Meta just reported its first-ever decline in revenue since going public a decade ago.
behemoths reported slowing revenue — CEO Mark Zuckerberg announced that Facebook had declined in yearly revenue for the first time since the company went public, with a 1% decline year-over-year to $28.8 billion. The company’s bet on the metaverse continues to hemorrhage money for the company despite solid sales of its flagship VR product. Its stock value plummeted nearly 5% in after hours trading.
That anxiety spells trouble for a company that has ballooned in size, stature and notoriety in the past decade. But perhaps more foreboding is the company’s strategy to escape its protracted flop era. Facebook has not only lost users’ trust amid the chain of sociopolitical scandals it’s weathered, but it’s really just not that fun for most people to use anymore. No amount of new features or advertising can really fix that. And for its other massive platform, the company’s tried-and-true strategy of mimicking its competitors has reached a breaking point for its users.
Already, Instagram’s plan to mimic TikTok by pivoting away from photos and onto short-form video Reels — and explicitly showing less content from friends — has been pilloried by
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