You have certainly never heard of it, and yet … IRL is a new social network, supported by SoftBank, designed for allow Internet users to discover events and exchange messages as a group. To put it simply, that’s exactly what Facebook offers with groups. With already 12 million users, the social network is well on its way position itself as a credible alternative to this community functionality of Facebook.
The social network attracts investors
After developing quietly throughout 2020, IRL is now attracting many investors with the aim of seriously attacking the global market. As explained The Verge, this social network relies on a post-covid model, which consists in helping people to “do more together”, in particular to meet in real life. You have certainly understood it: IRL signifie In Real Life. This idea has convinced many investors, including the Japanese SoftBank which has decided to put 170 million dollars on the table. A fundraiser that already allows IRL to be valued at $ 1 billion.
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However, the social network is not yet generating income. Despite its 12 million users, the social network has not yet found on its profitability model and this is probably not the priority. Firstly, IRL wants to find its place with young people under 18 in the United States. A few American universities have let themselves be tempted and allow their students to enter their email addresses to access virtual events and group discussions.
Ultimately, there are obviously opportunities to generate income. IRL is getting ready to experiment with a paid groups feature, in particular to access services such as tutoring or music lessons. The social network also plans to allow brands to promote events on its main discovery page. According to Abraham Shafi, CEO and co-founder of IRL: “the goal is to become “a great social messaging network. We have the opportunity to build a new WeChat, for the rest of the world”.
IRL: the Facebook of the younger generation?
He is pointing out that : “We are creating groups and events for the generation that doesn’t use Facebook. There just happens to be no other product really focused on this space for the new generation.”. The ambition is strong: replace Facebook for younger people who don’t use it. It’s pretty smart. For its part, Facebook is trying at all costs to seduce this young generation, in particular by proposing changes to its platform or copying applications that appeal to the youngest. This was the case with the launch of Lasso, a carbon copy of TikTok. The app only lasted two years …
For the moment, the vast majority of IRI users are teenagers who live in the United States, but the social network intends to develop in other countries, especially with the funds raised. IRL also stings users from Snapchat and TikTok. TikTok’s parent company, ByteDance, would also have invested in the capital of IRL. To succeed, the social network knows that it must “to become a global phenomenon as quickly as possible”.
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