The world is witnessing advancements in technology with each passing day. This gives rise to newly emerging social media platforms. Tiktok is one such platform that carries a huge prevalence among the masses. In light of its burgeoning popularity, other platforms like Facebook are now trying to imitate its strategies to lure the audience.
Facebook is on the verge of a new change
In a recent buzz, it came that Meta, a technology company, is planning a modification in Facebook and Instagram’s app, in order to make it resemble the rival app- TikTok. Through this, it can be made apparent that Facebook is facing an existential crisis in the industry.
Lately, Instagram announced its recent strategy. It claimed that from now on, any video posted under the timing range of 15 minutes will be converted into a reel. In addition, if that video is posted from a public account, then it will automatically be fed into the company’s recommendation algorithms. This is in order to show it to other accounts and for better reach.
On the other hand, Facebook’s strategy includes splitting its classic News Feed on its iOS and Android apps. The users will be immediately taken to a ‘Home’ tab. This is where the company’s “discovery engine” will promote content it thinks the user will be interested in, said CEO Mark Zuckerberg.
Interestingly, Mark Zukerberg, the Co-founder of Facebook, as reported by Bloomberg, had previously said, “People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly.” Through this, we can concluded that Tiktok is proving to be a threat to the most used social media platform of our childhood.
Undoubtedly, the Chinese social media app allured a vast swathe of individuals, which led to its insane popularity across generations. Considering this, platforms like Facebook are now looming in a dilapidated state. To which, it is becoming intrinsic for it to rectify the faults and regain its drowning share of prevalence.
Facebook’s strategies to save itself
For the past some years, Facebook is facing an existential crisis in a completely competitive market. The frequent launching and closing of social media platforms is no more a secret to us. There have been dozens of apps that came and vanished in no time. And, Facebook is scared of the same thing happening to it. It doesn’t want its name to be engrained in this list. Because of this, Mark Zuckerberg is trying all possible tactics to save his company.
In 2012, Facebook made a revelationary acquisition of ‘Instagram’ for $1 billion. The buying of Instagram was a move to avoid competition as it could have hurt the social network. It was eventually revealed that Zukerberg wanted to acquire Instagram because it was becoming a threat to Facebook’s old enjoyed prevalence among the masses.
In 2014, Zukerberg’s Facebook acquired messaging app ‘Whatsapp’ for $19 billion. For months, the company tracked the algorithms and prevalence of WhatsApp using Onavo, a VPN and data analytics app. Further, the collected data showed that the messaging app was not just a rising competitor, but a potential Facebook killer as well.
Moreover, Facebook changing its name to ‘meta’ became a huge sensation, when the company decided to build its new project of ‘metaverse’. Meta is a shared virtual environment that Facebook is betting upon to be the successor of the mobile internet. This announcement was made to lure youngsters who are more attracted to the ‘Artificial intelligence or AI’ concept. It was the company’s strategy to widen its sphere of popularity and serve the public with increased opportunities to connect to Facebook.
Tiktok weighing heavy over facebook
All the aforementioned initiatives were perceived as a re-ignition of Facebook’s popularity. The company is probably missing its old phenomenon of being the talk of the town. The company is incessantly facing a decline in acceptance in the market. The newly emerging platforms are rigorously competing with Facebook.
It is pertinent to note that Facebook’s user growth has declined in the latest quarter. According to a Business Standard report, the first stagnation in the social network’s history caused Meta Platform’s stock to collapse 25 per cent, which is in addition set to wipe over $200 billion from its market value.
TikTok reached the milestone of 3 billion downloads worldwide in July 2021. This was despite it being banned in India the previous year and losing a considerably large audience. According to Statista, the popular video app still ranks as one of the leading apps on the Google Play Store and the Apple App Store worldwide. In addition, as per the data for 2021, Tiktok reached 30 million monthly active users on Android devices and 120 million monthly active users of iOS devices.
Due to this upsurge in popularity of TikTok, Facebook is experiencing a steep decline. The company is facing an unexpected decline in shares by around 25 per cent. Now, it is apparent that Facebook is on the verge of decline and probably it will show its mere presence in history. However, it is trying to regain its lost popularity by imitating Tiktok’s technique of success.
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