In the height of the global pandemic which has dominated everyone’s lives for almost 2 years, connecting virtually quickly became the new normal, with Zoom meetings, quizzes and gatherings becoming the done thing. However, as the world starts to gradually return to normality it seems that this video conferencing giant is taking a slower approach.
According to Techradar, the company’s value fell by 11% at the end of last month. So why is this?
Return to normal
Around the world, the once strict Covid rules are beginning to relax, with former mandates to work from home only being loosen. Workers now have more freedom when it comes to meetings, with the return to the office on the cards for most. While virtual meetings are still heavily participated in, with face-to-face meetings resuming, the need to jump on Zoom isn’t as necessary.
With a desperate need for virtual communication, other tech giants began to offer similar services to Zoom, with the added bonus of knowing what Zoom didn’t offer.
TEAMs from Microsoft became a popular choice for employers who already has Microsoft licenses, meaning they extend their plan to include not only instant messaging but virtual conferencing.
As with every product or service there are peaks and declines to demand. Therefore, as time progresses, it was inevitable that Zoom took a hit.