Sources told the BBC that Meta’s staff has shown plans for a text-based social network to compete with Twitter.
It might make it possible for users of Meta’s image-sharing app Instagram to follow accounts they already follow.
Additionally, it might make it possible for them to acquire followers from decentralized platforms like Mastodon.
The BBC was informed by a spokesperson for Meta that the platform was in development.
They stated, “We’re looking into 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,” the company’s spokesperson stated.
Chris Cox, chief product officer of Meta, stated that the platform was undergoing coding. The tech goliath intends to deliver it soon, albeit no date was given. It has been suggested that it could happen as early as the end of June.
Employees were shown internal screenshots of the app that have appeared online and may provide an idea of how it will look.
The BBC has been informed by company sources that these leaked screenshots are genuine. If they are, then anyone who has used Twitter for some time will be familiar with the layout of this new platform.
The text-based network, whose working name is P92, may become a stronger competitor to Elon Musk’s Twitter than BlueSky or Mastodon.
While both have drawn in clients frustrated with Twitter, beginning once more on another informal organization and modifying a local area, is troublesome.
However, there is a huge Instagram community. Although its numbers can no longer be verified, Meta claims to have around two billion users, which dwarfs the 300 million people who are believed to use Twitter.
P92 will quickly surpass its older rival if even 25% of Instagram users are convinced to use it (it will undoubtedly have a more sexy name when it launches).
Although some criticize Meta’s claim that it draws “inspiration” from other products, Stories on Facebook was based on a Snapchat feature, and Reels on Instagram is strikingly similar to TikTok.
Since its withdrawal from the EU’s voluntary disinformation code in May, Twitter has come under scrutiny for its platform moderation.
Under Mr Musk, Twitter balance has supposedly been decreased – which pundits say permitted an expansion in the spread of disinformation.
However, Mr. Musk claims that since his appointment in October 2022, there has been “less misinformation rather than more.”
Meta loses millions as made to sell Giphy to Shutterstock
Even though Meta paid $400 million for the animated-gif search engine Giphy just three years ago, it has sold it to Shutterstock for $53 million (£42 million).
On the grounds of competition, the UK’s competition watchdog reissued Meta’s order to sell Giphy last year.
Giphy is the primary provider of enlivened gifs to informal communities like Snapchat, TikTok and Twitter.
Meta stages Facebook, Instagram and WhatsApp can in any case get to Giphy’s substance, as a feature of the arrangement.
Giphy, the largest collection of gifs and stickers in the world, declares it every day:
receives more than 1.3 billion search queries, and various parts of its content are shown 15 billion times. In November 2021, the Competition and Markets Authority (CMA) ordered the sale.
Meta had stated that it would be “openly available” to other social networks after acquiring Giphy.
However, the CMA’s examination of the buyout had found it would hurt rivalry in online entertainment and promoting.
Life in Tech: Shutterstock executives discuss their AI strategy. This was the first time the regulator had stopped a big Silicon Valley company from doing business.
Last September, Meta made an enticement for the CMA to attempt to forestall the deal.
Meta stated that gifs “have fallen out of fashion as a form of content, with younger users in particular describing gifs as ‘for boomers’ and ‘cringe.'”
However, despite its disappointment, Meta stated in October that it would accept the CMA’s order to sell Giphy.
It was stated that Shutterstock was thrilled to acquire Giphy.
Paul Hennessy, the company’s CEO, stated: Giphy empowers regular clients to communicate their thoughts in important ways with gif and sticker content, while likewise empowering brands to be a piece of these relaxed discussions.”
Giphy’s library is fuelled by individual craftsmen, who contribute unique substance, and organizations like Disney and Netflix – guaranteeing a consistent stock of current substance that can be embedded into regular discussions and shared by means of virtual entertainment.