Threads, the new social media app from Meta Platforms Inc., has made an astonishing debut, attracting over 100 million users in less than a week. Mark Zuckerberg, the CEO of Meta, shared the exciting news on Monday, stating that the app's rapid growth was mostly driven by organic demand. He also expressed astonishment at the app's incredible success, remarking that it had only been five days since its launch.
Originally a spinoff from Instagram, Threads utilizes users' Instagram accounts as the foundation for its service. Within just two days of its launch, the app garnered a staggering 70 million users, surpassing all expectations set by Meta. Evercore ISI, a financial analysis firm, projects that Threads could become a significant revenue generator for Meta, estimating that it will reach nearly 200 million daily active users and generate around $8 billion in annual revenue over the next two years.
Threads bears a striking resemblance to Twitter in terms of its design and functionality, drawing criticism from Elon Musk, the CEO of Twitter, who accused it of being a copycat and referred to it as "Instagram minus pics." The rivalry between the billionaire owners of the two platforms has escalated in recent weeks, with Threads becoming a focal point.
The success of Threads can be attributed to Meta's vast user base, with Instagram alone boasting over a billion regular users. Additionally, recent changes at Twitter have resulted in the alienation of a significant portion of its active user base, creating an opportunity for Threads to capture a new audience. Although Threads still lacks certain features, such as a chronological feed based solely on users' selected followings, it offers a familiar experience and is currently advertisement-free.