We’re all currently guilty of aiding and abetting a murder. A tad dramatic perhaps, but I am of course referring to Apple’s remorseless destruction of the world of social media as we know it.
But is it truly the end..?
Will the metaverse save us all?
Facebook (NASDAQ: FB) certainly hopes so, as its share price plummeted as much as 22% after-hours. And, like a hivemind that has lost its queen, the other social media players are scattering to the wind.
Pinterest, Snap Inc, Twitter — all in the red, all scrambling to keep panicked investors on board, all beholdeth to the whims of iOS-lord Tim Cook and his privacy goals. And all the estimates and speculation around the true damage caused by iOS 14.5 and its opt-in tracking to social media companies can cease. We have a figure from Facebook for the cost of damage:
Facebook has admitted that Apple’s App Tracking Transparency feature will cost it as much as two BlackLine’s, or four Virgin Galactic’s. And without these other social media companies even reporting, the damage is done and investors know what to expect.
But this is not the end.
An unfortunate combination of inflation, supply chain issues, and now Apple, have meshed together to form the perfect social kryptonite, hence the dour outlook from investors.
But, if you’re a long-term investor, then fear not — ok, a little fear is fine, but I wouldn’t sell just yet. These are cyclical problems for the industry at a time of great upheaval. Social media itself has never been more widely used, and the prospects of the metaverse are too hard to ignore. So allow yourself a little dramatic gasp this earnings season, but if your conviction is strong and you wait out the storm, the possibilities are endless.
For an in-depth exploration of the metaverse, read this Insight within MyWallSt today.
Content Manager at MyWallSt
Jamie is the Content Editor here at MyWallSt. His favorite stock is Apple, which is also the first stock he ever bought. Jamie is not only a big fan of its products, but he believes that the tech giant has a whole lot more to give the world, and hasn't even scraped the surface of its potential.