Telfar’s permanent sale

March 21st, 2023

Together with

ClosedAI. Finally, Future Party people. We can all breathe a sigh of relief. After experiencing a brief meltdown yesterday, ChatGPT is back online. Not gonna lie; the global outage had us holding our breaths for a moment. It’s crazy to think how dependent we’ve become on the tech. Let's hope it doesn’t decide to take a day off again anytime soon.

In other news… Fashion tests anti-luxury pricing models, generative AI comes for video, and canceled TV shows influence viewing habits.

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FASHION

Telfar drops dynamically-priced fashion

The Future. Telfar Clemens, the CFDA/Vogue Fashion Fund-winning fashion head behind totes worn by superstars like Beyoncé and Dua Lipa, is trying out an experiment to make his offerings more affordable — a dynamic pricing model that starts at the lowest price and goes higher over time. If the new experiment works, Telfar may also gain a better understanding of how much inventory it should realistically have on hand and reduce the amount of waste the brand produces.

Slide and payWhile Telfar could theoretically charge whatever it wants for its popular clothes and accessories, the fashion brand is trying out dynamic pricing to give people the best deal.

  • Next week, every item on Telfar’s website will be available for its wholesale price, with the price going up a few dollars every second.

  • Whenever the item sells out — whether in 30 seconds or a minute as is normal — then that final price will be the price forever.

FastCompany gives an example: “Take, for instance, a cropped, black crew neck sweater that typically retails for $260. Its starting price will be $65. If it sells out in 10 seconds, its final price will be $127.” That’s a steal for Telfar fans.

Accessorize accessThe experiment, developed by Clemens and creative director Babak Radboy, has two goals:

  • Make Telfar’s typically expensive items more affordable for the average consumer — Clemens says he never wanted “price as a barrier to entry.”

  • Collect data on what is actually the most popular item it sells — if the brand knows what drives the most demand, it can place larger orders for a cheaper price, with customers ultimately getting to reap the savings.

The ultimate hope is that the experiment gives Telfar enough data to know how to accurately and fairly price items going forward. We’ll see if the gambit works, but snag your totes while you can.

AI

The generative-AI revolution is coming for video

The Future. Runway AI just released an AI generator that can turn text prompts into video clips. That’s a massive leap forward for the tech that has captured cultural attention for the past several months, demonstrating how fast the industry is evolving. While Runway’s tech may give the power of large-scale filmmaking to anyone with a computer, it may also massively complicate our ability to decipher between what is real and what is a deepfake.

AI killed the video starJust a month after releasing its text-and-image-to-video generator, Gen 1, Runway is already dropping Gen 2.

  • The system creates a three-second video simply from a text prompt (with the fewer words used, the better, surprisingly).

  • Users can also upload an image as a “reference point” along with the text, but it's not necessary like it was for Gen 1.

  • The tool is via a waitlist, which people can sign up for on Runway’s private Discord channel. The company will add new batches of users weekly.

As of right now, the videos created by Gen 2 are silent, but Runway is in the early development of a system that can generate both images and sound.

No stabilityBloomberg tested out the tech and said it definitely does what it promises and is great at close-ups, but it does have a problem with things moving. Runway co-founder and CEO Cristóbal Valenzuela admitted, “You can generate a car chase, but sometimes the cars might fly away.” The team is still working through some kinks.

Nonetheless, Runway has beaten both Google and Meta to market on a vide-generating AI. Granted, Runway has been in the game for a while now — it worked on the original version of Stable Diffusion and raised $50 million last year to develop more AI tools.

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Order your free sample here or trust the 10,000+ other dogs waggin’ tail on Sundays and use code FUTUREPARTY for 35% off. 

ENTERTAINMENT

Constantly canceling TV shows rewires audiences’ brains

The Future. It turns out that never letting a show go more than a season or two has some serious drawbacks. Audiences are just deciding to wait for a show to finish before watching. That’s a huge issue when studios and streamers make many of their renewal decisions while the show is airing. Armed with this data, they may wait a beat before preemptively canceling shows — it may take a beat before you know if you have a hit on your hands.

Here for a short time, not a long timeAccording to a YouGov survey, 46% of US adults sometimes or always wait for the finale of a streaming show before starting it.

Why?

  • 48% say because they prefer binge-watching shows

  • 27% say because they don’t want to watch a show just for it to get canceled with an unresolved ending

  • 24% don’t want to have to wait for the next season if the current season ends on a cliffhanger

In one of the wildest data points, 31% of US adults believe that one to three shows they’ve started in the past couple of months had already been canceled. Basically, almost a third of audiences just assume that some of the shows they’ve started have been canceled.

And with shows just suddenly disappearing even after they’re shot, it’s no wonder people don’t feel the need to keep subscribing to a service from month to month.

Highlights

The best curated daily stories from around the web

The music industry rallies around human rights 

The rights of humans writing and making music, that is. Over 40 major music-industry organizations have joined to create a coalition called the Human Artistry Campaign. The goal is “to ensure artificial intelligence technologies are developed and used in ways that support human culture and artistry — and not ways that replace or erode it.” The coalition, announced at SXSW last week, said that it plans to ensure that each artist’s voice and persona is protected, that copyright and IP protections are followed, and push for transparency into how works are generated with AI. The AI resistance is growing…

Read more → variety

Tech Oversight Project says every platform is as bad as TikTok 

Advocacy group the Tech Oversight Project has sent a memo to Congress outlining that, yeah, TikTok is bad when it comes to data and customer information protections, but so are platforms run by Meta, Google, Apple, and Amazon. Each has “force-fed children dangerous and harmful content with predatory algorithms, aided US adversaries and worked against US national interests at home and abroad, and failed to protect users’ personal data.” Ouch. Let’s see if that helps or hurts TikTok’s case not to get banned in the US.

Read more → bloomberg

Coca-Cola invites fans to remix its imagery with AI

Coca-Cola has launched a new site allowing customers to take the brand’s classic imagery — the soda-drinking polar bear, Santa Claus, the silhouette of the bottle — and feed it into DALL-E and ChatGPT to create new, AI-generated ad ideas. After users create the new images, it can be entered for the chance to be displayed on billboards in Times Square and Piccadilly Circus. Thanks to Coke and AI, we can all be Don Draper.

Read more → fastcompany

Netflix is stocking up on games

If you thought Netflix was just dipping its toes in gaming, guess again. The streamer is going all-in, announcing that its developing 95 new titles that include both simple mobile games to AAA titles. The hope is that subscribers will soon be able to play the games on any device that can carry Netflix. And when it comes to how many subscribers are actually playing these games, the streamer was typically coy… but said it liked the results so far.

Read more → variety

The UN says the world is already too hot

Bad news for those of us that like to be comfortable outside. The latest UN climate change report from its Intergovernmental Panel on Climate Change (IPCC) details that in five to seven years, we’ll have already overshot our 2050 warming benchmark outlined in the Paris Agreement — 1.5 to 2 Celsius. In other words, we’ll have missed the window to cool the Earth by how much we need to for a sustainable future. To mitigate the issues, the panel calls for the world to cut emissions by 60% by 2035. Talk about a sprint…

Read more → axios

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