Meta, the parent company of Facebook and Instagram, is reportedly developing a standalone social network app that will focus on text-based updates. The app is said to be similar to Twitter and Mastodon, its decentralised competitor, and will allow creators and public figures to share timely updates about their interests. According to a spokesperson from Meta, the company sees an opportunity for a separate space where individuals can share text updates. The new app, codenamed P92, will allow users to log in through their existing Instagram credentials and will be based on a similar framework to Mastodon.
The move by Meta to develop a Twitter-like app comes at a time when Twitter is struggling to retain its advertising base following Elon Musk’s takeover of the platform. Companies have cut back on spending after Twitter restored suspended accounts and released a paid account verification system that resulted in scammers impersonating firms. A decentralised app such as the one being developed by Meta would allow it to take advantage of the current chaos at Twitter.
Meta’s plans for the new app come at a time when Facebook, its biggest platform, is struggling to attract a younger audience. The company has heavily invested in the metaverse, a virtual world where users interact and work, but this has yet to come to fruition. Additionally, Instagram is facing stiff competition from TikTok, as content makers and influencers leave the platform. It is unclear when the new app will be rolled out by Meta.
