Meta's long-term plan is to develop a metaverse which will be the future of the Internet. But for the time being, the company is more focused on doing things that can improve its reputation as the leading social media platform... The company has introduced a new feature called Reels which allows users to upload TikTok-style short videos.
Another issue faced by Meta is Apple's decision to restrict access to user data. To solve this issue, the company is working to rebuild the advertisement system.
According to Mark Zuckerberg, they can't afford to waste more time, and the staff will have to somehow speed up the process. This discussion also touched on many key issues, and we will be able to watch it in the quarterly release data of Meta.
Ever since becoming a public company, meta is expected to experience a drop in revenue! When compared to the previous results, the company may experience a drop of 0.4% - This will put Meta's revenue at $29 billion (USD).
In other news, the user growth graph is also turning flat which is yet another problem for Facebook. This is the 3rd quarter in a row of decline profits.
To solve the problems, Facebook could slow down hiring and even cut down on hardware projects.
Earlier this year, Meta also redesigned its social media platforms, such as Instagram and Facebook. The reason for this design was to copy the looks of TikTok and to also include short viral videos.
If we look at TikTok, its fame can be attributed to its short videos that are engaging, fun, and almost everything. After the success of TikTok, many companies are now trying to copy TikTok's success formula into their own products.
According to Zuckerberg, the new Reels feature is a big opportunity for the company. In fact, the size of this new format has only managed to capture 15% of TikTok's audience size so far.