“A standalone, text-based social network app” is being developed by Meta, the company that owns Facebook and Instagram.
It might compete with both Twitter and Mastodon, another decentralized competitor.
According to a spokeswoman, “We’re investigating a standalone, decentralized social network for exchanging text updates.” “We think there is a need for a separate platform where celebrities and creators may exchange timely information about their interests.”
The current upheaval at the Elon Musk-led firm, where cost-cutting has been widespread, would be Meta’s opportunity to profit from a Twitter-like app.
Since Mr. Musk took control of the website late last year, Twitter has had trouble maintaining its advertising base.
Spending has decreased as a result of Twitter’s decision to reinstate suspended accounts and introduce a paid account verification service, which led to scammers posing as legitimate businesses.
The new app, “P92,” would let users log in using their current Instagram credentials, according to MoneyControl.
The infrastructure that underpins Mastodon, a service comparable to Twitter that debuted in 2016, will serve as the foundation for Meta’s app.
The new app would be decentralized, meaning it couldn’t be owned or sold by a single company or operated at its whim. The announcement of Meta’s aspirations coincides with the difficulty Facebook is having in drawing in a younger audience.
The metaverse, a virtual world where users may connect and work, has also received significant investment from the company but has not yet materialized.
As popular influencers and content creators switch to TikTok, Instagram, its video-sharing app, is now experiencing fierce competition. When Meta will release the new app was not revealed.