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Stories Gained Popularity on Social Media, Though Not Translating Into Business

The popularity of Snapchat’s “Stories” in which users could share their day with friends through picture stories of activities done within 24 hours was launched with little fanfare in 2013 has grown so much that today almost every social media platform has developed its own version of the idea. Facebook too developed its own version of the idea and launched it on both WhatsApp and Instagram that have enjoyed meteoric rise since launch during Aug 2016. Instagram has declared that around 400 million worldwide use this “stories” feature on a daily basis to post details about themselves online and share it with friends.

The popularity of this feature has encouraged Instagram to shift its focus away from mainstream photo streaming business. Late this week Instagram announced that it has installed a new feature in its “Stories” that will allow users to maintain a close-knit list of friends with whom they can share personal stories and not with their entire list of friends and acquaintances. Recently YouTube also announced its own version of “Stories Feature” that could be used by users that had more than 10000 subscribers to their channels.

But despite the popularity of this feature it has not been able to earn money for the social media platforms which have been promoting them. Facebook CEO stated that though he expects the feature to be bigger than its NewsFeed section that brought profits for the firm, they are still trying to find a way to monetize these personal experiences. The shift of interest from posting on regular streams to posting stories was a bright spot for both Facebook and Instagram as people started spending less time on Facebook after the scandals involving fake news, privacy issues and hacking. The stories of Instagram are critically important for the firm to get back in action and kick-start growth as it takes at-least an year or two to monetize ideas like these.

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