Meta, the parent company of Facebook and Instagram, is venturing into the development of a standalone, text-based app. This move could potentially challenge both Twitter and Mastodon, a decentralized competitor to Twitter.
According to a spokesperson, Meta is “exploring a standalone decentralized social network for sharing text updates.” They believe there is a demand for a separate platform where creators and public figures can share timely updates about their interests.
A text-based social network app would enable Meta to leverage the current turmoil at Twitter, where cost-cutting has been rampant, and advertising revenue has dwindled since Elon Musk took over the platform late last year. As companies are pulling back spending from Twitter, Meta sees an opportunity to fill the gap by introducing a new app that could compete with Twitter and Mastodon.
The new app, codenamed P92, will reportedly allow users to log in through their existing Instagram credentials. It will be based on a framework similar to that of Mastodon, which was launched in 2016. The new app will be decentralized, meaning it cannot be controlled by a single entity, bought, or sold.
Meta’s plans come at a time when Facebook, its biggest platform, is struggling to attract a younger audience. The company has also heavily invested in the Metaverse, a virtual world where users interact and work, which has yet to come to fruition. Furthermore, Instagram, the video-sharing app, is facing stiff competition as content makers and influencers abandon the platform for TikTok.
It remains unclear when Meta will launch the new app. Nonetheless, this move will undoubtedly be closely watched by the tech industry, as it could shake up the social media landscape and potentially provide a new home for content creators who are looking for a more decentralized platform.