Saturday May 25, 2019
Home Lead Story Social Networ...

Social Networking Giant Facebook Losing Users in US

Last month, Facebook reportedly decided to put an end to its unpaid market research programmes after it was found to have been bribing teenagers in India and the US to give their personal information

0
//
Facebook
Facebook App on a smartphone device. (VOA)

Social networking giant Facebook today hosts around 15 million fewer people in the US than it did in 2017, with the biggest drop being among teen and millennial demographic.

A new US-specific survey data compiled by market research firm Edison Research highlighted that Facebook’s user-base was shrinking, particularly in the coveted 12- to 34-year-old in America, which was once recognised as the most lucrative market for the platform.

“Edison’s survey signal that the social network’s privacy woes and continued breaches of user trust may be having some noticeable effect on its most coveted slice of users. Also, there’s conjecture about as Facebook has become more popular among older people, whether that’s affected younger people,” The Verge reported on Thursday.

Although, one interesting element that was observed was that whole Facebook users are awarming away from the app, they are flocking to Instagram.

“The photo-sharing platform, which by its nature collects less personal information from its users, can be a simpler, less toxic alternative to using the main Facebook service, now overrun by ads and plagued by all manner of misinformation and fake news,” the report said.

Facebook
The logo for Facebook appears on screens at the Nasdaq MarketSite in New York’s Times Square, March 29, 2018. VOA

Instagram now counts more than 1 billion global users and over 400 million monthly users of its Snapchat-like feature, Stories.

Facebook’s biggest competitor is another one of its own products, and it seems unlikely the company will stop the shed of users anytime soon, the report added.

 Decline in the user-base does not really come as a shock given that the platform has been pointed at several times for its practices of collecting user information without their consent for ad targeting and finding friends purposes which have outraged users and privacy advocates.

The company was pulled up on Tuesday over its secure login process two-factor authentication (2FA) where it asked users to add phone numbers, which could be searched by advertisers. The practice drew criticism even from Facebook’s former chief information security officer Alex Stamos.

Last month, Facebook reportedly decided to put an end to its unpaid market research programmes after it was found to have been bribing teenagers in India and the US to give their personal information. (IANS)

Next Story

Facebook to Launch its Cryptocurrency Next Year: Report

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps

0
Facebook, data,photos
A television photographer shoots the sign outside of Facebook headquarters in Menlo Park, Calif. VOA

Facebook, which owns WhatsApp and Instagram, is gearing up to launch its own cryptocurrency next year, the BBC reported on Friday.

Called “GlobalCoin,” the cryptocurrency would work with a new digital payments system in about a dozen countries starting in the first quarter of 2020.

Facebook has been in contact with US and British financial regulators to launch it.

According to the BBC, Facebook is in touch with “Bank of England governor Mark Carney and officials at the US Treasury”.

With over two billion users across its platforms, Facebook could emulate WeChat in China which allows its users to chat, shop and play games without leaving its platform.

The Facebook cryptocurrency would need to overcome numerous technical and regulatory hurdles before it can be launched.

According to media reports, the Facebook currency could be designed to be a “stablecoin” with a value pegged to US currency in an attempt to minimize volatility.

A report last week said Facebook has reportedly set up a company called Libra Networks in Switzerland that is developing payments and Blockchain systems for the social networking giant.

virtual currencies, bitcoin, investors
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

According to a report in CNET quoting Swiss publication Handelszeitung, the Facebook cyrptocurrency would be tied to the US dollar and could, therefore, remain stable unlike Bitcoin which has crashed.

“Facebook set up Libra Networks in Geneva several weeks ago. Libra is the social network’s internal project name for the digital currency,” the report said.

The Swiss company would focus on developing the software and hardware for currency-related functions like payments, Blockchain, analytics, big data and identity management.

Facebook declined to comment on the new report.

Also Read- Microsoft Interns Make English Learning App

According to a report in The Wall Street Journal earlier this month, the social media giant is “recruiting dozens of financial firms and online merchants” towards its cryptocurrency-based system that would use a digital coin similar to Bitcoin.

The New York Times reported in February that Facebook had a team of 50 people working on its virtual currency project.

In a public interview with Harvard Law professor Jonathan Zittrain in February, Facebook CEO Mark Zuckerberg said he is “potentially interested” in putting the Facebook login on the Blockchain technology.

According to Zuckerberg, Blockchain could give users more powers when granting data access to third-party apps. (IANS)