In the last five years, it is evident that the social media titan is having an impressive run. The company currently has a market cap of $446.54 billion and the stock was found to have risen by more than 300%. However, the social networking giant has been facing a lot of issues recently. Let’s take a quick look at these.
Facebook versus Snapchat
Back in October, during its quarterly earnings call, Zuckerberg even confirmed that he now visualizes a future where use of a camera would be the main way of how people share and communicate. Its largest attack against the multimedia and messaging company happened in August when Instagram launched an almost the same feature known as “Story.”
Such is a real replica of the Snapchat’s format which allows a user to post either photos or videos that would be available for viewing for a span of 24 hours.
Snapchat’s geofilters and selfie masks were also copied by Facebook for its live video.
Even so, Facebook was seen to put its own spin on its newly developed and improved features.
Facebook Instant Articles Truce with Google and Apple
Another new feature launched by Zuckerberg is the Instant Articles, which has been designed to benefit the social media giant. However, the competition in the mobile news war is tougher than expected. That was when Facebook CEO decided to aid both competing services, somewhat announcing an admission of failure and a truce by supporting the two technologies.
Small time publishers find the idea appealing to them, and to someone without the financial capacity to make their stories load in a mobile browser. However, several big media companies did not jump into Facebook’s new feature. That triggered CEO Zuckerberg’s response.
Social Media Giants to Take Responsibility like Traditional Publishers
Jumping at another issue (the biggest so far this year), Facebook has been called out by a well-known writer to stop fake news and spread of online abuse by making its social media platform embrace the same legal responsibilities like that of traditional publishers.
Stephen Fry, a well-known English comedian, actor, presenter, writer as well as an activist has called for the social media giants to start moderating as there is an evident increase of offensive material being posted by users these days. Fry wants these platforms to be reclassified as publishers in its purest sense. He sees this move as a way to stop the spread of fake news as well as online bullying and abuse.
Last week, on Tuesday, EU ministers have approved propositions on new rules and fines seeking to totally eliminate hate speech and sexually explicit videos through paying of fines. Facebook, Twitter and YouTube are being forced to remove such content, or else they need to face the extreme consequences. Such is expected to force social media firms to take the matters seriously and immediately.
Act Quick or Hate Might Slay Facebook
It has been known that the main aspiration of Facebook CEO, Mark Zuckerberg, is speed. It does not matter if the tools and features being developed for Facebook are perfect – they can manage to fix it along the way. However, too much democracy has been bestowed to the social media titan, to the point that it has been a favorite venue for disseminating fake news and personalized attacks to fellow users and eminent people.
In the past, as Facebook realized such dilemma, it tried to bring the unwanted contents to a halt and their initial line of defense was to flag any spotted users and the company would deal with their respective accounts. However, such did not stop the spread of violent contents, so the next response of Zuckerberg was to create AI programs and let it do the work of eradicating such contents – yet, it was found out that such idea of snuffing contents automatically is still impossible. Now, the social media giant decided to employ about 3,000 human monitors who are tasked to examine the unwanted stuff and deal with each correspondingly.
Facebook has come up with particular guidelines on how to identify undesirable content. Moderators only have a few seconds to determine whether such content posted by a user is acceptable or not. The guidelines are made to classify credible threat from those that can be disregarded. However, there are a number of considerations to note as you go along the training manuals and guidelines.
The recent approach of Facebook about the hate speech and unwanted content’s issue looks like it is fated to fail. There are nearly 1 million posts per minute and more or less 5,000 pictures and videos being uploaded each second – such measure from Facebook might not just be enough control. Only a fraction of the problem can be resolved. CEO Zuckerberg must really move quickly.
Nonetheless, today at 16:00 EST, Facebook traded at $152.13 which has increased by 0.11 percent from yesterday. Also, comparing it to Twitter and Snapchat, Facebook still has the largest market capitalization. Though, the social networking titan has been known to copy other existing features of competitors, it does not fail to make it better than the original.