Facebook Experiences 15 Million Users Leaving Since 2017 Privacy Fiasco, Will Blockchain Help?
Privacy matters are proved by the young Americans as over 17 million of them abandoned Facebook over the last two years after the social media giant was caught in a series of data privacy scandals. According to the survey conducted by Edison Research -which is the longest running one of digital consumer behavior in America- the Facebook users between the age group of 12-34 have now flocked to FB’s sister site, Instagram.
Younger Generation Call It Quits
The report found that 67 percent of the total US population over the age of 12 used Facebook, in 2017. In 2018 and 2019, this slid down to 62 percent and 61 percent respectively. According to Edison Research, this figure equates to about 172 million current users. A breakdown of this troubled site found that this drop has been much larger in youngsters.
It has been further revealed by the data that 17 million US people of the age group between 12 and 34 have deactivated their accounts as from 79 percent, it plunged to 67 percent in 2018 and further to 62 percent in 2019.
This figure has been marginally offset by an increase in people belonging to the age group of 55 and up. Facebook usage by the older group has increased from 49 percent in 2017 and 2018 to 53 percent in 2019.
Facebook Announces A Shift Towards Privacy
The report also interviews 1,500 users which found that Twitter numbers are also dropping – 29 percent in 2019 from 36 percent in 2017 – while Snapchat is having a stable user base at 62 percent over the past two years. Looks like users are shifting to Instagram as its user base surged from 64 percent in 2017 to 68 percent in 2019.
Despite the decrease in popularity, Facebook remains the most used social media overall and also among young people. Moreover, it's daily and monthly active users have rather increased globally.
A few days back, Facebook had announced a shift towards a “privacy-focused” future. In a lengthy blog post, CEO Mark Zuckerberg detailed a plan to bring end-to-end encryption to WhatsApp, Instagram, and Messenger – stitching the three together.
‘A fundamentally more private experience’ is what Zuckerberg is hoping to be the future of Facebook.
Facebook On A Staffing Spree For Its Blockchain Expansion
It’s no surprise in the light of its future endeavors towards privacy, Facebook is going on a staffing Spree for its Blockchain department, opening 20 positions. The end of last month only, Facebook has been reportedly pitching its very own stablecoin to cryptocurrency exchanges. To its more than 2.7 billion active monthly users, Facebook is planning to allow its users to transact across borders.
Privacy is an aspect that is increasingly becoming the focus in not only among mainstream industries but also in crypto space as Bitcoin and Litecoin are making a move in this direction.