economic times, Tan France can certainly relate.

“I started building my business within the [2007-09] recession, which was so unwise but I had no other choice,” the Queer Eye star, who founded fashion brand Kingdom & State, tells PEOPLE. “The first year-and-a-half, in particular, was so dire.”

“I started very late 2009, and 2010 was a wash. Then in 2011, I learned how to change things up to make it appropriate for what people were actually going through at that time,” France, 37, continues. “So I absolutely know what it means to pivot your business and switch things up to cater to the new market or audience.”

What France didn’t know, however, was that his experience would benefit him years later as he takes on his newest venture: starring on Facebook Watch’s Boost My Business, a show where he

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Pandemic forces small business to innovate

Shops
Shops

Three years of innovation has occurred in the space of just three months due to lockdown, according to a new report.

More than half a million businesses have changed or are altering their operating model, with a fifth of those surveyed by “Be The Business” introducing new services. 

Be The Business chief executive Tony Danker, who joins the CBI as director-general in November, said that the innovation seen over the past three months was “testament to the tenacity and latent entrepreneurial spirit of British business in the face of hostile economic conditions”. 

He credited the innovation of businesses for the early signs of an economic recovery, saying that the study “shows that a quick and strong recovery is down to the choices that business owners make in the next few months. We must give them cause to choose ambition over fear.”

However, the report highlights continuing concerns from businesses

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