Social media

Will Facebook be part of the new era of social networks?

For years, Facebook ruled social media, but it’s waning in popularity these days, which both Wall Street and Gen Z youths agree.

The New York Times reported that Facebook’s parent company, Meta, has been in decline for four main reasons: it’s not appealing to young people, less innovative since its inception, focuses too much on the metaverse, and faces federal regulators in new acquisitions.

Is Facebook for seniors?

The first problem is the most obvious. Young people no longer use social media in the traditional way. Many prefer to use different apps for different purposes: Discord serves the need for private chat groups, Twitch hosts live streaming and gaming, BeReal is for spontaneous photo sharing, and TikTok has become the ultimate content hub, writes Sarah Fischer of Axios.

None of the apps listed include Instagram, Facebook, Messenger and WhatsApp from Meta.

A 2015 Pew Research Center survey found that 71% of teenagers between 13 and 17 years old have used Facebookwhich outperformed Instagram, Snapchat, and Twitter within the demographic group.

But in 2022, the percentage of teenage Facebook users fell to 32%, Pew recently found, per BNC News.

Is Facebook copying TikTok?

This brings us to Facebook’s second problem. Seeing the success of TikTok with its video content, Meta decided to use the same strategy and focus on Instagram Reels.

The photo sharing app has changed and users have quickly noticed it.

Big Instagram accounts like Kylie Jenner’s, with 361 million followers, have shared a petition to “Remake Instagram Instagram”. It has more 300,000 signatures to August 22.

“Most of its biggest hits – not just two of its main products, Instagram and WhatsApp, but many of its most used features, like Instagram Stories – were invented elsewhere. They made their way to Facebook either through acquisitions or, when that didn’t work out, simply by copying,” Farhad Manjoo wrote for The New York Times earlier this year.

How Facebook treats its competitors

Lately, however, Meta is going all out to create the metaverse, innovation with a niche market – the third problem.

Horizon Worlds, an app created by Meta, became available in more countries last week. CEO Mark Zuckerberg posted a selfie of his in-game avatar. The internet deemed the graphics comparable to a children’s gamelike Roblox.

According The edgethe company said it will spend at least $10 billion on the meta-division last year, with more investments in coming years.

Federal regulators monitor Facebook extensions

In the past, Facebook could outperform the competition, as it did with Instagram, and even tried to buy snapchat. But the company’s growing dominance has drawn more regulation towards it.

In July, the Federal Trade Commission filed a lawsuit to stop Meta from buying the maker of a virtual reality fitness app, Supernatural, obstructing Zuckerberg’s vision of the metaverse and marking anti-trust action by regulators. .

What is the future of Facebook?

Wall Street appears to be retreating, with the stock having fallen more than 50% in the past year, per The New York Times. But that doesn’t mean Facebook isn’t one of the most powerful companies in the world right now.

He has influenced everything from politics to the pandemic response deployed by different governments and has done just about $117 billion in revenue last year alone — and the business has shown no signs of slowing down.