Meta's newly launched text-based platform, Threads, has garnered over 100 million sign-ups within just five days of its debut, outpacing the growth of other popular platforms such as OpenAI's ChatGPT.
This rapid surge in user base has coincided with a noticeable slowdown in user traffic on Twitter, a long-standing in the microblogging space.
The platform's meteoric rise is seen as the first serious threat to Twitter since Elon Musk's involvement with the platform.
Threads, which was launched in the U.S. last week, has been promoted by Meta executives as a more positive and inclusive "public square" for communities.
The platform's growth has been largely organic, with minimal promotions turned on so far, according to Meta CEO Mark Zuckerberg.
Web analytics data from Similarweb indicates a 5% drop in Twitter's web traffic in the first two days following Threads' general availability, compared to the previous week. Year-over-year, Twitter's web traffic is down 11%.
The success of Threads can be attributed in part to its integration with Instagram, another social media platform owned by Meta. Users can sign up for Threads using their existing Instagram handles, allowing them to retain some of their followers as they transition to the new platform.
Despite its rapid growth, Threads still has considerable room for expansion. The platform has not yet launched in Europe due to regulatory complexities, but once it does, it could further solidify its position as a serious competitor to Twitter.
However, the launch of Threads has not been without controversy.
Twitter has reportedly threatened to sue Meta over the new platform. The grounds for this potential lawsuit remain undisclosed, but it hints at the rising tensions between the two social media giants.
Despite these legal threats, Threads continues to grow. A recent report suggested that the platform saw 70 million sign-ups in the first couple of days itself. Many users are finding their Twitter friends on Threads, indicating a possible shift in user preference.
However, the rapid growth of Threads raises regulatory questions. As big tech companies continue to expand their reach and influence, concerns about antitrust issues and the consolidation of power in the hands of a few corporations are coming to the forefront.
"Regulatory authorities need to keep a close eye on these developments. While competition in the market is healthy, it shouldn't come at the cost of consumer choice or fair market practices," warned an analyst from a leading tech research firm.
