Threads, a new social media app released by Meta Platforms, has made a big splash in the industry. Within just 18 hours of its launch, the app garnered over 30 million sign-ups, posing a significant threat to Twitter, which is owned by Elon Musk. What sets Threads apart is its access to billions of Instagram users and its uncanny resemblance to its rival platform.
Referred to as the “Twitter-Killer,” Threads quickly rose to become the top free app on Apple’s App Store in both the UK and the US. This launch comes after heated exchanges between Meta CEO Mark Zuckerberg and Musk, with the two even joking about a real-life cage match in Las Vegas. However, it seems that Zuckerberg has struck a major blow with the release of Threads. Jasmine Enberg, principal analyst at Insider Intelligence, described the execution and user interface of Threads as exactly what one would expect from Meta.
In response, Twitter has threatened a lawsuit against Meta, according to sources. It is unclear at this time how this legal battle will play out. Competitors to Twitter have emerged since Musk’s acquisition of the platform last year, as his decisions have been met with criticism from users and advertisers alike. Musk’s latest move was limiting the number of tweets users can read per day, further exacerbating the discontent.
Analysts believe that Meta’s well-funded status and access to Instagram users and advertising will give Threads a fighting chance against Twitter. Niklas Myhr, a professor of marketing at Chapman University, stated that Threads arrived at the perfect time to capitalize on Twitter’s existing turmoil. If users adopt Threads, advertisers are likely to follow suit.
While Threads is a standalone app, it offers users the convenience of logging in using their Instagram credentials, leveraging the platform’s massive user base. However, Threads is still lacking some key features that Twitter offers, such as hashtags, keyword search functions, direct messaging, and a desktop version. Users have expressed the need for more control over their feeds, which is currently limited on Threads.
Twitter CEO Linda Yaccarino emphasized the importance of every user’s voice on the platform, stating that the Twitter community cannot be duplicated. Despite this, Threads gained traction on Twitter, with many users sharing links to their profiles on the rival app and creating memes.
In terms of monetization, Threads currently lacks ads, but Meta will consider it once the app reaches 1 billion users. The existing ad relationships from Instagram and Facebook are expected to aid Threads’ revenue growth. Some analysts draw parallels between Threads and Meta’s success in integrating features from other platforms, such as Snapchat and TikTok, with Instagram’s Stories and Reels.
The release of Threads has already had an impact on Meta’s stock value, which has more than doubled this year. Several brokerages have raised their price target for Meta. However, stock prices did experience a slight decline amid a broader market selloff.
While Threads is available in over 100 countries, it will not be launched in the European Union yet, as Meta needs to figure out how data sharing between the app and Instagram will be regulated in accordance with EU laws.
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