Meta (Facebook) is looking to take on TikTok Next

Mega social media presence Meta (META) – Get the report from Meta Platforms Inc. has spent the past few years adapting to changing social media trends.

In 2017, Facebook and Instagram offered their answer to ByteDance’s wildly popular new short form platform, TikTok, which was released the year before. Facebook introduced Stories, while Instagram introduced Reels.

Meta is not the only internet platform to evolve thanks to TikTok. alphabetical (GOOGL) – Get the Alphabet Inc. report. The YouTube video platform has now made room for short videos shot on camera phones, which it calls YouTube Shorts. Even Google’s search engine service is making changes to incorporate TikTok-esque content into its search results.

But Meta isn’t just watching the growth of short form content. The company has been experimenting with all sorts of different ways to extend the capabilities of its two main platforms.

Many of these explorations seem geared towards expanding what the company has dubbed “The Metaverse,” a concept that appears to aim for the immersive social media experience combined with a kind of virtual reality. However, the company announced significant losses in the first quarter of 2022, with CEO Mark Zuckerberg saying he expected the project to continue losing money for the “next three to five years”.

In the meantime, Meta needs something to sustain itself through this financial drain – and it may have found that way by copying a popular streaming service.

Meta believes reels will bring big profit

Meta’s latest quarterly earnings call saw the company’s first drop in revenue since its IPO. But despite the bad news, when asked about current revenue from adding Reels, Facebook CFO David Wehner predicted their promise, saying monetization is still very new to Reels but the company believes the service will be a great source of income in the future. .

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When it comes to platform creator preference, TikTok is likely to hold the throne as the most popular short-form media service. Why is this, you ask? Because TikTok still has a much bigger library of content and original music. Original music gives creators more background sound to use for content and means more exposure for musicians who choose to use the service.

This, incidentally, puts TikTok in a privileged position in the race to overthrow Spotify. (PLACE) – Get the Spotify Technology SA report as the most popular music streaming service. And while TikTok chases Spotify’s audience, Meta has set its sights on Amazon’s (AMZN) – Get the report from Amazon.com Inc. popular streaming service Twitch.

Twitch is a live streaming site that has gained notoriety for hosting, among other things, live video games. Viewers can follow and connect to their favorite streamers’ channels, where users and creators can interact in real-time chat. The platform also hosts various esports tournaments, which are lucrative for Twitch as well as the players. These streamed events feature professional video gamers competing for the entertainment of viewers.

In 2014, Amazon bought the streaming site for $970 million. The company was able to slip in and make an offer after a failed deal with Google.

Now it looks like Meta is looking for its own alternative. According Business Internthe company quietly tested a Twitch-like site called Super, reportedly reaching out to influencers to start testing the platform.

Great is designed to function as a sister platform to Facebook and Instagram, but it appears the site doesn’t focus on interactivity with the two services, presenting itself as an unbranded standalone product from its parent company.

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