Facebook – Fabulous or Failing?
Is Facebook really threatened as the younger demographic shift to using other messaging platforms?
An article in Variety Aug 23 (see here) discusses research by emarketer that forecasts teens and tweens will desert Facebook in favour of SnapChat next year. The author notes this is not a new trend and questions whether this is of concern to Facebook. I’d say Facebook is well on top of it.
Having created and released ‘Poke’, an app similar to SnapChat that failed its objectives when Snapchat arrived, Mark Zuckerberg and the management at Facebook recognised SnapChat’s appeal and potential back in 2012. They first approached their competitor to gauge their interest in being acquired and made what was ostensibly a takeover offer of $3 billion in 2013, which was famously rejected.
But Zuckerberg and his team know that competition dies or thrives in the Internet era because IP and technology can be so readily replicated or improved upon. SnapChat took three years to develop its Stories, Instagram took just four months for their version. Steve Jobs taught us it doesn’t have to be a new idea, just a better version, so ‘Let the games begin’…