Threads, Elon Musk’s record-breaking app, has been experiencing a decline in popularity in recent weeks. However, Mark Zuckerberg, Musk’s arch-nemesis, isn’t celebrating just yet. During Meta’s second-quarter earnings conference call, Zuckerberg provided his most detailed assessment of Threads and unveiled Meta’s long-term strategy to dominate the social media landscape and surpass Twitter.
“We have a lot of basic work to do,” Zuckerberg candidly informed analysts, emphasizing the importance of building and experimenting with features that resonate with users. While some offerings may not be immediately engaging, Zuckerberg expressed confidence in refining Threads to create a compelling experience that keeps users coming back. He assured that Meta is committed to further development and plans to fuel Threads’ growth once the platform reaches a substantial user base.
Monetization is not the immediate focus for Meta. Zuckerberg revealed that the company aims to achieve widespread adoption first, targeting hundreds of millions of users before considering revenue generation strategies.
Musk’s acquisition of Twitter for a staggering $44 billion last year and subsequent alterations to the platform prompted some users to seek alternative real-time online discourse platforms. Meta saw an opportunity and swiftly responded with one of its infamous cloning attempts, resulting in the birth of Threads. With only 15 engineers working on the product, Threads was developed in under six months and saw an impressive milestone: gaining over 100 million users within a week of launch, setting a record for social media apps.
Despite its initial success, there are indications that Threads’ user engagement is waning. However, Meta recognizes that the product was rapidly launched with limited features, and many updates are planned for the coming months and years. Recently, Meta introduced a follower content feed, signaling its commitment to continuous improvement.
Zuckerberg acknowledged that Meta hasn’t had much success with standalone apps beyond Facebook, Instagram, and WhatsApp. He likened their approach to the venture capital playbook, where multiple investments are made with the hope that one will become a major success. In this case, Musk’s involvement with Twitter served as a catalyst, presenting a rare opportunity for Meta to make its mark.
Excited about the unexpected opportunity, Zuckerberg expressed optimism about the future but acknowledged that there is still a long road ahead. Meta aims to tap into an uncharted territory, as no social discourse app has yet reached one billion users. The company remains resolute in its pursuit of success, eager to transform Threads into a platform that captivates and connects millions of people worldwide. As the competition between Meta and Musk’s Twitter intensifies, the social media landscape promises to be an exciting battleground of innovation and user engagement.