Facebook Wants to Take a Bite Out of Zoom Video's Growth

The novel coronavirus crisis has created a surge in usage of many online communications platforms, including Microsoft Skype and Facebook (NASDAQ: FB). Zoom Video Communications (NASDAQ: ZM) has likewise seen a massive influx of users as people try to connect online for both work and personal reasons. Zoom's skyrocketing growth has also revealed serious privacy and security issues, with CEO Eric Yuan penning a blog post earlier this week to address the concerns. He noted that the platform reached 200 million daily meeting participants last month.

Zoom had recently conceded that it was unsure if it would be able to convert many of the new users, which are using the free version of the service, into paying customers. Facebook now wants to take a bite out of Zoom's boom.

The new Messenger desktop app. Image source: Facebook.

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Source Fool.com