Battle Battle Battle...
CEO of Facebook Inc. Marc Zuckerberg announced on Wednesday that he will invest a little more than $ 1 billion to pay content creators on Facebook and Instagram. This would be an effort to compete against TikTok, the Chinese short video application that has the rest of the social networks shaking.
Marc Zuckerberg and his whole meta face a growing problem, TikTok
Yes, TikTok, amassed a billion-plus users and has really made a name in Tech, meaning trouble for Zuckerberg and his social networks. He admitted as much several times in a call with Wall Street analysts earlier this week about quarterly earnings, a briefing in which he sought to explain his apps’ plateauing growth—and an actual decline in Facebook’s daily users, the first such drop in the company’s 18-year history.
Did You Know:
Facebook becomes the youngest company to reach the billion-dollar milestone
FACEBOOK has lost users for the first time in its 18-year history hinting that its status as the world’s biggest social media app is under threat.
The platform’s mother company, Meta, on Wednesday delivered a gloomy mix of a sharper-than-expected drop in profit, a decrease in users, and threats to its ad business that plunged shares some 22 percent in after-hours trading.
"People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly," Zuckerberg said in the course of an earnings call yesterday, according to the Washington Post.
TikTok has become increasingly popular among younger users and Next billion Users, who prefer the video-sharing platform over the likes of Facebook and Instagram as the way to interact with followers.
In response, Meta has introduced its own video-sharing service, Instagram Reels, in an effort to lure back the younger generation of social media users who started looking elsewhere.
Facebook is going to battle, the social media giant is launching a campaign to get content creators.
“Mark Zuckerberg sought to reassure markets that it has been through big transitions before, knows what it is doing, and always comes out stronger. But this did not land well.
“TikTok’s strength as a competitor, its tenacity and its speed of growth, brings a new dynamic for Meta – real competition in a core product area.”
Well, It is certain that the company faces challenges that they'll rather keep buried until solved, whether it's about is an unusually large amount of downtime this year which I talked about in my other post, or what obligations the company has for its 30,000 contracted content moderators.
“Lasso was a new standalone app for short-form, entertaining videos — from comedy to beauty to fitness and more. We’re excited about the potential here, and we’ll be gathering feedback from people and creators.” The app is also standalone, and while it can use Facebook and Instagram for login purposes, as well as cross-post videos, it did not come with Facebook’s massive audience.
Lasso, which launched in the second half of 2018, had been seen as a strong competitor to TikTok, which had a foothold in both younger user groups but After a year and a half online, Facebook decided to abandon the Lasso short video app designed to replace TikTok.
Head on battle for relevance. They company adding the most value to its customers Will always lead.
ReplyDeleteYes Value tops
Delete