This year, everything is changing. Facebook stock dropped by 26% in a single day, wiping out 230B in its valuation after its 4Q earnings announcement. The company goes through a new crisis every month. Employees are stepping out as whistleblowers, political pressures are growing, but most damning of all – consumers are now spending significantly less time on Facebook.
For the first time ever, Facebook announced weaker ad impressions, fewer daily active users, slowing spending by advertisers. And while the world is still very much stuck in COVID, there are enough signals to suggest that it’s not just you and me – lots of other people are simply getting tired of Facebook. The golden era of seemingly endless growth is now over.
Facebook in a single month has gone through a complete rebranding and is now pounding the drum for a flashy new vision about metaverses, digital frontiers, and innovation – things that companies only do when they feel they have no other choice.
So what is Facebook’s new strategy to combat this slowing growth? And why exactly does Zuckerberg think future growth lies in the metaverse?
0:00 A Company’s Arrogance
3:15 Digital Stickiness
3:39 Deepening Its Moat
4:37 Waning Social Significance
5:15 TikTok & The Changing Winds
6:20 The Short-Form Video Vertical
7:09 Snapchat & The Copycat Playbook
9:00 Reels vs. TikTok
10:13 Text to Photo to Video
10:59 Zuckerberg’s Big Bet
11:50 Software Services Without the Hardware
14:45 iOS 14’s Privacy Changes
16:20 A Forced Evolution
17:17 Winning the Personal Device of the Future