Meta is launching a new app called ‘Threads’ to rival Twitter.

Meta to Release New Microblogging App Threads as Potential Competitor to Twitter

Meta, the parent company to Mark Zuckerberg’s Facebook, will release a new microblogging app called Threads on Thursday. This app is expected to be a potential competitor to Twitter and will be connected to Meta-owned company Instagram.

Engaging with Instagram User Base

Threads aims to mimic the Twitter product and draw from Meta’s Instagram user base. Users will be able to log in to the app using their Instagram accounts. The app is described as “Instagram’s text-based conversation app” on the App Store, allowing users to discuss various topics of interest.

Meta’s Search for a Twitter Competitor

Despite already owning Facebook, Instagram, Messenger, and WhatsApp, Meta has long been searching for a product to compete with Twitter’s popularity. According to a report by The New York Times, a Twitter employee stated that “Twitter is in crisis and Meta needs its mojo back.” The employee added, “LET’S GO FOR THEIR BREAD AND BUTTER.”

Capitalizing on Twitter and Instagram User Overlap

The Wall Street Journal reported that over 50 million consumers use both Twitter and Instagram. Meta likely hopes to capitalize on this user overlap by introducing Threads. The company has previously adopted similar tactics to combat competitors, such as introducing Stories to compete with Snapchat and Reels to rival TikTok.

Rivalry Between Mark Zuckerberg and Elon Musk

The announcement of Threads comes after months of publicity about a rivalry between Mark Zuckerberg and Twitter owner Elon Musk. This rivalry even led to a proposed boxing fight between the two, as suggested by Zuckerberg.

Challenges Faced by Twitter Under Musk’s Leadership

Since Elon Musk took over Twitter in October 2022, the company has faced controversies over significant workforce cuts, changes to its verification process, and loosening moderation rules. Musk’s decision to release the “Twitter Files” to several journalists also gained public attention.

Decline in Advertising Revenue for Twitter

Twitter has likely experienced a decline in advertising revenue, with predictions indicating a decrease from $4.5 billion in 2021 to $3 billion in 2023. Despite these challenges, rival companies such as Mastodon, BlueSky, and Trump’s Truth Social have not gained enough traction to compete with Twitter’s large user base of over 350 million users.

Meta, on the other hand, reported a total of 2.99 billion monthly average users across its platforms in its first-quarter earnings report.