Meta, Facebook's parent company, is planning to develop a text-focused social network to compete with Twitter.
According to Reuters, Meta is researching the launch of a new social networking application with the ambition to compete with Twitter as a "digital square".
"We are considering developing an independent social network to share text updates. Meta will certainly have the opportunity to build a private space where content creators and users share information about issues they care about," said a Meta representative.
It is known that Meta's new application will be developed on Mastodon operating technology - a service similar to Twitter deployed in 2016.
According to experts, a social network like Twitter can help Meta make the most of the opportunity, in the context that this platform is going through a difficult period after being owned by Elon Musk.
Efforts to reassure the advertising industry - the field that accounts for the majority of Twitter's business - also quickly faded from the first days Musk became the new owner. Many experts predict that an exodus of major advertising brands may soon take place.
"I think advertisers are about to leave. It could very well be a seismic turning point for the sector," said Claire Atkin, co-founder of the ad-checking technology watchdog.
At the same time, Facebook is also having difficulty attracting young users.
“Many reports suggest that Horizon Worlds offers an unengaging experience and most focus only on the games,” said PP Foresight media analyst Paolo Pescatore.
At this time, Instagram is also facing many challenges when many content creators switch to using TikTok.
It is known that Meta's platforms have a large number of users, but TikTok and a number of other applications are creating trends thanks to viral and humorous videos.
The algorithm that sorts what billions of users see every day is a pretty serious first step for Meta.
According to Reuters, it is currently unclear when Meta will launch a new social networking application.
Ironically, many people believe that Meta itself is very experienced in copying competitors' features.
Previously, Meta also announced that it would offer a $15 registration service to receive green ticks, as long as the user provided a personal identifier.
According to Bloomberg's Mandeep Singh, the new service could help Meta earn an additional $2-3 billion in revenue each year.
"History shows that Meta is a business that is better at acquiring than innovating or developing. Copying Twitter is a defensive move," said Mr. Thomas Hayes, Chairman and managing member of Great Hill Capital.
According to experts, challenges to Meta's core business activities are increasing, in the context that this billion-dollar company is pouring money into developing the virtual universe.
Previously, Meta's representative claimed that the metadata economy could be worth more than $3,000 billion by 2031, but recent research shows that the majority of Gen Z are indifferent to this revolution.
Source: Reuters, Bloomberg
According to Vu Anh – Market Life
