Meta Threads: The Next Big Thing in Social Media?
Written by: Tracy Mastrangelo Bennett, Senior Paid Social Account Manager at Location3
2023 has been a year full of ‘hot off the press’ digital news. From the sudden emergence of ChatGPT and other AI tools to the latest launch of Threads, both users and advertisers are looking for ways to maximize their efforts in the digital space. Since its launch on July 5, the app has surpassed 100 million users and claimed the prize for the fastest-growing platform in history. But then this week the app saw a sharp decline in daily active users. Will the lure to a new social media app reign strong, or will it become another fad? Let’s dive in.
What is Threads?
Threads is a text-based social media application developed by Meta, which owns Facebook and Instagram. The app is designed to encourage conversations and thought sharing, similar to Twitter, and utilizes your Instagram profile and following to build your network. Think Instagram but with words instead of images. While Threads seems like a direct copy of Twitter, CEO Mark Zuckerberg has stressed the key differentiator being the “kind” and “friendly” focus of the app. Head of Instagram and Threads Adam Mosseri also alluded to providing a space where users are free from breaking news and political posts. Part of this comes from the urge to stay away from complicated issues, but the other part ensures that minimal misinformation makes it to users’ feeds.
Why is Threads important?
Based on the userbase numbers after just a short five days post-launch, Threads is proving to garner the interest of millions of users across the globe. While there are other platforms that have launched and failed such as Vine and, more recently, Clubhouse, Meta’s clout and monopoly in the social media space is what sets Threads apart. While Clubhouse came and went, Vine stuck around for many years and eventually folded when the company did not recognize the power of Creators and monetization within the app.
What is the future of Threads?
ICYMI, Location3 loves a good industry prediction. While the future of Threads is up to its current user base and adoption of yet another social media app, the data in this short period of time paired with the history of Meta’s success in launching new features and products is speaking for itself. In 2016 we saw the launch and adoption of Stories on Instagram become a full success, with users continuing to utilize the feature and a continued decline in users on the competitor app, Snapchat.
While ad placements aren’t available yet, we predict that Threads is investigating and potentially developing the monetization of the app, especially given the recent Hulu partnership announcement. For advertisers, this could simply mean an additional placement in the already robust Meta Ads Manager or a more partnership-based, multi-advertiser format program. For now, businesses and advertisers must be patient, but the reward could be worth the wait!
Reach out to Location3 today to chat more about your Paid Social Strategy and stay in the loop on emerging channel opportunities.
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