Published - July 5th, 2023 @ 09:00 PM (GMT+2)

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Meta Platforms Unveils Twitter Competitor, Threads

Meta Platforms Inc., the parent company of Facebook and Instagram, is set to launch its new app, Threads, on July 6, 2023. The app is positioned to function like Twitter, allowing for text-based posts that can be liked, shared, and commented on. Threads has been showcased on the App Store and comes in the wake of Twitter's recent challenges, primarily user discontent over policy changes and technical issues.

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Threads: A Familiar Platform with an Instagram Twist

Threads promises to seamlessly integrate with Instagram. Users can maintain their Instagram username and continue to follow the same accounts. Furthermore, Threads' listing in the App Store describes the app as a space where communities can engage in discussions on various topics, from contemporary issues to potential future trends.

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Meta's Success in Adapting Competitors’ Features

Meta's history of integrating successful ideas from its competitors into its own platforms could work in Threads' favor. Notably, the 'Stories' feature, which was initially a Snapchat innovation, has garnered significant popularity on Meta’s platforms since its introduction in 2016. Similarly, Meta's short-video product, 'Reels', which mirrors TikTok's offering, is driving growth on both Instagram and Facebook.

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Potential Concerns over Data Collection by Threads
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While the excitement around a new social media platform is palpable, there are concerns about the data that Threads may collect. The app's App Store page suggests that it could collect various categories of user information. This potential for extensive data collection aligns with Twitter’s data practices, except for a few categories that Twitter does not track.

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Threads Poses a Credible Threat to Twitter
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Threads comes as a promising alternative to Twitter, given Meta's widespread user base and previous successes in introducing new features. This launch might pose a significant challenge to Twitter, which has been at the center of several controversies, including new usage restrictions and policy changes since Elon Musk's takeover in 2022.

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Meta Platforms Inc (NASDAQ:META) stock info: 

Current Price $286.02

Market Cap 732.99B USD

Previous Close $286.98

Performance since 05/06/23: + 5.39% 

Year-to-Date (YTD): + 129.29%

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