Although the new Threads; Twitter alternative did very well in its first week of launching, the app has become a new place of discussion even though Twitter itself is currently undergoing some rigorous rebranding and restructuring. The bounce rate on the app is quite high which is why Meta’s execs are thinking about better ways to keep users more on the app.
CEO Mark Zuckerberg, addressing employees at an internal town hall, acknowledged that the app had lost over half of its users in the wake of its much-hyped launch. However, he expressed that user retention was better than anticipated but acknowledged there was room for improvement.
In a candid manner, Zuckerberg stated that it would be fantastic if a significant portion of the 100 million sign-ups stuck around, but they had not achieved that goal yet.
He brushed off the drop-off as typical for a new app and remained optimistic about increasing retention as they introduced more features, such as a desktop version and search functionality.
Chief Product Officer Chris Cox revealed that Meta was diligently exploring ways to create “retention-driving hooks” to lure users back. One of the strategies involved ensuring that Instagram users could easily access essential Threads content.
Despite the app’s challenges, Meta’s recent revenue growth forecast impressed investors and signaled a promising comeback. The positive development led to an 8% surge in Meta’s shares on the market.
During the call with employees, Zuckerberg emphasized the company’s progress in augmented and virtual reality technology, which would be instrumental in building the metaverse. He admitted that they were not substantially ahead of schedule but remained on track.
Zuckerberg stressed the importance of starting investments in this technology ahead of competitors like Apple, Google, and Microsoft, who possessed extensive experience in operating systems for existing products.
By doing so, Meta aimed to have all the necessary tools prepared for the eventual mass adoption of metaverse technologies, projected to occur in the 2030s.
In another exciting development, Zuckerberg and Cox highlighted the release of Llama 2, an artificial intelligence model, earlier that month.
To encourage its adoption, Meta made the model available for free to developers with services catering to fewer than 700 million users. The move was well-received, as evidenced by the model’s over 150,000 download requests within a week of its release.
When questioned about a potential “cage match” against Elon Musk, Zuckerberg remained unsure if such an event would ever materialize.
Meta’s executives are diligently working to enhance Threads’ user retention and expand its features to secure a more solid user base. Despite initial setbacks, Meta’s positive revenue growth forecast has boosted investor confidence, signaling a potential turnaround for the company.
Moreover, Zuckerberg’s focus on advancing augmented and virtual reality technology demonstrates the company’s commitment to staying ahead of competitors in the race for the metaverse.
With the release of Llama 2, Meta aims to foster AI development and engage developers in their ecosystem. As the company navigates the challenges and opportunities that lie ahead, Zuckerberg and his team maintain a cautious but optimistic outlook for the future.