Facebook has been the industry leader in the social media market with great periodical feature releases. Some of these features enhanced the appeal of Facebook, while others promoted this app’s functionality to users.
Lately, this platform has been useful for both entertainment purposes and marketing objectives. A combination of these features has propelled Facebook to be the best in business. However, will Facebook be able to sustain all this growth in the social media sphere?
Facebook’s reputation is on a nosedive
Whistleblowers are revealing major secrets about this platform and its hand in catalyzing teen abuse, human trafficking, and so forth. At the same time, Facebook has also been revealed to be mishandling information and spreading misinformation.
Due to all these legal disputes and more that are still arising, Facebook’s reputation is on a nosedive. Subsequently, some users are leaving this platform for alternatives. Although some of these legal disputes began years ago, this company has come up again on the radar. Some of the matters implicating Facebook are being handled by congress. All of these disputes and bad press might affect the position Facebook has held for almost two decades.
Strife competition from alternative platforms
To make matters worse, there are many different Facebook alternatives 2022 has to offer with varying features. Some of the alternatives are new in the market, such as Retalk. This platform provides community-based conversations almost similar to Facebook, and the best part is that Retalk is still developing and adding new features.
One of the longest-standing foes of Facebook is Telegram, and users are still gradually increasing. Although Telegram has been growing at a snail’s pace, it dilutes Facebook’s position as an industry-leading platform. With the strife competition from alternative platforms in conjunction with the legal disputes, Facebook might drop this platform’s ranking.
Facebook and marketing features
One of the aspects that made Facebook become the powerhouse it is today is the ability to connect businesses with millions of users globally. Through ads and community building powered by personalization algorithms, Facebook has served both masters, consumers, and businesses.
Small businesses benefited greatly from targeted ads in the form of videos, posts, and images. Unfortunately, Facebook might be losing the marketing power it had before with Apple’s latest update release. This release allows users to disable app tracking, which impedes targeted ads since personalization will be much harder than before.
How TikTok might be taking over Facebook
Another long-standing competitor of Facebook is apparently thriving with the gradual demise of Facebook. TikTok has reached more than 1 billion users while Facebook is losing users. Whether or not these users are switching to TikTok, it is undoubted that this platform is losing its reputation and position in the market.
TikTok is attracting users with the endless video scrolling that Facebook replicated as Reels. Unfortunately, Facebook did not do as great a job as TikTok. The very conception of Reels indicated a lack of originality on Facebook, which might contribute to Facebook losing its position.
Facebook’s holding company rebranding might not work
Since the Facebook company has rebranded to Meta, this might appear as the last kick of a dying horse. Even amongst Facebook’s users, the rebranding might indicate a deep-seated problem. However, the rebranding is not seemingly working since legal disputes multiplied and attracted the general public after the rebranding.
At the same time, there is another trademark-related dispute that arose in Arizona. A PC company trademarked Meta claims that they filed trademark rights before Facebook rebranded. The company said they are not willing to let go of the name for less than $20 million.