By Chloe Aiello
There is still room in consumers' hearts ー and on their smartphones ー for social media and technology companies to compete in a crowded field, Flipboard CEO and co-founder Mike McCue told Cheddar on Thursday.
"There's going to be multiple experiences that people are going to tune into for different purposes. It's not that one company is going to run the entire ー and that's OK, people can handle that," McCue said. "There are lots of apps on your phone. People are going to turn to different apps for different purposes. I think platforms get themselves into trouble when they try to be something they're really not."
Whether it's Facebook ($FB), which already owns three of the top five most popular social media apps in the U.S., according to Statista, and now is jumping into dating; or Google ($GOOGL), which knows everywhere you go, what you'll type next, and the answers to questions you haven't asked yet; big technology companies are fighting for more and more market share. But McCue said there is still room for smaller players.
Take Spotify ($SPOT). Although its market cap is about a quarter of the size of Apple's ($AAPL), McCue said the music streaming platform's success proves smaller companies can still compete against the big dogs. And that's good news for Flipboard, an application that aggregates news and social media content based partially on community curation, which is fighting to compete against Apple and its new Apple News+ premium feature.
"Flipboard, we have a high bar, we are competing with Apple. We've been competing with Apple for a quite some time. They've had Apple news out for a long time now, and we have to make sure we continue to build a product people absolutely love," McCue said. "Just because something is bundled with a phone, doesn't mean people are going to actually use it."
For full interview click here.