Our Love/Hate relationship with Facebook
There’s no doubt about it, Facebook is huge. With 2.7 billion monthly active users worldwide and being the third most visited site after Google and YouTube, this platform is indeed engrained in our culture. With their popularity, is it any wonder that Facebook, Instagram, and Facebook Messenger occupy 3 of the top 10 positions on the Apple App Store? Ad sales is Facebook’s primary source of revenue, posting a total revenue of $18.7 billion in Q2, a growth of 10% year-over-year.
Can anyone take down this Goliath?
Recently there’s been a movement to ‘delete Facebook’ with more than 1,000 groups staging boycotts this summer. With questions regarding security of our personal information, external interference in elections, the spreading of hate speech and misinformation, and the mountains of ads and paid content that gums up your news feed, people are getting fed up with the platform.
MeWe refers to themselves as the ‘anti-Facebook’ allowing users to control their data, newsfeeds and privacy. The platform now has 9 million users worldwide and has zero paid marketing ads. Do you remember what Facebook and Instagram looked like before all the commercial content?
With the basic social media platform free and no ad revenue, one may wonder how MeWe makes money? They do this by offering paid add-ons including extra storage, custom group profiles, live voice and video calling, business pages and journals. But are consumers willing to pay for the freedom of choice?
Ask cable television and satellite service providers? Consumers fed up with channel bundling (i.e. paying for channels they don’t watch) are opting for streaming services such as Netflix and Prime Video. But services are protecting their content including Disney+ and Peacock, so now one must subscribe to multiple streaming platforms to have the same access to the content they want to watch (and most likely a lot of content that they don’t watch).
The big question is, ‘Are you willing to pay extra for privacy, or will you accept exposure of your personal information to save a few bucks?’