Social media has become an indispensable force in the modern world, with over 4.89 billion users relying on it for communication, connection, and research. The impact of social media is continually growing, and it is projected to reach over 5.85 billion users by 2027.
In this report, we will explore the Future of social media and examine the potential changes that could reshape the landscape of social media platforms.
Additionally, we’ll delve into the emerging trend of social media, which is revolutionizing influencer marketing.
The Future of Social Media Platforms
Social media’s popularity has reached an all-time high, with users spending an average of 151 minutes daily on social media in 2022. This figure has been increasing by approximately three minutes per year, pointing to a potential daily usage of 170 minutes by the decade’s end.
Social Media Users are diversifying their time across multiple platforms, with the average internet user aged 16-64 utilizing more than six social platforms as of April 2023.
Current Social Media Giants
Facebook, the giant social media platform, remains a dominant player in the social media landscape, boasting over 2.9 billion monthly active users worldwide. However, the platform has been experiencing a decline in active users in recent years.
Mark Zuckerberg, The CEO of Meta, is projecting to reach 5 billion users by 2030 but faces uncertainty as other platforms show faster growth rates.
According to Insider Intelligence, YouTube, WhatsApp, and Instagram each enjoys a user base of 2 billion or more, while TikTok is projected to grow faster than any other major platform.
Changing Tides for Established Platforms
Facebook’s downward trend in active users has continued over the past two years, raising concerns about the platform’s future.
Similarly, Twitter has faced challenges since its acquisition by Elon Musk in 2022, with several changes sparking user dissatisfaction and leading to a significant drop in ad revenue.
These shifts open the door for new platforms, such as BlueSky, developed by former Twitter CEO Jack Dorsey, which has garnered attention from former Twitter users.
The Rise of Micro-Influencers and Nano-Influencers
A noteworthy trend has emerged in the ever-evolving landscape of social media influencers: a shift away from high-profile celebrities towards micro-influencers and nano-influencers.
Brands recognize these influencers’ value, with 39% of brands expressing interest in working with nano-influencers and 30% looking to collaborate with micro-influencers.
Marketing professionals increasingly seek creators with fewer than 100k followers, recognizing the authenticity and engagement they can provide to their audiences.
As the social media landscape evolves, major players may face challenges, providing opportunities for emerging platforms to gain traction. Brands are expected to focus on social commerce and authentic influencer marketing, particularly leveraging micro-influencers and nano-influencers.
Moreover, optimizing content for search and delivering rapid-response customer service through social media will become crucial strategies for brands looking to stand out.
The future of social media holds promising opportunities for those who can adapt to changing consumer preferences and embrace authenticity and transparency in their interactions with users.
Must read: Impact of Social Media on Health.