Elon Musk’s X Faces Challenges While Its Rival Mastodon Hits A Milestone!

Any guesses about who's making waves in the world of social media? Nope, it's not Meta, Instagram, or X (formerly Twitter) - it's Mastodon, the open-source decentralized social networking platform!

Not only is this new-age social media platform earning a name in terms of user engagement but it’s also hitting new financial milestones.

According to a report, Mastodon is a non-profit organization known for offering an alternative to the social media giant X and has gained significant traction among consumers. Recently, Mastodon founder and CEO Eugen Rochko took to his social media handle, saying the number of monthly active users for the Twitter alternative has been steadily climbing over the past few months to reach 2.1 million. Highlighting them to be "not far off from our last peak."

Contrary to this, a leading site projected X's users to decrease by approximately 335 million by 2024, a decline of about 5% compared to 2022.

TechDogs-"A Screengrab Of Mastodon founder And CEO Eugen Rochko's Post On Mastodon."

Source

Now you might be wondering what sets Mastodon apart from other platforms.

Mastodon, a pioneer in open-source decentralized social networking, has historically steered clear of traditional monetization methods such as advertising. Instead, the company primarily relied on Patreon for funding. However, Mastodon is now exploring new avenues to bolster its development efforts. In a bold move, the company has unveiled plans to sell merchandise to generate additional funds.
Interestingly, Mastodon's popularity is reflected not only in headlines but also in its impressive financial report. The company recently announced a staggering 488% increase in donations, reaching a total of €325.9K (approximately USD 341,985), a significant leap from the €55.6K it received in the previous fiscal year. #XtraodinaryMastodon
The merchandise lineup includes Mastodon-themed t-shirts, mugs, enamel pins and stickers, all meticulously designed by the talented artist Dopatwo. Eugen Rochko, Mastodon's founder and CEO, expressed the importance of this initiative, stating, "100% of the revenue after recouping manufacturing costs will go to us and help us put more resources into developing your favorite decentralized social media software."
The report says the success of this new venture remains uncertain, as it's yet to be seen how much revenue the merchandise sales will generate. However, Mastodon conducted an online poll that yielded promising results, with over 6,700 respondents expressing interest in purchasing merchandise. #XplicitMastodon

Let's take a look at how Mastodon is planning for the future:

Looking ahead, Mastodon has ambitious plans for its future. The company intends to establish a U.S. non-profit branch with a board of governors to become eligible for larger grants from U.S.-based donors. This move would also enable donors to make tax-deductible contributions. The report also hints at continued merchandise initiatives, building on the success of its initial sales of its merchandise earlier this year.
Furthermore, Mastodon is committed to enhancing user-friendliness, as demonstrated by the release of version 4.2, a significant update to make the platform more accessible, especially for newcomers. The company also recognizes the need to address moderation issues, particularly concerning spam and abuse. #MastodonXecutesItsVision

With a growing user base, increased financial support and a commitment to improving its platform, Mastodon's journey is one to watch closely in the ever-evolving social networking landscape.

Do you think Mastodon can take on the social networking giant X owing to its decentralized, user-focused nature?

Feel free to add your thoughts in the comments section below!

First published on Tue, Oct 3, 2023

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