#67 - The Move to Meta
Final stand, a revolution, and a decade
Something changed this week.
For the first time in 18 years… Facebook stopped growing.
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Final Stand
The news sparked a sell off. Facebook’s share price fell 26.4% wiping off £169bn. That’s more than the GDP of Portugal.
But don’t write the obituary just yet. Mr Zuckerberg knew this was coming. He’s played his next move.
Zuck’s final stand is a rebrand. Facebook becomes Meta.
It’s a smart move.
Not because they become leaders of the Metaverse. They don’t. But because it changes their name from Facebook. That’s the key.
Changing the name brings their other stars into the fold. Facebook may have stopped growing, but Instagram hasn’t.
For years Zuckerberg shunned Insta. It’s a Facebook competitor, there’s no denying it. As long as his company was called Facebook, Instagram remained on the periphery. But it’s succeeded where Facebook has failed. It’s adapted to the new guard. It’s relevant.
There is, however, a greater threat to Meta HQ. The threat to their business model.
A Revolution
Meta makes money from advertising. From harvesting data to run targeted ads. It’s a big business. But something is changing. There’s a revolution underway.
They’re under fire from all angles. Both Governments and, more concerning for Zuck, fellow tech giants. Apple’s step onto the stage. A recent IOS update restricted the data collected through apps like Facebook. It’s cost Meta billions.
They need a new business model. And the Metaverse holds the key. That key is a move towards digital goods.
China have cracked it. Tencent, the £450bn giant, have built their whole business on digital goods. WeChat, their flagship product, offers an insight into where Zuck is looking.
WeChat’s a monster. Imagine Instagram, Whatsapp, and Monzo tied into one. Meta could finally profit from Whatsapp’s 2bn(!) daily users.
A Decade
Who knows if Meta will pull it off. Public opinion is growing against them. It might be too late.
Either way there’s good news. This could be the end of endless scrolling. Less focus on ads means less focus on newsfeeds.
But Pandora’s box is open. We’re hooked. I’ve spent the last three years trying to rid myself of my phone, to no avail. It sits next to me as we speak.
Life is moving to digital first. Our devices are the gateway to the relationships in our lives. Gone are the days when all your friends and colleagues lived a stone’s throw away. But there’s hope.
What has worked for me is scheduling time offline. Whether it’s a few days with the monks or a daily digital detox from 6pm to 9am. Those windows give me space to reconnect with myself.
There’s a whole generation who hasn’t gone a waking hour without their phone. That has profound consequences. Over the next decade I’d love to help normalise digital detoxing. To make it a part of each of our lives. Like jogging for your physical health, it’s amazing what time offline does for your mental health.
Talk about something long enough and interesting things happen. Do it for a decade. I’ve been shouting about unplugging for two years. Count me in for another eight. I’ll let you know how it goes.
My Week in Books📚
No Filter by Sarah Friers
The instagram story. Crazy. Such a great look into where society is going. A hilarious look at the real Mark Zuckerberg.
Hatching Twitter by Nick Bilton
The twitter story. Thrilling. Reads like fiction. It’s basically just about the warring founders. Spoiler: Jack Dorsey wins. Machiavellian to a tee. Another literary appearance for Zuck.
I’ll be updating the books I’ve read this year here. Any recommendations? Let me know! See 2021’s books here.
A Final Thought 💡
“Most people overestimate what they can do in one year and underestimate what they can do in ten years.”
― Bill Gates
amen! firmly in the ‘ban facebook forever’ club ❤️