Facebook Usage Dropping New Study Shows

In a recent survey by Active Inc, users have been spending much less time on Facebook over the last couple years. In fact, Americans typically spent approximately 14 hours a month on Facebook, just 2 years ago. However, this year the average usage was 9 hours per month, declining 26%.

The study also reported that social media users, typically millennials, in the U.S. currently belong to on average 5.8 different social media networks. Not Surprisingly, that number is expected to go up to 10 within the next 4 years. Data has revealed that younger users—between the ages of 12-34, are leaning toward other, more interactive, social media sites.

Platforms such as TikTok, Snapchat and Instagram being the most widely used.

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Facebook’s Libra Crypto-Currency: In Trouble

Recently, Facebook announced it wanted in on the crypto-currency boom, with an unregulated currency known as Libra. As expected, it received wide criticism from Wall Street and Government Bankers. Many pointing to past incidents with CEO Mark Zuckerberg.

Libra is in trouble. Facebook had lined up a long list of corporate backers for the Libra Project. Companies including major players in the banking and finance industries. Several prominent backers began to back out this month. Including big banking and credit card providers VISA and MasterCard.

In a statement, A Facebook spokesperson referred CNBC to a statement from the Libra Association that said. “The Association is eager to pursue its mission of building a better payment network. As well as broadening access to essential financial services, and lowering costs for billions of people who need it the most.”

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