Meta Platforms Launches Muse App Amidst Diversification Efforts
Meta Platforms (NASDAQ: META) introduced its Muse app earlier this month, aiming to compete with ChatGPT. The launch was supported by a nationwide TV advertising campaign, showcasing Muse’s capabilities in automating tasks such as scheduling and online shopping. Within the first 12 days, Muse garnered more downloads than ChatGPT achieved in its initial period.
In the second quarter of 2023, Meta’s advertising revenue reached $59.3 billion, marking a 27.5% year-over-year increase. However, online ads account for over 97% of Meta’s total revenue, revealing reliance on this sector as its only significant income stream. Muse’s monetization strategy includes subscription upgrades and potential e-commerce transaction capabilities, but it may take several years before it contributes to the company’s financial growth.
With 3.6 billion daily active users across its platforms, Meta is poised to leverage these numbers to promote Muse effectively. The app represents a shift towards AI capabilities that execute tasks rather than just answer queries, positioning it to become a household name in a crowded marketplace of AI solutions. Following the app’s launch, Meta’s stock surged by over 30%, in part due to a favorable outcome in a major lawsuit.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
