As Zoom and friends tumble, the software that underpins daily life thrives
Save time by listening to our audio articles as you multitaskThe mania has ended.
Much of the decline of our lockdown index reflects shakier business models. On August 22nd Zoom reported that its year-on-year revenue growth had fallen to 8%, the lowest rate since the company listed in 2019. Three days later Peloton reported a nearly 30% fall in its quarterly sales, compared with a year ago. Subscribers are fleeing Netflix for other viewing platforms, such as Disney+. Robinhood is laying off a quarter of its staff as day traders cool on the markets.
Look beyond the boom and bust of consumer tech, though, and you see the real successes. The market for the infrastructure technology that underpins people’s daily lives, such as cloud computing, cybersecurity and digital payments, is thriving. The cloud-computing industry isto almost $500bn this year, up from $243bn in 2019. Amazon’s cloud offering, the largest in the world, is still growing at 33% each year.
Cloudification has created new demands for cybersecurity, another tech winner. The combined revenue at the three largest listed cybersecurity firms has almost doubled since the start of the pandemic. Their market capitalisation has tripled, and has come down only a fraction since the start of the year. Digital payments are another bright spot, thanks to lockdowns and social distancing.
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