Why is Elon Musk now considering building a “everything app,” and what does it really mean?
The uproar began on Tuesday, when Tesla‘s billionaire CEO reversed his decision to decline the acquisition of Twitter.
Musk tweeted late Tuesday that he was now ready to proceed with his first proposal to pay $44 billion for the social network firm, claiming that doing so would “accelerate the building of X, the everything app.”
Tech companies from across the world have sought to replicate the concept of a “everything app,” also known as a “super app,” which is popular in Asia.
Describe An Excellent App
A super app, or what Musk refers to as a “everything app,” is a mobile application that gives users a multitude of services including as messaging, social networking, peer-to-peer payments, and online shopping.
According to Scott Galloway, a marketing professor at New York University and co-host of the technology podcast “Pivot,” these mega apps are extensively used in Asia since mobile is the main mode of internet access for many people in the region.
What Are Some Examples Of Amazing App Illustrations?
According to one estimate, the Chinese giant app WeChat has over 1 billion monthly users and pervades every part of Chinese society. Users may use the app to pay for things from shops, send money to friends and family, or hail a car or taxi. WeChat was being tried in numerous Chinese cities in 2018 as a method for electronic identification that would be connected to users’ accounts, according to the South China Morning Post.
Grab, Southeast Asia’s most popular mega app, offers financial services, investing, on-demand parcel delivery, restaurant delivery, and ride-hailing.
What Motivates Musk’s Aim To Build A Super App?
During a question-and-answer session with Twitter personnel in June, Musk said that there is no super app like WeChat outside of Asia.
“You pretty much live on WeChat” in China, he said, adding that he saw a market for such an app.
Furthermore, Musk may be able to realise his ambitious Twitter growth objectives by improving the company’s present tools and offers. During the staff Q&A, Musk said that Twitter’s user base will grow from 237 million to “at least a billion.”
According to messages revealed during the discovery phase of Musk’s legal fight with the social media company, Musk and members of his inner circle discussed the idea of incorporating digital payments into Twitter several times.
Have Other US It Businesses Tried It?
Yes, Snapchat’s parent company, Snap, previously developed a peer-to-peer payment system called Snapcash, which was terminated in 2018. Furthermore, it attempted to enter the mobile gaming sector but recently abandoned that endeavour in order to save money.
Both Facebook and Instagram, which are owned by Meta Platform Inc., have attempted to expand beyond social networking and messaging into e-commerce.