Mark Zuckerberg’s Meta Platforms Inc., Facebook and Instagram’s parent company is exploring strategies to create a new social media app in its effort to dislodge Twitter as the world’s “digital town square” which will be built on a parallel structure that powers Mastodon, a Twitter-like service that was launched in 2016.
A Twitter-like app would make Meta take leverage on the existing challenges ravaging the Elon Musk-led company, where cost-cutting has been rampant, as Twitter is finding it difficult to hold on to its advertising base since Musk’s takeover of the platform late last year and many companies have restrained from investing their money in the app for marketing after Twitter’s move to restore suspended accounts and release a paid account verification that resulted in scammers impersonating firms.
A Meta spokesperson told Reuters in an emailed statement that Mark Zuckerberg’s tech company is exploring a standalone decentralized social network for sharing text updates and they believe that there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests.
Meta’s plans come at a period when its biggest platform, Facebook, is struggling to attract the attention of a younger audience, while its huge investments in the Metaverse, a virtual world where users interact and work, display little signs of paying off, at least in the near term. Instagram, Meta’s video-sharing app, is also facing stiff competition as content makers or hit influencers abandon the platform for TikTok.