The parent corporation of Facebook(NASDAQ:META) and Instagram(NASDAQ:META) and Whatsapp (NASDAQ:META) has a plan to acquire a new market area. Facebook (NASDAQ:META) and Instagram’s parent corporation has a plan to develop a new market area. Social media mega-presence Meta (NASDAQ:META) has spent the past many years adapting to the changing social media landscape.
Facebook(NASDAQ:META) and Instagram(NASDAQ:META) released their response to ByteDance’s viral new short-form platform TikTok, which was released the previous year in 2017. Facebook (NASDAQ:META) debuted Stories, but Instagram(NASDAQ:META) debuted Reels.
Thanks to TikTok, Meta (NASDAQ:META) is not the only internet platform to evolve. YouTube, a video platform owned by Alphabet (NASDAQ:GOOG), has made space for short-form videos produced on camera phones, which it calls YouTube Shorts. Even Google’s search engine service incorporates content similar to TikTok into its search results. But Meta(NASDAQ:META) is not simply observing the growth of short-form material. The organization has experimented with various methods for expanding the capabilities of its two primary platforms.
Many of these explorations appear to be focused on expanding what the business has nicknamed “The Metaverse,” a notion that seems to strive for an immersive social media and virtual reality experience. However, the firm reported significant losses in the first quarter of 2022, and CEO Mark Zuckerberg predicted the project would continue to incur losses for the next three to five years. In the interim, Meta (NASDAQ:META) must find a way to support itself financially, and it may have discovered a solution by imitating a popular streaming service.
Reels, in Facebook’s opinion, will bring huge profits.
The first revenue decline for the company since going public was revealed in Meta’s most recent quarterly earnings conference. Despite the bad news, Facebook CFO David Wehner predicted their promise when asked about the present revenue of introducing Reels, stating that while monetization is still very new for Reels, the firm believes the service will be a significant source of income going forward.
TikTok is set to reign supreme as the most widely used platform for short-form video services among creators. You may be wondering why. Because TikTok still has a much greater inventory of original music and material. Original music increases the amount of background noise that video creators can use and increases the visibility of the musicians who choose to use the service. In addition, this gives TikTok a significant advantage in the race to dethrone Spotify (SPOT). Report as the most widely used music streaming service. Additionally, whereas TikTok is vying for Spotify’s user base, Meta has its sights set on Twitch, a well-known streaming site owned by Amazon (AMZN).
Integrating Live-Streaming Services into the Metaverse.
Twitch is a live-streaming website that has garnered recognition for providing live video game play, among other things. Viewers may follow and check in to the channels of their favorite streamers, where users and creators can talk in real-time. The site also hosts lucrative esports competitions for Twitch and the players. These broadcasted events involve professional video gamers battling for the amusement of viewers. In 2014, Amazon (NASDAQ:AMZN) paid $950 million for the streaming website. The business was allowed to make a bid after a purported deal with Google fell through.
It appears that Meta(NASDAQ:META) is seeking its replacement. Business Insider reports that the business has been discreetly building a Twitch-like site called Super, reaching out to influencers to begin testing the platform. Super is designed to work as a sister platform to Facebook and Instagram. Still, it appears that the site will not emphasize interaction with the two platforms, instead presenting itself as a separate product devoid of parent company branding.
Featured Image: Megapixl @Colour59
