Social media giant, Meta Platforms (NASDAQ: META) is looking at “retention-driving hooks” for its rival to Twitter, Threads, CEO Mark Zuckerberg told employees at an internal town hall, according to Reuters. Threads lost more than 50% of its users in the weeks following its launch, according to the report.
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However, Zuckerberg commented that the retention of users was still better-than-expected, though it was “not perfect.” Meta expects user retention to grow as it adds more features to the app including search functionality and a desktop version of Threads. Threads had attracted around 100 million users in the first three days since its launch.
Chief Product Officer Chris Cox stated at the town hall that the company plans to entice users by “making sure people who are on the Instagram app can see important Threads.”
Meanwhile, while Meta’s extensive spending on Metaverse has raised eyebrows, Zuckerberg remained bullish on Metaverse and stated that the work on augmented reality or virtual reality technology was “not massively ahead of schedule, but on track.” He added that investments in Metaverse were needed to keep “all the tools ready for when this is ready for prime time” as he expects mass adoption of Metaverse in the 2030s.
Overall, analysts remain bullish about META stock with a Strong Buy consensus rating based on 37 Buys and three Holds.
