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DoorDash IPO bets that the pandemic has accelerated change

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Editor’s note: Get this free weekly recap of TechCrunch news that any startup can use by email every Saturday morning (7 a.m. PT). Subscribe here.

DoorDash has become the go-to delivery choice for millions of people cooped up during the pandemic this year. Now it has filed an S-1, revealing its financials as it nears a long-intended IPO. These innards show an exciting business — and a larger story about how the year is going for tech companies in general.

When the company filed initial public offering paperwork back in February, it was coming off of an expensive year of growth in 2019. The California state legislature was passing laws, meanwhile, that directly targeted its gig-economy labor model. Then the pandemic hit. More from Alex Wilhelm:

DoorDash has grown incredibly rapidly, scaling its revenues from $291 million in 2018 to $885 million in 2019. And more recently, from $587 million in the first nine months of 2019 to $1.92 billion in the same period of 2020. That is 226% growth in 2020 thus far… How high-quality is DoorDash’s revenue? In the first three quarters of 2019, the company had gross margins of 39.9%, and in the same period of 2020 the figure rose to 53.1%, a huge improvement for the consumer consumable delivery confab.

The other jolt of good news for the company arrived last week. A California ballot proposition passed that preserved the contractor model it relies on for deliveries.

World events did not take a breath, though. A COVID-19 vaccine appeared on the horizon this week, and could lead to the pandemic ending as soon as next year. Will this be bad for DoorDash’s business? Alex took another look at the numbers for Extra Crunch, and didn’t come away with a clear answer. On the one hand, the company has been making ongoing investments in its delivery platform technology, which has helped to drive the success this year already. On the other hand, the S-1 is open about post-pandemic reality — profitability is going to decline. Alex:

To buy into the DoorDash IPO, especially at its currently floated $25 billion price, you have to believe that the company’s revenue growth will slow modestly at most. Otherwise the price makes no sense. Bearish investors who might expect the company to post negative growth in Q3 2021 won’t pay any price for DoorDash shares, but in between the two camps is a mess of vaccine timings, shifts in consumer behavior and macroeconomic questions that could determine how many American families can afford delivery. All of which will impact DoorDash’s future growth rates.

For those looking further out, DoorDash stock is about how you think the pandemic is going to change the world for the long term, or not. Are we going to be using DoorDash more often now for deliveries? Are we going to be at home as much in the first place? Or are we going to go back to offices, stores and restaurants like we did before?

Speaking of investors, Danny Crichton illustrates why it pays to bet on the world changing. The company has raised nearly $2.5 billion over the years. Today that includes an 18.2% ownership stake by Sequoia, 22.1% by the SoftBank Vision Fund, and 9.3% by Singapore’s GIC. As he writes for Extra Crunch, the founding executives Tony Xu, Andy Fang and Stanley Tang each own around 5% — smallish wedges of a growing pie. Maybe that is too much dilution? Or maybe, considering all of the other delivery companies that have failed or gone sideways, this is the pinnacle of success in the sector.

A health care worker holds an injection syringe of the phase 3 vaccine trial, developed against the novel coronavirus (COVID-19) pandemic by the U.S. Pfizer and German BioNTech company, at the Ankara University Ibni Sina Hospital in Ankara, Turkey

(Photo by Dogukan Keskinkilic/Anadolu Agency via Getty Images)

The Vaccine

We all knew that at some point solutions would be figured out. But as COVID-19 cases have climbed this season, and as anxiety built around elections, it was hard to believe that the vaccine was right around the corner. The initial success reported Monday by BioNTech and Pfizer may mean that these two companies are close to success. But many other companies are attempting to use the same experimental gene-based vaccines so we may see others winners soon.

The stock market is already repricing tech stocks, in any case. Besides the timely arrival of the DoorDash S-1, here are a few other headlines about the impact of the news:

Positive vaccine news punishes pandemic-boosted companies like Zoom, Peloton, Etsy

What happens to high-flying startups if the pandemic trade flips? (EC)

As public investors reprice edtech bets, what’s ahead for the hot startup sector? (EC)

5 VCs discuss the future of SaaS and software after Pfizer’s vaccine breakthrough (EC)

Image Credits: John Artman

Tencent’s fintech business is the size of an Ant

In other news about political turbulence and the tech world, Rita Liao inspects Tencent’s quietly huge fintech empire and concludes that it “will need to tread more carefully on regulatory issues.”

Here’s why, for those trying to understand this global company and its place across markets:

As Ant Group seizes the world’s attention with its record initial public offering, which was abruptly called off by Beijing, investors and analysts are revisiting the fintech interests of Tencent, Ant’s arch rival in China. It’s somewhat complicated to do this, not least because they are sprawled across a number of Tencent properties and, unlike Ant, don’t go by a single brand or operational structure — at least, not one that is obvious to the outside world. However, when you tease out Tencent’s fintech activity across its wider footprint — from direct operations like WeChat Pay through to its sizeable strategic investments and third-party marketplaces — you have something comparable in size to Ant, and in some services even bigger.

How one founder combined edtech and gaming

Serial founder Darshan Somashekar writes that if you want to build a great edtech product, then perhaps it should be a game. Here’s more, from his guest column for Extra Crunch this week:

Earlier this year, we launched Solitaired, a casual gaming platform that ties card games to educational experiences and brain training. We’re still early, but signs are encouraging: Our average time on site is 30 minutes, more than three times that of our earlier business. Even better, users come back often, on average returning more than five times per month. Since we’re now in the gaming space, we should have expected these metrics, but they still blew our expectations away. We’ve also found that the downsides can be mitigated. For example, high engagement has led to strong virality, driving down our CAC and increasing our growth. In-app purchase abuses can be tempting for game developers, but by focusing on user growth KPIs, we don’t have the desire to go down those routes. Lastly, the threat of Big Tech is there, but at present most of their attempts have yet to strike a chord among users. More importantly, that’s why choosing a market so massive that even individual Big Tech players can’t dominate is key: With a market this size, you can shoot for the stars, miss the moon and still do well for yourself.

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Dear Sophie: What does Biden’s win mean for tech immigration?

#EquityPod

From Alex:

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast (now on Twitter!), where we unpack the numbers behind the headlines.

The full Equity crew was on hand to debate the current venture capital market, curious about how risk-on, or risk-off things really are today. DannyNatasha and I framed the conversation around a number of news items from the week, including:

  • Wrkfrce has launched, and we wanted to chat more about the future of niche media, bringing The Juggernaut’s own recent round and the Quartz shakeup into the conversation.
  • And on the media front — always a risky venture capital investing domain — Spotify has snapped up another podcasting company, this time paying $235 for Megaphone. Our take? A string of small exits probably won’t encourage VCs to take on more risk in the space (Hunter Walk said the same thing here.)
  • Turning to risk more generally, I asked Natasha to weigh in on the earlier stages of the venture market, and Danny on its later tranches. There’s still lots of money, but it appears more focused on chasing winners than bolstering or supporting less-obvious startups.
  • That market is not slowing a risk-on move toward more venture capital players, as the Spearhead news showed a new focus for the firm to invest in emerging fund managers.
  • And there’s still plenty of risk tolerance in remote-work solutions like Hopin, which just raised $125 million at a $2+ billion valuation. We’re torn on the round, but Danny likes it and he’s a former VC.
  • And we wrapped with a chat about upcoming IPOs, and the recent SoftBank results. If DoorDash, Airbnb and others are going to go this year, they need to go soon. So far, no dice.

It was a busy week, despite the month. Expect more of the same next week.

Finally, don’t forget that our own Chris Gates is cutting Equity videos out of every episode that you can find over on YouTube. He does a great job and it’s great to be on video, as well as audio platforms.

Equity drops every Monday at 7:00 a.m. PDT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts.

 

 

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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TikTok’s epic rise and stumble

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TikTok’s rise in the West is unprecedented for any Chinese tech company, and so is the amount of attention it has attracted from politicians worldwide. Below is a timeline of how TikTok grew from what some considered another “copycat” short video app to global dominance and eventually became a target of the U.S. government.

2012-2017: The emergence of TikTok

These years were a period of fast growth for ByteDance, the Beijing-based parent company behind TikTok. Originally launched in China as Douyin, the video-sharing app quickly was wildly successful in its domestic market before setting its sights on the rest of the world. 

2012 

Zhang Yiming, a 29-year-old serial engineer, establishes ByteDance in Beijing.

2014

Chinese product designer Alex Zhu launches Musical.ly.

2016

ByteDance launches Douyin, which is regarded by many as a Musical.ly clone. It launches Douyin’s overseas version TikTok later that year.

2017-2019: TikTok takes off in the United States

TikTok merges with Musical.ly and and launches in the U.S., where it quickly becomes popular, the first social media app from a Chinese tech company to achieve that level of success there. But at the same time, its ownership leads to questions about national security and censorship, against the backdrop of the U.S.-China tariff wars and increased scrutiny of Chinese tech companies (including Huawei and ZTE) under the Trump administration.

2017

November

ByteDance buys Musical.ly for $800 million to $1 billion. (link)

2018

August

TikTok merges with Musical.ly and becomes available in the U.S. (link)

October

TikTok surpassed Facebook, Instagram, Snapchat and YouTube in downloads. (link)

November

Facebook launches TikTok rival Lasso. (link)

2019

February

TikTok reaches one billion installs on the App Store and Google Play. (link)

The U.S. Federal Trade Commission fines TikTok $5.7 million over violation of children privacy law. (link)

May

TikTok tops the App Store for the fifth quarter in a row. (link)

September

TikTok is found censoring topics considered sensitive by the Beijing government. (link)

October

TikTok bans political ads (link) but does not appear to take action on hashtags related to American politics. (link)

TikTok taps corporate law firm K&L Gates for advice on content moderation in the U.S. (link)

U.S. lawmakers ask intelligence chief Joseph Maguire to investigate if TikTok poses a threat to national security. (link)

TikTok says it has never been asked by the Chinese government to remove any content and would not do so if asked. (link)

November

The Committee on Foreign Investment in the United States reportedly opens a national security probe into TikTok. (link)

Instagram launches TikTok rival Reels. (link)

TikTok apologizes for removing a viral video about abuses against Uighurs. (link)

December

The U.S. Navy reportedly bans TikTok. (link)

The first half of 2020: Growth amid government scrutiny

The app is now a mainstay of online culture in America, especially among Generation Z, and its user base has grown even wider as people seek diversions during the COVID-19 pandemic. But TikTok faces an escalating series of government actions, creating confusion about its future in America. 

A man wearing a shirt promoting TikTok is seen at an Apple store in Beijing

A man wearing a shirt promoting TikTok is seen at an Apple store in Beijing on Friday, July 17, 2020. (AP Photo/Ng Han Guan)

2020

January

Revived Dubsmash grows into TikTok’s imminent rival. (link)

March

TikTok lets outside experts examine its moderation practices at its “transparency center.” (link)

Senators introduce a bill to restrict the use of TikTok on government devices. (link)

TikTok brings in outside experts to craft content policies. (link)

April

TikTok introduces parental controls. (link)

TikTok tops two billion downloads. (link)

June

TikTok discloses how its content recommendation system works. (link)

YouTube launches TikTok rival. (link)

July

Facebook shuts down TikTok rival Lasso. (link)

Secretary of State Mike Pompeo says the U.S. is looking to ban TikTok. (link)

TikTok announced a $200 million fund for U.S. creators. (link)

Trump told reporters he will use executive power to ban TikTok. (link)

The second half of 2020: TikTok versus the U.S. government

After weeks of speculation, Trump signs an executive order in August against ByteDance. ByteDance begins seeking American buyers for TikTok, but the company also fights the executive order in court. A group of TikTok creators also file a lawsuit challenging the order. The last few months of 2020 become a relentless, and often confusing, flurry of events and new developments for TikTok observers, with no end in sight. 

August

Reports say ByteDance agrees to divest TikTok’s U.S. operations and Microsoft will take over. (link)

Trump signals opposition to the ByteDance-Microsoft deal. (link)

Microsoft announces discussions about the TikTok purchase will complete no later than September 15. (link)

Trump shifts tone and says he expects a cut from the TikTok sale. (link)

TikTok broadens fact-checking partnerships ahead of the U.S. election. (link)

August 7: In the most significant escalation of tensions between the U.S. government and TikTok, Trump signs an executive order banning “transactions” with ByteDance in 45 days, or on September 20. (link). TikTok says the order was “issued without any due process” and would risk “undermining global businesses’ trust in the United States’ commitment to the rule of law.” (link)

August 9: TikTok reportedly plans to challenge the Trump administration ban. (link)

Oracle is also reportedly bidding for the TikTok sale. (link)

August 24: TikTok and ByteDance file their first lawsuit in federal court against the executive order, naming President Trump, Secretary of State Wilbur Ross and the U.S. Department of Commerce as defendants. The suit seeks to prevent the government from banning TikTok. Filed in U.S. District Court Central District of California (case number 2:20-cv-7672), it claims Trump’s executive order is unconstitutional.  (link)

TikTok reaches 100 million users in the U.S. (link)

August 27: TikTok CEO Kevin Mayer resigns after 100 days. (link)

Kevin Mayer (Photo by Jesse Grant/Getty Images for Disney)

Walmart says it has expressed interest in teaming up with Microsoft to bid for TikTok. (link)

August 28: China’s revised export laws could block TikTok’s divestment. (link)

September

China says it would rather see TikTok shuttered than sold to an American firm. (link)

September 13: Oracle confirms it is part of a proposal submitted by ByteDance to the Treasury Department in which Oracle will serve as the “trusted technology provider.” (link)

September 18: The Commerce Department publishes regulations against TikTok that will take effect in two phases. The app will no longer be distributed in U.S. app stores as of September 20, but it gets an extension on how it operates until November 12. After that, however, it will no longer be able to use internet hosting services in the U.S., rendering it inaccessible.  (link)

On the same day as the Commerce Department’s announcement, two separate lawsuits are filed against Trump’s executive order against TikTok. One is filed by ByteDance, while the other is by three TikTok creators.

The one filed by TikTok and ByteDance is in U.S. District Court for the District of Columbia (case number 20-cv-02658), naming President Trump, Secretary of Commerce Wilbur Ross and the Commerce Department as defendants. It is very similar to the suit ByteDance previously filed in California. TikTok and ByteDance’s lawyers argue that Trump’s executive order violates the Administrative Procedure Act, the right to free speech, and due process and takings clauses.

The other lawsuit, filed by TikTok creators Douglas Marland, Cosette Rinab and Alec Chambers, also names the president, Ross and the Department of Commerce as defendants. The suit, filed in the U.S. District Court for the Eastern District of Pennsylvania (case number 2:20-cv-04597), argues that Trump’s executive order “violates the first and fifth amendments of the U.S. Constitution and exceeds the President’s statutory authority.”

September 19: One day before the September 20 deadline that would have forced Google and Apple to remove TikTok from their app stores, the Commerce Department extends it by a week to September 27. This is reportedly to give ByteDance, Oracle and Walmart time to finalize their deal.

On the same day, Marland, Rinab and Chambers, the three TikTok creators, file their first motion for a preliminary injunction against Trump’s executive order. They argue that the executive order violates freedom of speech and deprives them of “protected liberty and property interests without due process,” because if a ban goes into effect, it would prevent them from making income from TikTok-related activities, like promotional and branding work.

September 20: After filing the D.C. District Court lawsuit against Trump’s executive order, TikTok and ByteDance formally withdraw their similar pending suit in the U.S. District Court of Central District of California.

September 21: ByteDance and Oracle confirm the deal but send conflicting statements over TikTok’s new ownership. TikTok is valued at an estimated $60 billion. (link)

September 22: China’s state newspaper says China won’t approve the TikTok sale, labeling it “extortion.” (link)

September 23: TikTok and ByteDance ask the U.S. District Court for the District of Columbia to grant a preliminary injunction against the executive order, arguing that the September 27 ban removing TikTok from app stores will “inflict direct, immediate, and irreparable harm on Plaintiffs during the pendency of this case.” (link)

September 26: U.S. District Court Judge Wendy Beetlestone denies Marland, Rinab and Chambers’ motion for a preliminary injunction against the executive order, writing that the three did not demonstrate “they will suffer immediate, irreparable harm if users and prospective users cannot download or update” TikTok after September 27, since they will still be able to use the app.

September 27: Just hours before the TikTok ban was set to go into effect, U.S. District Court Judge Carl J. Nichols grants ByteDance’s request for a preliminary injunction while the court considers whether the app poses a risk to national security. (link)

September 29: TikTok launches a U.S. election guide in the app. (link)

October

comedian Sarah Cooper's page is displayed on the TikTok app

WASHINGTON, DC – AUGUST 07: In this photo illustration, comedian Sarah Cooper’s page is displayed on the TikTok app. (Photo Illustration by Drew Angerer/Getty Images)

Snapchat launches a TikTok rival. (link)

TikTok says it’s enforcing actions against hate speech. (link)

TikTok partners with Shopify on social commerce (link)

October 13: After failing to win their first request for a preliminary injunction, TikTok creators Marland, Rinab and Chambers file a second one. This time, their request focuses on the Commerce Department’s November 12 deadline, which they say will make it impossible for users to access or post content on TikTok if it goes into effect.

October 30: U.S. District Judge Wendy Beetlestone grants TikTok creators Marland, Chambers and Rinab’s second request for a preliminary injunction against the TikTok ban. (link)

November

November 7: After five days of waiting for vote counts, Joe Biden is declared the president-elect by CNN, followed by the AP, NBC, CBS, ABC and Fox News. With Biden set to be sworn in as president on January 20, the future of Trump’s executive order against TikTok becomes even more uncertain.

November 10: ByteDance asks the federal appeal court to vacate the U.S. government’s divestiture order that would force it to sell the app’s American operations by November 12. Filed as part of the lawsuit in D.C. District Court, ByteDance said it asked the Committee on Foreign Investments in the United States for an extension, but hadn’t been granted one yet. (link)

November 12: This is the day that the Commerce Department’s ban on transactions with ByteDance, including providing internet hosting services to TikTok (which would stop the app from being able to operate in the U.S.), was set to go into effect. But instead the case becomes more convoluted as the U.S. government sends mixed messages about TikTok’s future.

The Commerce Department says it will abide by the preliminary injunction granted on October 30 by Judge Beetlestone, pending further legal developments. But, around the same time, the Justice Department files an appeal against Beetlestone’s ruling. Then Judge Nichols sets new deadlines (December 14 and 28) in the D.C. District Court lawsuit (the one filed by ByteDance against the Trump administration) for both sides to file motions and other new documents in the case. (link)

November 25: The Trump administration grants ByteDance a seven-day extension of the divestiture order. The deadline for ByteDance to finalize a sale of TikTok is now December 4.

This timeline will be updated as developments occur.

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Rock-star programmer: Rivers Cuomo finds meaning in coding

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“Hi, I’m Rivers from the band, Weezer,” Rivers Cuomo says with a slight smile and a wave. He turns away from the camera for a bit, before launching into his best infomercial pitch. “Imagine you’re on tour, and you’re sitting in your dressing room or your tour bus. You’re backstage. You have stage fright, you’re stressing out. You’re pacing back and forth. And then on top of that, your tour manager is constantly calling you, asking you logistical questions.”

As far as internet pitch videos go, it’s not the most universal. If anything, the three-minute clip loses any hope of populist appeal by the end. In a final shot, the singer in a maroon SpaceX hoodie is the last up the ramp onto a private jet. The plane door closes revealing a Weezer flying “W” logo.

“Download Drivetimes now, on GitHub,” Cuomo adds in voice-over. “This is CS50X.”

It’s not the most polished app pitch video, and Cuomo’s elevator pitch could probably do with a bit of refining before approaching venture capitalists about a seed round. As far as final projects for online programming courses go, however, it’s something to behold. The images alternate between pages of code, Google spreadsheets and POV shots as he takes the stage for a co-headlining tour with the Pixies.

It helped earn Cuomo a 95 in the class.

But while, in its current configuration, the Drivetime tour scheduling tool might have limited appeal, the musician’s final project from Harvard’s follow-up course, CS50W, is immediately apparent for an army of fans who have followed his quarter-century-plus career. This week Cuomo dropped more than 2,400 demos totaling more than 86 hours. Spanning 1976 to 2015, the songs range in quality from tape-recorded sketches to more polished fare. Some would eventually find their way onto Weezer’s 13 albums, or assorted side projects. Others wouldn’t be so lucky.

Available through Cuomo’s “Mr. Rivers’ Neighborhood” site, the tracks are gathered into nine bundles, each available for $9 a piece. “By the way,” Cuomo writers at the bottom of a disclaimer, “this market is my final project for a course I’m taking in web programming.”

For half-a-decade, the platinum-selling rock star has been moonlighting as a computer programming student.

“I was always a spreadsheet guy,” Cuomo tells TechCrunch. “Around 2000, I think I started in Microsoft Access and then Excel. Just keeping track of all my songs and demos and ideas. Spreadsheets got more and more complicated to the point where it was like, ‘Well, I’m kind of almost writing code here in these formulas, except it’s super hard to use. So maybe I should actually do programming instead.’ ”

It would be an odd side hustle for practically any other successful musician. For Cuomo, however, it’s the next logical step. In the wake of the massive success of Weezer’s self-titled debut, he enrolled as a sophomore at Harvard, spending a year living in a dorm. He would ultimately leave school to record the band’s much-loved follow-up, Pinkerton, but two more more enrollments in 1997 and 2004 found the musician ultimately graduating with an English BA in 2006.

CS50 found Cuomo returning to Harvard — at least in spirit. The course is hosted online by the university, a free introduction to computer science.

“I went through some online courses and was looking for something that looked appealing and so I saw the Harvard CS50 was very popular,” Cuomo says. “So I was like, ‘Well, I’ll give this a shot.’ It didn’t take immediately. The first week course was using Scratch. I don’t know if you know that, but it’s like kind of click and drag type of programming, and you’re making a little video game.”

A six-week course stretched out for six months for the musician. That same year, the musician — now a father of two — played dozens of shows and recorded Weezer’s 10th album, the Grammy-nominated White Album.

“When we hit Python halfway through the course,” Cuomo says, “I was just amazed at how powerful it was and intuitive it was for me, and I could just get so much done. Then by the end of the course, I was writing programs that were really helping me manage my day-to-day life as a traveling musician and then also managing my spreadsheets and managing my work as a creative artist.”

For Cuomo, productivity has never been much of an issue. The band has two albums completed beyond this year’s Black Album, and he’s already begun work on two more follow-ups. What has seemingly been a bigger issue, however, is organizing those thoughts. That’s where the spreadsheets and database come in.

The “thousands” of spreadsheets became a database, cataloging Cuomo’s own demos and work he was studying from other artists.

“For years it seemed like kind of a waste of time or an indulgence,” he says. “I should be writing a new song or, or recording a song rather than just cataloging these old ideas, but I’ve found that, years later, I’m able to very efficiently make use of these ancient ideas because I can just tell my Python program, ‘Hey, show me all the ideas I have at 126 BPM in the key of A flat that start with a third degree of the scale and the melody and are in Dorian mode and that my manager has given three stars or more to.’ ”

He admits that the process may be lacking in some of the rock and roll romanticism for which fans of the bands might hope. But in spite of drawing on pages of analytics, Cuomo insists there’s still magic present.

For Cuomo, productivity has never been much of an issue. Given his level of productivity, however, organizing all of those thoughts can get tricky. That’s where the spreadsheets and database come in.

“There’s still plenty of room for spontaneity and inspiration in what we traditionally think of as human creativity,” Cuomo explains. “One of my heroes in this realm is Igor Stravinsky. There’s a collection of his lectures called “The Poetics of Music.” And he had a note in that collection. He said he has no interest in a composer that’s only using one of his faculties, like a composer that says, ‘I am only going to write what pops into my head spontaneously when I’m in some kind of a creative zone. I won’t use any of my other tools.’

“He says, ‘No, I prefer to listen to the music of a composer who’s using every faculty at his disposal, his intuition, but also his intellect and his ability to analyze and categorize and make use of everything he has.’ I find that those ended up being the most wild and unpredictable and creative compositions.”

And there’s been no shortage of compositions. Cuomo says the band has two albums completed beyond this year’s Black Album, and he’s already begun work on two more follow-ups. After decades of feeling beholden to the 18-month major label album release cycle, the singer says that after the Demos project, he has a newfound interest in finding more ways to release music directly to fans.

“I don’t feel like I’m really good at understanding the big-picture marketplace and how to make the biggest impact in the world,” he says. “My manager is so good at that, but I just told them like, ‘Hey, this feels like something here. First of all, it’s really fun. The fans are really happy. It’s super easy for everyone involved.’ The coding part wasn’t easy, but for everyone else, it’s a couple of clicks and you’ve got all this music, and it’s a cheap price, and there’s no middleman. PayPal takes a little bit, but it’s nothing like a major label. So, this could be something. And there’s just something, it feels so good when it’s directly from me to the audience.”

For now, computer science continues to take up a major chunk of his time. Cuomo estimates that he’s been spending around 70% of his work hours on programming projects. On Wednesday nights, he helps out with programming for a meditation site (another decades-long passion), and he plans to take Harvard’s follow-up CS50M course, which centers around developing for mobile apps.

There are, however, no immediate plans to quit his day job.

“I can’t see me getting a job at a startup or something or maintaining somebody’s website,” he says. “But maybe the line between rock star and web developer is getting blurred so that musicians will be making more and more use of technological tools. Besides just the music software, we’ll be making more and more use of means of distribution and organization and creativity that’s coming out in the way we code our connection to the audience.”

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Daily Crunch: Amazon Web Services stumble

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An Amazon Web Services outage has a wide effect, Salesforce might be buying Slack and Pinterest tests new support for virtual events. This is your Daily Crunch for November 25, 2020.

And for those of you who celebrate Thanksgiving: Enjoy! There will be no newsletter tomorrow, and then Darrell Etherington will be filling in for me on Friday.

The big story: Amazon Web Services stumble

Amazon Web Services began experiencing issues earlier today, which caused issues for sites and services that rely on its cloud infrastructure — as writer Zack Whittaker discovered when he tried to use his Roomba.

Amazon said the issue was largely localized to North America, and that it was working on a resolution. Meanwhile, a number of other companies, such as Adobe and Roku, have pointed to the AWS outage as the reason for their own service issues.

The tech giants

Slack’s stock climbs on possible Salesforce acquisition — News that Salesforce is interested in buying Slack sent shares of the smaller firm sharply higher today.

Pinterest tests online events with dedicated ‘class communities’ — The company has been spotted testing a new feature that allows users to sign up for Zoom classes through Pinterest.

France starts collecting tax on tech giants — This tax applies to companies that generate more than €750 million in revenue globally and €25 million in France, and that operate either a marketplace or an ad business.

Startups, funding and venture capital

Tiger Global invests in India’s Unacademy at $2B valuation — Unacademy helps students prepare for competitive exams to get into college.

WeGift, the ‘incentive marketing’ platform, collects $8M in new funding — Founded in 2016, WeGift wants to digitize the $700 billion rewards and incentives industry.

Cast.ai nabs $7.7M seed to remove barriers between public clouds — The company was started with the idea that developers should be able to get the best of each of the public clouds without being locked in.

Advice and analysis from Extra Crunch

Insurtech’s big year gets bigger as Metromile looks to go public — Metromile, a startup competing in the auto insurance market, is going public via SPAC.

Join us for a live Q&A with Sapphire’s Jai Das on Tuesday at 2 pm EST/11 am PST — Das has invested in companies like MuleSoft, Alteryx, Square and Sumo Logic.

(Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)

Everything else

Gift Guide: Smart exercise gear to hunker down and get fit with — Smart exercise and health gear is smarter than ever.

Instead of yule log, watch this interactive dumpster fire because 2020 — Sure, why not.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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