Meta is reportedly exploring launching a new social media app in an effort to compete with Twitter.
The framework that will be used to build the app for Meta will be quite similar to the one that was used to build the app for Mastodon, a service that is comparable to Twitter and was released in 2016.
“We’re exploring a standalone decentralized social network for sharing text updates. We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests,” a Meta spokesperson said.
It has been reported by MoneyControl that the new app, known by its internal codename P92, will integrate Instagram user credentials.
Since Elon Musk took control of the company late last year, Twitter has had trouble maintaining its advertising business.
Once Twitter reinstated suspended accounts and introduced a paid account verification that allowed fraudsters to pose as legitimate businesses, many legitimate businesses cut back on spending.
The initiatives that Meta has been working on come at a time when Facebook, is having trouble garnering the interest of a younger audience.
At the same time, the company’s enormous investments in the metaverse show little signs of bearing fruit, at least in the immediate future.
Instagram is also up against fierce competition as popular influencers and content creators go to TikTok.
Analysts predict that Meta’s investments in the metaverse will not result in revenue growth until 2030.
There was no clear sign of when Meta would release the new app.
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