On Wednesday, Meta Platforms introduced Threads, its new microblogging app, aiming to compete directly with Twitter. The launch of Threads sparks familiarity for Anthony Noto, CEO of SoFi Technologies, who is well-acquainted with the inner workings of Twitter.
Anthony Noto, formerly holding positions such as Chief Operations Officer and Chief Financial Officer during his four-year tenure at Twitter, assumed the role of CEO at SoFi in February 2018. With his extensive experience, Noto recognizes the immense value of Twitter’s content, describing it as the most valuable in the world.
“What sets Twitter’s content apart is not only its value but also its real-time nature,” Noto shared in an interview. “This additional dimension makes it incredibly appealing to everyone globally, all while users pay practically nothing for it.”
However, Twitter faces a significant challenge and opportunity: transitioning its product to cater more effectively to the mass market on a daily basis. Noto believes that this untapped market is where the social media giant must exert efforts to maintain its prominence.
Threads: A Potential Competitor to Twitter?
If Threads is able to offer a similar stream of real-time, appealing content in an easy-to-navigate product, it will pose a threat to the blue bird, as the user base for Instagram exceeds Twitter’s. Threads and Instagram are both owned by Meta, which streamlines the user experience, as Instagram usernames, profile pictures, and existing connections are neatly transitioned when users create their Threads account.
An Expansive Market Opportunity
In short, there’s an expansive market opportunity there.
However, if Threads isn’t able to deliver that real-time content in an accessible manner, it “won’t be a competitor,” Noto explained. “I think it’s as simple as that.”
Making Headlines: Threads vs. Twitter
A day after launching, Threads is making headlines. Meta Platforms launched Threads as a rival to Twitter on Wednesday, and one of Twitter’s former executives says there are opportunities there. CEO Mark Zuckerberg posted on the app that more than 30 million users had signed up as of Thursday morning.