Will Social Media Continue To Grow?:
Yes, social media will continue to grow. In fact, one such example of how social media keeps evolving and growing rapidly is the recent launch of Meta's Threads app, even though when their Facebook and Instagram are so popular to date.
Of course, a couple of apps [names not yet known] are already making a buzz in the market and are [quietly being developed in the background] from other social media giants.
Users are already overwhelmed and are exploring additional opportunities from personal and business contexts even in the heated competition between the major social media players.
As observed closely, social media is trying to capture as much of the user's attention as possible.
Do you know? - “Data from Statista in 2022 suggests that almost 80% of Gen Zers and millennials have bought something they saw on social media” – Search Engine Journal
World’s Most Used Social Media Platforms:
Over the years as you know, social media has become an integral part of our daily lives.
Whether we’re scrolling through our Facebook feeds, tweeting our thoughts on Twitter, seeing videos on YouTube, having fun from memes on Threads, or browsing Instagram for inspiration, social media has become a go-to source for entertainment, news, and information.
And it’s not just us as individuals who are using social media – businesses and organizations are increasingly leveraging social media to reach their audiences and grow their brands or businesses.
“In fact, according to the Meltwater’s Digital 2023 April Global Statshot Report, there are now over 4.8 billion social media user identities worldwide”
The same report conveys, internet users from across the world spend time on social media with an average daily time of 2 hours and 24 minutes.
So Why is Social Media Continuing to Grow?:
One reason is that social media platforms are constantly innovating and adding new features to keep users engaged. Engagement and entertainment are expanding more than ever.
For example, Instagram launched Reels, a short-form video feature that allows users to create and share TikTok-style videos within the app.
It’s been the talk in the industry that, TikTok indirectly influenced other social media applications like Snapchat, Instagram, and Pinterest to test and experiment with features in order to keep users hooked on the site.
Similarly, the latest studies show that Facebook has been exploring and investing heavily in virtual and augmented reality technologies, which could transform how we interact with social media in the future.
Things are moving in the Metaverse direction, although more slowly. Even YouTube Shorts too became popular. Tweet character limits increased for verified users and the list keeps moving.
“83% of global consumers show interest in making a purchase in the metaverse” – STYLUS
So, from time to time, we have been witnessing remarkable innovations within social media that aim to keep users engaged and entertained. I believe this trend is ongoing and shows no signs of stopping.
Presently, there are also positive signals that AI is accelerating the social media landscape and will change more quickly than before.
Time Spent Using Social Media Apps:
Another reason that social media is likely to continue growing is that it has become an essential marketing channel or platform for businesses and marketers to stay ahead.
Social media provides unprecedented opportunities for brands or businesses to connect with their audiences and build relationships with customers.
From influencer marketing to social commerce, there are countless ways that businesses are leveraging social media to drive growth and increase sales.
“The current $492 billion global social commerce industry is expected to grow three times as fast as traditional ecommerce to $1.2 trillion by 2025” - Accenture via Channable
Social Media Platforms Used For Marketing:
Of course, there are also challenges associated with the growth of social media – from concerns about privacy and data security to the risks of misinformation and online harassment.
There are a few regulations that have been developed to address these challenges, such as the GDPR in the EU and state-specific legislation [from a few states, for example, California ] in the US.
In order to support platform users and maintain data management, nations did start to strategize and tighten their restrictions. In fact, the EU is actively observing such events.
“From the European Union’s General Data Protection Regulation (GDPR) to Apple’s privacy policy update and everything in between, understanding how to maintain compliance while still serving up personalization has proved to be an ongoing challenge” – Salesforce Research [State of Marketing, 8th Edition, 2022]
However, as long as social media platforms continue to innovate and adapt to these challenges, though there is progress these days, it seems likely that they will continue to play a prominent role in our lives for years to come.
In conclusion, social media is definitely here to stay – and it’s only going to continue growing in the future.
Whether you’re a business owner, marketer, creator, or just someone who loves scrolling through their feed, there’s no denying the impact that social media has had on our world – and it’s only going to keep getting bigger and better!
Here's related information that you may also find helpful – Social Media Marketing Statistics [Social is the new powerful].
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