Following rumours, Meta confirmed on Friday that work on the new platform, which will compete with Twitter, had begun.
Facebook owner Meta is developing a new social media platform for "text sharing" that can be seen by some as a potential rival to embattled Twitter, according to a Friday announcement.
Shortly after billionaire Elon Musk assumed control of Twitter in October, the company began experiencing outages, layoffs, and a dramatic exodus of advertisers due to concerns about the lack of moderation of offensive or otherwise inappropriate information.
"We`re exploring a standalone, decentralised social network for sharing text updates," a Meta spokesperson said in a statement to Variety.
"We believe there`s an opportunity for a separate space where creators and public figures can share timely updates about their interests," he further added.
The representative said that the corporation did not have any more information about the upcoming social network. The rumoured Meta service, known only by its internal codename "P92," was initially revealed by the news outlet Moneycontrol.
The new Meta app would be built on the same architecture that runs Mastodon, a service similar to Twitter that first appeared in 2016 and has witnessed a boom in popularity since Musk took control of Twitter in October.
Meta, meantime, has lately borrowed another tactic from Musk's Twitter playbook. Meta Verified, the internet giant's membership programme for Facebook and Instagram users that has a verified blue check-mark badge (similar to Twitter Blue) and other advantages, was released last month.
Also, Read: Facebook's parent company Meta plans to cut more jobs in coming months: Report
The monthly cost of using Meta Verified is USD 11.99 on the web and USD $14.99 on Apple's iOS. Mark Zuckerberg, Meta's chairman and CEO, announced the expansion of the service to further nations 'soon', with the first rollout occurring in those locations.
(With inputs from ANI)
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