Mr Branding: Meta's Wild Ride: Facebook's Funhouse Losing Steam

Saturday, October 21, 2023

Meta's Wild Ride: Facebook's Funhouse Losing Steam

In the whimsical world of Meta Platforms Inc., the third quarter brought a carnival of innovation, from AI wizardry to the launch of Threads, a new social playground. But don't let the flashy lights and catchy tunes distract you from the alarming signs of wear and tear on the merry-go-round of its advertising empire.

Let's take a spin on this amusing rollercoaster of numbers and insights:

Facebook's Freefall:

Traffic to Meta's business hub, business.facebook.com, took a nosedive of 11.4% in Q3, hinting at a waning enthusiasm for placing ads or any monkey business with Facebook, Instagram, and the Meta gang.

According to SimilarWeb data, worldwide, Facebook.com had a -6.4% tumble when it comes to web traffic, while Instagram.com surprisingly surged by 2.9%.

In the Land of Stars and Stripes, Meta's mobile apps had a bumpy ride when it comes to monthly active users. Facebook -3.8% decline, and Instagram -8.2%.

Where's the Party, Threads?

Threads joined the circus in July, creating quite a buzz. However, the initial frenzy turned into a muffled hum. In the US, September saw Threads on Android take a nosedive of 40% from its launch days.

For some context, Threads is still ahead of Bluesky, another social media contender. Threads boasts a whopping 65 million monthly active users globally just on Android, while Bluesky, well, it's still sipping on a small invite-only cocktail. Threads may be the new kid on the block, but it's no match for the big shots like X, Instagram, or Facebook.

The Metaverse Masquerade:

Meta, once the shining star of the metaverse, is still dancing to that tune. Their Meta Quest 3D headsets and other hardware are gaining traction. The website for Meta's Horizon Worlds metaverse had a traffic fiesta over the summer, showing promise.

Will there be a surprising plot twist? These digital numbers paint a gloomy picture, but Meta's magic tricks might have a surprise in store. They're working on audience growth strategies while juggling cost control initiatives and diversification away from their ad-centric past.

So, as the Meta circus marches on, with Threads doing somersaults and the metaverse keeping us entertained, who knows what surprises the next act will bring?

Take a look at the charts below for more insights: