The stakeholder of Facebook and Instagram, Meta, is in the pipeline of creating a standalone, text-based social media networking app. This new social media networking app might be a new competitor of Twitter and its decentralized competitor, Mastodon.
A meta spokesperson said in an interview,
“We’re exploring a standalone decentralized social network for sharing text updates.”
He added more with the following word,
“We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests.”
This new competitor could make it a step ahead of famous struggling social media platforms, i.e., Twitter, as Twitter has been struggling hard since last year after handing over to Tesla’s owner, Elon Musk.
The major issue that Twitter is trying to cover is revenue generation. Since after Musk’s narrative is to make Twitter free from political influence and try make it free from advertisements. The advertisement was one of the major revenue-generating options for Twitter for years.
After Twitter’s recent decision to restore suspended accounts and introduce a paid verification process of $8 per month, many companies have become reluctant to advertise on Twitter. This is largely due to the increased number of scammers impersonating legitimate businesses, causing a decrease in advertising spending.
According to Money Control, Meta’s new social networking app is codenamed P92 and will allow users to log in using their existing Instagram accounts. The app is expected to be the same as Mastodon, a Twitter-like service launched in 2016. This under-development application will operate on a decentralized framework.
The new Twitter rival app will not be controlled by a single entity and cannot be bought or sold. These features will offer users a more secure and reliable social networking experience.
Meta is announcing these plans when the company is struggling hard to fetch the attention of younger and new audiences to its famous social media platform, i.e., Facebook. Moreover, it’s also when Meta is investing heavy bucks in its user-interactive virtual world, Metaverse.
Meta’s other famous platform is also struggling due to tough competition with one of the most becoming viral platforms, TikTok. Although Meta can take a sigh of relief as the Chinese company faces controversies about data privacy.
Although the plan looks like a daring move by Meta, the details of this new decentralized network have not been revealed.
