Meta’s Threads, which is being touted as Twitter (now called X) rival, is witnessing a decline in user traffic and engagement. The new social media platform has seen a nearly 70 percent decline in the number of daily active users since its July 7 peak, according to market intelligence firm Sensor Tower.
Threads, which was rolled out on July 5, garnered 40 million downloads across the globe on the day of its launch. However, its user base has been halved within a few weeks of its launch, Sensor Tower data suggests.
A report published by Reuters states that Meta’s chief executive officer Mark Zuckerberg said that the company is exploring ways to add ‘retention driving hooks’ in order to attract users to return to the app. This included ways through which people on Instagram could view important Threads.
The development came a day after Meta released its Q2 earnings. According to Meta, in the second quarter of 2023, ad impressions delivered across Meta’s family of Apps increased by 34 percent year-over-year and the average price per ad decreased by 16 percent year-over-year.
Meta also indicated that it will continue to invest in artificial intelligence (AI) and the metaverse.