Are we ready for a world without Facebook in it?
The social media giant recently rebranded itself as Meta Platforms due to ongoing criticism around privacy concerns and a failure to deal with hate speech and misinformation on the platform
But that might be the least of the company’s worries, it is in a spot of bother having recently seen over $250 billion wiped from its market value in a single day and its first user base loss in the history of the company.
Added to those woes is a standoff with the European Union (EU) around how user’s data is being transferred across the Atlantic. Meta says it will be forced to pull Facebook and Instagram from the EU if it’s not allowed to continue transferring user data back to the United States. But EU lawmakers are in the process of finalising new legislation around how its citizen’s data distributed
But Meta itself says it is not threatening to remove its services from Europe but rather pointing out the flaws, which underline the data protection framework.
“Meta is not wanting or “threatening” to leave Europe and any reporting that implies we do is simply not true. Much like 70 other EU and US companies, we are identifying a business risk resulting from uncertainty around international data transfers,” the company said in a statement.
It added, “This is not new. We’ve raised international data transfers in each of our earnings since at least Q2 2018, and highlighted the specific risk to our services in Europe and the need for a safe, secure EU-US data transfer mechanism in our last four earnings.”
But local commentator Toby Shapshak believes after Facebook’s subscription base dropped by one million users in the three months to December 2021 and the biggest tech selloff in history, the writing is on the wall for Meta (for subscribers).
“It is significant for many reasons. First, it’s the first drop in subscriber numbers it has had. Second, it shows that growth has peaked; people can tell when the end is nigh, as it were.”
Shapshak argues that because of a lack of innovation, the tendency to buy other companies and copy features rather than to develop new ideas themselves, Meta is in real trouble as has been underscored.
And the company’s big $10 billion bet on the metaverse is still years away from being realised.
The millennial generation preference for TikTok over Instagram and Facebook doesn’t bode well either and US lawmakers are pushing for a breakup of the tech monopoly that is Meta. Lawmakers want Whatsapp and Instagram to be sold and become independent companies again.
If this really is the slow death of Facebook, can we say we are ready for a world without something that has defined a great deal of our social interaction over the past nearly 20 years?
Here’s a roundup of interesting opinions, analyses, and editorials:
SAM MKOKELI: Ramaphosa, the lonely president who is scared of his own colleagues – Financial Mail
Pieter du Toit | Ramaphosa, the nominal reformer, will be felled by a weak state, corrupt ANC – News24
Sona 2022: From Thuma Mina to Mea Culpa, South Africa needs an honest and pragmatic meritocracy – Daily Maverick
Ramaphosa’s 2022 Sona on corruption: Is that it? – Daily Maverick
In defence of Dali Mpofu: When silks think and sound like vagabonds – City Press (for subscribers)
ISAAH MHLANGA: Progress on Ramaphosa’s priority projects earns pass score – Business Day (for subscribers)
HILARY JOFFE: Treasury likely to play down tax take again – Business Day (for subscribers)
JONATHAN JANSEN | Read this for meaning, Institute of Race Relations – Sunday Times Daily (for subscribers)
