Will Jack Dorsey's New Social Media Venture ‘Bluesky’ Be A Challenger Or Just Another Flop? Experts Share
Explore Bluesky, Jack Dorsey's new social media venture challenging Twitter's dominance. Let's go through its features, expert opinions, and potential impact.
1) Bluesky's nostalgic resemblance to early Twitter makes it a contender
2) Expert opinions vary on Bluesky's potential to rival Twitter
Bluesky, the brainchild of Twitter Co-Founder and former CEO Jack Dorsey, is making waves as it transitions from an invite-only platform to one open to the public. The platform's resemblance to the early days of Twitter, now X, and its decentralized nature is drawing attention from users and experts alike.
While other platforms like Mastodon, Spill, and Threads have attempted to compete with Twitter, none have made a significant dent in its dominance. Threads, in particular, experienced a rapid decline in daily active users shortly after its launch.
Bluesky: A new contender
The struggle for these platforms lies in monetization. Ad revenue plays a significant role in platforms like Twitter, comprising a large portion of its income. Despite challenges, Twitter still boasts substantial revenue, estimated at $3.4 billion in 2023.
Bluesky enters the scene with just over 4.2 million active users, a fraction of Twitter's user base. With its recent move to open access and its striking resemblance to Twitter's earlier interface, the question arises: can Bluesky challenge the microblogging giant?
Naresh Gupta, Co-Founder of Bang in the Middle, compares Bluesky to a throwback version of Twitter, with its reminiscent color scheme and content-building approach. However, he questions whether this similarity alone is sufficient to captivate users.
He hopes Bluesky could potentially exploit Twitter's weaknesses, such as poor subscriber and content management, as well as its increasingly America-centric perspective.
Rajiv Dhingra, Founder and CEO of ReBid, acknowledges the emergence of Bluesky, spearheaded by Jack Dorsey, as a significant moment in the social media realm, particularly in its competition with X, formerly known as Twitter.
Despite X's enduring popularity, he continues that Elon Musk's leadership has prompted significant policy shifts, stirring debates on content moderation and platform governance. This creates an opening for Bluesky. Bluesky's potential lies not only in challenging X but in revolutionizing the microblogging landscape.
Shradha Agarwal, Co-Founder and CEO of Grapes, suggests it's premature to predict if Bluesky will supplant platforms like Threads or X. Despite its promising features, its user base remains relatively modest, around 3 million compared to competitors with user bases in the hundreds of millions. Therefore, it's a wait-and-watch scenario to gauge Bluesky's growth trajectory.
Prashant Puri, Co-Founder and CEO of AdLift, highlights Twitter's resilience in the face of competition over the years. However, with Elon Musk's takeover sparking disenchantment among users, the emergence of Bluesky presents an intriguing scenario.
According to him, while Bluesky's initial 800,000 downloads show promise, it remains to be seen if this is due to genuine interest or merely curiosity about its innovative potential as a new micro-blogging platform.