Rumble and Truth Social – New Right-Wing Social Media Platforms
Trump is not the only one looking to reshape the way we consume media. Social media platforms like Rumble and Truth Social are trying to provide Americans with a more positive experience on social media. They claim to moderate far-right content less than big tech platforms, and they are attracting right-leaning users to their wares.
Rumble claims to have 44 million monthly users and claims that its app has a “wood-fired” ability to moderate fake news. Its recent deal with QAnon influencer Joe Rogan for $100 million prompted a spike in its share price. Besides, a recent study found that a majority of people use some form of alternative social media to get their news. Compared with mainstream news platforms like CNN and Fox News, these sites stand out in an increasingly crowded social media landscape.
Truth Social, founded by former President Donald Trump, is a similar concept to Twitter. But unlike Twitter, the truth social app is only available as an iOS app. The TMTG pushed back its release date from February to March. However, the company has not broken any hard deadlines and the product is likely to be ready for prime time by midmonth. A placeholder for the app on the major app stores has suggested that the launch date is February 21. Until then, the future of Truth Social is uncertain.
In the meantime, the site and app have spawned a number of competing right-leaning apps. These new sites will be an important part of the media landscape as voters gear up for the November midterm elections. They stick to right-wing talking points and provide a different experience from the mainstream news feed.
Some of the best publicity for conservative media platforms comes in the form of controversy. Several accounts continue to engage in whataboutism and conspiracy theory ranting on the various social media platforms. Among those are two accounts associated with QAnon. One account has more than 400,000 followers on Twitter. Another speculates that an election fraud machine exists on alternative platforms.
The aforementioned new sites also stand out from the mainstream news feed, in large part due to the competition they create. One in ten people who get their news on alternative social media sites see mostly local or entertainment news. Meanwhile, a quarter of consumers have heard of a site or app that is the most relevant or best thing to happen on a particular platform. That isn’t to say the platform or app was a flop; in fact, the corresponding site or app received more downloads than the aforementioned one.
However, it isn’t always clear that the new site or app has the most significant function or the most important feature. Moreover, there’s no telling what will happen when a competitor decides to go all in on a similar business model. With a potential merger brewing between CFVI and Rumble, a dilution of CFVI’s stock could be the least of your worries.