The increasingly popular social media platform BeReal is reportedly getting ready to introduce paid features as it looks to monetize its growing user base, a report from the Financial Times indicated.
The platform, which has grown from 10,000 to 15 million daily active users in just a year, has attracted users due to its mission of bringing authenticity to the space as other social media apps are now filled with carefully curated images, videos, and content.
To achieve this goal, BeReal sends a notification to users once a day and gives them two minutes to share a picture of whatever they are doing so friends can stay up to date with their latest without much room for edits. The interface displays both the front and rear camera views and combines them in a single picture.
Users can only see their friends’ posts once they have shared their daily pictures. They can also opt to share a picture later on but this content will be tagged as delayed. Friends can be added from the user’s phone book and by using an invite link sent by the other person.
BeReal Could First Explore In-App Purchases, Adverts Not Off the Table
In-app purchases may be the first alternative on the table to monetize be real, sources involved with the company told the Financial Times. Meanwhile, even though the firm is not fond of introducing adverts, it has not discarded this option altogether either.
BeReal is currently free for everyone and it will stay that way. The source cited by the Financial Times stated that the firm was recently valued at $600 million by a group of investors and could soon reach tens of millions of users.
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Its competitors have identified the appeal of its value proposition and have introduced similar features as is the case of TikTok and its “TikTok Now” format. Introduced only four days ago, this new type of content resembles that of BeReal as it gives users a few minutes to take a picture of what they are doing at that exact moment.
Legacy Platforms Struggle to Keep Up with New Trends
Legacy platforms such as Instagram, Twitter, and Facebook have been struggling to keep up with emerging trends in the social media industry. The short video format has been one of the latest innovations in the space with TikTok pioneering this particular trend.
In response, Instagram introduced a new format called Reels that is quite similar to traditional TikTok posts. However, the launch of this feature was accompanied by significant backlash from users who don’t want another TikTok and, instead, prefer to enjoy the traditional image/video format that Instagram is best known for.
Twitter, a platform best known for its short-format text messages, recently introduced Twitter Spaces and its algorithm appears to be prioritizing content that includes videos and images over plain text as a way to keep users glued to their screens.
Facebook recently reported the first decline in its daily active users compared to the previous year as the platform is reportedly losing popularity among young cohorts who prefer to share videos or interact casually through platforms such as Snapchat.
To keep up with these changes, YouTube recently introduced short videos that are now displayed in the user’s feed along with the traditional selection of videos picked by the algorithm.
Creators can now add music from the YouTube Music library to that new format and the company stated that it is still working on the compensation scheme that will apply to that kind of content.
For the time being, a $100 million fund has been set up to compensate creators who first develop content for this format.
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