During the early 20th century, Kutol Products was the world's biggest manufacturer of wallpaper cleaning products. But once coal heating in homes was replaced with oil, gas, and electricity, dirty wallpaper became less of a problem and Kutol was in trouble. So in 1956, they pivoted. From Smithsonian:
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Joseph McVicker was trying to turn around the struggling company when his sister-in-law read an article about how wallpaper cleaner could be used for modeling projects. Sister-in-law Kay Zufall, a nursery school teacher, tested the nontoxic material with children, who loved molding it into all kinds of shapes. She told McVicker of her discovery and even suggested a new name: Play-Doh...
Originally available in white only in 1956, Play-Doh soon expanded to include basic colors red, blue and yellow. It is now sold in a panoply of hues, including Rose Red, Purple Paradise, Garden Green and Blue Lagoon. The Putty line includes metallic and glittery tints. The recipe has gone through minor modifications over time. At one point, the amount of salt was reduced so the product would not dry out so quickly. But, for the most part, the mixture has remained the same.
Several years ago media sites began firing writers en-masse to hire video people instead, because Facebook and other social media companies told them that this was the future. "Pivoting to video," some called it. But what Facebook actually delivered was "fraudulent" analytics. Advertisers slowly figured out the videos weren't being watched. Facebook lied about it for a while. Then it apparently admitted it. Then the media sites started firing the video people too.
Here's an excerpt from a lawsuit unsealed yesterday, posted to Twitter by Jason Kint, the CEO of an online publishers' trade group.
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63. In June 2016, a Facebook engineering manager finally followed up on advertiser complaints dating back to early 2015, writing that "[s]omehow there was no progress on the task for a year." But even once it was decided to take action on the metrics, Facebook did not promptly fix its calculation or disclose that the calculation was wrong. Instead, it continued reporting miscalculated viewership metrics for another several months, as it developed a "no PR" strategy to avoid drawing attention to the error. The company decided to "obfuscate the fact that we screwed up the math" by quietly retiring the erroneous metrics and replacing them with corrected metrics under a new name. For instance, Average Duration of Video Viewed would be replaced with Average Watch Time.
64. In August 2016, Facebook began reaching out privately to select, large advertisers, telling them that Facebook had "recently discovered a discrepancy" in the video ad average view metrics.