Business

TikTok Shakes Up Social Media Landscape with Text-Based Content Feature

Dan Nicholson

In a strategic move that deviates from its traditional short-form video format, TikTok announced a game-changing new feature that allows users to create text-based content. This update empowers creators to share stories, recipes, and other textual content, giving written creativity a  dedicated spotlight.

The new feature is a clear signal of the ongoing rivalry among major social media platforms, as TikTok, Twitter (now rebranded as 'X' by Elon Musk), and Instagram's Threads, owned by Meta, fiercely compete for user engagement.

Significant Platform Innovations Amid Intense Rivalry

TikTok's latest update comes in the midst of significant changes in the social media landscape. Elon Musk's ambitious transformation of Twitter into an “everything app.”, rebranded as X, has intensified the race. Meanwhile, Mark Zuckerberg's Threads, launched under Instagram's parent company Meta, aims to rival Twitter in the space.

However, it hasn't been smooth sailing for all players. Threads, despite an impressive start with 100 million users within the first five days, witnessed a steep drop in user engagement by 70% to just 13 million by July 21, according to Sensor Tower data. Meanwhile, despite its rebranding, Twitter’s daily active users have remained steady at around 200 million.

TikTok's Expansion: A Strategic Maneuver

TikTok's strategic shift to include text-based posts extends its offering beyond the traditional short-form videos, enabling it to keep up with, and potentially outpace, competitors. As of March, TikTok reported approximately 50 million daily users in the U.S.

According to a press release from TikTok, text posts are now available on the app. The feature allows users to create textual content enriched with stickers, tags, hashtags, sounds, and locations, while also enabling comments and duets.

The text post feature may seem similar to the create feature found in Instagram Stories, but TikTok views it as "expanding the boundaries of content creation." This addition diversifies the types of content users can share on the platform, marking a significant step in TikTok's evolution.

The Future of Social Media: Innovation or Saturation?

The rise in platforms borrowing features and the struggle for attention highlight an evolving social media landscape. The introduction of TikTok's text feature, Twitter's rebranding to X, and Instagram's launch of Threads reveal a frantic push to innovate and capture users' attention.

Yet, critics argue that the rapid feature expansion and rebranding efforts may not necessarily serve users' interests. Social media companies, in their relentless quest for engagement and retention, often introduce features that feel superfluous and add little value to the user experience.

Chris Messina, a software product designer, points out that social media is now akin to a fashion industry, with success evaluated based on engagement and retention, not innovation. He notes that platforms like X (Twitter) are vulnerable, and competitive platforms like Meta and TikTok are eager to capitalize on any opportunity to grow.

Masha Liberman, a tech investor, notes that social media companies want to position themselves as media networks that offer everything inside the app. The copying of features might not necessarily reflect a crisis of ideas, but rather a race to offer the most complete and integrated user experience.

Yet, amid this race for innovation, the question remains: are these feature additions and rebrands truly benefiting users or simply reflecting the internal politics of social media companies? The answer to that question may well shape the future of the social media landscape.

Sources:

Entrepreneur

USA Today

Wired

Dan Nicholson is the author of “Rigging the Game: How to Achieve Financial Certainty, Navigate Risk and Make Money on Your Own Terms,” deemed a best-seller by USA Today and The Wall Street Journal. In addition to founding the award-winning accounting and financial consulting firm Nth Degree CPAs, Dan has created and run multiple small businesses, including Certainty U and the Certified Certainty Advisor program.

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