Facebook, Instagram grapple with ageing user base

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New Delhi, Oct 25 | Facebook and Instagram are losing young users at an alarming rate as the millennials and Gen Z now opt for more immersive social game platforms like TikTok, Snapchat, Fortnite, Roblox and more, the media reported on Monday.

Teenage users on Facebook in the US are projected to drop 45 per cent over the next two years, driving an overall decline in daily users in the company’s most lucrative ad market, reports The Verge.

“Young adults between the ages of 20 and 30 were expected to decline by 4 per cent during the same timeframe,” the report noted, quoting internal Facebook documents.

Instagram was doing better with young people, with full saturation in the US, France, the UK, Japan, and Australia.

“But there was still cause for concern. Posting by teens had dropped 13 percent from 2020 and “remains the most concerning trend”, according to Facebook researchers.

The “ageing up issue is real. Increasingly, fewer teens are choosing Facebook as they grow older,” the researcher wrote in an internal memo, part of disclosures made to the US Securities and Exchange Commission (SEC) and provided to Congress by legal counsel for whistleblower Frances Haugen.

Haugen has claimed that Facebook’s business of selling ads based on engagement leads it to keep users on the service at all costs, even when it knows that the content they are engaging with is harmful. She also testified before the US Congress that Instagram can have a negative effect on the mental health of teenagers.

“While it famously started as a networking site for college students, employees have predicted that the aging up of the app’s audience – now nearly 2 billion daily users – has the potential to further alienate young people, cutting off future generations and putting a ceiling on future growth,” the report emphasised.

Joe Osborne, a Facebook spokesperson, said in a statement: “Our products are still widely used by teens, but we face tough competition from the likes of Snapchat and TikTok. All social media companies want teens to use their services. We are no different.”

To address the growing crisis, employees at Facebook and Instagram have been planning products tailored for teens and young adults, according to the internal documents.

However, they recognise that it is going to be an uphill battle on both platforms.

Facebook has been working on Groups+, meant to let young people join groups for specific personalities and “close-knit communities” as a way to “increase cultural relevance.”

The social media giant is also planning to rebrand the company with a new name that focuses on the metaverse.

Facebook CEO Mark Zuckerberg is expected to announce the new branding at the company’s Connect conference on October 28.

Facebook in September announced that it will invest $50 million to partner with the organisation to responsibly build the Metaverse – a new phase of interconnected virtual experiences using technologies like virtual and augmented reality (VR/AR).

The Metaverse is a set of virtual spaces where one can create and explore with other people who aren’t in the same physical space.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

Share Market Closing Bell: Nifty ends above 15,500, Sensex gains 443 pts

On a weekly expiry day, Nifty opened on positive note and have a dip to make an intraday low at 15367.50 level but showed bounce back moment as managed to close at 15556.65 level with a gain of 143 points. Bank Nifty closed the session at 33135 level with a gain of 289.70 points. 45 Out of Nifty 50 ended in green which suggest broad based buying.

All the sectoral indices managed to close in green expect Energy while Nifty Auto was top gainer. Among Nifty Stock, MARUTI, EICHERMOT, HEROMOTOCO & M&M were the top gainers, While RELIANCE, COALINDIA, POWERGRID & GRASIM were the prima laggards. India VIX closed at 20.88 level with a loss of 1.97%. On Technical Front, The Nifty has formed bullish candle but faced resistance at 21 Four-Hourly Moving Average i.e., 15647 which suggest crossing above the same can show more upside rally.

Nifty has been trading in range of 15200-15700 level while breaching either side can suggest further direction of breakouts. Nifty has given above 50-Hourly Moving Averages which indicate it can show upside moment in the counter. On the Nifty OI Data, On the call side ,the highest OI witnessed at 16000 level while on the put side was at 15500 Niftg level followed by 15300 levels. The momentum indicators Stochastic is trading with a positive crossover on a daily chart which suggest northward journey in the Nifty.

The Nifty may find support around 15200 levels while on the upside 15700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 32300 levels while resistance at 33800 levels.

Overall, Sector specific momentum has been observed, crossing above 15700 Nifty can show more upside rally.

Market entering into buy on dips pattern.

Palak Kothari
Senior Technical Analyst
Choice Broking

Source: Choice India

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The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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