Greg Consiglio, COO of social media network as a service Connectt, on Google+’s recent shutdown and how other social networks such as Facebook can avoid the same fate.
After warning investors to expect slower revenue growth, Facebook announced a quarterly revenue of $13.73bn last week. The results, albeit an increase on Q2 performance, were below the estimated value of $13.78bn. With the loss of one million European users in the past three months, it’s an inescapable fact that the platform’s growth is slowing down, and users are increasingly becoming alienated.
The root of Facebook’s problems
Following a summer of data protection concerns, GDPR and a botched apology campaign for the Cambridge Analytica scandal, the loss in earnings and users is no surprise. In fact, a survey earlier this year found that 81% of Facebook users have little to no confidence in the platform protecting their data and privacy. ...