Facebook sees significant drop in users as TikTok takes over

Social media giant Facebook has seen a drop in its daily active users for the first time in 18 years. 

The platform's parent-company 'Meta' posted a massive one-day loss of more than $300 billion and new kid on the block TikTok could be partly to blame.  

18 years ago logging into Facebook was probably a nostalgic feeling.

But the social media platform has been transported back to that era, its daily active users falling for the first time in Facebook history. 

"The users now themselves are starting to say to Facebook, there are choices out there in the market, we don't need to belong to you," Tech Commentator Paul Brislen says.

And of course that all comes at a cost - a weak revenue forecast saw shares in the company - now known as 'Meta' - fall by 26.4 percent, knocking more than $300 billion off its stock-market value.  

"Today we're gonna talk about the Metaverse," Facebook CEO Mark Zuckerberg said.

In a statement posted to his own Facebook page Zuckerberg outlined new focus areas for the platform

"People have a lot of choices for how they want to spend their time," Zuckerberg said.

"Our continued success relies on building products that people find valuable and enjoy using."

"I think users are getting a little bit tired of all the things that blink and flash and pop up in front of you and you've got ads being fed to you, news you may not have signed up for, it's very hard to get to the stuff that you actually want," Brislen said.

What a huge group of social-media-users do seem to want looks a bit like this - and it's something Mark Zuckerberg is all-too-aware of - it's called TikTok. 

"Three billion people using that app every single day, those numbers are actually astounding, it's fun, it's light hearted, it's a chance for people to connect with each other on a very personal level, and the content is really short so it's easy to watch," Social Media Commentator Jessica Moloney says.

As for the original social media giant, is it now on it's way to joining Myspace and Bebo?

"No I do not use Facebook anymore, only for events but that's it," one person said. 

"Messenger is pretty much texts these days, but other than that nah not really," another said.

"It's irrelevant," One person says.

"I've logged out. Don't use it," an ex-user said.

Mark Zuckerberg's 'Meta' is also the parent-company of Instagram and Whatsapp, which might prove just-as-well because Facebook's users are unfriending - fast.