C_NCENTRATE 932: Twinstagram, edible batteries, E-Sport woe, moon-shaped resorts +++
INSTA-WITTER IS COMING
Instagram has been working on a new text-based app that could be a real competitor to Twitter because, thanks to Instagram’s +1.3 billion monthly users, the scale is there. +500 million daily users is the more interesting number, if Instagram gets this move right, they could be double as large as Twitter overnight.
While history tells us such moves are near impossible, the codenamed ‘P92’ and ‘Barcelona’, offering is simple enough (00-character text updates, links, photos, and videos), and more importantly, they have Twitter for the blueprint. There is no new signup, you use your Instagram handle and bio, and you have a following already - the major pain points of setting up a new account all don’t apply here.
The real issue is if an image-based platform can pivot into text territory unscathed. Meta has chosen to exponentially complicate things and make this somewhat decentralized and offering users the opportunity to run their own servers (ala Mastodon and Bluesky), which will give users more control over their data and privacy, but only serve to confuse the remaining 90% of general users. When your name is Meta, people need to be convinced your attempts at privacy are more than lip service, this is one way and not the best way. The decentralised play is likely an attempt to thwart bots as much as anything else.
The core Twitter users like that news outlets and influential people use the platform to break news and announce things first, will Instagram be that? It’s not outrageous to think so - and if some of the functionality listed above comes into play, there’s an enticing reason to focus on one place versus a few places. The compatibility with other apps (see image) is interesting, Elon has really divided the Twitter community and is actively making the experience worse if you don’t pay them every month. If Meta offers a decent experience, users may simply cross-post to Twitter rather than originating content on the platform.
SO WHAT?
__ DO __ Know that Meta is facing increasing competition from other social media platforms. Meta has lost market share to other social media platforms, such as TikTok and Snapchat. The new platform could help Instagram attract new users, diversify its revenue streams and generally improve its image. // __ DON’T __ Ignore the data play. The extra data that this will get Instagram for shopping, live streams, ads and in general is why Meta is looking to fish in this area. Beyond this anything that steals back eyes from TikTok and co is a bonus for Meta. The question now becomes, will Meta soon control three of the world’s largest social media platforms or will this be a blip? After Twitter unceremoniously cut Instagrams API access (years ago), this is somewhat ironic to say the least.
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