TikTok is absolutely crushing Instagram
Instagram has been forced to U-turn on its trial of a TikTok-like full screen view of videos and photos because people hated it. Their internal metrics proved that, but also publicly Kylie Jenner and Kim Kardashian were creating memes to “make Instagram Instagram again”. It’s also scrapping ideas to show more suggested content, and to keep it closer to the accounts you follow.
It’s also not looking good on the books
Compared to this time last year, Meta’s revenues are down 1% – the first-ever yearly decline in revenue. It’s profits are down 36%. Zuck is throwing billions of dollars at the metaverse, and Apple’s decision to allow people to stop cross-app tracking cost Meta $10 billion last year alone.
The US government is trying to stop Meta from becoming a VR monopoly
The FTC is suing Meta over its acquisition of a VR app company called “Within”. The government says it has the resources to build its own apps, rather than buy the competition, and shouldn’t be buying its way to the top.