In 2022, users spent an average of 151 minutes per day on social media. This figure has steadily increased by approximately three minutes each year, potentially reaching 170 minutes daily by the end of the decade. The diversity of social platforms is remarkable, with the average internet user aged 16-64 using more than six different social platforms as of April 2023.
Facebook currently leads the market, but there are indications of change. TikTok is set to grow faster than any other major platform, with predictions of 9.3% growth between 2023-2024 and 7% between 2024 and 2025. In contrast, Facebook's growth is expected to be less than 1% during the same period.
Experts suggest that traditional, one-size-fits-all social platforms are on the decline. Smaller, more niche platforms are gaining popularity, with nearly 60% of people under 30 expressing a preference for smaller social communities. Decentralized social media, offering users more control, is also predicted to impact the market.
Privacy concerns, advancements in AI, and augmented reality (AR) all have the potential to disrupt the social media space in the near future.
Facebook has faced challenges in recent years, with a decline in active users in the U.S. and Canada between 2020 and 2022. Meta, the parent company, also saw a significant decrease in market value. However, their Threads platform, launched in July 2023 as an alternative to Twitter, gained rapid popularity with 100 million sign-ups within a week.
Twitter, under Elon Musk's ownership, has encountered difficulties with several changes that led to a 60% drop in ad revenue between October 2022 and January 2023. Technical issues and content concerns have caused more than 30 million users to consider leaving the platform.
As the social media landscape evolves, new platforms have emerged to cater to changing preferences.
BlueSky, developed by former Twitter CEO Jack Dorsey, mirrors Twitter's format but operates on a decentralized model. Despite being in beta since February 2023, it has already garnered over 375,000 downloads.
Mastodon, an older decentralized social media app, experienced a surge in popularity following changes at Twitter. As of mid-2023, it boasts 1.4 million monthly active users.
BeReal offers users a unique experience by assigning them a daily two-minute window to post photos. Gen Z users have flocked to it, with usage surging by 1,200% between May 2022 and January 2023.
The social media influencer market is expected to reach $21.1 billion in 2023, with a shift towards micro-influencers (10k-50k followers) and nano-influencers (1k-10k followers). These smaller influencers often offer better connections with their audiences and cost less for brands to engage.
Micro-influencers, due to their lower costs and stronger audience relationships, are gaining favor with brands. Many marketers now work with creators who have less than 100k followers.
Micro-influencers offer cost-efficiency and personal engagement, aligning with the authenticity brands seek in the social media landscape.
Social commerce is on the rise, with nearly half of brands selling products directly within social media apps. Approximately 20% of users from Gen Z, Millennials, and Gen X have made purchases within social media apps in the past three months.
Global social commerce revenue is predicted to reach over $913 billion in 2023, growing to $6.2 trillion by 2030. This rapid increase outpaces traditional shopping methods.
Despite ranking third in social commerce in the U.S., TikTok's social commerce reach is expanding rapidly. Predictions estimate 37.8 million shoppers on the platform by 2025.
Snapchat leverages augmented reality (AR) to enhance the shopping experience, allowing users to virtually try on products from cosmetics to clothes.
Meta aims to enhance its social commerce efforts by expanding its Shops ads and introducing in-app purchasing through Shops.
Customer service remains a significant concern for brands. Brands that prioritize responsive and empathetic customer service will gain a competitive edge.
Customer service directly impacts brand loyalty, with 61% of consumers willing to switch brands after one negative experience.
Omnichannel customer service is essential, with customers expecting seamless interactions across various platforms. Social media plays a pivotal role in this trend.
Social media platforms like Facebook and Twitter have become preferred channels for customer support, particularly among younger generations.
Social media is increasingly used as a primary source of information when researching brands. Users across age groups turn to social networks for information, even surpassing traditional search engines in some demographics.
A significant portion of internet users now visits social media sites more frequently than search engines.
Brands are optimizing their social media content for search, using keywords in profiles, captions, and