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"We're exploring a standalone decentralized social network for
sharing text updates. We believe there's an opportunity for a
separate space where creators and public figures can share
timely updates about their interests," a Meta spokesperson told
Reuters in an emailed statement.
It was not immediately clear when Meta would roll out the new
app.
Meta, which saw user growth boom after the acquisition of
Instagram and WhatsApp in the early 2010s, has of late faced
intense competition from Chinese short-video app TikTok.
Meta's monthly active users for its family of apps grew 4.2% in
the December 2022 quarter, compared with 8.8% growth a year
earlier.
"It is a strategy to dominate all spaces under the social media
and have offerings that cover all use-cases and demographics,"
said Jehil Thakkar, Partner, Deloitte India.
(Reporting by Shubham Kalia, Shubhendu Deshmukh and Yuvraj Malik
in Bengaluru; Editing by Sherry Jacob-Phillips and Anil D'Silva)
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