Never Mind the Metaverse. Facebook Needs to Solve Its TikTok Problem
The social-media giant, focused on its far-off vision for virtual existence, has been caught unprepared by the growing popularity of short-form video.
Facebook parent Meta Platforms Inc. has suffered a string of public challenges in the past year as regulators intensified their scrutiny of the company and Apple rolled out a privacy feature that crimped a key source of user data. But as Meta’s wobbly revenue outlook made clear Wednesday, the company is facing yet another threat to its business. The social media landscape seems to be rapidly shifting toward short-form video, a space dominated not by Facebook but by TikTok.
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