20 Years of Meta: What’s Next?
2023 marks an important year for the internet. In 2003, “FaceSmash” was launched, and very soon afterward became what we know as Facebook. Different social media networks came and went, but Facebook skyrocketed into popularity, now boasting 2.96 billion monthly active users.
In the past two decades, Facebook has acquired over 90 companies, most notably Instagram, WhatsApp, and Oculus VR. Given its newfound identity, Facebook was renamed Meta.
Sunshine and Roses?
Meta’s path to success hasn’t been perfect. Amidst data security concerns and whistleblower lawsuits, Meta’s declining revenue is a significant obstacle “Zuck” will need to overcome for another 20 years of social media titanhood.
But Meta’s goal isn’t simply to remain a social media network. The company’s spending on the revolutionary Metaverse project is said to have passed the 100 billion mark. Leveraging the world’s new interest in AI, Zuckerberg hopes to launch a metaverse product that will knock our socks off… Or will it?
Fierce Competition
It’s no secret that TikTok has taken the social media world by storm, captivating billions of users with the now-preferred entertainment medium of short-form video. While Meta’s growth was massive in the long run, TikTok’s growth rate has the potential to surpass Meta within 4 years.
Few attempts have been made to mitigate this looming threat, such as launching Instagram reels, Facebook shorts, and a paid “Meta verified” subscription program. Time will tell if the barrage of copycat features will truly win back the hearts of Meta users.
How Should Social Media Marketers Respond?
It’s difficult to say where things will end up, so advertisers ought to analyze how things stand at the moment. Photo-sharing was nice while it lasted, but short-form video is now overwhelmingly preferred by consumers. If you want viral success on social media, getting in front of a camera is truly your safest bet.
We can theorize about the future of the metaverse, or we can ride the waves of viral trends and bring in millions of views. Countless businesses have benefited from taking advantage of TikTok’s algorithm and putting their brand out there. At WM Marketing, we say strike while the iron’s hot.
