We may finally have a worthy competitor to our very own social media behemoth Facebook Inc. (NASDAQ:FB). Jimmy Wales, the Co-Founder of Wikipedia, has launched a new social media platform that promises to do away with everything wrong that platforms like Facebook and Twitter have failed to mitigate in spite of repeated incidents and reminders by authorities.
While we are aware of Facebook’s predatory nature of acquiring and thwarting the efforts of its competitors to get any market share in their domain at all, it will really be interesting to see how Facebook responds to WT:Social. Although this new platform, still being in its absolute nascent stage, stands as no competition to the social media biggies such as Facebook and Twitter yet, only time will tell if this platform will be able to hold its ground in terms of scalability. As of right now, the biggest arsenal that WT:Social’s seems to possess is the assurance of providing a cleaner and more streamlined online social media experience, which, after all the ruckus that’s been raised by the data theft and data manipulation controversy, sounds like an olive branch that most of us definitely should think about grabbing onto.
WT:Social besides planning to not implement advertisement also wants to battle the distribution of low-quality content that often misleads people.or redirects them to harmful sites which is a practice that currently thrives in most online social media communities unless it’s flagged by a majority of people.
Now you might be thinking if WT:Social isn’t going to allow advertisements on its platform then how would they make any money at all, right? Well, they have got that figured out as well. They are offering their services on a paid membership basis much like that of streaming platforms such as Netflix, Hulu, Spotify and so on. The membership fee differs from one country to another wherein it’s $12.99 a month to a $100 a year in the US and $12 a month and $90 a year in Europe.
What will Facebook probably do about WT:Social? Here’s our take.
Well, we believe WT:Social is still too young to fall prey to facebook’s acquisition radar and therefore will get by, but if Facebook observes any major spike in their growth, rather than trying to acquire them, facebook may just come up with a freemium version of their platform wherein it will provide an ad-free platform experience for a monthly or yearly fee. However this plays out, we’d definitely be on top of this to keep giving you the latest updates on it.