Threads Loses 50% Of It’s Users

Uploaded on 2023-08-10 in FREE TO VIEW

Facebook’s parent body, Meta is looking to launch a desktop version of its newest social media platform, Threads.

Zuckerberg says Meta will focus on encouraging retention of products as Threads app loses half its user-base following launch.

Thread is a messaging app that has had a rising user base,but is now facing a steep decline in its daily active users.

The once-thriving community of users is gradually shrinking, and this alarming trend has sent shockwaves through the company’s management. The team is keenly aware that failing to address the issue promptly could spell disaster for the app’s future.

Retention of users on the text-based app was better than executives had expected, though it was "not perfect," said Zuckerberg, speaking at an internal company town hall.

Zuckerberg said he considered the drop-off "normal" and expected retention to grow as the company adds more features to the app, including a desktop version and search functionality.

The executives’ comments came a day after Meta wowed investors with a rosy revenue growth forecast, a sign of a comeback for a company that faced deep skepticism over its hefty spending on the metaverse last year as ad sales plummeted.

And the company has reported its family of apps and advertising revenue saw increased profits of 8% throughout the last six months.

Speaking about Threads Zuckerberg has said he was “quite optimistic” about its trajectory.

“We saw unprecedented growth out of the gate and more importantly we’re seeing more people coming back daily than I’d expected,” Meta’s CEO said.

“Now, we’re focused on retention and improving the basics,” Zuckerberg told employees and investors, “and then after that, we’ll focus on growing the community to the scale we think is possible. Only after that will we work on monetisation.”

Meta is looking at adding more "retention-driving hooks" to entice users to return to the app, like "making sure people who are on the Instagram app can see important Threads," said Chief Product Officer Chris Cox.

Zuckerberg and Cox also highlighted the company's release of an artificial intelligence model called Llama 2 this month, which it made freely available for commercial use to any developer whose services had fewer than 700 million users.

The model has received more than 150,000 download requests in the week since its release.

Reuters: Verdict: Business Today: Inshorts: Ground: Inventiva: Technext

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