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SOCIAL MEDIA

Despite high hopes, growth is stalling for Meta’s Threads platform

By our News Team | 2023

This year, it will rank second-to-last among social networks in the US, a position that will remain unchanged through to 2025.

Threads, the platforms developed by Meta as a rival to X (formerly Twitter), skyrocketed almost immediately following its launch in July, breaking social media growth records. 

 

But now it is losing its lustre, according to the inaugural Threads forecast from market analysis firm, Insider Intelligence.

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Photo by Julio Lopez from Pexels

By the end of 2023, the firm expect Threads to have 23.7-million monthly users in the US, less than half the user base of X. That equates to 10.4% of social network users and 17.5% of Instagram users.  

 

This year, it will rank second-to-last among social networks in the US, a position that will remain unchanged through to 2025, Insider Intelligence predicts.

 

“The path to 1-billion Threads users is longer than Meta would like,” says Jasmine Enberg, Principal Analyst at Insider Intelligence. 

 

Network effect has yet to take hold

 

“The link to Instagram can only take Threads so far, and the clock is ticking for the network effect to take hold. While a drop in sign-ups and engagement was to be expected after Threads’ hyped-up launch, Meta needs early adopters to actively use the platform to continue to grow its user base.”

 

According to Enberg, it took Instagram roughly three years and Twitter (now X) nearly six years to reach the same number of US monthly users as Threads will have in less than a year-and-a-half.

 

“But Instagram and Twitter both launched when social networks were still relatively new. In 2010, the year Instagram rolled out, just 43.9% of US consumers used a social network monthly. The social landscape may have been less competitive back then, but user acquisition was more difficult.”

 

Enberg says Threads received an initial boost from Twitter’s missteps, but it can’t rely on X defectors to continue to grow.

 

“Still, Musk’s recent announcement to charge all X users a monthly subscription fee could open up a clearer avenue for Meta to monetise Threads. Assuming Musk doesn’t backtrack, the move will likely alienate more X users and potentially increase advertiser interest in Threads.”

  

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.