Meta, the parent company of Facebook and Instagram, is working on a new social network. The company announced this on Friday. It will be an attempt to replace rival Twitter as the world’s “digital city square”.
We seem to be thinking of a decentralized and autonomous social network that allows written messages to be shared in real time. The social network should work in a decentralized manner and therefore not depend solely on the company’s own servers. Meta would also like the new network to team up with Twitter competitor Mastodon. Users will then be able to post messages to both services at the same time.
The announcement comes as Twitter is losing momentum after it was acquired by US billionaire Elon Musk. It has fired more than half of Twitter’s employees. A large number of users also indicated that they will leave Twitter when all kinds of people who were previously banned from the network are allowed to return.
Problems with Meta
Meta’s plans come at a time when the largest platform, Facebook, is struggling to capture the attention of a younger audience. Huge investments in the metaverse, a virtual world where users communicate and work, are not paying off at the moment. Analysts said Meta’s investments in the metaverse won’t drive revenue growth until 2030.
The photo and video sharing app, Instagram, is also facing fierce competition as content creators abandon the TikTok platform.
It’s not immediately clear when Meta will roll out the new app.
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