Bose says the platform will only help businesses get in there. “When you interact, you are not interacting with WhatsApp; you interact with the business of your choice, so everything that is part of their business is run by them. What we don’t solve is business; what we’re solving is sort of a more efficient way, a complementary way, not a replacement, ”he says.
As business continues, privacy and the spread of disinformation and hate speech have been Facebook’s biggest issues around the world. The latest data breach that impacted the private information of 533 million accounts, or the February WhatsApp policy update that the company called a communications misstep, was all the rage recently. While any neglect of confidentiality is obviously a concern, it is also not good for business.
Facebook recognizes this. “Consumers, including in India, care about their privacy, there’s no question about it. And second, we live in a hyper-competitive market where any product, any technology can tear us apart, ”says Mohan.
Meanwhile, Facebook is not sitting on its laurels. He is constantly innovating and looking for new sources of income. Augmented Reality (AR) / Virtual Reality (VR) is a key area. While Facebook owns tech company Oculus VR, Instagram supports visual artists and creators on its AR platform, Spark, which has over a million visual creators who create effects. Globally, Oculus and Portal, Facebook’s video calling device that has yet to debut in India, are new sources of revenue, Bhushan says. With virtual product launches on the agenda, exciting times lie ahead for such immersive technologies.
And Facebook is smart enough to realize it.