Published: 2023-07-31 12:12
Last Updated: 2024-02-25 14:00
Mark Zuckerberg, the CEO of Meta, revealed that their recently launched social media platform, Threads, has experienced a significant decline in user numbers. Despite an impressive start with over 100 million users within five days of its launch, the platform has struggled to retain its user base.
During a call with employees, Mark Zuckerberg acknowledged the challenges they faced, stating that it would have been ideal if all or at least half of the initial 100 million users had stuck around. He described the current situation as "normal" and expressed optimism that user retention would improve with the introduction of new features to the app.
Threads faced criticism at its launch due to limited functionality. Meta, however, has responded by adding new features, including separate "following" and "for you" feeds, and enhanced translation capabilities for posts in different languages. The company's focus now lies on implementing "retention-driving hooks" to entice users back to the platform. For instance, they aim to ensure that users on the Instagram app can easily access important Threads content, as both platforms are closely integrated.
Additionally, Zuckerberg provided an update on Meta's ambitious project, the Metaverse, a virtual reality world. He assured employees that progress on the augmented reality (AR) and virtual reality (VR) technology required for the Metaverse was on track, though not significantly ahead of schedule. He predicted that the Metaverse would not go mainstream until the next decade, which might raise concerns about the substantial time and financial investment in the project.
Despite the challenges with the Metaverse, Meta as a whole remains financially strong, having announced a profit of USD 7.79 billion in the last quarter. Zuckerberg also addressed a previously discussed topic of a potential cage fight with tech titan Elon Musk. However, he expressed uncertainty about whether the fight would actually materialize.
In conclusion, Zuckerberg candidly discussed Threads' user decline and Meta's efforts to improve retention through new features. The company's focus on the Metaverse project raised some concerns, although its overall financial performance remains robust. The proposed cage fight with Musk remains uncertain.