Facebook Aborts Game Streaming App After Losing To Amazon's Twitch

Meta Platforms Inc META Facebook plans to close down its Facebook Gaming app, CNBC reports.
Facebook Gaming app lets users watch and play video games on-demand.
Starting October 28, Facebook Gaming will no longer be available on Apple Inc AAPL iOS and Android, while gaming features will remain accessible via the main Facebook app.
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Facebook launched the Gaming app more than two years ago as the pandemic triggered a videogame boom.
Facebook battled hurdles trying to launch the app, as Apple rejected it numerous times, forcing it to remove actual gameplay functionality from the app, TechCrunch reports.
However, Facebook struggled to gain a foothold in the live game streaming market.
According to Streamlabs, in the second quarter of 2022, Facebook Gaming accounted for only 7.9% of the market share for the number of hours watched, behind Amazon.com Inc AMZN Twitch (76.7%) and Alphabet Inc GOOG GOOGL YouTube (15.4%).
Most recently, Facebook shut down its live shopping feature on October 1 to shift its focus to Reels.
Meta tested a new live-streaming platform for influencers called “Super.”
Price Action: META shares traded lower by 1.24% at $157.20 on the last check Tuesday.
Photo by Marco Verch via Flickr