As Meta’s Threads celebrates its first anniversary, will it now be the challenge of X?
Metatrades, the social media platform built to take over Elon Musk's Twitter by 2023, is celebrating its first anniversary, as Twitter is now known to be a hot topic.
Meta CEO Mark Zuckerberg announced to Threads on July 4 that the app has more than 175 million monthly active users. The new milestone comes just a few months after reaching 150 million active users in April, which shows steady growth through 2024.
Although Threads has added a significant amount of new users over the past three months, it's still too early to say whether the app could one day become another X, which has proven to remain dominant in the cryptocurrency community.
The First Year of Threads: A Year at a Glance
Since its official launch on July 5, 2023, Threads has been slowly but steadily building an audience over the past year. The app initially saw a huge increase in new users, mainly due to interest in how the Instagram cycle started.
The initial surge in interest in Threads quickly fell off sharply as the app's monthly active users fell from more than 100 million monthly users to less than 50 million monthly users by August 2023.
According to the data, Threads traffic in June 2024 was only 9% higher than when it started in July 2023.
Threads has seen significant interest since its launch on July 5, 2023, but building a regular and loyal audience has proved difficult, David Carr, Senior Insights Manager at SimilarWeb, wrote in a post for Threads' one-year anniversary. He noted:
“Originally, the threads.net website served to encourage people to download the mobile app, which does not provide read-only access to member profiles. It wasn't until August 2023 that Meta launched a more fully functional web version of the service.
Threads has nine times fewer monthly active users in the US than X
While Threads' reported monthly traffic shows promising figures compared to social media platforms like X, it's still far from treading on X's toes.
According to Musk, X boasted 600 million monthly active users as of May 2024, half of whom used the platform daily.
While Threads' total monthly traffic number of 175 million looks very promising compared to X's 600 million, there is still a lot of room for growth.
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For example, according to SimilarWeb data, X has more monthly active users than Threads in the United States. In the UK the gap in active users is not that big at around 3.6 to 1.
At the same time, X's user base is shrinking somewhat. X users fell to 9% in the US and 18% in the UK.
It seems that the crypto community will remain loyal to X
According to some observations, threads have been able to offer some advantages compared to X, including better engagement and less bot activity.
However, according to community members like Quantum Economics founder Matty Greenspan, crypto people continue to stay on X.
When asked if he has seen the crypto community move from X to Threads in the past year, Greenspan said:
As far as I know, no one is transitioning to Crude. I've never signed up for Threads and if it wasn't for the big launch where everyone seems to be asking what it's about, I've never heard of it.
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