Meta’s Threads is the second lowest social media app in terms of US users, after Tumblr.
Meta's Threads is the second lowest social media app in terms of US users, after Tumblr.
The Struggles of Threads in the Competitive Blockchain Industry
Threads, the social media platform launched by Meta Platforms Inc, is facing significant challenges as it struggles to attract new users. In a recent report by Insider Intelligence, Threads was ranked second to last among popular social media services in the US, with only 23.7 million users. This number pales in comparison to its rival platform X, which boasts 56.1 million users. The forecast for other platforms includes TikTok at 102.3 million, Instagram at 135.2 million, and Facebook at a staggering 177.9 million users1.
The Initial Success of Threads and its Downfall
Despite its current struggles, Threads had a promising start. The platform went live on the Google Play and Apple App stores in July and quickly gained over 100 million users within one week. Its easy sign-up process, especially for existing Instagram users, played a significant role in this initial success. The platform also benefited from Twitter’s missteps, which introduced limits on the number of tweets users can view each day. This move by Twitter displeased its users, and Threads capitalized on the opportunity to attract disgruntled users2.
However, Threads’ success was short-lived, and it now faces a declining user base. According to Similarweb, a digital intelligence platform, the Meta app experienced a significant drop in daily active Android users, falling from around 50 million in July to just 10 million in mid-August. Users now spend an average of only 2.4 minutes per day on the app, an 80% decrease from its peak in July3.
Challenges and Opportunities for Threads
As Mark Zuckerberg, the CEO of Meta Platforms, has mentioned, there are currently no plans to monetize Threads until the app gains a larger user base. However, Jasmine Enberg, a principal at Insider Intelligence, suggests that introducing a monthly subscription fee on rival platform X could provide some relief for Threads. During a live-streamed conversation with Israeli Prime Minister Benjamin Netanyahu, Elon Musk, the owner of X, hinted at charging a small monthly fee to combat the presence of bots on the platform. This move could potentially alienate X users and increase advertiser interest in Threads4.
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Establishing an Independent Identity
For Threads to compete effectively in the social media industry, it needs to establish a unique identity that transcends its relationship with Instagram and its rivalry with X. Enberg emphasized the importance of creating a brand identity that sets Threads apart from its competitors. By offering unique features and fostering a sense of community, Threads has the potential to stand out and attract more users5.
Threads, the social media platform launched by Meta Platforms Inc, is currently facing challenges in the highly competitive blockchain industry. While it initially gained significant traction by capitalizing on Twitter’s missteps, Threads is now struggling to attract and retain users. With a dwindling user base and decreasing user engagement, Threads needs to reevaluate its strategy and focus on building an independent brand identity. Introducing a monetization plan and offering unique features could help the platform regain momentum and compete effectively against its rivals in the crowded social media landscape6.