Meta is working on its own Twitter-like social network. Here's why an 'Instagram for your thoughts' could win as competitors multiply.
Meta has already introduced more text-based features to the Instagram ecosystem in the last several months. In December, Instagram launched"Notes," which let users share short statuses in DMs. And in February, Instagram introduced"Broadcast Channels" where select users can send one-way DMs to followers.
Meta's new network will, in theory, compete with Twitter as well as the barrage of Twitter replacements that have emerged on the market such asAnd Meta could be in a good position to take on this space, said Daniel Morgan, a senior portfolio manager at Synovus Trust.billions"It's a better idea than a lot of other things that have come out of Meta recently," Morgan added."It's a great opportunity for them to fill that void with Twitter going through such a transition.
"This could be another leg to the Meta story in terms of monetizing subscribers," Morgan said."They're trying to monetize reels, that's their next big leg. This new product — Barcelona, whatever you want to call it — there's definitely an appetite for it.""The biggest challenge for this new product would be to try to offset some of the weaknesses that occurred with Twitter, which was the fact that engagement time was so limited," Morgan said.
And while P92 is reported to be a decentralized network, utilizing decentralized protocols like ActivityPub , Meta has already dabbled in Web3 technology with its NFTs on Instagram and Facebook. Those initiatives didn't last long — within a year of
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