Facebook losing its edge
“I’ll POKE you on Facebook” seems to be a tad outdated. And that is what concerns the founder of Facebook. The gen Z seems to have moved on from this social networking platform and Meta’s cofounder Mark Zuckerberg has taken it as a personal challenge to bring the young blood back to the platform.
This slow departure of young users, increasing data privacy concerns and rising cost per impression threaten Facebook’s advertising business, as it could lose its grip on social media ad spend. They are jumping to other social media platforms. In a recent survey the teen gen Z stated that Facebook has lost its fame to the perception war and might not see a revival. Only 27% of adolescents say they’re on the platform
To pique the young audience’s interest again, Facebook has replicated various social media formats that have worked for other platforms. “Our products are still widely used by teens, but we face tough competition from the likes of Snapchat and TikTok,” reported Joe Osborne, a spokesperson for Facebook. Facebook has owned Instagram since it purchased the app for $1 billion in 2012. The image-sharing platform is very popular among youth, with 81% of the 1,000 reporting that they used Instagram.
Zuckerberg said rivalries between Facebook and other apps have grown fiercer over the last few years, with TikTok being one of the most effective competitors they have ever faced. They found only 27% of teens used Facebook, 73% were on TikTok.
I for one feel very sorry for FB. If only they find ways to keep the young generation hooked on to the platform. The best they could do is leverage newer trends and work with young brands.
A young user was quoted saying “We don’t ask people if they’ll switch back to CDs/DVDs to watch movies instead of streaming them on Netflix. For me, it’s about the relevance of the app. Facebook is not adding any value to my life, I’d rather not go back. I still have the Facebook app only because I’m in digital marketing and I require it for professional reasons. I would’ve left the app long ago otherwise. Also, Facebook doesn’t have content that interests me anymore. It’s just old videos/news/old listicle links, etc.”
Facebook is perceived as a ‘boomer network’ by young people. But the switch to Meta really changes perspective. Our generation is super into cryptocurrency, NFTs ,games and seeking all those in the metaverse is amazing.
Makes sense doesn’t it.
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