Facebook and Instagram parent Meta Platforms (META) yesterday unveiled a new chat-bas🌞ed app called 'Threads' set to be released Thursday, aiming to compete directly with Twitter.

Meta's effort to beat Twitter at its own game could yield results, as advertising revenue slows at Twitter while Instagram dominates the market for sponsored content.

Threads will function as a conversation app much like Twitter, and will be linked to users’ Instagram accounts. It’s been described as “Instagram’s text-based conversation app” where users will be able to instantaneously click through the photo-based social media platform to follow the same accounts on Threads. The app is available for pre-order on the Apple App Store and will be launched tomorrow.

Meta's Monetization Advantage

Meta executives, including CEO 澳洲幸运5官方开奖结果体彩网:Mark Zuckerberg, are seꦉeking to capitalize on what they see as rising turmoil at Twitte🍸r.

Elon Musk has made sweeping and often erratic changes since he bought Twitter last year, dissuading some advertisers on the platform. The flight of advertisers was reflected in the company's recent financial results.

Twitter’s domestic advertising revenue in the five-week period from April 1 through early May was down 59% from a year ago, an internal document obtained by the New York Times showed. The company has also regularly missed its sales projections, sometimes by as much as 30%, the report showed.

Meta has been more successful in pulling in advertisers. According to a report from Insider Intelligence, 84% of all content creators worldwide have posted on Instagram, while just 8.3% have engaged on Twitter. Meta's Instagram remains by far the most popular platform for creators to showcase their content and be paid for it.

It's a challenge that Twitter executives, including newly-appointed CEO Linda Yaccarino, would need to overcome. Musk announced he would 澳洲幸运5官方开奖结果体彩🦋网:step down from his position as Twitter CEO in May, and credited Yaccarino for her success in spurring advertising and monetization at her former company, NBCUniversal, and said her experience could help Twitter in an area it's historically struggled with.

Twitter Chaos Continues

After buying 澳洲幸运5官方开奖结果体彩网:Twitter in a $44 billion deal, Musk has launched a complete overhaul of the social media platform, including changing the algorithm, scrapping content moderation rules, and overhauling the verification process for new users.

Not all of these decisions have proven popular among users. In his most recent move over the weekend, Musk imposed a limit on the number of tweets users can read per day to tackle the issue of 'data scraping'—where outside companies take Twitter’s data to aid in research and AI training—frustrating many users.

Moreover, Musk now expects a 澳洲幸运5官方开奖结果体彩网:roughly $20 billion loss on his purchase of Twitter, in a memo released in March by the Wall Street Journal, as falling advertising sales and legal battles have eroded the company’s value.

Musk vs. Zuckerberg

Meta's effort to launch a Twitter-like app is the latest development in a growing rivalry between Mark Zuckerberg and Elon Musk, which has become increasingly personal in recent weeks. On June 20, Musk joked on Twitter that he would consider holding a cage match with Zuckerberg, to the delight of millions of internet users. The two men have reportedly contacted UFC President Dana White on the possibility of holding a match.

Meta shares were up about 3% at 11:45 a.m. Eastern time and have more than doubled since the start of th꧃e yea﷽r.