Threads Is Losing Appeal Quickly Among the Digi-Crowd, Crypto Included

3 Reasons Why the Crypto Market Is in Bear Territory
  1. Threads is quickly losing its popularity with the daily active users falling to just 13 million.
  2. Users are spending lesser time on the app from 19 minutes to just 4 minutes.
  3. Crypto users say the issue about incorrect censorship on Facebook is happening in Threads.

The popularity of Threads, a microblogging app owned by Meta Platforms, has been on the decline, causing concerns for the parent company. Recent data shows a significant drop in daily active users for the second consecutive week, with the number falling to 13 million. 

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This represents a staggering 70% decrease from the peak it achieved on July 7, as reported by market intelligence firm Sensor Tower.

Less Time on Threads From 19 Minutes to 4

Moreover, users are spending less time on the app, with the average time spent on the iOS and Android versions reduced to just four minutes, down from 19 minutes previously. Specifically, Android users in the United States have seen their average time drop to five minutes from a high of 21 minutes on the app’s launch day, according to SimilarWeb, a digital data and analytics company.

In comparison, Twitter has managed to maintain its user base, with approximately 200 million daily active users spending an average of 30 minutes on the platform, based on Sensor Tower’s estimates.

Meta executives were not caught off guard by the decline in Threads’ user engagement, considering the app’s rapid growth during its initial launch, attracting over 100 million sign-ups in just a week. They remain unfazed by the recent dip and have reassured investors that they are actively working on introducing new features. Meta’s primary goal is to enhance the user experience and increase the app’s user base before exploring monetization options.

On a related note, a recent study by NFTGators revealed that 69.3% of 117 major crypto industry brands have yet to embrace Threads. However, leading cryptocurrency exchange Binance has joined the platform, bringing along a substantial following of 335k users. Interestingly, Binance had previously invested a significant sum of US$500 million in Twitter when Elon Musk took over the company in 2022.

One concern raised by Threads users is the issue of random or inaccurate censorship, which has been a long-standing complaint among Facebook and Instagram users. Reports have surfaced of innocent posts being deleted due to algorithmic errors, and similar problems are now being observed on Threads, prompting users to express their frustration.

Meta Platforms is determined to address these challenges and improve the app’s performance, aiming to regain user trust and engagement.

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