On 20th October 2021, a big announcement was made with former U.S President Donald Trump’s plans to launch a new social media network called TRUTH social.
As hard as it is not to, we’re not getting political here. Being a digital marketing agency we want to focus more on the marketing and advertising side of this announcement and what it could mean for the future of advertising on social media. Whatever your thoughts are on the individual, there’s no denying he’s constantly in the eyes of the media and this new platform will not stop the attention any time soon. This is what he thrives off and is something that businesses (whether they like it or not) can capitalise on.
What do we know so far?
From what we know so far after the initial announcement, they plan to launch the beta version of the app in November time for “invited guests only” and then roll it out in the first 3 months of 2022. This should give users enough time to understand the platform and get to grips with its features.
What is different about TRUTH?
Again, we’re not getting political, but the difference between this app and the rest of the channels is that it’s made with the intention of people expressing their political views and voicing their ‘free speech’. TRUTH social themselves have claimed that it will be a place that “encourages an open, free, and honest global conversation without discriminating against political ideology”. So just from this, we may expect to see unfiltered content get published from all users with no level of initial regulation on the platform.
The features follow in a similar format to Twitter itself where instead of ‘tweets’ and ‘retweets’, users would send ‘Truths’ or ‘Re-truths’. Even the colour of the branding is a slightly darker version of Twitter.
The start-up to the platform is interesting and different from other social media channels. It’s been aided in it’s finances through a “special-purpose acquisition company” (SPAC). This is where a publicly traded shell company raises money from investors that its sponsors use to merge with a privately traded company associated with some form of business trading. What this essentially means is that it allows the actual business to become public and raise additional funds without the hassle, delay and regulatory restrictions of an initial public offering.
In this context, Trump’s Media and Technology Group is the actual business; the SPAC that merged with it is Digital World Acquisition Corp.
So what does this all mean for Ads and Businesses?
The announcement has (no doubt) caused a stir around the world. Leaving people to question what is (excuse the pun) the “truth” and what isn’t. Eva Galperin, director of cybersecurity, has claimed that a lack of compliance team around the venture along with a weak basic security engineering structure will make it difficult for Truth to compete with the larger tech companies. From this technical aspect, they are far behind the silicon valley giants. However, from a different perspective, they may utilise their ads in a different strategy to the competitors.
With social media channels popping up left, right and centre, the one thing that keeps them running is ads. Each platform has different types of businesses advertising their catered products/services to that specific demographic. The interesting part about Truth is that although it’s a similar platform to Twitter, the financing behind the venture allows them to create revenue streams from ads without the issues of regulatory restrictions. What this essentially means is that businesses who want to advertise on Truth can do so without the issue of catering to a specific demographic as Truth has a mass appeal of users. Not niche. Despite it being advertised in a political manner. Again we’re not getting political.
‘Truth’ be told, there is a lot of uncertainty behind how the platform will perform and analysts have all predicted different outcomes for the new venture. We believe it will provide your business with an interesting new channel and market to access once it’s fully launched on a global scale.