Will Threads succeed or join Meta’s list of failed projects?
Meta just launched Threads in a bid to rival Twitter. The new platform, essentially a text-based version of Instagram, automatically follows the same people as your Instagram, so users are building followings straight away. Meta founder Mark Zuckerberg described Threads as, “an open and friendly public space for conversation,” providing, “the best parts of Instagram and creating a new experience for text, ideas, and discussing what’s on your mind.”
If you’re an entrepreneur whose business relies on social media in any way, you may be considering joining the platform. With millions of people signing up to Threads within the first few hours of its launch, adding it onto your to-do list could be a good move.
But what are the chances that Threads will succeed? Will this be the next big thing, or another damp squib? Your time is valuable, and you don’t want to waste it. How do you know if this will be worth your energy?
Meta’s previous failed projects
This isn’t the first time that Meta (previously known as Facebook) has launched something new in a bid to kill a competitor. Those familiar with Facebook history might remember 2012’s Poke, an early attempt to copy Snapchat, which closed in 2014. Then there was Riff of 2015, which let you collaborate on videos with friends akin to Vine. Before that there was Facebook Questions (a Quora or Reddit copycat) and Bonfire, which popped up not long after Houseparty.
Plenty of big tech firms launch new products to see where they go. After all, why wouldn’t they? They have the audience, the resources and the inclination to play. Amazon has famously released over 50 now-failed products including Amazon Dash, the Fire phone, Amazon Auction (their version of eBay) and Amazon Tap (an early version of Amazon Echo).
So what’s likely to happen if you join Threads? Is there benefit to getting involved even if it doesn’t ultimately succeed?
The Clubhouse effect
Clubhouse is an app that launched in March 2020, at the start of the UK and USA’s coronavirus lockdown periods. By December 2020 it had 600,000 registered users, with 3.5 million by February 2021. During the initial rollout, the app was only accessible by invitation, and spaces were in demand.
At its peak, Clubhouse was busy. Entrepreneurs were networking, creating groups and joining rooms. They were hosting panels and appearing on them, meeting new people all over the world. This created a wave of people who were Clubhouse famous; influencers on that platform, even if nowhere else.
Clubhouse no longer enjoys the same active userbase and has pivoted several times. Other platforms including Twitter and LinkedIn have copied some of its core features. For entrepreneurs, this leads to the obvious question: was it worth it? Those who joined and spent energy on the platform would probably say yes. Even if short-lived, it served a purpose and brought benefits. If they got just a few new clients, if they saw an increase in signups, downloads or watches of their content, perhaps it did make business sense.
Threads could well be a Clubhouse. Topical, of-the-moment, about to give rise to a bunch of Threads influencers, before it peaks and slides away. This could happen within a month, a year or a decade. Entrepreneurs have to predict the potential long term gain from the short term effort.
Should entrepreneurs join Threads?
Consider the following before you create an account on Threads. Firstly, does it fit with your marketing strategy? Maybe you’re in an experimentation phase, where you’re trying new things, and it makes sense to add another platform into the mix. Do you have the time to spare? Getting traction on any new channel doesn’t happen by accident. You have to learn the art of effective posting, understand the algorithm and log in regularly. Where will you steal that time from?
After that, how are you doing right now? If you’re already onto something good, if your business is on an upward trajectory, it might not make sense to divert resources. Instead of dabbling with a new shiny object, stick to your guns and keep doing what you’re doing. Strike it off your to-do list, free up the mental headspace and remove yourself from conversations about the platform. Your future self will probably thank you.
Go all in or stay well out, that’s the decision for entrepreneurs considering joining Threads. The benefits go to the early adopters, so make your choice and create the plan to back it up. Securing your username is the easy part, now you have to get to work. Avoid acting without intention, don’t get involved unless you will see it through.
