In a bold move to transform Twitter into an all-in-one mobile app, Elon Musk is redefining the Twitter brand. Seeking inspiration from the success of Asia’s superapps like WeChat, Musk aims to revolutionize the microblogging site.
Gone is Twitter’s iconic blue bird logo, replaced by a simple letter X. Musk, not to be outdone, has made the X his own profile picture on the platform. With unwavering determination, Musk has publicly shared his aspirations to create an app that encompasses every aspect of consumer finance and interaction. His vision echoes back to a concept he formulated back in 1999, envisioning an app that seamlessly merges various aspects of daily life.
Superapps have become a phenomenon in Asian markets, with WeChat leading the way. This comprehensive platform not only offers messaging services but also incorporates features like ride-hailing, money transfers, and photo-sharing. Brian Wieser, founder of strategic advisory firm Madison and Wall, attributes the success of superapps in China to the unique circumstances around the rise of the mobile web.
He explains, “What happened in a lot of Asian markets is that the mobile web was synonymous with the rise of the web for many people.” introducing the internet through mobile devices provided users with immediate access to a range of services. Consequently, consumers relied on superapps to fulfill their diverse needs without having to switch between multiple applications.
Musk’s Uphill Battle in Creating a Super App
Elon Musk, the renowned entrepreneur and founder of Tesla and SpaceX, is facing a significant challenge in his quest to develop a successful super app. Unlike its thriving counterparts in countries like China, where platforms such as WeChat have achieved remarkable success, Musk’s superapp is up against stiff competition from numerous technology and media giants that excel in services like shopping, ride-hailing, and social interactions.
While Google and Amazon have evolved into powerhouse companies by expanding their services across various industries such as advertising, commerce, payments, and cloud computing, they are not considered true super-app companies. This observation comes from Mark Mahaney, an analyst at Evercore ISI, who points out that both Google and Amazon lack the comprehensive nature of a genuine super app.
Interestingly, Uber Technologies comes closest to embodying the super-app concept, according to Dan Ives, an analyst at Wedbush. Uber’s diverse range of offerings, including ride-sharing and food delivery services, parallels the model of Grab, a highly successful superapp in southeast Asia.
Although there is potential for success, Ives cautions that transforming Twitter into a super app will not happen overnight. He does, however, commend Musk’s strategy for Twitter’s evolution. One aspect that raises questions is the decision to replace the iconic Twitter birdie with the letter “X.” While this rebranding may confuse some users initially, Mahaney believes it could be advantageous in the long run by helping Twitter establish a distinct identity as a real-time news and commentary platform.
Despite the challenges ahead, many industry experts remain optimistic about Musk’s ability to turn Twitter around and transform it into a super app. Time will tell whether Musk can rise to the occasion and make his vision a reality.