Meta, previously known as Facebook, has recently launched Threads – a platform aiming to compete with Twitter. Fueled by the vast user base of Instagram, Threads is essentially a textual version of Instagram and automatically follows the same people from your Instagram account, making it an instant hit. The question that prevails though, is whether Threads will be another successful venture by Meta or will it join the list of Meta’s failed projects.
A Look at Meta’s Previous Failed Projects
Meta has constantly been at the forefront of innovation, launching new products to compete with its rivals. However, not all have been successful. Back in 2012, Meta tried to compete with Snapchat by launching Poke, which was discontinued in 2014. Riff, launched in 2015, was Meta’s attempt at copying Vine, allowing users to collaborate on videos with friends. Other failed attempts include Facebook Questions (a competitor of Quora or Reddit) and Bonfire, a platform similar to Houseparty.
A dive into the history of big tech companies reveals that launching new products is a common practice. Amazon, for instance, has launched over 50 products that eventually failed, including Amazon Dash, the Fire phone, Amazon Auction, and Amazon Tap.
The key question for entrepreneurs and businesses is whether they should invest time and energy into Threads, given Meta’s history of failed projects.
The Case Study of Clubhouse
To understand the potential of Threads, it is useful to look at the trajectory of Clubhouse. Launched in March 2020, during the initial months of the COVID-19 lockdown, Clubhouse had 600,000 registered users by December 2020, which grew to 3.5 million by February 2021. Despite its declining active userbase and several pivots, Clubhouse served a purpose and brought benefits to its users, even if short-lived.
Threads might follow a similar trajectory, rising to popularity and creating a wave of influencers before potentially fading away. Entrepreneurs must consider the potential long-term gain against the short-term effort.
To Join or Not to Join Threads?
Before deciding to join Threads, there are a few considerations to ponder. First, assess whether Threads aligns with your marketing strategy. If you are in an experimental phase, trying out new platforms, Threads might be worth a shot. However, gaining traction on a new platform requires learning the ropes, understanding the algorithm, and investing time regularly.
Next, evaluate your current progress. If your business is doing well, diverting resources to a new platform might not be worthwhile. Instead of dabbling in a new area, it might be more beneficial to focus on what’s already working.
Finally, decide whether you are ready to commit to the platform. The benefits of early adoption are significant, but they require persistence and dedication. Securing your username is merely the first step, the real work begins after.
In conclusion, the decision to join Threads is a strategic one. Entrepreneurs need to weigh the potential benefits against the time and effort required to build a presence on the platform. As with any new venture, it’s crucial to have a strategic plan and act with intention.