1. Twitter’s Great Loss After Rebranding to X:
Perhaps the most startling event this year was Twitter’s audacious decision to rebrand as “X”, a bold move that left many in the industry bewildered. And the gamble didn’t pay off initially. To date, Twitter has lost half of the value/price Musk paid for it, not to mention advertisers and millions of users who have turned to other social media platforms. The reason? Analysts believe it was a mix of brand loyalty, user confusion, and the platform’s attempts to reshape its image. Though the future remains foggy, this move reminds us that even the titans of tech aren’t immune to spooky missteps.
2. Instagram’s Bewitching Video Potion
Instagram continued to emphasise video content this year, and users responded positively. Instagram has seen an 80% increase in the time users spend watching videos on the platform; the introduction of new video features and tools might be responsible for this uptick in video engagement.
3. LinkedIn’s Young Demographic Shift:
LinkedIn, once predominantly populated by mid-career professionals, almost 60% of LinkedIn’s users are now between 25 and 34 years old. The platform has also seen a surprising increase in the number of users aged 18-24. As young professionals and university students increasingly recognise the importance of early networking, LinkedIn has become their go-to platform.
4. The Decline of Daily Active Users on Facebook:
In early 2022 it was reported that Facebook’s daily active users fell for the first time in its 18-year history. While Facebook remains a dominant force, it has faded in popularity, with users from the younger millennial generation flocking to the likes of TikTok. The platform’s attempts to regain the younger audience through acquisitions and feature integrations are yet to see significant results.
5. The Resurrection of Clubhouse:
After lying dormant in the digital graveyard for a while, Clubhouse has risen from the grave. After a slight decline in popularity in 2021 and 2022, Clubhouse made a robust comeback in 2023 by introducing a new format called “chats.” It seems audio-based social networking has found a permanent spot in our digital social sphere.
6. More threadbare than Threads
No post reflecting on social media in 2023 would be complete without mentioning Threads. It amassed millions of users, but Similarweb reports the number of active users of Threads has declined by 79% since its launch in July 2023. Only time will tell what the future holds for Threads. But one thing’s for sure, it has weaved its web into the fabric of social media.
Lessons learned
2023 has taught us that the world of social media is ever-evolving. Brands must remain adaptable, users are unpredictable, and the metrics we use to measure success today might be irrelevant tomorrow. As we enter the final quarter of the year, these statistics not only offer insights into current trends but provide a roadmap for what to expect in 2024. The key takeaway for businesses and marketers? Stay nimble, stay informed, and always be prepared to pivot.
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