The founder of Wikipedia has decided to start his own social network called, “WT.Social: WikiTribune”.
But why start a new social network in 2019? Well, Advertising.
All social networks are fueled by ad revenue, and this focus has really impacted the organic nature of social media. Social networking websites focus on generating more ad revenue as this is what pays their bills, not organic content, and this has really taken the “organic” nature out of social media. That’s because brands that are paying for sidebar ads, video ads, and native ads on social networks are the hypothetical “fertilizer” that is feeding the classic social network’s “garden”.
So what makes WT.Social different?
Wt.Social is running a similar business model to Wikipedia in the sense that it is fuelled by donations and not ad revenue. They are attempting to put the “social” back in social media with a purely organic newsfeed and social media experience.
Is this a viable business model in 2019?
Yes, because the average consumer and influencer is frustrated with the standard advertising backed social networking model as this limits their reach, growth, and experience. Thus, social media users are begging for the revival of the previously popular organic newsfeeds and social media experiences.
Are you going to join this new social media experience?
This isn’t the first ad-free social media experience we have seen, there have been many before, such as Vero. But none of them have been able to pick up traction from the average consumer. But WT.Social does present some promise as they have tens of thousands on their sign up waitlist which represents both demand for their social networking service and potential long term growth.