The world of social media is changing. In 2023, Elon Musk’s Twitter has 353.9 million users, almost four per cent fewer than in 2022, and is expected to lose another five per cent next year, according to BankMyCell.
Previously, it built its network thanks to three communities: politicians, celebrities, and journalists, who could broadcast directly to a large audience without any gatekeepers, build personal brands and promote stories that they believe are newsworthy. Trolls use Twitter because its algorithms give their content disproportionate weight in the conversation. As a result, according to MIT, falsehoods on Twitter spread 10-20 faster than facts.
Mark Zuckerberg’s Threads, launched on July 6, 2023, got off to a great start with over 100 million subscribers within just five days. But, according to SimilarWeb, Threads’ daily active user base dropped from 49 million in the launch week to 23.6 million now.
Where is news in this picture? Well, the average news platform subscriber is 50 years old. 40 per cent of 18-29 year-olds use social media to consume news.
Noam Bardin is the former CEO of Waze and the founder and CEO of Post, which he launched in November 2022. Post is an inclusive platform designed for social media natives and the way they want to consume news. He speaks with Andrew Wrobel about the future of the media industry, from both a consumer and publisher perspective.
They also talk about how to make sure that users are part of a community where debate is civil and constructive. They discuss a model that promotes access to content produced by premium publishers and countless experts and academics, without subscriptions or ads, using micropayments with publishers receiving the entire payment revenue.
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