Business and tech

What happened to Facebook?

todayFebruary 16, 2022

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Facebook, lauded as a “boomer” platform by the youngsters these days, is an American social networking platform owned by Meta Platforms now and was founded by Mark Zuckerberg and Eduardo Saverin in 2004. After 18 years, Facebook saw a rapid decrease in its daily active users for the first time. Daily active users (DAUs), as the name suggests, are a form of measurement of the total number of users that interact with a certain product, in this case, Facebook, within a 24-hour timeframe.

The main competitors of Facebook are newer additions to social networking games such as TikTok and Instagram. The younger generation, Gen-Z, if you will, joined these platforms rather than the older ones such as Facebook, Twitter, and Snapchat. This was the prominent reason for Facebook’s downfall. Shares of Meta platforms dropped to more than 20% in after-hours trading in New York and deducted around $200bn off the stock market value. Mr.Zuckerberg’s fortune has not been touched though, still remaining at a cool $90bn. Meta also faced another loss, when Apple updated its App Tracking Transparency policy, which created a problem for Facebook because it makes a huge revenue from advertising and it would not be able to do so due to this policy. Over in Australia, billionaire Andrew Forrest has a criminal case against Facebook, stating that the company has failed in preventing ads of scams that had his and other prominent celebrities’ faces on them. Many people have fallen victim to these scams and it is up to Meta to put a full stop to them.

It is yet to see what Meta has in store to counter these problems. The tech giant is currently investing in building up the ‘Metaverse’, in which Meta Platforms is focusing on building several virtual reality technologies. One would be able to improve work productivity, engage in e-commerce and so much more. Of course, it has its downsides as well, as seen with the occurrence of sexual harassment, which is a problem that needs an immediate solution. There are even rumours that the workplace is not as fun as it used to be, which poses a problem in attracting young talent. We would have to see how Meta and Facebook bounce back in the light of these problems.

Written by: jaimmynanayakkara@yahoo.com

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