- Meta Platforms Inc (NASDAQ:META) Facebook plans to close down its Facebook Gaming app, CNBC reports.
- Facebook Gaming app lets users watch and play video games on-demand.
- Starting October 28, Facebook Gaming will no longer be available on Apple Inc (NASDAQ:AAPL) iOS and Android, while gaming features will remain accessible via the main Facebook app.
- Also Read: Meta Loses Key Metaverse Official Shortly After Criticism Over Chief Mark Zuckerberg’s Avatar
- Facebook launched the Gaming app more than two years ago as the pandemic triggered a videogame boom.
- Facebook battled hurdles trying to launch the app, as Apple rejected it numerous times, forcing it to remove actual gameplay functionality from the app, TechCrunch reports.
- However, Facebook struggled to gain a foothold in the live game streaming market.
- According to Streamlabs, in the second quarter of 2022, Facebook Gaming accounted for only 7.9% of the market share for the number of hours watched, behind Amazon.com Inc (NASDAQ: AMZN) Twitch (76.7%) and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) YouTube (15.4%).
- Most recently, Facebook shut down its live shopping feature on October 1 to shift its focus to Reels.
- Meta tested a new live-streaming platform for influencers called “Super.”
- Price Action: META shares traded lower by 1.24% at $157.20 on the last check Tuesday.
- Photo by Marco Verch via Flickr
Why Is S&P Global Stock Sliding Thursday?
S&P Global authorized repurchase of shares totaling up to $2.4B and expects to launch an initial $500M accelerated share repurchase soon.
