For years,Meta Platforms, Inc.(NASDAQ:META) investors have obsessed over one question: Are users leavingFacebookandInstagram? A new survey by Incogni suggests Wall Street may be watching the wrong metric.

多年來，Meta Platforms, Inc.（納斯達克股票代碼：META）的投資者一直痴迷於一個問題：用戶是否正在離開Facebook和Instagram？Incogni公司的一項新調查顯示，華爾街可能關注了錯誤的指標。

Users aren't disappearing in large numbers—they're simply becoming quieter. And if fewer people are creating the photos, videos and conversations that power Meta's platforms, the company's next growth challenge may not be attracting users but keeping them actively contributing.

用戶並未大規模消失——他們只是變得更為沉默。如果越來越少的人創作驅動Meta平台運轉的照片、視頻和對話內容，該公司下一階段的增長挑戰可能不再是吸引用戶，而是讓他們持續積極地貢獻內容。

Users Are Logging In—But Sharing Less
用戶仍在登錄——但分享得更少了

According to the survey of 1,000 U.S. adults conducted by privacy company Incogni, 55% of respondents said they post less on social media than they did five years ago, while 53% have become more selective about who can see their posts. More than half also said maintaining an online presence now feels like work, with that figure climbing to 60% among Gen Z respondents.

根據隱私公司Incogni對1,000名美國成年人開展的調查，55%的受訪者表示，他們如今在社交媒體上發佈的內容比五年前更少，53%的人則表示自己對誰能查看其帖子變得更加挑剔。超過一半的受訪者表示，維持線上形象如今感覺像一份工作，而在Z世代受訪者中，這一比例升至60%。

The findings point to a shift that's more subtle than users deleting their accounts but could prove just as important over time. Meta's advertising business depends not only on billions of users logging in, but also on a constant stream of fresh content that keeps people engaged and gives its recommendation algorithms something new to surface.

這些發現揭示了一種比用戶直接註銷帳戶更為微妙的變化，但長期來看可能同樣重要。Meta的廣告業務不僅依賴數十億用戶登錄，還依賴源源不斷的新鮮內容來維持用戶參與度，併為其推薦演算法提供可展示的新素材。

Why User Silence Matters to Meta
用戶沉默為何對Meta至關重要

That shift helps explain why Meta has poured tens of billions of dollars into artificial intelligence. AI is increasingly being used to recommend content, summarize information, generate creative tools and improve discovery across Facebook, Instagram and Threads. If users share less, AI has to work harder to keep feeds engaging.

這種轉變有助於解釋Meta為何已投入數百億美元用於人工智慧（AI）。AI正越來越多地被用於推薦內容、總結資訊、生成創意工具，並提升Facebook、Instagram和Threads平台上的內容發現體驗。如果用戶分享的內容減少，AI就必須更加努力地讓資訊流保持吸引力。

The survey also sheds light on why participation may be slowing. Nearly half of respondents (47%) said they had deleted a social media or messaging app because of stress or anxiety. Political content and polarization made 44% say they wanted to withdraw from social media, while 51% said growing privacy or security risks could eventually push them to delete their accounts.

該調查還揭示了用戶參與度下降的部分原因。近半數受訪者（47%）表示，他們曾因壓力或焦慮而刪除某個社交媒體或即時通訊應用；44%的人稱政治內容和兩極分化使他們希望退出社交媒體；51%的人則表示日益增長的隱私或安全風險最終可能促使他們刪除帳戶。

Importantly, the report does not suggest people are abandoning social media altogether. Instead, it describes a behavioral change: users are sharing less, limiting their audiences and becoming more cautious about what they post.

重要的是，該報告並未表明人們正在完全放棄社交媒體。相反，它描述了一種行為變化：用戶分享得更少，限制了受眾範圍，並對自己發佈的內容變得更加謹慎。

Wall Street May Need a New Metric
華爾街可能需要一個新的衡量指標

For investors, that's an important distinction. Daily active users and monthly active users remain among the most closely watched metrics each quarter, but those figures don't capture how much original content people create once they're on the platform.

對投資者而言，這是一個重要的區別。每日活躍用戶和每月活躍用戶仍是每個季度最受關注的指標之一，但這些數據並未體現用戶在進入平台後創作了多少原創內容。

If digital fatigue continues to reduce participation, Meta's next challenge may not be adding more users—it may be finding new ways to fill increasingly quieter feeds while keeping engagement and advertising growth intact. In that scenario, user silence could become a more meaningful metric than user loss.

如果數字疲勞持續降低用戶參與度，Meta面臨的下一個挑戰可能不再是增加更多用戶，而是尋找新方法來填補日益冷清的資訊流，同時保持用戶參與度和廣告收入的增長。在這種情況下，用戶沉默可能比用戶流失成為一個更有意義的衡量指標。 (Benzinga)

彙整鉅亨號中所有使用「用戶參與度」關鍵字，所發布的內容 (依照時間排序，最新在前，舊的在後)`