Meta is working on a new social media application to replace Twitter, which Elon Musk bought in the past months.
Meta ‘s implementation will be based on a similar framework that powers Mastodon , a Twitter- like service launched in 2016. A Twitter-like app will allow Meta to take advantage of the current chaos where cost cutting is rampant at the Elon Musk -led company.
Twitter has struggled to retain its ad base since Musk took over the platform late last year. The companies withdrew their spending after Twitter’s move to restore suspended accounts and release a paid account verification that resulted in scammers impersonating the firms.
Meta’s Twitter plans come at a time when Facebook, its largest platform, is struggling to attract a younger audience and showing little signs that its massive investments in the metaverse, a virtual world where users interact and work, will pay off, at least in the near term.
Video sharing app Instagram is also facing stiff competition, with content producers or popular influencers leaving the platform for TikTok.
Metaverse interest is waning
It was not immediately clear when Meta would make the new app available. Thomas Hayes, chairman and managing member of New York-based Great Hill Capital, said: “Meta’s history is that they’re better at buying and growing than being innovators or developers… When it comes to copying Twitter, it’s just defensive. move,” he said.
Hayes continued, “They’re trying everything… At least on a mini-blog site like Twitter, there is an expectation that it can start monetizing a timeline much faster than investing in the metaverse.”
Analysts said Meta’s investments in the metaverse won’t lead to revenue growth until 2030.