As per recent reports and insights, Meta is planning to launch its new text-based application, internally known as Project 92 or potentially Threads, sometime in mid-July. The app is built on Instagram's network graph and is being developed as a competitor to Twitter. The move comes amidst user discontent following changes on Twitter after Elon Musk's takeover.
Alex Heath, in his Command Line newsletter, reports that the app will be promoted within Instagram, providing a large distribution platform from the start. Users can swiftly get started on the new app using their Instagram account information.
The app aims to reach tens of millions of users within the first few months of its public release, which could pose a significant threat to Twitter. Despite the controversy surrounding Twitter's user count due to Elon Musk's claims about inflated bot numbers, the platform reports approximately 250 million active users.
Meta's new app, if it successfully directs a portion of Instagram's 1.3 billion users to this new platform, could potentially challenge Twitter's standing as the leader in real-time news discussion.
In response to various changes on Twitter, including promoting paying users over others and the reduced real-time relevance, some users have been seeking alternatives. This situation offers Meta an opportunity to fill a gap in the market with the P92 project. The app will serve as an alternative real-time update stream, with a similar user interface to Twitter.
In addition, Elon Musk and Meta chief Mark Zuckerberg have recently agreed to a potential cage match, sparked by disputes about Meta's new challenger app. UFC boss Dana White revealed he has spoken to both Musk and Zuckerberg about a possible bout. The developments reflect the intensifying competition in the social media landscape.