JAKARTA - Meta Platforms Inc is exploring plans to launch a new social media app in its bid to replace Twitter as the world's "digital Square".
"We are exploring an independent decentralized social network to share text updates. We believe there is an opportunity for a separate space where content creators and public figures can share their time updates about their interest," a Meta spokesperson said in a statement sent via email to Reuters.
The Meta app will be based on the same framework as Mastodon, a Twitter-like service launched in 2016.
The Twitter-like app will allow Meta to take advantage of the current chaos in the company led by Elon Musk, where cost cuts and layoffs are becoming very widespread.
Twitter has struggled to maintain its advertising base since the takeover by Musk over the platform at the end of last year. The company has withdrawn spending after Twitter returned a suspended account and released a verified paid account resulting in fraud against the companies being imitated.
Meta's plans come at a time when its biggest platform, Facebook, is struggling to attract the attention of younger audiences, while their massive investment in the metaverse, cyberspace where users interact and work, shows no signs of giving results, at least in the short term.
Their video-sharing app, Instagram, also faces stiff competition when content creators or influencers successfully leave the platform for TikTok. But it's not clear when Meta will launch the new app.
"The history of Meta is that they are much better at takeover than innovation or development... as far as imitating Twitter, this is just a defensive move," said Thomas Hayes, chairman and member of New York-based management of Great Hill Capital.
"They're trying everything... at least with a mini blogging site like Twitter, there's hope that it can start making money faster than metaverse investments," Hayes added.
Meta's investment in the metaverse will not boost revenue growth until 2030, analysts say.
Meta shares were slightly higher at 181.7 dollars in early trading Friday. They have risen about 51% so far this year.
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