Meta is developing a Twitter competitor.
Meta a company owned by Facebook, announced on Friday that it is developing a new “text sharing” social media network, which could pose a threat to Twitter.
Twitter has been plagued by downtime, layoffs, and a decline in advertising revenue since October, when billionaire Elon Musk took control of the platform.
But, since no significant alternative to Twitter has appeared, world leaders, politicians, celebrities, and businesses have little choice but to continue using it as their primary means of communication.
Meta acknowledged on Friday that it has begun development of the new platform, following reports on Platformer and the Indian news website MoneyCentral.
“We’re developing a separate, decentralized social network for sharing text updates,” Meta, which also owns Instagram, said in a short emailed statement.
‘We feel there is an opportunity for a separate platform where creators and public personalities may offer timely updates about their interests,’ the statement continued.
Media outlets reported that the new app from Meta would be interoperable with Mastodon and other platforms, allowing users to share content with members of different social media sites.
This would be in stark contrast to the standard operating procedure at internet giants like Google or Facebook, where services like Instagram or YouTube are shielded from the public and run on private servers with limited access.
Mastodon is a social networking platform that is hosted on a distributed network of computers and has no centralized administration or control.
Are we at risk on Twitter?
For a short time in December, Musk suspended accounts that promoted other social media beyond Twitter, including as Facebook, Instagram, and Mastodon.
MoneyCentral said that Meta was testing a new business endeavor with features like links, user bios, verification badges, and sharing photographs and videos.
Users all across the world reported being unable to see linked articles on Monday as Twitter experienced a brief but unexpected outage.
An update to the platform may have “unintended effects,” according to the company’s tech support account.
More than two-thirds of Twitter’s workforce has been laid off, and the company is now reportedly operating with a skeleton crew that leaves it exposed to outages, misinformation, and malicious content.
On Saturday, the Wall Street Journal cited people familiar with the company’s financials to claim that the network’s revenue and adjusted profit fell around 40 percent year over year in December as a result of a drop in advertising.
Meta, like Twitter, is exploring out subscriptions as a means of monetization in light of Musk’s unsuccessful efforts to wean Twitter off of advertising.