Which Social Media Channels are Gaining and Losing Steam?
Social media channels are expected to gain traction in 2023, with Instagram leading the charge. It has over 78 million monthly active users and 52% of marketers plan to increase their investment in the platform. Moreover, 29% of social media marketers plan to invest the most in Instagram over any other platform, as it offers the highest ROI and engagement compared to other platforms. Instagram is also the most developed in-app selling platform. Facebook attracts the highest number of monthly users (2.93 billion), with a high concentration of its audience belonging to Millennials, Gen X-ers, and Baby Boomers. However, only 12% of Gen Z-ers use Facebook more than any other platform. TikTok is known as the platform for Gen Z, but it is picking up steam with other demographics too. It has the highest engagement rate out of any other social platform, averaging 10.85 minutes per session. YouTube has a user base of 2 billion+ people and is popular with Gen Z, Millennial, and Gen X audiences almost in equal measure.
Tumblr has yet to recreate its early-to-mid-2000s popularity, but 61% of new users in 2022 were under the age of 24, indicating that another revival may be around the corner. Twitch is top dog in the live-streaming space.
Snapchat has struggled to maintain its user base in recent years, especially among older generations. In our survey, only 9% of social media marketers plan to invest more in the platform in 2023, while 61% plan to invest less or not at all.
Data from Statista shows that Snapchat has around 293 million daily active users, but this number has remained relatively flat since Q1 2018. While Snapchat remains popular with younger generations, particularly Gen Z, it has failed to attract a wider audience like its competitors Instagram and TikTok.Additionally, Snapchat has faced criticism from some marketers for its limited ad targeting capabilities and relatively high ad costs. While it may still be a useful platform for some businesses, its declining popularity suggests that marketers may be better off focusing their efforts elsewhere.
Twitter has been struggling to keep up with its competitors in recent years. Our survey found that only 9% of social media marketers plan to increase their investment in Twitter in 2023, while 63% plan to invest less or not at all.
According to data from Statista, Twitter has around 330 million monthly active users, but this number has been relatively flat since Q1 2018. Twitter has faced challenges in attracting new users and has also faced criticism for not doing enough to combat hate speech and misinformation on its platform.While Twitter can still be a useful platform for businesses to engage with their audience and provide customer support, its lack of growth and ongoing challenges suggest that marketers may be better off focusing on other social media channels that are seeing more success.
Social media channels continue to play a vital role in marketing and engagement in 2023, and the landscape is constantly evolving. Instagram, Facebook, TikTok, and YouTube remain some of the most popular and effective social media platforms for businesses to connect with their audience, while platforms like Tumblr, Snapchat, and Twitter are seeing declining popularity. As with any marketing strategy, it's important to stay up-to-date on the latest trends and keep a pulse on what's resonating with your target audience. By focusing on the right platforms and adapting to the changing social media landscape, businesses can continue to use social media to drive engagement, build brand awareness, and ultimately grow their business.