Is Meta’s upcoming Twitter alternative ‘Threads’ going to be worth investing in?

Is Meta’s upcoming Twitter alternative ‘Threads’ going to be worth investing in?

Marisa Bailey June 26, 2023

Meta is currently preparing the launch of their own platform to rival Twitter. Let’s take a look at what this new launch means for marketers and how it could impact your business.

The downfall of Twitter

Twitter has faced many highly-reported issues over the last 12 months. The takeover by Elon Musk saw Twitter’s top 1,000 advertisers cease spending on the platform which saw a considerable loss in ad revenue on the platform. Mashable also highlights the many bugs on the platform and content moderation rules making it difficult for creators to post content on the platform. The introduction of Twitter Blue Verification also led to many problems, and sentiment towards Twitter has generally gotten more negative throughout 2023.

Project 92 / Threads

Due to these issues which only seem to be getting worse for the blue bird app, now is the perfect time for a rival to be launched. According to Social Media Today, Meta is getting ready to launch their own platform with the code name “Project 92” to rival Twitter. The platform, rumoured to be called “Threads” is designed to look like a DM thread with users able to share photos and videos and reply to creators to create a thread. The app will contain four tabs including a main feed, favourites and explore, mimicking a very similar interface to Twitter.

Social Media Today suggests that Meta is using celebrities Oprah Winfrey and the Dalai Lama to push the new platform and promote awareness amongst an older demographic, moving away from younger users who mainly use Twitter. 

Opportunities for marketers

What we know about the new platform is that users can sign into the platform using their Instagram credentials which will populate their account information, including accounts which users already follow on Instagram. This will make it a little easier for marketers to start using the platform and build an audience from existing Meta audiences. Users can also create posts up to 500 characters, unlike Twitter which caps Tweets at 280 characters. Therefore if the app gets traction marketers can benefit from considerably longer posts allowing much more room for content creativity for marketers to promote their brand.

According to the BBC, a Meta spokesperson confirmed that the platform will take the form of a “decentralised social network” to facilitate the sharing of text updates. It will form a space where creators and celebrities can share timely updates about their specific interests. Marketers can use the platform to post about their company updates, enabling conversations with their target audience, therefore facilitating customer engagement.

According to The Verge, Meta’s Chief Product Officer stated in a meeting that: “We’ve been hearing from creators and public figures who are interested in having a platform that is sanely run, that they believe that they can trust and rely upon for distribution.” This appeared to directly shade Twitter’s new owner Elon Musk. He also said that the platform will uphold values such as “safety, reliability and ease of use”  therefore ensuring that creators have a “stable place to build and grow their audiences”. By using the new platform, marketers can benefit from increased reliability and stability to grow their businesses.

However it is not all good news, as reported by CNBC Meta came under fire for circulating misinformation on their platforms, which marketers must be aware of when using this new platform. Whereas this is no match to the issues that Twitter has experienced.

According to Mashable the new platform is a priority for Instagram and Meta, and we could be seeing the launch as early as this summer. At the moment, it is difficult to say how the new rival platform will be received, but it does have many selling points to indicate that this platform could be the new Twitter.

As ever, for brands that are currently cautious about continuing to use Twitter, or those looking to branch into new platforms, we would advise to keep a close eye on the new platform, and test where appropriate. 

If you’re unsure about where to allocate your social marketing budget:

Sources

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