Meta Platforms (NASDAQ: META) has struggled to generate strong, consistent growth over the past year. In 2023's first quarter, revenue rose by a modest 3% year over year to $28.6 billion. While the company has billions of users across its platforms, which include WhatsApp, Instagram, Messenger, and Facebook, it's not the growth machine it once was. Meta could remedy that with the next major app it recently announced plans to launch. Could this new initiative ramp growth back up to prior levels?

According to a report last week from Bloomberg, Meta's Instagram unit is preparing to launch an app that will be similar to Twitter, and it could be available as early as June. The company is reportedly testing it with influencers as it is looking to get high-profile individuals such as athletes and celebrities to join the platform as quickly as possible.

One of the advantages of the new platform is that it integrates with Instagram. It will be easy for a person's Instagram followers to also follow someone on the new app. And with 1.3 billion monthly active users, Instagram could help the new app quickly grow its user base. By comparison, Twitter has approximately 550 million monthly active users.

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Source Fool.com