Ask any long-time Twitter (NYSE: TWTR) investor and they will tell you the same thing about the company:
“I wish it would be more innovative!”
Well, it’s finally happening…
This article was originally written by MyWallSt. Read more market-beating insights from the MyWallSt team here.
What is ‘Spaces’?
You’ve probably heard of Clubhouse — an app that allows users to join virtual rooms where they can engage in real-time, audio conversations with others, sometimes celebrities.
Well, Twitter’s new ‘Spaces’ feature is pretty much the same thing. The Jack Dorsey-led company began testing Spaces in November 2020 with a limited number of users, but on Monday, it began rolling the product out globally to iOS and Android Twitter users who have 600 or more followers. Twitter also officially unveiled some of the features it’s preparing to launch, like Ticketed Spaces, scheduling features, reminders, support for co-hosting, accessibility improvements, and more.
There’s a lot going on here, but why is Twitter going through all the trouble? After all, if you look at rival Clubhouse’s monthly downloads in 2021, you’ll see that they’ve dropped off a cliff:
January: 2.4 million
February: 9.6 million
March: 2.7 million
April: 922k
Well, there are few platforms more influential on the world stage than Twitter. Spaces could be the next step in its ambitious goal of growing to 315 million users by the end of 2023, up from the 199 million it has now. It could soon potentially also generate revenue by selling tickets to live Spaces events once that feature goes live.
This chat room medium is rapidly growing in popularity, as evidenced by similar copycat projects from Facebook and Spotify. But should Twitter play its cards right, it could become the leading player in a golden new age for social media content.
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