Updated: Jan 3
With constant glitches, spam bots harassing people, rising costs of ads, ever changing algorithms and a failed attempt to launch the Meta universe,
As a ‘last resort’ option, Meta CEO Mark Zuckerberg has announced that his company will be slashing 11,000 employees from its workforce. That’s 13% of the company.
This doesn't come as a surprise to Bespoke Media Group's chief executive Nic Fren who recently announced the company would no longer be running paid campaigns on Facebook
"Facebook has been going through an identity crisis for quite some time now" he says.
In January 2022 it was announced that TikTok had overtaken Facebook as the most popular social media app worldwide. Facebook users have left the app due to the constant spamming of sponsored content and algorithm changes leaving many feeling Facebook had simply become an advertising platform.
Facebook CEO Mark Zuckerberg explained the company had been shifting resources into the metaverse, while cutting costs in other areas. However, he acknowledged that these measures wouldn’t be enough to bring the company’s expenses “in line with revenue growth.”
“I view layoffs as a last resort, so we decided to rein in other sources of cost before letting teammates go,” he said. “Overall, this will add up to a meaningful cultural shift in how we operate.”
The CEO said all employees would receive an email detailing how the mass layoff would impact them, including severance and health insurance information. The Recruiting department will be “disproportionately affected.”
Meta’s stock is down 69% since last year, bleeding alongside other tech companies since the Federal Reserve began tightening monetary policy this year.
While acknowledging the strength Facebook still has, Mr Fren says this latest update further solidifies Bespoke Media Group's new offering with owning your own social media platform
"Facebook is dying a slow death," says Mr Fren. It's not going anywhere anytime soon, but why wait until you have a problem to solve it. Bespoke Media Group is encouraging agents to think about their digital future and what that looks like. "Take advantage of these platforms & use them to build your own platform while you still have an audience and marketing on them is financially feasible.
Written by Bespoke Media Group
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