Record-Breaking Growth of Meta's Threads
Just five days after its launch, Meta Platforms' latest social media platform Threads has reached a staggering 100 million sign-ups. This accomplishment was announced by Meta's CEO Mark Zuckerberg on Monday. The platform’s rapid growth eclipsed the record previously held by OpenAI's ChatGPT, making Threads the fastest online platform to reach this milestone.
Meta’s Rising Star Attracts Celebrities and Politicians
Since its inception last Wednesday, Threads has been shattering user growth records. A wide range of users, including celebrities, politicians, and newsmakers, have joined the platform. Analysts see Threads as the first serious contender to the Twitter throne, currently owned by Elon Musk.
Threatening Twitter's Dominance
Despite not having activated many promotions, Threads’ user base has skyrocketed. The meteoric rise of the app contrasts with the slowing growth of Twitter, which had almost 240 million monetizable daily active users as of July last year, based on the company's last disclosure before Musk's acquisition. Recent data shows Twitter's usage and web traffic have dropped since then, exacerbating the challenge posed by the emergence of Threads.
Existing Rivals Lag Behind Threads
Although Threads is not the first platform attempting to rival Twitter, it has surged ahead of competitors such as Mastodon, Bluesky, Truth Social, and T2. These platforms remain relatively small in the shadow of Threads' explosive growth.
Controversy Over Threads' Similarity to Twitter
Elon Musk has openly criticized Threads, threatening to sue Meta over allegations of trade secret theft and misuse of confidential information to develop the app. Threads bear a strong resemblance to Twitter, featuring posts up to 500 characters long and supporting links, photos, and videos of up to 5 minutes. However, legal experts argue that Musk's claims may be difficult to substantiate.
Potential Limitations and Future Plans for Threads
While Threads has made a promising start, it still lacks certain key features including direct messaging, a desktop version, and search functionalities like hashtags and keywords. Despite this, the current dissatisfaction among Twitter users could play into Threads' hands. Furthermore, Meta plans to focus on light-hearted content and will only consider monetizing the platform once it reaches the milestone of 1 billion users.
Meta's Stock Performance Amid Threads' Launch
The success of Threads has positively affected Meta's stock performance. Meta shares were up 0.7% on Monday and have seen an overall increase of over 140% this year. As Threads continues to gain traction, Meta's growth trajectory is expected to maintain its upward trend.