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FB Stock Down 0.56% Now, Facebook to Challenge Twitch, YouTube by Launching Gaming App

Facebook Inc (NASDAQ: FB) is one of those tech companies whose stock ended Friday’s trading session on a roll. Facebook (FB) stock closed 1.70% up at $179.24. In pre-market today, it has lost 0.47%. Now FB stock is another 0.56% down. Its price is $178.23.

This year, the company’s stock has seen both ups and downs, starting somewhere at $220 level and going as low as $146.01. Currently, it is obviously quite below the level it could achieve. But the price will hopefully stabilize when the coronavirus pandemic is over.

Under the circumstances given, Facebook keeps on developing and improving its products and services. Today, the company is introducing its gaming app that will compete with Google’s YouTube, Amazon’s Twitch, and Microsoft‘s Mixer. The first two are dominating the gaming industry. For example, Twitch’s share made up 61% of all the hours watched in December 2019. YouTube is keeping another 28% of the market. Microsoft’s Mixer saw just under 3% of the hours spent watching live streams.

Facebook’s new app marks the company’s entrance to the video game industry. According to Facebook, it will be mainly focused on watching and making game live streams, which will be possible due to a function called “Go Live”. Besides, it will include casual games and provide access to gaining communities.

In addition, Facebook promised the app would steer clear of advertising, as Facebook is relying on viewer “stars” (like bits in Twitch) to make money.

Fidji Simo, who is in charge of the Facebook app, commented on the initiative:

“Investing in gaming in general has become a priority for us because we see gaming as a form of entertainment that really connects people. It’s entertainment that’s not just a form of passive consumption but entertainment that is interactive and brings people together.”

Initially, Facebook set the app to be rolled out in June. But because of coronavirus and stay-at-home policy worldwide, the giant decided now is a better time to launch the product.

The app is already live for users in India and a few other Southeast Asian and Latin American countries. Later today, Android users anywhere in the world can try the social media giant’s new product. Besides, Facebook is planning to make it available on iOS after Apple approves the app.

As Facebook has stated, more than 700 million of its users already interact with gaming content on the main Facebook app. With the new gaming application, the giant hopes to gain more traction.

FB Stock Down 0.56% Now, Facebook to Challenge Twitch, YouTube by Launching Gaming App

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