David L. Ryan | The Boston Globe | Getty Images
Mark Zuckerberg, Harvard dropout and CEO of Facebook, a company worth nearly $400 billion, is pictured at the Harvard University commencement in Cambridge, MA on May 25, 2017.
Facebook confirmed to TechCrunch it is privately testing a hub for memes on its platform, called LOL. Facebook said a small number of U.S. users are testing the app, which replaces its Watch section for videos in the app. Facebook told TechCrunch it does not have plans to roll out LOL in Watch and is still determining whether it will become a feature in Facebook’s app or a separate app entirely.
The company did not immediately return CNBC’s request for comment.
Although Facebook was born out of a dorm room, the company has failed to keep a new generation of teenagers interested in its platform. A Piper Jaffray survey released in October said just over a third of teens report using Facebook’s core platform at least once a month, down from 52 percent of teens two years before and nearly two-thirds of teens in Spring 2016.
Luckily for Facebook, these users seem to be flocking to one of its own apps — Instagram. For the first time since the firm started the survey in 2001, Instagram surpassed Snap-owned Snapchat as the most-used social platform by teens.
So far, Instagram has been the exception, not the rule, to Facebook’s courtship of teens. Here are some of the ways Facebook’s tried, and failed, to win over the demographic.