Social Media platforms allow people and organizations to share thoughts, ideas, and content to social media networks or the public. Social networks and social networking are now a standard part of daily life. Modern social media networks came to prominence in the early 2000s with the launch of social media networks such as Friendster, MySpace, LinkedIn, Facebook, Twitter, and many others. Facebook emerged as the most popular social media network, and LinkedIn emerged as the leading professional social media network. Facebook market share is several times greater than its closest competitor, and Facebook acquisitions, such as Instagram, have allowed Facebook to compete with other emerging social media platforms. Of note, is Instagram's battle to steal Snapchat market share over the last several years with its Instagram Stories feature. Many social media platforms target different regions, social media activities, and niches. Some social media platforms may not show up in global social media market share statistics, but their regional or niche social media market share is quite significant. The most popular social media networks are free for users. They commonly make money from digital advertisements, data collection, and premium user offerings. Social media platforms have allowed a complementary industry of social media analytics, digital marketing, and influencer software and services to flourish. You can find Social Media Market Size, Social Media Market Share, and other trends and statistics below. You can get help with additional Social Media industry market research here.
The chart shows the Social Media Market Size in terms of users from 2018 to 2023. In 2020, the size of the Social Media Industry was 3.1 billion users and is projected to grow by 3% in 2021. From 2018 to 2023, the Social Media Industry growth is forecast to average 3.7% per year (CAGR). These estimates were made before the Coronavirus (COVID-19) pandemic. The short term impact of COVID-19 on Social Media market user growth will likely be Low because social media is an essential part of how people stay connected while remote. However, social media marketing will likely decline as digital marketing return on investment will suffer in a recession. The long term impact of COVID-19 on the Social Media market growth beyond the COVID-19 pandemic will likely be Low because social media and digital marketing will continue to be an essential way for people to stay connected and for brands to connect to people. Request help with obtaining the source for this data and additional Social Media industry market research here.
The chart shows Social Media Market Share in 2019. The Social Media Market consists of a few dominant social media platforms, many commonly used ones, and a long tail of up and coming or niche platforms. The leading platform in the Social Media market is Facebook with 69% social media market share in 2019, followed by Pinterest with 14% Social Media market share Twitter with 8% Social Media market share, YouTube with 4% market share, Instagram with 4% share, and Other Social Media platforms with 2% social media market share. The Others segment market share includes Reddit market share, Tumblr market share, LinkedIn market share, Snapchat market share, and market share of other well-known brands, as well as regional social media platforms like VKontakte in Russia or RenRen in China. While local social media platforms may not be known outside of their respective regions, they enjoy Facebook-like social media market share and usage status in their markets. Get help with market research for the Social Media market, including the source for this Social Media Market Share chart and other data here.
Is the social media market maturing? The answer is, NO. At first glance, the growth of the social media market seems capped by local and global populations. While developed economies' user bases seem saturated, there is plenty of opportunity for social media growth. Let's start with demographics. The fastest-growing segment of active users and social media adoption is in the older population segments and emerging markets. But these are not the most lucrative types of users for social media marketing campaigns. The other source of growth is the rapid growth of time spent on social media and the number of social media platforms any single person uses. This provides opportunities for newcomers to disrupt the social media landscape and steal social media market share. For example, Facebook was concerned that new entrants could disrupt Facebook market share. The social networking giant purchased Instagram and WhatsApp to ensure Instagram market share and WhatsApp market share growth did not threaten the company. As active users and engagement grow, social media networks will continue to attract more marketers and marketing dollars. The social media market will continue to flourish with intense competition and potential future social media market share disruptions.
Social Media is a Growing market consisting of a few globally and regionally dominant social media platforms, many commonly used platforms, and a long tail of up and coming or niche social media apps. Facebook market share was 69% of the Social Media market in 2019. Facebook launched in 2004 and is a public company. It was founded by current CEO Mark Zuckerberg and several Harvard University friends. Facebook quickly established itself as the dominant social network and has had notable acquisitions in the space, including Instagram for $1 billion in 2012 and WhatsApp in 2014 for $19 billion. Facebook primarily makes money from digital marketing advertisements displayed on its website. Pinterest market share was 14% of the Social Media market in 2019. Pinterest is a social media network launched in 2010 that allows people to post or pin visuals found across the internet. Pinterest makes money through targeted ads, promoted "pins," and other features designed to help advertisers promote and sell their products. Pinterest IPO'd in 2019. Twitter market share was 8% of the Social Media market in 2019. Twitter is a microblogging and social media network that launched in 2006. It is famous for its short 140 character limit posts. In 2018, Twitter doubled the character limit to 280. Twitter is a public company. YouTube market share was 4% of the Social Media market in 2019. YouTube is an online video sharing platform launched in 2005 and purchased by Google in 2006 for $1.65 billion. YouTube primarily makes money through video advertisements, as well as a range of premium features for businesses and consumers. Most notably, YouTube Premium and YouTube Music allow users to pay for ad-free music access and original video content. Snapchat market share is less than 1% of the social media market. Snapchat is a video messaging social media app that launched in 2011 and is now a public company. Snapchat became famous for messages that would erase after being seen by the recipient and for its “Stories” functionality. Facebook tried to acquire Snapchat several times. Snapchat market share significantly lags Instagram and Facebook market share.
T4's research team can help you learn more about the Social Media industry with market analysis, competitive analysis, commercial Due Diligence, and other market research needs. This includes a more in-depth analysis of competitors in the Social Media market, including Facebook, Pinterest, Twitter, YouTube, Google, Instagram, Reddit, MySpace, Tumblr, Vkontakte, LinkedIn, Fark, Sina Weibo, WeChat, Youku Tudou, Douban, and RenRen. T4 researches related topics such as Social Media Advertising, Digital Advertising, Public Relations, Marketing Software, Advertising Software, and Marketing Automation Software. T4 provides additional support in the Technology Sector or other Sectors. Find more information about T4's services here.
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