On July 5, Meta, the tech giant, formally introduced Instagram Threads, a competitor to Twitter. The CEO, Mark Zuckerberg, boasted that the app received over 10 million sign-ups in the first seven hours. Zuckerberg’s first post on the platform expressed enthusiasm, saying, “Let’s do this.
What is Instagram Threads?
Threads, similar to Twitter in its format, allow users to share concise text posts and engage with content through liking, reposting, and replying. However, it lacks direct messaging capabilities. Users can post 500-character threads, including photos, links, and videos.
Although Threads is a stand-alone application, users may log in and follow the same accounts using their Instagram credentials. It offers a smooth interface for Instagram’s enormous user base, which has more than two billion monthly active users. The app does not currently display any adverts.
According to the blog post, Threads, dubbed the “Twitter-killer app” and positioned as a clear rival to Twitter, is accessible in more than 100 countries via Google Play and Apple’s App Store. However, due to data privacy concerns, its launch in the European Union is still on hold.
What is the reaction to Threads’ by other players?
Analysts in the industry suggest that investors are enthusiastic about the potential of Threads due to its integration with Instagram, which provides a ready-made user base and advertising prospects.
Strategic financial analyst Brian Wieser commented on Substack, stating that the platform could quickly thrive if popular Instagram users with significant followers, such as Kardashian, Bieber, or Messi, start using Threads regularly.
Before the release of Threads on July 5, Meta’s stock increased by 3%, outpacing gains made by other tech businesses despite a slight decrease in the overall market. Following the significant user attraction to Threads, Meta Platforms experienced a 1.8% increase on July 6.
The launch of Threads comes as Mark Zuckerberg and Elon Musk exchange bombastic barbs. This favorable timing allows Meta to strike a blow to Twitter, which has faced months of turbulent decision-making under Musk’s leadership, resulting in advertiser exodus, substantial layoffs, and controversies related to content moderation.
In October 2022, Elon Musk acquired Twitter. However, since then, the company’s value has plummeted due to the departure of advertisers, significant job cuts, and controversies surrounding content moderation.
Zuckerberg projects to achieve over one billion users
In a Threads post, Mark Zuckerberg acknowledged the challenges faced by Twitter. He expressed his belief in the necessity of a public conversation app with a user base exceeding one billion people. He noted that while Twitter had the opportunity to achieve this, they have yet to succeed, and he hopes that Meta will be able to fill that void. Privacy is taken into consideration when Threads and Instagram are combined.
Instagram users who sign up for Threads will see a badge on their profile, but they can choose to hide it. To accommodate user preferences, the app also features several privacy settings. Several prominent brands, like Billboard, NPR, HBO, and Netflix, created Threads accounts. Moreover, celebrities like Kim Kardashian, Shakira, and Chef Gordon Ramsay.
When a user predicted the downfall of Twitter shortly after the Threads launch, Zuckerberg advised patience and remarked that they are only at the initial stages of the competition, likening it to the opening moments of the first round in a boxing match.